Obama wants to expand overtime pay
CNNMoney: President Obama will ask the Labor Department on Thursday to issue tougher rules on overtime, which could lead to extra pay for millions of workers not currently getting paid for extra hours of work. The administration will point out that some convenience store managers, fast-food shift supervisors and office workers may be expected to work 50 or 60 hours a week without overtime, and that their hourly pay rate may actually be less than the $7.25 an hour minimum wage.
U.S. wind-down bill clips Fannie Mae, Freddie Mac shares
Bloomberg: Leaders of the U.S. Senate Banking Committee announced long-awaited plans to dismantle Fannie Mae and Freddie Mac, pushing the companies' common shares to their biggest intraday drop in 10 months. Fannie Mae shares tumbled as much as 44 percent, paring the losses to 31 percent to close in New York at $4.03, after Edwin Groshans, a managing director at Washington-based equity research firm Height Analytics LLC, described the proposal as holder-negative. Freddie Mac fell 27 percent to close at $4.04. Preferred shares also dropped, some by as much as 12 percent.
'Candy Crush' maker King sees up to $7.6 billion IPO valuation
Reuters: King Digital Entertainment PLC, the maker of hit mobile phone game "Candy Crush Saga," expects to be worth up to $7.6 billion when it goes public this month, as the Irish company looks to take advantage of strong demand for technology investments. The successful initial public offering of Twitter Inc. in November and a surge in Facebook Inc.'s share price have fueled speculation that a string of technology firms could come to market, including music-sharing service Spotify, lodging service AirBnB and payments company Square.