Business category, Page 142
Wall Street opens higher; Tesla jumps after strong results
NEW YORK — Stocks are opening higher on Wall Street as traders were able to find encouraging signs in some of the earnings reports that big U.S. companies are putting out. Tesla jumped 10% in the early going Thursday after reporting results that were better than analysts were expecting and...
Economy slowed but still grew at 2.9% rate last quarterVideo
WASHINGTON — The economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. The estimate Thursday from the Commerce Department showed that the nation’s gross domestic product — the broadest gauge...
Conservative news network Newsmax dropped by DirecTV
Many right-wing media consumers got a surprise Wednesday morning when they turned on their televisions to find Newsmax was no longer on the air. The far-right-leaning cable station was cut from DirecTV’s lineup at midnight after negotiations between the satellite service and the media outlet fell apart. “On multiple occasions,...
FDA food safety official resigns, cites structural issues
The federal Food and Drug Administration’s top food safety official resigned Wednesday, citing concerns about the agency’s oversight structure and the infant formula crisis that led to a nationwide shortage. Frank Yiannas, the deputy commissioner for food policy and response since 2018, told FDA Commissioner Dr. Robert Califf in an...
Tax season already? Some tips for avoiding stress and scams
NEW YORK — For many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that’s often left to the last minute. But if you want to avoid the stress of the looming deadline, start getting organized as soon...
Goldman Sachs signals partial retreat from consumer banking
NEW YORK — Goldman Sachs no longer wants to be the bank for everyone. The storied investment bank spent eight years attempting to expand its business beyond corporations and the wealthy. But in recent months, Goldman has signaled a partial retreat from those efforts by scrapping plans for a checking...
Why do so many older adults choose Medicare Advantage?
In 2022, 48% of Medicare beneficiaries were enrolled in Medicare Advantage plans instead of original Medicare, and experts predict that number will be higher in 2023. Medicare Advantage plans are offered by private insurers and bundle Medicare benefits in a way many people find appealing — but they also limit...
Murdoch pulls plug on possible merger of News Corp., Fox
NEW YORK — Rupert Murdoch has pulled the plug on a proposal to bring back together his News Corp. and Fox Corp., saying the merger isn’t coming at the right time for shareholders. In similar statements Tuesday, the companies said their boards received letters from Murdoch withdrawing the plan. “Mr....
John Dorfman: Market following classic January playbook, so far
So far this year, the stock market is doing exactly what market lore says it should. According to tradition, four things are true about January: • The market is likely to rise. • Small stocks will excel. • Last year’s losers will rebound. • As January goes, so will go...
Strip District development with nearly 300 apartments, dozens of townhouses earns approval
Plans for a Strip District development with nearly 300 apartments and dozens of townhouses are moving forward. Pittsburgh’s Planning Commission approved plans Tuesday for The Brickworks Residential Development. It includes eight buildings on a 3.45-acre lot at 2121 Smallman St. Plans call for two six-story apartment buildings with 114 rental...
Justice Department sues Google over digital advertising dominance
WASHINGTON — The Justice Department and several states sued Google on Tuesday, alleging that its dominance in digital advertising harms competition. The government alleges that Google’s plan to assert dominance has been to “neutralize or eliminate” rivals through acquisitions and to force advertisers to use its products by making it...
Pennsylvania gambling revenue hit another record high in 2022
Pennsylvania’s legalized gambling industry raked in another record haul in 2022 with revenue nearly half a billion dollars higher than the previous year. In 2022, the combined revenue of slot machine, table games, sports wagering, iGaming, video gaming terminals and fantasy contests totaled $5.21 billion compared to $4.73 billion in...
Senators grill Ticketmaster after Taylor Swift fiascoVideo
Senators grilled Ticketmaster Tuesday, questioning whether the company’s dominance in the ticketing industry led to its spectacular breakdown last year during a sale of Taylor Swift concert tickets. Republicans and Democrats on the Senate Judiciary Committee also debated possible action, including making tickets non-transferable to cut down on scalping and...
Water technology company Evoqua to be acquired in $7.5 billion deal
Pittsburgh-based water technology company Evoqua is being acquired by a Washington, D.C., company in a deal valued at about $7.5 billion. Evoqua’s technology has been used in the life sciences, microelectronics, power and food and beverage sectors. It also has been used in the remediation of pollutants including “forever chemicals”...
Elon Musk defends his tweets about taking Tesla private
SAN FRANCISCO — Elon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia’s Public Investment Fund — although no specific funding amount or price was discussed. The billionaire...
Spotify latest tech name to cut jobs, axes 6% of workforce
LONDON — Music streaming service Spotify said Monday it’s cutting 6% of its global workforce, or about 600 jobs, becoming yet another tech company forced to rethink its pandemic-era expansion as the economic outlook weakens. CEO Daniel Ek announced the restructuring in a message to employees that was also posted...
Is tipping getting out of control? Many consumers say yes
NEW YORK — Across the country, there’s a silent frustration brewing about an age-old practice that many say is getting out of hand: tipping. Some fed-up consumers are posting rants on social media complaining about tip requests at drive-thrus, while others say they’re tired of being asked to leave a...
Gyms that survived pandemic steadily get back in shape
NEW YORK — One day in January, a once-regular customer at Fuel Training Studio in Newburyport, Massachusetts, stopped in to take a “shred” class. She hadn’t stepped foot in the gym since before the pandemic. The customer told owners Julie Bokat and Jeanne Carter that she had been working out...
U.S. ends probe into Ford SUV exhaust issues without a recall
DETROIT — The U.S. government’s road safety agency has closed a more than six-year investigation into exhaust odors in Ford Explorer passenger cabins, determining that the SUVs don’t have high levels of carbon monoxide and don’t need to be recalled. The National Highway Traffic Safety Administration says it reviewed more...
Justice Department investigating Abbott baby formula plant
NEW YORK — The U.S. Justice Department is investigating the Abbott Laboratories infant formula plant in Michigan that was shut down for months last year due to contamination, the company confirmed. The factory’s closure in February 2022 was a key cause of a nationwide baby formula shortage that forced parents...
2022 was slowest year for U.S. home sales in nearly a decade
LOS ANGELES — U.S. home sales tumbled to the slowest pace in nearly a decade as soaring mortgage rates and sky high prices in 2022 pushed homeownership out of reach for many Americans. The National Association of Realtors said Friday that existing U.S. home sales totaled 5.03 million last year,...
GM to sink over $900M into 4 plants, Flint to get new engine
FLINT, Mich. — General Motors says it will spend more than $900 million to update four factories, with the bulk going to an engine plant in Flint, Michigan, to build the next-generation V8 for big pickup trucks and SUVs. Factories in Rochester, New York; Defiance, Ohio; and Bay City, Michigan;...
Google parent company to lay off 12K workers, unclear how that will affect Pittsburgh office
Google’s parent company announced Friday that the tech giant plans to lay off about 12,000 employees across its workforce. Alphabet Inc., Google’s parent company, reported in October that it employed nearly 187,000 people globally. Pittsburgh is home to a Google office in Pittsburgh’s Larimer neighborhood. It’s unclear how the broad-based...
Wayfair announces layoffs, including 1,200 corporate employees
Online retailer Wayfair announced Friday that it will lay off 10% of its workforce, with most of the jobs lost being at the corporate level. Wayfair said the reduction of 1,750 employees — including 1,200 in corporate positions — will save about $750 million a year. “These changes reflect efforts...
Those huge, stone Wabash piers on the Mon are up for sale
Someone out there can own an unusual piece of Pittsburgh history — not to mention an unusual piece of real estate. The Wabash piers, those hulking stone towers standing about 45 feet above the Monongahela River, Downtown, are up for sale. “The fascinating thing about these piers — they were...
