BRIEFCASE.Byline: -- Staff and Wire Services Contractor to pay past wages, fines A Los Angeles-based building contractor building contractor n → contratista m/f de obras building contractor n → entrepreneur m (en bâtiment) building contractor will pay $446,000 in back wages and fines stemming from a federal probe that determined the company did not pay overtime and prevailing wages, officials said Monday. Pacific Housing Diversified, which specializes in building low-income homes, agreed to pay a total of $385,800 to 164 workers, plus $61,000 in civil fines, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the U.S. Labor Department The Department of Labor (DOL) administers federal labor laws for the Executive Branch of the federal government. Its mission is "to foster, promote, and develop the welfare of the wage earners of the United States, to improve their working . In addition to finding wage violations, the investigators determined that the company had failed to keep complete records of hours worked by its employees, according to a Labor Department spokesman. Drug giant nailed with huge tax bill WASHINGTON -- Drug giant GlaxoSmithKline agreed to pay $3.4 billion in the largest tax settlement in IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. history, resolving a dispute from the 1980s over the multinational company's U.S. profits. The disagreement concerned how much of the profits from certain drugs, particularly the ulcer and heartburn heartburn, burning sensation beneath the breastbone, also called pyrosis. Heartburn does not indicate heart malfunction but results from nervous tension or overindulgence in food or drink. medication Zantac, should be attributed to U.S. subsidiaries of GlaxoSmithKline PLC and, therefore, subject to tax. GlaxoSmithKline Holdings (Americas) Inc. agreed to pay $3.4 billion to settle taxes owed from 1989 through 2005, the Internal Revenue Service said Monday. After deductions for state and local taxes, the company will pay $3.1 billion in cash. Interest rates mixed at auction WASHINGTON -- Interest rates on short-term Treasury bills were mixed in Monday's auction with the rates on six-month bills increasing while the rates on three-month bills fell to the lowest level since mid-June. The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 4.820 percent, down from 4.855 percent last week. An additional $16 billion in six-month bills was auctioned at a discount rate of 4.935 percent, up from 4.920 percent last week. Separately, the Federal Reserve said Monday the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or , edged down to 5.02 percent last week from 5.03 percent the previous week. OPEC OPEC: see Organization of Petroleum Exporting Countries. OPEC in full Organization of the Petroleum Exporting Countries Multinational organization established in 1960 to coordinate the petroleum production and export policies of its to keep up current levels VIENNA, Austria -- A wary OPEC said Monday that it will keep pumping crude at current levels, while also making clear it would consider scaling back production if oil prices keep plummeting. The Organization of Petroleum Exporting Countries Organization of Petroleum Exporting Countries (OPEC), multinational organization (est. 1960, formally constituted 1961) that coordinates petroleum policies and economic aid among oil-producing nations. -- anxious to keep prices already at five-month lows from a free fall -- pledged to ``vigilantly monitor'' the combination of rising inventories and easing political tensions that have pushed crude down by almost $13 a barrel since midsummer. OPEC's output quota will remain at 28 million barrels a day, the 11-nation group said, acknowledging that supplies are ``more than adequate'' to satisfy world demand. Including Iraq, which is not bound by the quota system Quota System can refer to:
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