President Obama wants to make 5 million more people eligible for overtime. He will propose today new sweeping changes to the U.S. overtime law that will increase the threshold for guaranteed over time from a salary of $23,600 to $50,440. Advocates for the change see a big win for workers, the business community sees the issue differently. A report from the National Retail Federation, for instance, contends that implementation of the new rules will cost retailers and restaurants millions of dollars. The insurance broker and risk management advisory firm Willis Group Holdings (WSH) said on Tuesday that it had agreed to an $18 billion all-share merger with the professional services firm Towers Watson (TW). General Electric (GE) is close to selling its European private equity financing unit to Japan’s Sumitomo Mitsui Banking Corp for more than $2 billion, as it continues to shed financial assets.
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