Business category, Page 114
Peloton recalling more than 2 million exercise bikes. Here’s why:
Peloton is recalling more than 2 million of its exercise bikes because the bike’s seat post assembly can break during use, posing fall and injury hazards. The recall includes about 2.2 million of the Peloton Bikes Model PL01. The bikes were sold from January 2018 through May 2023 for about...
U.S. jobless claims filings highest since 2021, job market remains healthy
The number of Americans filing for jobless claims last week rose to its highest level in a year-and-a-half, though the labor market remains healthy by historical standards. Applications for unemployment benefits for the week ending May 6 rose by 22,000 to 264,000, the Labor Department reported Thursday. That’s up from...
U.S. wholesale price data for April points to easing inflation pressures
WASHINGTON — Wholesale prices in the United States rose modestly last month, the latest sign that inflationary pressures may be easing more than a year after the Federal Reserve unleashed an aggressive campaign of steadily higher interest rates. From March to April, the government’s producer price index rose just 0.2%...
Fed’s Tom Barkin: Inflation still ‘stubbornly high’ and isn’t easing fast enough toward 2% targetVideo
Inflation remains “stubbornly high” and is no longer making much progress toward the Federal Reserve’s 2% target, a top Fed official said Wednesday, hours after price data for April were released. In an interview, Tom Barkin, president of the Federal Reserve Bank of Richmond, said he is also seeing some...
‘BlackBerry’ film taps into device that ruled pre-iPhone eraVideo
Almost everyone knows Steve Jobs’ uncanny vision, relentless drive and technological wizardry hatched the iPhone, a breakthrough that continues to reshape culture 16 years after the late Apple co-founder introduced the device to the world. But when Jobs unveiled the first iPhone in 2007, another smartphone was the must-have gadget....
U.S. prices stay high, showing inflation pressures persist
WASHINGTON — Consumer prices in the United States rose again in April, and measures of underlying inflation stayed high, suggesting that rising costs could persist for months to come. Prices rose 0.4% from March to April, the government said Wednesday, up from 0.1% from February to March. Compared with a...
Goldman to pay $215 million to end case on underpaying women
Goldman Sachs Group Inc. has agreed to pay $215 million to put an end to a long-running class-action lawsuit that accused the Wall Street giant of systemically underpaying women. The New York-based bank struck the deal with lawyers representing about 2,800 female associates and vice-presidents, according to a joint statement...
Wendy’s turns to AI-powered chatbots for drive-thru orders
Wendy’s will begin testing an artificial intelligence-powered chatbot next month that will talk to customers and take drive-thru orders, becoming the latest fast-food chain to employ the technology. The system, powered by Google Cloud’s AI software, will be as natural as talking to an employee and has the ability to...
Millennial Money: Should I join a class-action lawsuit?
It might have happened to you a few times in past years: You received an email or mail notice inviting you to join a class-action lawsuit, or notifying you that you’ve been automatically included. But being part of such a lawsuit might be intimidating, especially if you need to opt...
John Dorfman: As rates rise, here are 5 stocks with little debt
Thanks to Jerome Powell and his crew at the Federal Reserve, interest rates are about five percentage points higher than they were a year ago. For stock pickers, that means debt once again matters. This should be a good environment for folks who prefer low-debt companies. Beginning in 1998, I’ve...
Maybe investors shouldn’t worry about Buffett’s successor
OMAHA, Neb. — Many investors worry about the future of Berkshire Hathaway after its legendary CEO Warren Buffett is gone, but most of the conglomerate’s companies have already made the transition to reporting to the man who will eventually replace the 92-year-old. Buffett himself and executives at Berkshire Hathaway companies...
Facebook has 3 billion users. Many of them are old.
Facebook says it is not dead. Facebook also wants you to know that it is not just for “old people,” as young people have been saying for years. Now, with the biggest thorn in its side — TikTok — facing heightened government scrutiny amid growing tensions between the U.S. and...
Biden hopes strong job market means soft landing for economy
WASHINGTON — For President Joe Biden, the past few days have raised hopes that the U.S. economy can stick a soft landing—possibly avoiding a recession as the 2024 election nears. Most U.S. adults have downbeat feelings about Biden’s economic leadership, as high inflation has overshadowed a strong jobs market. It’s...
ATI sales top $1 billion for 3rd consecutive quarter
Sales at ATI, one of the Alle-Kiski Valley’s largest employers, exceeded $1 billion for the third quarter in a row, officials announced Thursday. Aerospace and defense sales in particular are driving strong year-over-year growth, spokeswoman Natalie Gillespie said. First-quarter results showed that products for aerospace and defense represent 56% of...
U.S. adds a strong 253,000 jobs despite Fed’s rate hikes
WASHINGTON — America’s employers added a healthy 253,000 jobs in April, evidence of a labor market that still shows surprising strength despite rising interest rates, chronically high inflation and a banking crisis that could weaken the economy. The unemployment rate dipped to 3.4%, matching a 54-year low, the Labor Department...
Yeezy shoes still stuck in limbo after Adidas split with Ye
FRANKFURT, Germany — It’s been nearly seven months since Adidas split with the rapper formerly known as Kanye West, and boxes of his popular Yeezy shoes are still piled up in warehouses. The fate of $1.3 billion worth of unsold Yeezy stock is weighing on the German sportswear company as...
Arconic to be purchased by Apollo Global Management
North Shore-based aerospace parts maker Arconic is being purchased by private-equity firm Apollo Global Management Inc., the company announced Thursday. The cash transaction values Arconic at an enterprise value of about $5.2 billion, according to a press release from the company. Under the agreement, Arconic shareholders will receive $30 per...
Brighton Rehab therapists preparing to go on 9-day strike, union reps say
Physical, speech and occupational therapists at Brighton Rehabilitation and Wellness Center in Beaver County are preparing to go on a nine-day strike over claims of unfair labor practices, including what they say is the nursing home’s failure to bargain in good faith. During a news conference Wednesday afternoon, therapists represented...
FirstEnergy reevaluating use of West Penn’s Greensburg office
More than two-thirds of West Penn Power Co.’s employees at its Greensburg headquarters likely will be reassigned to other offices in the utility’s service area in the next few years as the company reevaluates its use of the building, a company spokeswoman said Wednesday. Many began working remotely since the...
McDonald’s franchises fined for child labor violations
LOUISVILLE, Ky. — Two 10-year-olds are among 300 children who worked at McDonald’s restaurants illegally, a Labor Department investigation of franchisees in Kentucky found. Agency investigators found the 10-year-olds received little or no pay at a McDonald’s in Louisville, the Labor Department said. The three franchisees were fined $212,000 in...
FTC: Facebook misled parents, failed to guard kids’ privacy
U.S. regulators say Facebook misled parents and failed to protect the privacy of children using its Messenger Kids app, including misrepresenting the access it provided to app developers to private user data. As a result, The Federal Trade Commission on Wednesday proposed sweeping changes to a 2020 privacy order with...
Google to open 2 more data centers in Ohio
COLUMBUS, Ohio — Google plans to build two more data centers in Ohio to help power its artificial intelligence technology and other tools, the company and state officials announced Wednesday. With one data center already up and running near Columbus, the two new locations will bring Google’s total investment in...
Fed raises key rate but hints it may pause amid bank turmoil
WASHINGTON — The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years. But the Fed also signaled that it may now pause its streak of 10 rate hikes, which have made borrowing for consumers...
Bud Light sales fizzle in Western Pennsylvania amid transgender boycott
The backlash brewing from a movement to boycott Bud Light because of its partnership with transgender influencer Dylan Mulvaney has drastically cut sales of the top-selling brand at numerous Pittsburgh-area beer distributors. But the sharp dip since Mulvaney’s Instagram post April 1 to promote Bud Light’s March Madness contest does...
Pittsburgh Brewing’s IC’d Tea returns to shelves after selling out
The new combination of two beloved Pittsburgh beverages — Turner’s iced tea and Iron City Beer — is back on the shelves. Pittsburgh Brewing Company’s new creation, IC’d Tea, hit shelves across Southwestern Pennsylvania in mid-April. Demand was strong and about a week later it had completely sold out, said...
