Business category, Page 120
Giant Eagle’s new CEO, board chair leaves chain without Shapira family in leadership
Giant Eagle has been a family run business for many decades, but the supermarket chain is changing course with the departure of longtime chief executive Laura Shapira Karet. The O’Hara-based grocer has appointed Bill Artman as interim CEO to replace Shapira Karet, who has led the chain for 11 years....
Stocks rise for first 2-day rally since banking crisis beganVideo
NEW YORK — Stocks rallied Tuesday, led by the banks most beaten down by the industry’s crisis, and some of Wall Street’s fear washed out on hopes the U.S. government will offer more help if needed. The S&P 500 jumped 1.3% to lock in its first back-to-back gain since Silicon...
Dodge unveils last super-fast gasoline muscle car
DETROIT — The last gas-powered muscle car from Dodge isn’t leaving the road without some squeals, thunder and crazy-fast speed. The 2023 Challenger SRT Demon 170 will deliver 1,025 horsepower from its 6.2-liter supercharged V-8, and the automaker says it will be the quickest production car made. Stellantis, formed in...
Army of lobbyists helped water down banking regulations
WASHINGTON — It seemed like a good idea at the time: Red-state Democrats facing grim reelection prospects would join forces with Republicans to slash bank regulations — demonstrating a willingness to work with President Donald Trump while bucking many in their party. That unlikely coalition voted in 2018 to roll...
Yellen says bank situation ‘stabilizing,’ system is ‘sound’
WASHINGTON — Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is “sound” but additional rescue arrangements “could be warranted” if any new failures at smaller institutions pose a risk to financial stability. Yellen, in an excerpt of remarks prepared for delivery...
Stocks rise on Wall Street after bank deal, regulator movesVideo
NEW YORK — Stocks rose Monday on Wall Street after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry. The S&P 500 climbed 34.93 points, or 0.9%, to 3,951.57. The Dow Jones Industrial Average gained 382.60, or 1.2%, to...
Highmark reports loss in 2022, citing investment losses, supply chain and staffing woes
As with many health care systems, inflation, supply chain woes and staffing challenges took a bite out of Highmark Health’s finances during 2022. Highmark reported a net loss of $346 million on $26 billion in revenue. Excluding investment losses, the organization reported net earnings of about $47 million. Meanwhile, the...
Allegheny Health Network names new president
Allegheny Health Network has named its Chief Operating Officer James Benedict as president of the network. Benedict joined AHN as its executive vice president and COO in 2017. He “was one of the chief architects of the network’s successful operational turnaround and its nearly $2 billion capital investment and market...
Is my money safe? What you need to know about bank failures
NEW YORK — Recent turmoil in the banking industry may have you worried about your money. The recent collapses of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, were the second- and third-biggest bank failures in U.S. history. It started when too many depositors tried...
Pay transparency is spreading. Here’s what you need to know
NEW YORK — U.S. employers are increasingly posting salary ranges for job openings, even in states where it’s not required by law, according to analysts with several major job search websites. Following new legislation in New York City, California, Washington, Colorado, and elsewhere, employers across the country are becoming more...
Amazon cuts 9,000 more jobs, bringing 2023 total to 27,000
NEW YORK — Amazon plans to eliminate 9,000 more jobs in the next few weeks, CEO Andy Jassy said in a memo to staff on Monday. The job cuts would mark the second largest round of layoffs in the company’s history, adding to the 18,000 employees the tech giant said...
New York Community Bank to buy failed Signature Bank
NEW YORK — New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York...
Elizabeth Warren says she favors increasing FDIC’s deposit insurance capVideo
WASHINGTON — Sen. Elizabeth Warren is calling for more U.S. deposits to be covered by federal insurance and demanding government probes into whether lax regulation fueled this month’s collapse of Silicon Valley Bank and Signature Bank. The comments this weekend from the Massachusetts Democrat, a frequent critic of the finance...
Banking giant UBS acquiring Credit Suisse to rein in turmoil
GENEVA, Switzerland — Banking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night. Berset, who did not specify a value of the deal, called the announcement “one of great breadth for...
Periwinkle’s Bakery in O’Hara permanently closes; building available for lease
An O’Hara bakery open for less than two years apparently has closed for good. Hanna Commercial Real Estate is advertising Periwinkle’s Bakery & Cafe, located at 900 Gamma Drive in the RIDC Industrial Park off Route 28, for rent as a “turnkey” restaurant that is ready for immediate operation. The...
Pittsburgh’s Strip District attracts ‘melting pot’ of new residents
Rob Brandegee picked up and moved to Pittsburgh’s Strip District to enjoy its convenience and bustling city living atmosphere. For the growing population of Strip District residents like him, it’s not uncommon to take a walk and run into friends and acquaintances. “It’s very sociable, and it really has a...
Two insiders buy shares at Devon Energy
The CEO of Devon Energy (DVN), Richard Muncrief, made two purchases of his own company’s stock in February. That’s intriguing, because the price of oil and natural gas have been falling lately. Shares of Devon, the 18th-largest U.S. energy company by market value, are down more than 18% in the...
Bank failures: Anger in Congress, but division on what to do
WASHINGTON — Bills were filed, hearings were planned and blame was cast as Congress reacted this past week to the abrupt failure of two banks. A look at what lawmakers are saying and planning as the fallout continues from the collapse of Silicon Valley Bank and Signature Bank. Quick legislative...
Water works suppliers with operations in Harrison to merge
Two water works supply companies with operations in Harrison are joining up. National Road Utility Supply Inc., a water works distributor with operations on Alter Road as well as in Tridelphia, W.Va., and Morgantown, W.Va., is being acquired by CITCO Water. Financial terms were not disclosed. “The teaming up of...
Ford recalls 1.5M vehicles to fix brake hoses, wiper arms
DETROIT — Ford is recalling more than 1.5 million vehicles in the U.S. in two actions to fix leaky brake hoses and windshield wiper arms that can break. The largest of two recalls covers nearly 1.3 million 2013 through 2018 Ford Fusion and Lincoln MKX midsize cars. The company says...
Fed lent $300B in emergency funds to banks in the past week
WASHINGTON — Cash-short banks have borrowed about $300 billion from the Federal Reserve in the past week, the Fed announced Thursday. Nearly half the money — $143 billion — went to holding companies for two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering...
AP sources: Banks working on rescue plan for First Republic
NEW YORK — A group of Wall Street banks is planning a rescue package of around $30 billion for First Republic Bank, sources told The Associated Press on Thursday. The rescue package comes as San Francisco-based First Republic has been battered by investors and worries have grown that the midsized...
TikTok dismisses calls for Chinese owners to sell stakes
WASHINGTON — TikTok was dismissive Wednesday of reports that the Biden administration was calling for its Chinese owners to sell their stakes in the popular video-sharing app, saying such a move wouldn’t help protect national security. The company was responding to a report in The Wall Street Journal that said...
Shares of Credit Suisse soar after central bank aid announced
GENEVA — Credit Suisse’s shares soared 30% on Thursday after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the U.S. to Europe. It was a massive...
Ex-Wells Fargo exec to plead guilty for role in bank scandal
LOS ANGELES — A former Wells Fargo Bank executive accused of overseeing a ruse that created millions of bogus customer accounts has agreed to plead guilty to criminal charges likely to send her prison for her role in the scandal. The agreement filed Wednesday in a Los Angeles federal court...
