The Obama administration will not penalize businesses that do not provide health insurance in 2014. Instead, it will delay until 2015 enforcement of a major Affordable Care Act requirement that all employers with more than 50 full-time employees provide coverage to their workers or pay a steep fine. ¶ The administration said it would postpone the provision after hearing significant concerns from employers about downsizing their workforce or cutting workers’ hours to dodge the mandate. With the delay, the White House sidesteps those challenges — for now. ¶ It is the second significant interruption for the Affordable Care Act, following a one-year delay on key functions of the small business insurance marketplaces. Together, the moves could draw criticism that the administration will not be able to put into effect its signature legislative accomplishment on schedule.
Wall Street rewarded Rupert Murdoch’s move to create a separate entertainment company, giving 21st Century Fox one of the richest valuations — $68 billion — in the media sector on its first day of trading. Investors had waited for Murdoch to split News Corp., giving its cable, movie and equity stakes in pay-TV assets their own spotlight away from the publishing division. Shares of the new News Corp., which includes publishing assets such as the Wall Street Journal and HarperCollins, lost 3 percent, or a half-billion dollars, from their opening price, for a market value of $8.5 billion.