Business category, Page 131
EPA pollution limits aim to boost U.S. electric vehicle sales
WASHINGTON — The Biden administration is proposing strict new automobile pollution limits that would require as many as two-thirds of new vehicles sold in the U.S. to be electric by 2032, a nearly tenfold increase over current electric vehicle sales. The proposed regulation, announced Wednesday by the Environmental Protection Agency,...
Buffett says people shouldn’t worry about Berkshire, banks
OMAHA, Neb. — Billionaire Warren Buffett assured investors Wednesday that Berkshire Hathaway will be fine when he’s no longer around to lead the conglomerate. Buffett said shareholders shouldn’t worry about the future of the company after Vice Chairman Greg Abel takes over because he will do a great job and...
Deadline approaches to file federal tax returns, extensions
The deadline to file federal income taxes is less than a week away, but it’s not too late to get your paperwork in or seek an extension. Kim McHenry, a franchisee of H&R Block in Leechburg and Vandergrift, has been reminding clients of the looming Tuesday deadline. It’s the busiest...
Wall Street drifts through muted day ahead of inflation dataVideo
NEW YORK — Wall Street drifted through a muted day of trading Tuesday, with stocks and bonds making modest moves ahead of reports later in the week with the potential to move markets. The S&P 500 had its smallest one-day move in more than a year, slipping 0.17 points, or...
Theranos’ Elizabeth Holmes loses bid to stay out of prisonVideo
Disgraced Theranos CEO Elizabeth Holmes has been rebuffed in her attempt to stay out of federal prison while she appeals her conviction for the fraud she committed while overseeing a blood-testing scam that exposed Silicon Valley’s dark side. In an 11-page ruling issued late Monday, U.S. District Judge Edward Davila...
IMF: Prolonged high inflation dims outlook for world economyVideo
WASHINGTON — The outlook for the world economy this year has dimmed in the face of chronically high inflation, rising interest rates and uncertainties resulting from the collapse of two big American banks. That’s the view of the International Monetary Fund, which on Tuesday downgraded its outlook for global economic...
Stocks end mixed on Wall Street amid rate hike expectationsVideo
NEW YORK — Stocks were mixed Monday in their first trading after a report heightened speculation the Federal Reserve may tap the brakes a little harder on financial markets and the economy. The S&P 500 rose 4.09 points, or 0.1%, to 4,109.11. It did not trade on Friday, when data...
Kimberly Palmer: How to protect parents from financial scams
When a scam artist called Cameron Huddleston’s mom to tell her to wire money in order to claim a prize, Huddleston had to intercept the calls. Her mom, who had been diagnosed with Alzheimer’s, was convinced she had to wire the money as soon as possible. “That was a wake-up...
Tesla cuts prices on all models, 3rd cut this year
DETROIT — Tesla cut prices on its entire U.S. electric vehicle model lineup for the third time this year in an apparent effort to lure more buyers amid rising interest rates. The cuts that appeared Friday on Tesla’s website ranged from $5,000 per vehicle for Tesla’s slower-selling more expensive models,...
GM Cruise recalls 300 robotaxis after crash involving bus
DETROIT — General Motors’ Cruise autonomous vehicle unit has recalled 300 robotaxis to update software after one of them rear-ended a municipal bus in San Francisco. Cruise says in government documents posted Friday that the robotaxi inaccurately predicted how the bus would move as it pulled out of a bus...
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...
