Going to college just got a lot less expensive for Walmart workers.

Under a new benefit program, employees will pay just $1 a day to earn a degree, the company said Wednesday.

Walmart will cover the remaining cost for tuition, fees and books.

All Walmart and Sam’s Club workers in the US will be eligible as soon as they’ve been with the company for 90 days. It applies to all part-time, full-time, and salaried employees.

For now, the degree choices are limited to an associate’s or bachelor’s degree in either business or supply chain management, but the company may offer more choices in the future, a spokesperson said.

Workers must pursue the degree at one of three colleges: the University of Florida, Brandman University or Bellevue University. All three schools have online, accredited programs tailored for working adults.

Related: Hotel industry wants to pay for their workers’ college degrees

Walmart has partnered with Guild Education, a benefits platform, for the new employee perk. Through Guild, workers will be offered a coach who can help them with the application process as well as deciding on the appropriate degree.

Workers will also be able to earn college credits for attending some paid trainings at work, reducing the time needed to complete a degree.

The company will be phasing out 15% tuition discount it previously offered workers for credits taken online at American Public University.

Related: McDonald’s boosts tuition benefits because of the new tax law

About 1.4 million Walmart workers will be eligible for the benefit. The company expects 68,000 of them to participate over the first five years, based on enrollment in similar programs. There is no penalty for leaving the company or failing to complete the degree.

In February, Walmart raised its minimum wage to $11 and gave out one-time bonuses of up to $1,000.

The new benefits and increased pay “increases the pressure on other companies inside and outside of retail as this heats up the competition for quality employees,” said Moody’s Lead Retail Analyst Charlie O’Shea.

Citing a tight job market, several hotel companies have recently expanded tuition benefit programs. Earlier this year, McDonald’s started offering $2,500 a year to eligible restaurant employees and $3,000 to managers in tuition assistance. Starbucks started a tuition-free program in 2015. More than 1,000 of its workers have completed their degrees to date.

CNNMoney (New York) First published May 30, 2018: 2:47 PM ET

The word of the week for investors was “sell.”

Mom and pop investors are dumping their investments and moving to cash at levels not seen since the financial crisis of 2008.

It’s an “investor revolt,” is how Credit Suisse characterized it.

Normally when investors panic about stocks falling, they sell stocks and buy bonds, which are viewed as safer. But that’s not happening now.

Investors aren’t just fleeing stocks, they’re exiting bonds, commodities and international funds too. July and August will be the first two-month stretch that retail investors have pulled money from BOTH stock and bond funds since the end of 2008, according to Credit Suisse.

The wild swings in stocks in the past week have only exacerbated the selling.

This week alone, investors have pulled nearly $30 billion from stock funds. That’s the largest weekly outflow since Bank of America Merrill Lynch began tracking the data in 2002.

Related: $2.1 trillion erased from U.S. stocks in 6 days

CNNMoney’s Fear & Greed Index is showing an “extreme fear” level in the market.

The selling was particularly strong on Tuesday — the day after the Dow’s dramatic 1,000 points fall, it’s largest point drop ever.

While the overall trend among retail investors is to exit, there are some who defy fear and prowl for bargains.

The Dow made its historic drop Monday right after 9:30 am. By 9:45 am, Ryan Cutter was logged into his Charles Schwab (SCHW) account buying stocks.

“I got lucky because I bought at one of the lowest points,” says Cutter, who is 24 and in his first year at Indiana University’s Kelley School of Business. He actually made money this week.

Related: How I made money when the Dow lost 1,000 points

CNNMoney spoke with several Millennial investors like Cutter who are looking for the opportunity buy some cheap stocks. Buying when they are still in their 20s and holding onto them for several years — or even decades — they believe will bring them high dividends later on.

“I’ve been kind of holding cash for awhile now in anticipation of this,” Jeffrey Chartier, 27, told CNNMoney. He bought Netflix (NFLX), Disney (DIS) and GE (GE) this week.

Robinhood, an app that allows investors to make trades for free, is popular with Millennials. It saw a 100% increase in new accounts on Monday. On Tuesday, 80% of its customers were buying new stocks or adding more money to their current holdings. Popular purchases included Ford (F), Netflix (NFLX)and Bank of America (BAC).

CNNMoney (New York) First published August 28, 2015: 11:44 AM ET

Quick! Name the chief operating officer of Tesla.

You can’t. Because that was a trick question. Tesla (TSLA) has no COO. And some financial experts think that’s a big problem, especially since there are so many questions about the company’s future.

Tesla may or may not be going private. Tesla CEO Elon Musk has forced the issue on his board because he tweeted, perhaps impulsively, that he had “funding secured” for a deal.

The stock surged at first but has since fallen back to around the level it was at before the now infamous tweet. But would Musk have written it in the first place if he had a COO to rein him in? Perhaps not.

Tesla lists only a chief technical officer and chief financial officer, along with Musk, as its top executives. Musk is also the company’s product architect.

“I look at Tesla and I see a genius in Elon Musk. But who’s the general?” said Mariann Montagne, senior portfolio manager at Gradient Investments.

Having another high-profile leader that Wall Street respects, like Sheryl Sandberg at Facebook (FB) for example, could give Musk the freedom to innovate and take risks. Meanwhile, the COO could run the company’s operations, letting investors breathe easy.

Another senior leader may be needed now that Tesla is worth about $60 billion– more than GM (GM) and Ford (F) and making Tesla the most valuable US auto company.

“A strong COO for Tesla would probably be a positive step since, as in CEO Elon Musk’s own words, it is finally ‘a real car company,'” said Craig Birk, chief investment officer of Personal Capital.

Tesla did not respond to requests for comment about why it does not have a COO.

Others also wondered why Musk didn’t have a COO or other prominent executive to help him out.

“Does every company need a COO specifically? Not necessarily. But they need to have someone to tell the CEO when they are messing up,” said John Wilson, head of research and corporate governance at Cornerstone Capital Group.

“Is there any check on the CEO? Musk’s behavior demonstrates that there doesn’t appear to be,” Wilson added.

The lack of a COO is even more concerning to some since Musk is, to put it mildly, a very busy guy.

“Musk has a lot of different irons in the fire,” said Tom Plumb, CEO of Plumb Funds, referring to the two other companies he runs — SpaceX and The Boring Company — and the many other things on his plate.

Having a COO also can reassure investors that there is a succession plan in place in case Musk decides to step down to focus more on these other initiatives.

Other successful founder-led companies have cultivated deep management benches. Google, now known as Alphabet, brought in tech veteran Eric Schmidt to be CEO before its IPO, for example. Microsoft’s Bill Gates had Steve Ballmer and then Satya Nadella take over.

Having a trusted COO also could be helpful in case Musk ever runs into health problems.

Apple (AAPL) CEO Tim Cook had been COO for several years under Steve Jobs. That meant that there was a clear succession plan once Jobs, who passed away in 2011, was no longer able to serve as CEO.

What’s more, Jobs had been CEO of animated studio Pixar until it was bought by Disney (DIS) while also serving as CEO of Apple. If Jobs did not have Cook at his side, Wall Street might have been more concerned about a leadership void at Apple.

Kind of like how Tesla investors are now worried that Musk may be spreading himself too thin and that there’s nobody else to step in and lead the company.

CNNMoney (New York) First published August 16, 2018: 1:25 PM ET

Though retirement can be a fulfilling time in people’s lives, it can also be a stressful one.

This especially holds true if you fall victim to the following mistakes, so be sure to avoid them at all costs.

Millions of seniors collect Social Security in retirement, and those monthly payments play a pivotal role in helping beneficiaries keep up with their expenses. But if you’re planning to live on Social Security alone once your career comes to a close, you’re making a huge mistake.

Contrary to what you may have been led to believe, Social Security isn’t designed to replace your former paycheck. If you were an average earner, those benefits will translate into roughly 40% of your previous income. If you were a higher earner, they’ll replace an even smaller percentage.

Since most seniors need more like 80% of their former earnings to live comfortably, you’ll need to take steps to secure income outside of what you get from Social Security. For the most part, this means funding a retirement plan like an IRA or 401(k) during your working years, but it could also mean planning to work part-time in retirement, renting out your home as a senior, or a host of other possibilities. The key, however, is to recognize that while Social Security will help you pay the bills in retirement, it won’t be enough to fund your golden years by itself.

Many people assume that once they retire, their living expenses will magically shrink. But chances are, your monthly bills won’t change all that much once you’re no longer working.

Think about the things you spend money on today, like housing, food, utilities, and clothing. These are all items you’ll continue to need when you’re older, and whether or not you’re working at the time won’t really matter. You may even come to find that some of your expenses go up in retirement, like healthcare and leisure.

In fact, the Employee Benefit Research Institute found last year that roughly 46% of households spend more money, not less, during their first two years of retirement, while 33% spend more for their first six years outside the workforce. To avoid financial struggles later in life, map out a retirement budget that accurately reflects the costs you’ll face, and make sure the income you anticipate is enough to support it. If not, you might consider postponing retirement until you’re in a better place financially.

Many workers fall behind on retirement savings during the earlier stages of their careers, when student loan payments, housing costs, and other expenses eat up most of their income. Thankfully, those who are 50 and older get a prime opportunity to make up for lost years of savings in the form of catch-up contributions.

If you’re saving in an IRA and are at least 50 years old, you can currently put in an additional $1,000 each year for an annual total of $6,500 (workers under 50 can contribute just $5,500). If you’re saving in a 401(k), you can make a $6,000 catch-up contribution for an annual total of $24,500 (compared with $18,500 for younger workers).

Unfortunately, many folks don’t take advantage of catch-up contributions, and as such, wind up falling short by the time their golden years come around. In fact, only 14% of 401(k) participants aged 50 and over made catch-up contributions in 2017, according to data from Vanguard.

If you’re behind on savings, it’s imperative that you take steps to pad your nest egg, whether it be by cutting expenses to free up cash or taking on a side job and using its proceeds to fund your retirement plan. Otherwise, you may be in for a major disappointment when your golden years arrive and you realize you don’t have enough money to do the things you’ve always dreamed of.

Between your Social Security benefits and your nest egg, you might find yourself on the receiving end of a pretty healthy income stream in retirement, especially if you’ve saved well. But don’t assume all of that money will be yours to keep. Chances are, the IRS will also be entitled to its share, especially if your retirement income is substantial.

There are several ways you might get taxed in retirement. First, unless you have a Roth IRA or 401(k), your nest egg withdrawals will be taxed as ordinary income — meaning your highest possible rate. The same holds true for many types of pensions. Furthermore, if your income exceeds a certain threshold, you could get taxed on up to 85% of your Social Security benefits. Finally, just as interest and investment income are taxable during your working years, so too are they subject to taxes during retirement.

The takeaway? Be sure to factor taxes into the mix when calculating your anticipated retirement income. If you’re planning to withdraw $30,000 a year from your 401(k) and you expect your ordinary income tax rate to be 25%, know that you’ll end up with only $22,500, and plan your expenses accordingly.

Related links:

• Motley Fool Issues Rare Triple-Buy Alert

• This Stock Could Be Like Buying Amazon in 1997

• 7 of 8 People Are Clueless About This Trillion-Dollar Market

The more thought you put into retirement planning, the better off you’ll be when your golden years finally arrive. Avoid these mistakes, and you’ll be setting yourself up for a more financially secure future.

CNNMoney (New York) First published September 21, 2018: 9:49 AM ET

I haven’t made the best decisions when it comes to retirement planning. As a result, my wife and I are in our early 50s and have next to nothing saved for retirement. Do we have any hope of a secure retirement?—John

If it’s any consolation, you’re not alone. When the Employee Benefit Research Institute asked workers as part of its latest Retirement Confidence Survey how much they had set aside for retirement, more than a third of those between the ages of 45 and 54 who answered said they had less than $25,000 saved, while more than a quarter of those 55 and older said they had less than that 25 grand tucked away.

But while your trepidation at nearing retirement age with very little saved is understandable, your situation isn’t hopeless. You still have enough time to significantly improve your retirement prospects, if you’re willing to start taking serious steps now. Here are the three most important things you need to do:

Let me be blunt about this. To go from saving virtually nothing to saving diligently is going to require real discipline and some major lifestyle adjustments. But unless you’re willing to make a concerted effort to spend less and save more, your chances of being able to live anything close to your current lifestyle after you retire are slim.

If you do make the commitment to save, however, you can still come up with a pretty decent nest egg in the waning years of your career. For example, if you and your wife are able to save, say, $500 a month and earn a 6% annual return on that money over the next 15 years or so, you would enter retirement with a stash of more than $145,000, according to this savings interest calculator. If you can manage to save $1,000 a month, you’ll be looking at more than $290,000. Obviously, the amount you end up with will depend on how much you actually set aside and what rate of return your savings earn. But the more you can sock away, the larger the nest egg you’ll end up with.

That said, I don’t want to suggest that you’ll be able to save enough in the time you have left to put you on easy street. For example, based on the 4% withdrawal rule a nest egg of $290,000 would generate annual income of just under $12,000, or a little less than $1,000 a month. That won’t allow you to live large. But it’s probably enough at the margin to materially improve your retirement lifestyle.

Related: Do I really need a financial adviser?

If possible, you’ll want to do most of your saving in an employer-sponsored plan like a 401(k), which, aside from its tax advantages, has generous contribution limits ($18,500 this year, plus a $6,000 catch-up contribution for people 50 and older) and makes saving easier by automatically transferring money from your paycheck to your account. If you don’t have access to a 401(k), you can open an IRA, which allows you to set aside up to $5,500 a year, plus an extra $1,000 for people 50 and older. But whether you save in a 401(k), an IRA, a taxable account or some combination of those three, the point is that the sooner you start doing so and the more you put away, the better your chances of having a secure retirement will be.

A quick note on investing your savings: You may be tempted to invest aggressively to earn higher returns and boost the value of your nest egg. Resist that urge. If the market goes into a major downturn, that strategy can backfire and leave you saddled with big losses that you may not have enough time to recover from by the time you retire. A better approach is to build a diversified portfolio of low-cost stock and bond funds that provides a shot at reasonable investment gains consistent with your tolerance for risk.

In a recent study titled “The Power of Working Longer,” retirement researchers showed that postponing retirement and continuing to work can be one of the most effective ways of boosting your post-career standard of living, often more helpful than increasing your savings rate.

The main reason is that to the extent staying in the workforce allows you to delay claiming Social Security, you can qualify for a larger monthly Social Security check down the road. For example, each year between the age of 62 and 70 that you put off collecting Social Security, you increase your benefit by roughly 7% to 8%. (You receive no increase for delaying beyond age 70.) And since the money you earn during those extra working years also counts in determining your benefit, the amount you receive could increase even more, which means delaying just a few years might boost your eventual payment by 20% to 25%, if not more. To see how much your monthly benefit might rise by working longer, you can to Social Security’s Retirement Estimator.

Continuing to work can help in other ways too. You have more years to salt away money for retirement, and your nest egg has more time to rack up investment gains and grow before you tap it. And, of course, any extra years you work are years your nest egg doesn’t have to support you, which, all else equal, means you should be able to draw more from savings stash each year without increasing the risk of running through your savings too soon.

As effective as working longer can be, however, don’t count on staying on the job. The Employee Benefit Research Institute has consistently found that nearly half of workers retire sooner than they expected, often because of health issues, layoffs or because they have to care for a spouse or other family member. So by all means plan on working an extra year or two or three to enhance your retirement security. But don’t slack off on saving now because you think you’ll be able to compensate by extending your career.

Depending on how far behind you’ve fallen in your retirement planning efforts, you may not realistically be able to save enough or put in enough extra years in your job to make up for lost time. Which means you need to be open to other ways to enhance your retirement security.

One possibility is to look for sources of extra income aside from Social Security and your savings. If you’re a homeowner, for example, you may be able to tap the equity in your home for extra retirement spending cash by downsizing to a smaller, less expensive home in your area or by staying in your current digs and taking out a reverse mortgage. You can explore both options by checking out this guide from the Boston College Center for Retirement Research.

Related: Is there a low-risk way to avoid running out of money in retirement?

You may also be able to generate additional income to supplement Social Security and draws from your nest egg by finding part-time work (assuming you’re healthy enough to hold down a job and can find work you consider acceptable). You can get an idea of what sort of job opportunities are available to older workers and retirees by going to such sites as RetiredBrains and RetirementJobs.com.

Then there are more, shall we say, radical moves you might consider. For example, you may effectively be able to stretch your retirement income by relocating to an area with lower living costs. To compare expenses in various cities, you can check out the Cost of Living section at Sperling’s Best Places site and NerdWallet’s Cost of Living Calculator. For that matter, if you relocate and downsize at the same time, you may be able to reduce your living expenditures while also coming away with an extra chunk of investable cash that can serve as a supplement to your nest egg.

Bottom line: I’m not saying it will be easy or that you can put yourself in the same position for retirement you would have been in had you saved throughout your career. But if you combine several of the steps I’ve outlined here — and keep an eye out for even more ways to generate more post-career income or lower your future expenses — you can still improve your chances of achieving a secure retirement.

CNNMoney (New York) First published June 21, 2018: 10:45 AM ET

Republican leaders backed away from several controversial proposals to change education-related tax breaks.

They have agreed to save the student loan interest deduction and keep tuition waivers for graduate students tax-free. The final version of the tax bill would also expand the use of 529 savings accounts to include expenses for private K-12 education, as well ask keep tax credits for those currently paying for college.

The legislation was unveiled Friday, and lawmakers in both the House and Senate are set to vote next week.

Here is what the bill will and won’t do for your education expenses.

You will still be allowed to claim a deduction of up to $2,500 for the interest you pay on your student loans each year.

About 12 million people benefited from this tax break in 2015. It can be claimed without itemizing your taxes, but it’s only available to certain borrowers, depending on their income.

The benefit is gradually reduced once your modified adjusted gross income reaches $65,000 for singles, or $135,000 for couples, and completely phased out for singles who earn more than $80,000, and couples who earn $165,000.

The deduction can save taxpayers as much as $625 a year, though most see a smaller benefit.

The bill spares graduate students from having to pay income tax on tuition waivers — something that was proposed in the House version of the bill.

The measure was protested by graduate students across the country who worried it would increase their tax bills by thousands of dollars.

An estimated 145,000 graduate students who teach or do research for their university receive tuition waivers from the school.

Related: Will Obamacare survive the tax bill?

Employers can give workers up to $5,250 tax-free to help pay for tuition, and the award will remain tax-free under the bill.

About half of employers offer the benefit, according to the Society for Human Resource Management.

How do you think tax reform will affect you? Share your story with CNNMoney here.

The bill expands the use of 529 savings accounts so that you can use the money saved to pay for both college and K-12 education.

Currently, money invested in a 529 account grows tax-free but can only be used for college expenses.

Under the new bill, up to $10,000 can be distributed annually to pay for the cost of sending a child to a “public, private or religious elementary or secondary school.” The money could also be used for some expenses connected with a homeschool, the bill says.

The changes would apply to distributions made after December 31, 2017.

The bill excludes student debt forgiveness from taxable income for the borrower if they become permanently disabled. It also excludes forgiveness in the event of death if there is a co-signer on the loan.

It will apply to federal and state student loans discharged after December 31, 2017 — but will not apply to any after December 21, 2025.

Despite proposed changes to these credits in an earlier House bill, both the American Opportunity Credit and the Lifetime Learning Credit will remain the same.

The AOC is worth up to $2,500 per student for each of the first four years of college. An earlier House bill would have expanded the benefit to a fifth year, but that provision was omitted in the final version.

The credit is gradually reduced once your modified adjusted gross income reaches $80,000 for singles, or $160,000 for couples, and completely phased out for singles who earn more than $90,000, and couples who earn $180,000.

The earlier House version would have scrapped the LLC, but it will live on under the final bill. It’s a smaller benefit, worth up to $2,000, and is available to people under a lower income cap. But it can be claimed for each year you’re enrolled in college.

CNNMoney (New York) First published December 16, 2017: 10:24 AM ET

eBay has joined the growing number of tech companies that have beefed up its parental benefits.

The company announced Friday that new moms will be able to take 24 weeks of leave at full pay following the birth of their child — an increase from 10 weeks at 80% pay.

New dads, who previously weren’t offered any paid leave, will be offered 12 weeks at full pay.

Related: The best companies for working moms

The updated benefits go into effect at the start of 2016 and apply to all hourly and salaried workers who are scheduled to work 20 hours or more per week.

eBay (EBAY) also announced a new Family Care Leave policy that allows workers to take 12 weeks off to care for a sick family member at full pay.

Paid parental leave is not mandated in the U.S., and according to the Labor Department, 12% of private sectors workers get paid family leave.

However, companies, particularly in the tech industry, have been revamping their parental benefits to help attract and retain workers.

Last week, Facebook (FB) enhanced its global paternity leave, and streaming service Spotify recently announced new moms and dads can take six months of paid leave following birth or adoption. In early November, Amazon (AMZN) increased its paid leave to new moms to 20 weeks while dads can take six weeks.

But it’s not just tech companies increasing their benefits: Credit Suisse announced it will give new moms and dads in the U.S. 20 weeks of paid leave starting in 2016.

CNNMoney (New York) First published December 4, 2015: 4:54 PM ET

True or false? The richer you are, the less you’ll receive in financial aid.

The statement is generally true. But if you know the rules of the game, saving for your child’s education won’t significantly reduce their financial aid award.

The reason is that income is the major deciding factor in whether you need financial aid. Savings and other assets are factored into what you can afford to pay, but only a little.

“Assets don’t impact the bottom line all that much,” said Kal Chany, the author of Paying For College Without Going Broke.

For every dollar you save, you might — at most — lose 5.6 cents in financial aid.

“You will be much happier if you have saved for college,” Chany said.

But some saving strategies are better than others. Here’s what you need to know.

Assets in the child’s name — including a savings account, trust fund, or brokerage account — will count more heavily against the financial aid award than assets in a parent’s name.

Money saved in an account owned by the child could cost you four times as much in financial aid as money in an account owned by a parent.

A 529 college savings account is useful because it can lower your tax bill. The earnings on money invested are not taxed as long as the funds are used for tuition, fees, books, or room and board.

To play it safe, make sure a parent is the owner of the account. The child can be named the beneficiary, and the money will still be considered a parental asset.

But be careful using money from a 529 account owned by a grandparent or other relative. While it won’t count at all as an asset, it could hurt your aid formula two years after you withdraw money to pay your tuition bill. At that point, it will be considered income.

Related: How much is too much to pay for college?

Parents’ income is the biggest factor in the financial aid calculation.

“$10,000 in extra income has a much bigger impact on financial aid than $10,000 in assets,” Chany said.

While you don’t want to ask your boss for a pay cut, there are some things you can do to reduce your income. For example, avoiding large capital gains or withdrawals from a retirement account. If you’re due a large bonus at work, ask if you can defer receiving it.

The federal financial aid formula is based, in part, on your income two calendar years before the start of the school year. So, it helps to maximize your income before January 1 of your child’s sophomore year of high school, or defer extra income until after January 1 of their sophomore year of college.

Related: Why your financial aid award is less than expected

Financial aid formulas intend to calculate how much a family can afford to pay. This is called the Expected Family Contribution.

More income and assets will result in a bigger EFC. Financial aid is meant to fill in the gap between the EFC and the college’s price tag.

Some colleges say they will make sure the remaining cost is met, but others don’t make that promise. Many public schools won’t do it for out-of-state students.

Even if the institution pledges to meet a family’s full need, the aid award could include loans — which will have to be paid back by the student.

CNNMoney (New York) First published May 31, 2018: 10:21 AM ET

Once the world’s largest and most influential bond fund, Pimco continues to fall from that stature.

Its star has dramatically dimmed after its founder, the “bond king” Bill Gross, left Pimco almost a year ago.

Investors started taking out billions of dollars from Pimco after Gross left and continue to do so. Just in August, they pulled $1.8 billion out of Pimco’s Total Return fund, Gross’ former signature fund. Today it has less than $100 billion in total assets, the lowest level since 2007, according to the company.

At its height in 2013, the fund managed $293 billion. In May, Vanguard surpassed Pimco as the world’s largest bond fund manager.

Pimco’s fall from grace is a lesson in what happens when a firm’s fortunes are so closely linked to one person’s identity.

Gross was synonymous with the Pimco name and it’s no surprise that the firm’s fortunes have suffered after his departure.

Related: Wall Street bombshell: Bill Gross out at Pimco

Gross allegedly left after clashing with other execs over how to manage the company. Gross had developed a reputation of being a little strange towards the end of his tenure. He once wrote an ode to his dead cat named Bob in an investment outlook note to clients.

He left Pimco last September to work at Janus Capital Group (JNS). The fund had been losing money before Gross left, but his departure appears to have led to an exodus of funds.

Related: Bill Gross blames media for Pimco troubles

In March 2014, before Gross left, Pimco’s total return fund had $231 billion under management. By March it dropped to $116 billion and it continues to dwindle.

Pimco announced earlier this year that former Federal Reserve Chair Ben Bernanke would serve as an adviser to Pimco. That star hire hasn’t helped the cause yet though.

CNNMoney (New York) First published September 3, 2015: 11:13 AM ET

Volkswagen has been accused of ruining crops planted near one of its factories in Mexico by using technology to alter the weather.

Local groups have accused the German automaker of causing a dry spell with hail cannons that shoot sonic booms into the air to prevent the formation of hail. The devices are used to protect cars parked outside the factory from dents caused by hailstones.

Following the complaints, Volkswagen has promised to reduce its use of the cannons at its Puebla factory.

“Even though there is no evidence that the use of these devices causes a lack of rain, Volkswagen (VLKAF) of Mexico decided to modify its operation in order to maintain a harmonious relationship with its neighbors,” a company spokesperson told CNN.

“Volkswagen … [has stopped] using these devices in their automatic mode, and is only operating them manually, when the meteorological conditions determine the imminent fall of hail,” she said.

The automaker said it now plans to install “anti-hail nets” over more than 150 acres to protect its cars. It said it would continue to use the cannons if needed.

The automaker has around 15,000 workers at the Puebla factory, which manufactures models including the Jetta, Beetle, Tiguan and Golf. Hundreds of thousands of vehicles are produced at the plant each year.

Local activists said the cannons had damaged crops in the region.

“We are happy to know that as a group we have raised our voices against the use of hail cannons by VW Mexico,” one group said in a statement posted on Facebook (FB).

Mike Eggers, the owner of a hail cannon manufacturer in New Zealand, said the technology is often incorrectly blamed for stopping rain.

“In reality, the technology isn’t around rain, it’s around hail. And there’s a difference. A substantial difference,” he said.

The cannons have been used for decades, most often to protect crops.

— Marilia Brocchetto, Claudia Rebaza and Max Ramsay contributed reporting.

CNNMoney (London) First published August 23, 2018: 12:38 PM ET