Business category, Page 103
American industrial icon U.S. Steel is on the verge of being absorbed as industry consolidates further
With two bidders revealed in a matter of days and more in the wings, United States Steel Corp. — a symbol of American industrialization that for more than a century helped build everything from the United Nations building in New York City to the New Orleans Superdome — appears be...
A Pennsylvania study suggests links between fracking and asthma, lymphoma in children
HARRISBURG — Children who lived closer to natural gas wells in heavily drilled Pennsylvania were more likely to develop a relatively rare form of cancer, and nearby residents of all ages had an increased chance of severe asthma reactions, researchers said in reports released Tuesday evening. The taxpayer-funded research by...
Proposed Bakery Square expansion cause for excitement, concern in East End
Charles Taylor said he loves working in Pittsburgh’s Bakery Square. The operations manager at City Kitchen was originally from Larimer, but moved away to find work in the 1990s. He said there were no good jobs in the area then, but he’s glad there are now. “I just love coming...
Southwest Airlines promised better performance after meltdown. Has it delivered?
DALLAS — More than half a year has elapsed since Southwest Airlines ’ December meltdown displaced thousands of passengers and canceled flights for days across the country during the holidays. The airline promised passengers that it has put measures in place so something of this magnitude wouldn’t happen again. Southwest...
For Mark Zuckerberg’s Threads, the real rival is still TikTok — not the former Twitter
Threads, the simple, bare-bones text-based social network created by Facebook owner Meta, burst onto the scene during a particularly bad week for the rival then still known as Twitter. It quickly amassed 100 million signups — a huge feat for a newcomer in the space — and was dubbed as...
Russia’s currency hits the lowest level since beginning of the war in Ukraine
LONDON — The Russian ruble has reached its lowest value since the early weeks of the war in Ukraine as Western sanctions weigh on energy exports and weaken demand for the national currency. On Monday, the Russian currency passed 101 rubles to the dollar, continuing a more than 25% decline...
U.S. Steel rejects $7.3B offer from rival Cleveland-Cliffs, considers alternatives
NEW YORK — United States Steel Corp. said Sunday that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers. Pittsburgh-based U.S. Steel said it rejected the offer because Cleveland-Cliffs was pushing it to accept the terms without being...
Apple to pay up to $500 million to iPhone users after judge nixes final appeal
SAN JOSE, Calif. — Owners of some older iPhone models are expected to receive about $65 each after a judge cleared the way for payments in a class-action lawsuit accusing Apple of secretly throttling phone performance. The Cupertino cellphone giant agreed in 2020 to pay up to $500 million to...
Judge sends FTX founder Sam Bankman-Fried to jail, says crypto mogul tampered with witnesses
NEW YORK — FTX founder Sam Bankman-Fried left a federal courtroom in handcuffs Friday after a judge revoked his bail after concluding that the fallen cryptocurrency wiz had repeatedly tried to influence witnesses against him. Bankman-Fried looked down at his hands as Judge Lewis A. Kaplan explained at length why...
MedExpress to eliminate nursing positions
MedExpress Urgent Care is eliminating nursing positions at its nearly 150 locations. Tribune-Review news partner WTAE-TV reported that the workers are being let go in an effort to revamp the clinic’s staffing model. It’s unknown how many workers will be affected or what the new staffing plan is. Several nurses...
In twilight of muscle car era, demand roars for new 486-horsepower V-8 Ford Mustang
DETROIT — New versions of the Mustang muscle car will begin shipping next week and more than two thirds of the orders include the big, 5-liter V-8 engine, Ford said Friday. Demand for roaring engines remains strong in an era when Detroit automakers are starting to phase out the rumbling...
Wall Street marches higher ahead of new numbers on U.S. inflation, jobs
Wall Street pointed toward gains before markets opened Thursday ahead of a closely watched U.S. inflation report. Futures for the Dow Jones industrials and the S&P 500 each climbed 0.5% before the opening bell. The U.S. government will give its monthly update on the inflation at the consumer level in...
Number of Americans applying for jobless aid rises, but not enough to cause concern
The number of Americans applying for jobless benefits jumped last week, but not enough to raise concern about the consistently strong U.S. labor market. U.S. applications for unemployment benefits rose by 21,000 to 248,000 for the week ending August 5, from 227,000 the week before, the Labor Department reported Thursday....
Sustainable Pittsburgh selected for clean energy workforce initiative
Sustainable Pittsburgh wants Southwestern Pennsylvania to be a leader in the growing field for clean jobs. The Downtown Pittsburgh-based nonprofit has been selected by Jobs for the Future as a Quality Green Jobs Regional Challenge Member. The organization will join other groups across the country to prepare individuals for climate-resilient...
4 LGBTQ+ retirement hurdles and what to do about them
In many ways, retirement planning for someone in the LGBTQ+ community is the same as anyone else’s retirement planning: save more, spend less, invest for the long term. But for LGBTQ+ people, there are unique challenges. Historically lower incomes mean they have less to save overall. Because they’re less likely...
Zoom, which thrived on the remote work revolution, wants workers back in the office part-time
NEW YORK — The company whose name became synonymous with remote work is joining the growing return-to-office trend. Zoom, the video conferencing pioneer, is asking employees who live within a 50-mile radius of its offices to work onsite two days a week, a company spokesperson confirmed in an email. The...
ESPN strikes $1.5B deal to jump into sports betting with Penn Entertainment
You know ESPN the sports media giant. Now brace yourself for ESPN Bet, a rebranding of an existing sports-betting app owned by Penn Entertainment, which is paying $1.5 billion plus other considerations for exclusive rights to the ESPN name. The deal, announced Tuesday, could take Walt Disney Co.-owned ESPN into...
John Dorfman: Sane Portfolio enjoyed a good year
The Sane Portfolio wasn’t intended to burn up the track. This is a hypothetical portfolio I devised in 1999 and have refreshed almost every year since. It’s intended as a slightly conservative, middle-of-the-road collection of stocks. But in the past year it’s risen 23%. To be eligible for the Sane...
Credit-card balances in the U.S. top $1 trillion for 1st time
Credit-card balances surpassed $1 trillion for the first time last quarter in data from the Federal Reserve Bank of New York, showing how even more widespread credit has become among American consumers as the US economy recovered from the pandemic. Balances increased by $45 billion, the most of all debt...
Soaring sales of diabetes drug Mounjaro, widely used for weight loss, sends Eli Lilly to new heights
INDIANAPOLIS — Eli Lilly’s diabetes treatment Mounjaro, which is widely used for weight loss, raked in nearly $1 billion in second-quarter sales, or more than $200 million above what Wall Street had expected. Shares of the drugmaker soared 17% to an all-time-high Tuesday after Lilly said Mounjaro sales swelled more...
Trucking giant Yellow Corp. declares bankruptcy after years of financial struggles
NEW YORK — Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide. The Chapter 11 bankruptcy, which was filed Sunday, comes just three years after Yellow received $700 million in pandemic-era loans...
Musk says his cage fight with Zuckerberg will be streamed on X
NEW YORK — Elon Musk says his potential in-person fight with Mark Zuckerberg would be streamed on his social media site X, formerly known as Twitter. The two tech billionaires seemingly agreed to a “cage match” face-off in late June. Zuckerberg is actually trained in mixed martial arts, and the...
Nucor, Albemarle show value, growth
Hatfield vs. McCoy. Montague vs. Capulet. Yankees vs. Red Sox. Great feuds, each. But what about value and growth, the two main schools of investing? They don’t have to be enemies. Once a year, I write a column on stocks I believe show value and growth characteristics. For 17 columns...
Bakery Square food hall gets new management, restaurant lineup
Ownership of a Bakery Square food hall has officially changed management after about two months of shakeups among the restaurants inside. The site off Penn Avenue in Pittsburgh’s East End is now called City Kitchen, with management operations fully shifted from New York City-owned Galley Group to Shaka Restaurant Group....
U.S. economy likely generated 200,000 new jobs in July, showing more resilience in face of rate hikes
WASHINGTON — The American economy has generated at least 200,000 new jobs for a record 30 straight months. And the streak likely continued into July. But just barely. The Labor Department’s latest jobs report, out Friday, is expected to show that employers tacked on exactly 200,000 jobs last month, according...
