Business category, Page 131
Stocks tumble on fears about faster rate hikes, Dow down 570Video
NEW YORK — Stocks sank Tuesday after the head of the Federal Reserve warned it could turn the dial back up on its hikes to interest rates if pressure stays high on inflation. The warning shook markets and raised worries about a possible recession down the line. The S&P 500...
Starbucks’ Schultz agrees to testify before Senate committee
Howard Schultz has agreed to appear before a U.S. Senate committee that is examining Starbucks’ actions amid an ongoing unionization campaign. Sen. Bernie Sanders, a Vermont Independent and chairman of the Senate Health, Education, Labor and Pensions Committee, said Tuesday that Schultz has agreed to testify before the committee on...
What to do if you’re concerned you might be laid off
NEW YORK — The job market in the U.S. remains strong overall, but recent high-profile layoffs at technology and media companies and predictions of a recession later this year may have you thinking about job security. If you’re worried you could be laid off — or if you’ve lost your...
Millennial Money: As Fed rates rise, save at a credit union
In the past year, the Federal Reserve has employed several interest rate hikes in an effort to stabilize the U.S. economy. Depending on your situation and financial institution, your debt may have gotten more expensive or your savings might have grown. As rates continue to change, it’s worth exploring whether...
Toblerone drops iconic design due to rules on ‘Swissness’
GENEVA — The makers of Toblerone are stripping images of Switzerland’s famed Matterhorn and the Swiss flag from the packaging of the milk-chocolate treat as they move some production to Slovakia. Mondelez International of Deerfield, Ill., which owns the Swiss-born brand, said Monday that it’s in the process of adapting...
Wall Street holds steady ahead of a potentially big weekVideo
NEW YORK — Stocks were mixed in quiet trading Monday as Wall Street stays in a holding pattern ahead of a potentially big week. The S&P 500 rose 2.78 points, or 0.1%, to 4,048.42 after coming off its first winning week in the last four. The Dow Jones Industrial Average...
Tesla price cuts: Flagging demand or tactic to boost sales?
DETROIT — In explaining why Tesla keeps cutting prices on its electric vehicles, the auto industry is pretty much divided into two camps. On one side are analysts who see an aggressive move by the leading manufacturer of EVs to gobble up sales and market share from its competitors just...
In ‘junk fee’ fight, U.S. details airline family seating rules
The Transportation Department is rolling out a “dashboard” to let travelers see at a glance which airlines help families with young children sit together at no extra cost. The announcement Monday comes as the department works on regulations to prevent families from being separated on planes. It’s the latest salvo...
Toy maker Funko dumps $30M in dolls to cut inventory
A toy maker known for its line of big-headed pop culture dolls depicting characters from film, TV and animation is planning to toss out about $30 million worth of the collectables to deal with some of the financial losses it is experiencing. Funko Inc. reported last week that it suffered...
Manufacturing apprenticeships a boon to students, employers
When his pursuit of a mechanical engineering degree at Penn State New Kensington was derailed, Cameron Fouse turned to Plan B. “I tried machining for the first time and learned everything I could online,” said Fouse, 29, of Ford City. An entry-level job at Metplas Inc. in Harrison landed Fouse...
‘Stake in the game’: Employee ownership plans can help a business thrive
Rick Scott has spent years making precise cuts in the wood used to build window frames at Thermo-Twin Industries Inc.’s assembly plant in Oakmont. In 27 years, the millwork specialist also has created a nice nest egg through the company’s KSOP, a retirement plan that combines an employee stock ownership...
Stocks rise and are on pace for first winning week in last 4
NEW YORK — Stocks are climbing Friday and on pace to close out their first weekly gain in the last four. The S&P 500 was 0.8% higher in midday trading as relaxing yields in the bond market took some pressure off Wall Street. It’s on track for a gain of...
Giant Eagle expands discounts to food nearing its ‘best-by’ date
More shoppers will have a chance to snap up discounted food at Giant Eagle. The O’Hara-based grocery chain is expanding to all of its corporate stores its partnership with Flashfood, an app that connects users to discounted food that is nearing its “best-by date.” Giant Eagle and Toronto-based Flashfood launched...
Twitter’s new ‘violent speech’ policy similar to past rules
SAN FRANCISCO — Twitter on Wednesday unveiled a new policy prohibiting “violent speech” on its platform, though the rules appear very similar to guidelines against violent threats that the company had on its books before Elon Musk took it over. Among the updates, Twitter expanded its policy to include a...
Evoqua to buy Texas water treatment business
Pittsburgh-based Evoqua Water Technologies said it acquired a Texas industrial water treatment service business. Evoqua did not disclose the financial terms of the deal for the former Bob Johnson & Associates service business from Kemco Systems. The transaction includes the industrial water treatment service business accounts for the Houston and...
Report: Arconic in talks about potential sale
Arconic Corp., a North Shore-based aerospace parts maker with roots in the Alle-Kiski Valley, is in talks about a potential acquisition. The Wall Street Journal reported that private-equity firm Apollo Global Management Inc. is looking into buying Arconic Corp. Apollo submitted a bid in February and has debt financing in...
Sanders schedules vote to force Starbucks CEO to testify
Sen. Bernie Sanders is raising the stakes in his effort to get Starbucks’ interim CEO Howard Schultz to testify at a Senate hearing about an ongoing unionization effort at the company. Sanders, a Vermont Independent and chairman of the Senate Health, Education, Labor and Pensions Committee, said Wednesday that the...
TikTok sets new default time limits for minors
TikTok said Wednesday that every account held by a user under the age of 18 will have a default 60-minute daily screen time limit in the coming weeks. The changes arrive during a period when there are growing concerns among different governments about the app’s security. Families have struggled to...
Lilly plans to slash some insulin prices, expand cost cap
Eli Lilly will cut prices for some older insulins later this year and immediately give more patients access to a cap on the costs they pay to fill prescriptions. The moves announced Wednesday promise critical relief to some people with diabetes who can face thousands of dollars in annual costs...
Post office buys 9,250 electric vans, 14,000 charge stations
WASHINGTON — The U.S. Postal Service is buying 9,250 Ford Motor Co. electric vans and 14,000 charging stations as part of a move to switch its fleet to electric vehicles. The service also is buying another 9,250 internal combustion vans from Fiat Chrysler in North America, now part of Amsterdam-based...
Consumer confidence slips again in February
WASHINGTON — Consumer confidence dipped for the second month as stubborn inflation and anxiety over a potentially slowing economy weighed on Americans. The Conference Board reported Tuesday that its consumer confidence index slipped to 102.9 in February, from 106 in January. The business research group’s present situation index — which...
Father of cellphone sees dark side but also hope in new tech
BARCELONA, Spain — Holding the bulky brick cellphone he’s credited with inventing 50 years ago, Martin Cooper thinks about the future. Little did he know when he made the first call on a New York City street from a thick gray prototype that our world — and our information —...
Mexican president says Tesla to build plant in Mexico
MEXICO CITY — Mexico’s President Andrés Manuel López Obrador said Tuesday that electric car company Tesla has committed to building a plant in the industrial hub of Monterrey in northern Mexico. López Obrador said the promise came in phone calls he had Friday and Monday with Tesla head Elon Musk....
Viatris names new CEO
Cecil-based pharmaceutical company Viatris Inc. has named a new chief executive officer. Scott A. Smith will be taking the role of chief executive officer, effective April 1. Current CEO Michael Goettler will be working closely with Smith to support a transition, the company said. Smith has been a member of...
UPMC cites employment costs, pandemic as profits fell in 2022
Pittsburgh-based health care giant UPMC reported profits of about $238 million during 2022, a 71% drop compared to the previous year. Edward Karlovich, executive vice president and chief financial officer of UPMC, called it a “difficult year in health care,” but said UPMC made long-term investments in 2022 to improve...
