Costco will increase the starting wage for its U.S. employees by $1 to $14.50 an hour. Other hourly wage rates will increase 25 to 50 cents an hour. It will cost the company about $110 million to $120 million a year before taxes. 90 percent of Costco’s employees are paid hourly, and earn $22.50 an hour, on average, with access to health insurance benefits for which the company pays 90 percent of annual costs. (AP)
Costco reported quarterly results posting $32.36 billion in sales and membership revenue in the period a 12.1 percent increase. Profits jumped 7 percent to $750 million. (Yahoo)
De Beers will open a $94 million lab-grown diamond plant in Gresham. Lightbox Jewelry, will sell the Oregon-grown diamonds for between $200 and $800. The full $94 million investment will be made over the next four years. (PBJ)
Apple has hired about 12 people in a hardware engineering lab in Washington County. (Oregon Live)
Bayer, the German drugmaker will retire Monsanto’s name as it finishes the $63 billion takeover of the U.S. seeds maker. (CNBC)
S&P 500 is up 9 and the NASDAQ is up 20. The MSCI international index is higher.
Oil is down 27 cents at $65.54 a barrel.
Gold is up $2 at $1301 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.