Business category, Page 119
As family exits Giant Eagle leadership, question of what’s next remains
It’s increasingly rare for a family-owned business to survive more than 90 years — rarer still when more than one family is involved. But Giant Eagle had done just that. Founded by five families in 1931, the O’Hara-based grocery chain grew into a regional powerhouse whose name has been enshrined...
Richard Branson’s Virgin Orbit slashing 85% of its workforce
Richard Branson’s Virgin Orbit is letting go of almost its entire work force with the satellite launch company finding it difficult to secure funding three months after a failed mission. The company, headquartered in Long Beach, California, will cut 675 jobs, about 85% of its workforce, according to a Friday...
Biden calls to revive bank regulations that Trump weakened
WASHINGTON — Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress. The public push is part of a larger effort...
More Americans file for jobless claims; layoffs remain low
U.S. applications for jobless benefits rose last week but remain at historically low levels despite efforts by the Federal Reserve to cool the economy and the job market in its fight against inflation. Jobless claims in the U.S. for the week ending March 25 rose by 7,000 to 198,000 from...
Inflation is declining, but health premiums and medical costs are heading higher
WASHINGTON — During the pandemic, health care costs — usually a main driver of U.S. inflation — remained surprisingly stable, rising just about 2% annually even as prices for many goods and services soared more than three or four times that rate. But signs are emerging that medical inflation is...
Starbucks’ CEO Howard Schultz defends union stance before SenateVideo
Longtime Starbucks CEO Howard Schultz insisted the coffee chain hasn’t broken labor laws and is willing to bargain with unionized workers during an often testy, two-hour appearance before the Senate Health, Education, Labor and Pensions Committee. But he also was firm in his stance that the Seattle coffee giant already...
Virtual reality gaming company coming to the Strip District
A new entertainment option — one with your choice of zombies, pirates or space exploration — will be setting up shop in the Strip District. Virtual reality gaming company Sandbox VR is expected to move into The Terminal on Smallman Street this summer. The 5,571-square-foot location will be the first...
Should U.S. airlines pay passengers for delays like the EU?
Southwest Airlines spent the early part of 2023 trying to make good after a historic meltdown resulted in more than 16,700 canceled flights during the 2022 holidays. The airline reimbursed passengers for the cost of alternative travel arrangements and sent many travelers additional loyalty points. Southwest wasn’t legally required to....
Consumers more hopeful about the outlook for the economy, jobsVideo
Consumer confidence unexpectedly improved in March as Americans grew more optimistic about the outlook for business conditions and the labor market. The Conference Board’s index increased to 104.2 from a 103.4 reading in February, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for the...
U.S. renewable electricity surpassed coal in 2022
Electricity generated from renewables surpassed coal in the United States for the first time in 2022, the U.S. Energy Information Administration announced Monday. Renewables also surpassed nuclear generation in 2022 after first doing so last year. Growth in wind and solar significantly drove the increase in renewable energy and contributed...
Stocks mostly hold steady as Wall Street regains stability
NEW YORK — Stocks were mixed Tuesday as Wall Street regains some stability at the tail end of what’s been a turmoil-filled month. The S&P 500 dipped 6.26 points, or 0.2%, to 3,971.27, though the majority of stocks within the index rose. The Dow Jones Industrial Average slipped 37.83, or...
U.S. opens investigation into Tesla seat belts coming loose
DETROIT — U.S. highway safety regulators have opened yet another investigation into problems with Teslas, this time tied to complaints that the seat belts may not hold people in a crash. The investigation by the National Highway Traffic Safety Administration covers an estimated 50,000 Model X SUVs from the 2022...
Chipotle agrees to pay after closing store that sought union
PORTLAND, Maine — Chipotle Mexican Grill has agreed to pay $240,000 to former employees as part of a settlement stemming from a complaint that the company violated federal law by closing a restaurant where workers wanted to unionize. Chipotle announced it was permanently closing its Augusta, Maine, location last year...
Twitter celebs balk at paying Elon Musk for blue check mark
William Shatner, Monica Lewinsky and other prolific Twitter commentators — some household names, others little-known journalists — could soon be losing the blue check marks that helped verify their identity on the social media platform. They could get the marks back by paying up to $11 a month. But some...
Twitter: Parts of its source code leaked online
NEW YORK — Some parts of Twitter’s source code — the fundamental computer code on which the social network runs — were leaked online, the social media company said in a legal filing on Sunday. According to the legal document, filed with the U.S. District Court of the Northern District...
Last McDonald’s in Downtown Pittsburgh expected to close
The last McDonald’s in Downtown Pittsburgh is expected to go dark by the end of April. The fast food restaurant opted not to renew the lease at the spot on Stanwix Street just outside Market Square. Nick Nicholas, who owns the building that housed the Golden Arches for about 50...
Disney World reaches union deal with minimum $18 hourly wage
ORLANDO, Fla. — Unions for service workers at Walt Disney World reached a tentative deal with the company on Thursday that would raise the starting minimum wage from $15 to $18 an hour in a pact that could set the basement for starting pay throughout central Florida’s sprawling tourism industry....
New Starbucks CEO plans to work in stores monthly
Starbucks’ new CEO Laxman Narasimhan says he plans to work a half-day shift once a month in one of the company’s stores in an effort to stay close to the company’s culture and customers. Narasimhan, who took the reins as CEO earlier this week, said in a letter to Starbucks’...
Ford says EV unit losing billions, should be seen as startup
DETROIT — Ford Motor Co.’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released Thursday as Ford rolled out a new way of reporting...
Veterans job fair set for at Acrisure Stadium
Military veterans looking for work can find some opportunities at a job fair Thursday. The nonprofit Disabled American Veterans and RecruitMilitary will host the Pittsburgh Veterans Job Fair from 11 a.m. to 3 p.m. at Acrisure Stadium, 100 Art Rooney Ave., on Pittsburgh’s North Shore. Veterans can meet more than...
What the Fed rate increase means for your credit card bill
NEW YORK— The Federal Reserve raised its key rate by another quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease inflation by making borrowing more expensive. If you have money to save, you’ll probably earn a bit more interest...
Fed raises key rate by quarter-point despite bank turmoil
WASHINGTON — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. “The U.S. banking system is sound and resilient,” the Fed said in...
Wall Street quiet ahead of Fed rate hike decision
Wall Street quietly drifted between small gains and losses early Wednesday ahead of a closely-watched decision by the Federal Reserve on whether to raise interest rates in the midst of a global banking crisis. Futures for the Dow Jones Industrials inched less than 0.1% higher, while futures for the S&P...
John Dorfman: Nasdaq leaps back to the forefront
Like a race-car driver slicing in front of the competition, the Nasdaq Stock Market has resumed market leadership in 2023. This year through March 17, the Nasdaq Composite Index has returned 11.1%. The New York Stock Exchange Composite Index has fallen 3.8%. The most widely watched market gauge, the Standard...
TikTok updates rules; CEO on charm offensive for U.S. hearing
LONDON — TikTok went on a counteroffensive Tuesday amid increasing Western pressure over cybersecurity and misinformation concerns, rolling out updated rules and standards for content as its CEO warned against a possible U.S. ban on the Chinese-owned video sharing app. CEO Shou Zi Chew is scheduled to appear Thursday before...
