Business category, Page 118
U.S. adds 236,000 jobs in March despite Fed’s rate hikes
WASHINGTON — America’s employers added a solid 236,000 jobs in March, reflecting a resilient labor market and suggesting that the Federal Reserve may see the need to keep raising interest rates in the coming months. The unemployment rate fell to 3.5%, not far above the 53-year low of 3.4% set...
Are robot waiters the future? Some restaurants think so
MADISON HEIGHTS, Mich. — You may have already seen them in restaurants: waist-high machines that can greet guests, lead them to their tables, deliver food and drinks and ferry dirty dishes to the kitchen. Some have cat-like faces and even purr when you scratch their heads. But are robot waiters...
Average 30-year mortgage rate dips as spring season opens
The average long-term U.S. mortgage rate dipped for the fourth straight week, a good sign for potential home buyers and a real estate market that’s been mostly cold since the Federal Reserve began raising interest rates more than a year ago. Mortgage buyer Freddie Mac reported Thursday that the average...
States and companies compete for billions to make hydrogen
As fossil fuel emissions continue warming Earth’s atmosphere, the Biden administration is turning to hydrogen as an energy source for vehicles, manufacturing and generating electricity. It’s offering $8 billion to entice the nation’s industries, engineers and planners to figure out how to produce and deliver clean hydrogen. States and businesses...
IMF head expects less than 3% global economic growth in 2023
WASHINGTON — The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally. Kristalina Georgieva said growth is expected to remain around 3% for the next five years, calling...
NPR objects to ‘state-affiliated media’ label Twitter slapped on account: ‘inaccurate’Video
National Public Radio has been caught up in the Twitter verification-system overhaul and some new company-administered labels that have riled users of the social media platform since Tesla and SpaceX honcho Elon Musk took over the platform last fall. NPR was wrongly labeled Tuesday as “U.S. state-affiliated media” on the...
Bob Lee, Cash App founder and MobileCoin exec, slain at 43
SAN FRANCISCO — Bob Lee, a technology executive who created Cash App and was currently chief product officer of MobileCoin, was fatally stabbed early Tuesday in San Francisco, according to the cryptocurrency platform and police. Officers responded to a report of a stabbing on Main Street at 2:35 a.m. Tuesday...
New Ram electric pickup can go up to 500 miles on a chargeVideo
DETROIT — An electric Ram pickup truck with up to 500 miles of range per charge and a battery-powered people-hauling Kia SUV are among the new vehicles being introduced Wednesday at the New York International Auto Show. The two debuts in New York on Wednesday are among only nine automaker...
PPG’s Glidden to be Walmart’s primary paint brand
PPG struck a deal for the Pittsburgh-based company’s Glidden brand to become the primary paint brand at the world’s largest retailer. The 3-year agreement expands PPG’s relationship with Walmart. Glidden products will include a new line of Grab-n-Go ready-to-use paint as well as tint-able paints and Olympic wood stain products...
Sheetz again makes Fortune’s list of 100 best companies to work for
You might think of Sheetz as a good place to fill up the tank and tummy. But it’s also a good place to work, according to Fortune magazine. As it has for nine out of the past 10 years, Fortune has ranked Sheetz among its list of the 100 best...
UBS confident about Credit Suisse deal despite ‘huge’ risk
GENEVA — The UBS chairman voiced confidence Wednesday that the Swiss bank will succeed in a government-engineered takeover of hobbled rival Credit Suisse, pledging the deal will reduce costs, benefit shareholders and buttress Swiss finance despite “huge” risks in knitting the global lenders together. Speaking to UBS shareholders, Colm Kelleher...
Robotaxis aim to take San Francisco on ride into the future
SAN FRANCISCO — Two trailblazing ride-hailing services are heading toward uncharted territory as they seek regulatory approval to transport passengers around the clock throughout one of the most densely populated U.S. cities in vehicles that will have no one sitting in the driver’s seat. If Cruise, a subsidiary of General...
Student aid startup founder arrested on fraud charges
NEW YORK — The founder of Frank, a student loan assistance startup company that J.P. Morgan Chase acquired for $175 million two years ago, has been arrested on charges that she duped the financial giant by dramatically inflating the number of customers her company had, authorities said Tuesday. Charlie Javice,...
U.S. chip controls threaten China’s technology ambitions
BEIJING — Furious at U.S. efforts that cut off access to technology to make advanced computer chips, China’s leaders appear to be struggling to figure out how to retaliate without hurting their own ambitions in telecoms, artificial intelligence and other industries. President Xi Jinping’s government sees the chips that are...
Branson’s rocket-launch firm Virgin Orbit files for bankruptcy
Virgin Orbit Holdings Inc. filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff. The company listed $243 million in assets and $153.5 million for its total debt in a...
February job openings slip to 9.9M; a win in inflation fight?
WASHINGTON — U.S. job openings slipped to 9.9 million in February, fewest since May 2021 and a sign that the job market may be starting to cool, which would be welcome news for the inflation fighters at the Federal Reserve. Vacancies fell from 10.6 million in January, the Labor Department...
Wall Street dips, snaps win streak after weak economic data
NEW YORK — Stocks fell Tuesday on Wall Street after reports on the economy came in weaker than expected. The S&P 500 dropped 23.91 points, or 0.6%, to 4,100.60 to break a four-day winning streak. The Dow Jones Industrial Average fell 198.77, or 0.6%, to 33,402.38, and the Nasdaq composite...
TikTok fined $15.9M by U.K. watchdog over misuse of kids’ data
LONDON — Britain’s privacy watchdog hit TikTok with a multimillion-dollar penalty Tuesday for misusing children’s data and violating other protections for users’ personal information. The Information Commissioner’s Office said it issued a fine of 12.7 million pounds ($15.9 million) to the short-video sharing app, which is wildly popular with young...
Stocks end mixed as jump in oil prices fans inflation fearsVideo
NEW YORK — Stock markets around the world were mixed Monday, as a jump in oil prices threatens to add upward pressure on inflation. The S&P 500 gained 15.20 points, or 0.4%, to 4,124.51, though more stocks in the index fell than rose. The Dow Jones Industrial Average climbed 327.00,...
McDonald’s temporarily closes U.S. offices ahead of layoffsVideo
McDonald’s has closed its U.S. offices through Wednesday and told its corporate staff to work remotely as it prepares to announce a round of layoffs. In a memo to workers posted on the website TheLayoff.com, the Chicago-based burger giant said it wanted to “ensure the comfort and confidentiality of our...
UFC, WWE combine to form $21.4B sports entertainment company
WWE is saying goodbye to existing as a family-run business as it joins with the company that runs Ultimate Fighting Championship to create a $21.4 billion sports entertainment company. The deal announced Monday between Endeavor and World Wrestling Entertainment, on the heels of its biggest event of the year, catapults...
John Dorfman: Winners, losers reveal market’s flavor this year
You can understand a lot about this year’s stock market by looking at the winners and losers among the nation’s biggest stocks. Among the 167 stocks with a market value of $100 billion or more, the best performers this year are: • Nvidia Corp. (NVDA), up 83%. • Meta Platforms...
Tesla sales rise 36% in first quarter, following price cuts
DETROIT — Tesla’s first-quarter vehicle sales rose 36% after the company cut prices twice in a bid to stimulate demand. The electric car, SUV and heavy truck maker said it delivered 422,875 vehicles worldwide from January to March, up from just over 310,000 a year ago. But the increase fell...
Saudis, other oil giants announce surprise production cuts
Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide. Higher oil prices would help fill Russian President Vladimir Putin’s coffers as his country wages war on...
Twitter pulls check mark from main New York Times account
Twitter has removed the verification check mark on the main account of The New York Times, one of CEO Elon Musk’s most despised news organizations. The removal comes as many of Twitter’s high-profile users are bracing for the loss of the blue check marks that helped verify their identity and...
