Business category, Page 153
Stocks end lower as hot jobs data signals aggressive Fed
Stocks on Wall Street gave up early gains and closed lower Tuesday after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases. The S&P 500 fell 0.4% after having been up as...
Victoria’s Secret to buy online startup Adore Me for $400M
NEW YORK — Victoria’s Secret & Co. said Tuesday it has signed a definitive agreement to acquire Adore Me Inc., a lingerie startup known for its wide array of sizes, for $400 million in cash. The move comes as Victoria’s Secret aims to become more inclusive and diversify beyond its...
Judge blocks Penguin Random House-Simon & Schuster merger
NEW YORK — A federal judge has blocked Penguin Random House’s proposed purchase of Simon & Schuster, agreeing with the Justice Department that the joining of two of the world’s biggest publishers could “lessen competition” for “top-selling books.” The ruling was a victory for the Biden administration’s tougher approach to...
Musk floats paid Twitter verification, fires board
Billionaire Elon Musk is already floating major changes for Twitter — and faces major hurdles as he begins his first week as owner of the social-media platform. Twitter’s new owner fired the company’s board of directors and made himself the board’s sole member, according to a company filing Monday with...
AP source: Biden to float windfall tax on energy producers
WASHINGTON — President Joe Biden on Monday will raise the possibility of imposing a “windfall tax” on energy companies, as his administration aims to combat high gas prices just days before the midterm elections. The White House said Biden will deliver remarks to respond “to reports over recent days of...
Homeowners brace for higher heating costs this winter
Miranda McDermott is dreading winter. With home heating costs forecast to reach their highest levels in more than 10 years, McDermott of Allegheny Township said her family can’t afford to pay monthly heating bills in full. “Our average heating bill is $800,” McDermott said. “We have wood chopped and ready...
Post-Gazette, Butler Eagle granted temporary injunction against striking union members
Pittsburgh Post-Gazette and Butler Eagle officials have been granted a preliminary injunction against five unions involved in the P-G strike, after accusing them of throwing projectiles at company vehicles, puncturing vehicle tires and threatening employees and vendors. Post-Gazette employees belonging to unions representing production, distribution and advertising workers went on...
IRS: Growing gap between U.S. income taxes owed and paid
WASHINGTON — The amount of income tax money owed but not paid to the IRS is projected to grow, the agency said Friday. For tax years 2014 through 2016, the estimated gross “tax gap” rose to $496 billion a year, an increase of more than $58 billion from prior estimates....
Wall Street rally marks first weekly win streak since summer
Technology stocks led a broad rally on Wall Street Friday, capping another strong week for the market, as investors welcomed solid profits from Apple and other companies. The S&P 500 rose 2.5% and posted its first back-to-back weekly gains since August. The Dow Jones Industrial Average rose 2.6% and the...
Key U.S. inflation gauge stayed at a high 6.2% in September
WASHINGTON — A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily. Friday’s report from the Commerce Department showed that prices rose 6.2% in September...
Oil giants rake in record profits amid high energy prices
Oil companies brought in record profits once again as people worldwide struggled with high gasoline and energy prices. Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income. The Irving, Texas, company said Friday that it booked $112.07 billion in quarterly revenue,...
Musk in control of Twitter but where will he go from here?
Elon Musk has taken control of Twitter after a protracted legal battle and months of uncertainty. The question now is what the billionaire Tesla CEO will actually do with the social media platform. Musk ousted three top Twitter executives on Thursday, according to two people familiar with the deal who...
Officials look to market shuttered Westmoreland test track
Westmoreland County officials will continue to pursue development of a $20 million test track facility despite the shuttering of Argo AI, a marquee tenant at the East Huntingdon site. “There’s a strong demand for test track space, and I’m pretty confident we will be able to back-fill this facility with...
Stock indexes end mixed as Facebook parent company slumpsVideo
Wall Street delivered another mixed finish for stocks Thursday, as disappointing quarterly results from several big tech companies offset gains elsewhere in the market. The S&P 500 fell 0.6%, with about 44% of stocks within the benchmark index losing ground. The tech-heavy Nasdaq fell 1.6%, while the Dow Jones Industrial...
Economy returned to growth last quarter, expanding 2.6%Video
WASHINGTON — The economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue. Thursday’s better-than-expected estimate from the...
U.S. mortgage rates top 7% for the first time in 2 decades
WASHINGTON — The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve’s aggressive rate hikes intended to tame inflation not seen in some 40 years. Mortgage buyer Freddie Mac reported Thursday that the average on...
Elon Musk takes control of Twitter, ousts top executives
Elon Musk has taken control of Twitter and ousted the CEO, chief financial officer and the company’s general counsel, two people familiar with the deal said Thursday night. The people wouldn’t say if all the paperwork for the deal, originally valued at $44 billion, had been signed or if the...
Auto prices finally begin to creep down from inflated highs
DETROIT — All summer long, Aleen Hudson kept looking for a new minivan or SUV for her growing passenger shuttle service. She had a good credit rating and enough cash for a down payment. Yet dealerships in the Detroit area didn’t have any suitable vehicles. Or they’d demand she pay...
Argo AI, a Pittsburgh driverless car pioneer, goes out of business
One of Pittsburgh’s autonomous vehicle companies announced Wednesday that it is shutting down. It’s unclear how many Pittsburgh workers will be laid off, as some Argo AI employees at the Strip District-based company will be absorbed into two of Argo’s investors: Ford Motor Co. and Volkswagen AG. In addition to...
With Americans feeling pinched, Biden targets ‘junk fees’
NEW YORK — With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers. The announcement comes after months of high inflation have eaten away at Americans’ savings and made the economy...
2 Washington County school districts among those benefit from $1B in federal grants for electric buses
WASHINGTON — Nearly 400 school districts spanning all 50 states and Washington, D.C., along with several tribes and U.S. territories, are receiving roughly $1 billion in grants to purchase about 2,500 “clean” school buses under a new federal program. The Biden administration is making the grants available as part of...
Boeing posts $3.3B loss on costs tied to defense programs
Boeing reported a surprising $3.3 billion loss for the third quarter Wednesday, as revenue fell short of expectations and it took huge losses for fixed-cost government programs including new Air Force One presidential jets. The company blamed higher manufacturing and supply-chain costs for driving the losses in government programs. CEO...
8 times you’re using the wrong credit card
There’s no such thing as a universal best credit card. The right card for you depends on your lifestyle, your goals and your credit history. For instance, if you’re looking for travel rewards but your friend is building credit, the best card for each of you will differ greatly. And...
Stocks end higher on Wall Street as earnings roll inVideo
Wall Street notched more gains Tuesday, as major stock indexes rallied for the third day and Treasury yields fell again. The S&P 500 rose 1.6%, with roughly 90% of stocks in the index notching gains. The benchmark index hadn’t been able to string together more than two gains in a...
Record number of Americans have bank accounts, gov’t says
NEW YORK — The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system. A new report from the Federal Deposit Insurance Corp. issued...
