Business category, Page 152
Consumer inflation eased to 7.7% over past 12 months
WASHINGTON — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the government said Thursday. The...
Wall Street surges, Dow up 1,200 points on cooling inflationVideo
NEW YORK — Wall Street blasted off Thursday to soar to its best day in more than two years as exhilaration swept through markets after a report showed inflation in the United States eased last month by even more than expected. The S&P 500 surged 5.5%, while the Dow Jones...
Futures up modestly ahead of inflation update
U.S. futures are modestly higher Thursday ahead of a U.S. inflation update that will likely influence Federal Reserve plans for more interest rate hikes as it tries to squelch four-decade high inflation. Futures for the benchmark S&P 500 rose 0.2% and futures for the Dow Jones industrials inched up 0.1%....
Wall Street washout as stocks tumble, crypto dives furtherVideo
NEW YORK — Stocks fell sharply Wednesday as unease flared in far-ranging corners of financial markets, and Wall Street gave back a big chunk of the gains it had built in a rally running up to Election Day. The S&P 500 lost 2.1%, or 79.54 points, to 3,748.57 and erased...
Cryptocurrencies plunge as Binance scraps deal for rival FTXVideo
NEW YORK — Cryptocurrency prices plunged for a second-straight day Wednesday after crypto exchange Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading. Bitcoin and other cryptocurrencies were broadly lower on rumors and news reports that the Binance-FTX deal was in trouble. The...
‘Official’ Twitter tag for some users appears, then vanishes
Now you see a new “official” label on some high-profile Twitter accounts, now you don’t. Twitter began adding gray “official” labels to some high-profile accounts Wednesday to indicate that they are authentic, the latest twist in new owner Elon Musk’s chaotic overhaul of the platform and its verification system. A...
Facebook parent Meta cuts 11,000 jobs, 13% of workforce
Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday. The job cuts come just a week after widespread layoffs at Twitter under its new owner,...
Wall Street rises ahead of election results, inflation dataVideo
NEW YORK — Election Day brought another rise for Wall Street, with stocks climbing Tuesday for a third straight day. The S&P 500 rose 21.31, or 0.6%, to 3,828.11, though it flipped between an even bigger gain and a modest loss to get there. The Dow Jones Industrial Average climbed...
Crypto exchange Binance to buy rival FTX in apparent bailout
NEW YORK — The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in what appears to be a bailout of FTX. The owners of the two exchanges — Samuel Bankman-Fried of FTX and Changpeng Zhao of Binance — announced the deal on Twitter, but did not...
Wall Street climbs ahead of Election Day, inflation dataVideo
NEW YORK — Stocks rose Monday on the eve of Election Day as Wall Street looked ahead to the benefits of a possibly split government in Washington, though trading is likely to stay bumpy in a week full of events that could shake the market. The S&P 500 rose 1%,...
Elon Musk walks back on Twitter job cuts, blue checks in 2nd week
Twitter Inc. is heading into its second full workweek under Elon Musk with half its workforce, mounting losses and a couple of unexpected reversals to its plans. The social-media company laid off close to 3,700 people on Friday, only to reach out soon thereafter to dozens of employees who it...
Meta reportedly to start laying off thousands of staff this week
Meta Platforms Inc. is planning to begin layoffs this week that will affect thousands of workers, The Wall Street Journal reported, citing people with knowledge of the matter. The job cuts could come as early as Wednesday, the newspaper said. The company has already told employees to cancel non-essential travel...
Elon Musk threatens to boot Twitter account impersonators
BOSTON — Elon Musk tweeted Sunday that Twitter will permanently suspend any account on the social media platform that impersonates another. The platform’s new owner issued the warning after some celebrities changed their Twitter display names — not their account names — and tweeted as ‘Elon Musk’ in reaction to...
Cesspool or civility? Elon Musk’s Twitter at a crossroads
The discourse was never all that civil on Twitter. The loudest voices have often drowned out softer, more nuanced takes. After all, it’s much easier to rage-tweet at a perceived enemy than to seek common ground, whether the argument is about transgender kids or baseball. In the chaos that has...
U.S. employers keep hiring briskly even in face of rate hikes
WASHINGTON — America’s employers kept hiring vigorously in October, adding 261,000 positions, a sign that as Election Day nears, the economy remains a picture of solid job growth and painful inflation. Friday’s report from the government showed that hiring was brisk across industries last month, though the overall gain declined...
Widespread Twitter layoffs begin a week after Musk takeover
Twitter began widespread layoffs Friday as new owner Elon Musk overhauls the company, raising grave concerns about chaos enveloping the platform as a source of reliable information just days ahead of the U.S. midterm elections. The speed and size of the cuts also opened Musk and Twitter to lawsuits. At...
Stocks end lower as the Fed continues to fight inflation
NEW YORK — Stocks racked up more losses on Wall Street and Treasury yields again rose to multiyear highs Thursday as investors looked ahead to a closely watched job market report from the government that could influence the Federal Reserve’s next move in its fight to bring down inflation. Technology...
Stellantis: Park older models due to 3 Takata air bag deaths
DETROIT — Stellantis and the U.S. government are warning owners of 276,000 older vehicles to stop driving them after Takata air bags apparently exploded in three more vehicles, killing the drivers. The company, formerly Fiat Chrysler, is telling people to stop driving Dodge Magnum wagons, Dodge Challenger and Charger muscle...
Elon Musk plans to eliminate half of Twitter jobs in cost-cut drive
Elon Musk plans to eliminate about 3,700 jobs at Twitter Inc., or half of the social media company’s workforce, in a bid to drive down costs following his $44 billion acquisition, according to people with knowledge of the matter. Twitter’s new owner aims to inform affected staffers Friday, said the...
CBS, Les Moonves must pay $30.5 million for insider trading
NEW YORK — CBS and its former president, Leslie Moonves, will pay $30.5 million as part of an agreement with the New York attorney general’s office, which says the network’s executives conspired with a Los Angeles police captain to conceal sexual assault allegations against Moonves. Under the deal announced Wednesday...
Stocks fall after Fed says it’s too soon to pause rate hikes
Stocks fell sharply after Federal Reserve Chair Jerome Powell signaled that interest rates will need to go even higher than previously thought in order to tame the worst inflation in decades. The Fed also raised its benchmark rate by three-quarters of a percentage point Wednesday, its fourth consecutive hike of...
Musk: People banned from Twitter won’t be restored for weeks
NEW YORK — Elon Musk said Wednesday that Twitter will not allow anyone who has been kicked off the site to return until it sets up procedures on how to do that, a process that will take at least a few weeks. That would mean people banned from the site...
Germany to force plastic makers to help pay for cleanups
BERLIN — The German government said Wednesday that it plans to make plastic manufacturers contribute to the cost of cleaning up litter in streets and parks. The Cabinet agreed on a bill that makers of products containing single-use plastic will need to pay into a central fund managed by the...
CVS, Walgreens announce opioid settlements totaling $10B
Two of the largest U.S. pharmacy chains, CVS Health and Walgreen Co., announced agreements in principle Wednesday to pay about $5 billion each to settle lawsuits nationwide over the toll of opioids, and a lawyer said Walmart is in discussions for a deal. Together, the developments amount to what could...
Elon Musk emerging as Twitter’s chief moderator ahead of midterms
NEW YORK — Days after taking over Twitter and a week before the U.S. midterm elections, billionaire Elon Musk has positioned himself as moderator-in-chief of one of the most important social media platforms in American politics. Musk has said he won’t make major decisions about content or restoring banned accounts...
