Business category, Page 146
Stocks edge higher on Wall Street; Southwest losses mount
Stocks edged higher in morning trading on Wall Street Wednesday as investors count down to the end of the worst year for the S&P 500 since 2008. The S&P 500 rose 0.1% as of 10:12 a.m. Eastern. The Dow Jones Industrial Average rose 12 points, or less than 0.1%, to...
‘Maybe I will cry’: Southwest travelers in Pittsburgh frustrated by cancellations, delays
Barbara Gray and her husband, Ken, stood at the back of a long, winding line of frustrated passengers Tuesday morning waiting to get to the Southwest Airlines ticket counter at Pittsburgh International Airport. Like many others in line, their flight had been canceled — one of at least 35 Southwest...
Emails reveal Sam Bankman-Fried’s courtship of federal regulators
ALAMEDA, Calif. — Before his arrest in mid-December, cryptocurrency billionaire Sam Bankman-Fried repeatedly claimed that he was a responsible business leader who sought more regulation of cryptocurrency and wanted his industry to be part of the mainstream financial system. But now that the Commodity Futures Trading Commission, the Securities and...
Holiday sales up 7.6% despite the squeeze of inflation
NEW YORK — Holiday sales rose this year as American spending remained resilient during the critical shopping season despite surging prices on everything from food to rent, according to one measure. Holiday sales rose 7.6%, a slower pace than the 8.5% increase from a year earlier when shoppers began spending...
Judge kept FTX execs’ plea deals secret to get founder to U.S.
NEW YORK — A judge agreed to a request by prosecutors to keep it secret that two of Sam Bankman-Fried’s executive associates had turned against him so that the cryptocurrency entrepreneur would agree not to fight extradition from the Bahamas to the United States, according to transcripts of plea deals...
Buy Now, Pay Later options heat up during holiday season
Whether you’re shopping for tech deals on Amazon or indie crafts on Etsy, you probably noticed there are more options at checkout than just using a credit card. More retailers are using “Buy Now, Pay Later” platforms such as Klarna, Affirm, Afterpay and Paypal to spread out payments in installments....
U.S. economy grew 3.2% in third quarter, an upgrade from earlier estimateVideo
WASHINGTON — Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2% annual pace from July through September, the government reported Thursday in a healthy upgrade from its earlier estimate of third-quarter growth. The rise in gross domestic product — the economy’s output...
Stocks slide as economic data stokes rate hike worries
Stocks closed broadly lower Thursday on Wall Street as stronger-than-expected reports on the U.S. economy stoked worries about interest rates staying high. The S&P 500 fell 1.4% after having been down as much as 2.9% earlier in the day. The pullback brings Wall Street’s main measure of health back to...
John Dorfman: Sifting through the ashes of 2022’s biggest disasters
Coinbase Global Inc. leads this year’s list of stock-market disasters. Here are the stocks down the most through Dec. 16, among all stocks with a market value of $5 billion or more. • Coinbase Global Inc. (COIN) 85.5% • Snap Inc. (SNAP) 82% • Twilio Inc. (TWLO) 81.8% • Lucid...
Wall Street gains ground, turning higher for the weekVideo
NEW YORK — Stocks closed broadly higher Wednesday on Wall Street and pushed major indexes into the green for the week, as investors welcomed a report showing consumer confidence is holding up better than expected. The S&P 500 and Nasdaq composite each rose 1.5%. The Dow Jones Industrial Average gained...
Musk says Twitter in precarious position, defends cost cuts
SAN FRANCISCO — Elon Musk is defending his massive cost-cutting at Twitter as necessary for the social media platform to survive next year, due in part to debt payments tied to his $44 billion takeover of the company. “This company is like, basically, you’re in a plane that is headed...
Stocks rise, bond yields jump after Japan surprises markets
NEW YORK — Stocks closed modestly higher on Wall Street, while bond markets around the world felt pain Tuesday after a surprise move from Japan’s central bank cranked up the pressure on an already slowing global economy. The S&P 500 rose 0.1% after flipping between small losses and gains in...
U.S. Steel, United Steelworkers ratify contract
U.S. Steel and the United Steelworkers have ratified a four-year contract on behalf of about 11,000 members. The contract, which was tentatively struck on Nov. 8, covers 13 local unions at U.S. Steel’s domestic flat-rolled facilities, iron ore mining facilities and tubular operations, including the Mon Valley Works in Allegheny...
Most dramatic stock moves of 2022 led by Meta’s nosedive
From a little-known manufacturing firm’s 13,000% rally in its U.S. stock-market debut to a flash crash across Nordic stocks, there was no shortage of dramatic moments that consumed equity investors’ focus in 2022. It was a turbulent period for global stocks amid central banks’ efforts to tamp down rampant inflation,...
Fortnite maker to pay $520M for privacy, e-commerce abuses
The maker of the popular Fortnite video game will pay $520 million in penalties and refunds to settle complaints revolving around children’s privacy and its payment methods that tricked players into making unintended purchases, U.S. federal regulators said Monday. The Federal Trade Commission reached the settlements to resolve two cases...
Environmental group finds high benzene levels at homes near U.S. Steel plants in Mon Valley
Dave Meckel’s Glassport home is Ground Zero for air pollution in the Mon Valley. Sitting on a quiet back road about 850 yards from U.S. Steel’s Irvin Works on the Monongahela River, the home accumulates its share of black, sooty particulate matter from the plant, as well as from U.S....
Wall Street looks to rebound after 2 down weeks
Wall Street started off the week with more losses for stocks Monday, as investors brace for higher interest rates from central banks to fight inflation. The S&P 500 fell 0.9%, with most of the sectors in the benchmark index closing in the red. The Dow Jones Industrial Average fell 0.5%...
1.2 million Ram pickups recalled because tailgates may open while driving
Chrysler has recalled more than 1.2 million Ram pickup trucks because the tailgates may not latch properly. The 1,234,657 model years 2019-2022 Ram 1500, 2500 and 3500 trucks have “misaligned tailgate strikers” that cause the latch to fail and “could result in the tailgate opening while driving,” according to documents...
Twitter poll closes with users voting for Musk exit as chief
Millions of Twitter users asked Elon Musk to step down as head of Twitter in a poll the billionaire created and promised to abide by. When the poll closed Monday, however, it still wasn’t clear if there would be a new leader for the social media platform, which has grown...
Twitter bans linking to Facebook, Instagram, other rivals
Twitter users will no longer be able to link to certain rival social media websites, including what the company described Sunday as “prohibited platforms” Facebook, Instagram and Mastodon. It’s the latest move by Twitter’s new owner Elon Musk to crack down on certain speech after he shut down a Twitter...
Journalist suspensions widen rift between Twitter and media
Elon Musk’s abrupt suspension of several journalists who cover Twitter widens a growing rift between the social media site and media organizations that have used the platform to build their audiences. Individual reporters with The New York Times, The Washington Post, CNN, Voice of America and other news agencies saw...
Twitter suspensions raise alarm in and outside media circles
Elon Musk’s abrupt suspension of several journalists who cover Twitter is adding to a growing rift between the social media site and media organizations that have used the platform to build their audiences. Accounts of reporters with The New York Times, Washington Post, CNN, Voice of America and other publications,...
Shell issued violation notice for exceeding emission limits during startup of Beaver County cracker plant
The Pennsylvania Department of Environmental Protection has issued a notice of violation against Shell’s multibillion-dollar ethane cracker plant in Beaver County, which became fully operational last month. Shell was hit with the violation notice on Wednesday after the DEP said it exceeded the emission standards set between the company and...
U.S. puts 3 dozen more Chinese companies on trade blacklist
BANGKOK — The U.S. Department of Commerce is adding 36 Chinese high-tech companies, including makers of aviation equipment, chemicals and computer chips, to an export controls blacklist, citing concerns over national security, U.S. interests and human rights. The inclusion of the companies in the trade “Entity List” means that export...
Pittsburgh Starbucks stores among those affected by nationwide 3-day worker strike
Starbucks workers around the U.S. are planning a three-day strike starting Friday as part of their effort to unionize the coffee chain’s stores. More than 1,000 baristas at 100 stores are planning to walk out, according to Starbucks Workers United, the labor group organizing the effort. The strike will be...
