Business category, Page 162
Wall Street hits 3-month high as inflation cools
NEW YORK — Stocks rallied to three-month highs Wednesday on Wall Street as investors welcomed a government report showing that inflation cooled more than expected last month. The encouraging inflation update sparked speculation that the Federal Reserve may not have to remain as aggressive about hiking interest rates as feared....
Former Twitter worker convicted of spying for Saudi Arabia
SAN FRANCISCO — A former Twitter employee has been convicted of failing to register as an agent for Saudi Arabia and other charges after accessing private data on users critical of the kingdom’s government in a spy case that spanned from Silicon Valley to the Middle East. Ahmad Abouammo, a...
New York Fed: Student-loan freeze led to big credit-score gains
The pandemic-era freeze on student debt payments has “dramatically” improved credit scores for Americans who borrowed money to pay for college, the Federal Reserve Bank of New York said. About 30 million people saw improvements in their risk profile, with the biggest gains going to borrowers who were delinquent before...
U.S. inflation will likely stay high even as gas prices fall
WASHINGTON — Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months. Thanks largely to falling gas prices, the government’s inflation report for July, to be released Wednesday morning, is expected...
Billions pour into bioplastics as markets begin ramping up
CLEVELAND — In a world increasingly troubled by the persistent harm that plastic — manufactured in petrochemical plants — has had on the environment, companies are investing billions of dollars to ramp up production of plastics made from natural, renewable materials that can be safely composted or can biodegrade under...
Most electric vehicles won’t qualify for federal tax credit
DETROIT — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax...
John Dorfman: Stock market sayings often have kernel of truth
Stock market sayings often have a core of wisdom — and sometimes a grain of falsehood. Here are some market quotations you’re likely to hear. Buy on the cannons, sell on the trumpets. This saying often is attributed to Nathan Rothschild, a London financier in Napoleon’s time (around 1810). Scholars...
Demand for grocery delivery cools as food costs rise
Karen Raschke, a retired attorney in New York, started getting her groceries delivered early in the pandemic. Each delivery cost $30 in fees and tips, but it was worth it to avoid the store. Then earlier this spring, Raschke learned her rent was increasing by $617 per month. Delivery was...
Musk says Twitter deal could move ahead with ‘bot’ info
Elon Musk said Saturday his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people. The billionaire and Tesla CEO has been trying to back out of his April agreement to...
Here’s what used to occupy some large Pittsburgh construction sites
It’s tradition for Pittsburghers to give directions to landmarks that no longer exist. “Turn right where Schenley High School used to be.” It is a quirk that showcases the region’s love for nostalgia and respect for its history. Dozens of construction projects are happening in the city. Buildings that housed...
Pittsburgh development is (mostly) booming. What to know now and what to expect next
Pittsburgh is experiencing a building boom worth billions. About 80 large construction projects are in the works or have been proposed in the city, according to Tribune-Review research and data from construction analyst firm Tall Timber Group. About half are under construction. The projects range from office space and multi-use...
Amazon to buy vacuum maker iRobot for roughly $1.7B
NEW YORK — Amazon on Friday announced it has agreed to acquire the vacuum cleaner maker iRobot for about $1.7 billion, scooping up another company to add to its collection of smart home appliances amid broader concerns about the company’s market power. iRobot sells its products worldwide and is most...
U.S. employers added 528,000 jobs; unemployment falls to 3.5%
WASHINGTON — America’s hiring boom continued last month as employers added a surprising 528,000 jobs despite raging inflation and rising anxiety about a recession. July’s hiring was up from 398,000 in June. The unemployment rate slipped to 3.5%. The U.S. economy shrank in the first two quarters of 2022 —...
How Pennsylvania’s new minimum wage regulations will impact workers
For the first time in 45 years, Pennsylvania workers woke up to updated Minimum Wage Act regulations Friday morning. The new state regulations revise how employers pay tipped employees and process noncash tips, among other changes. They also align Pennsylvania regulations with federal ones. These regulations were proposed by Gov....
Twitter responds to Elon Musk’s claims, calls them ‘excuses’
SAN FRANCISCO — Twitter denied in a court filing that it had deprived its would-be acquirer, billionaire and Tesla CEO Elon Musk, of necessary information or misrepresented details about its business. Musk originally made those charges to justify his attempt to back out of a $44 billion deal to buy...
Inflation weighs on back-to-school buying for many families
NEW YORK — To understand the impact of surging inflation on this year’s back-to-school spending, look no further than children’s rain boots with motifs like frogs and ladybugs made by Washington Shoe Co. Spending held steady for these evergreen items even after the Kent, Washington-based business was forced to pass...
New crypto oversight legislation arrives as industry shakes
WASHINGTON — A bipartisan group of senators on Wednesday proposed a bill to regulate cryptocurrencies, the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked by collapsing prices and lenders halting operations. The regulations offered by Senate Agriculture Committee chair Debbie...
Robinhood cuts 23% of its workforce as fewer users trade
NEW YORK — Robinhood Markets said Tuesday it’s cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app. CEO Vlad Tenev said the company, whose easy-to-use app helped bring a new generation of investors to the market,...
U.S. job openings slid to 10.7 million in June
WASHINGTON — American employers posted fewer job openings in June as the economy contends with raging inflation and rising interest rates. Job openings fell to a still-high 10.7 million in June from 11.3 million in May, the Labor Department said Tuesday. In its monthly Job Openings and Labor Turnover Survey,...
Banana Boat recalls scalp sunscreen spray for cancer risk
The maker of Banana Boat sunscreen is recalling a scalp spray because it contains trace amounts of benzene, a chemical which can cause cancer with repeated exposure. Edgewell Personal Care Co. announced the voluntary recall Friday. It said benzene was detected in internal reviews of Banana Boat Hair and Scalp...
When is a recession not a recession? Right now, say economists
You don’t have to tell Kevin McCallister there’s something wrong with the economy. “I’m just trying to stay under the radar as far as raising prices,” said McCallister, owner of Kevin’s Deli in Pittsburgh’s Oakland neighborhood. While businesses often raise prices every year, many small businesses have been raising prices...
John Dorfman: It’s time for a breath of sanity
After a drop of about 20% in the first six months of this year, investors feel nervous even though July has been good. This might be a good time to look at my Sane Portfolio. It is a hypothetical portfolio of 12 stocks. I started compiling it in 1999 and...
Sheetz looking to add 30 stores in Western Pa.
Sheetz plans to add 30 gas stations and convenience stores in Western Pennsylvania over the next three to five years. The Altoona-based chain said it is working with commercial real estate firm CBRE to identify sites for the new locations. Brian Dinges, assistant vice president of real estate, acknowledged that...
A key U.S. inflation gauge reaches 6.8% as prices keep surging
WASHINGTON — An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest increase in four decades, and leaving Americans with no relief from surging costs. Friday’s figures from the Commerce Department underscored the persistence of the inflation that is...
Unprecedented profit for major oil drillers as prices soared
NEW YORK — Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities. On Friday, Exxon Mobil booked an unprecedented $17.85 billion profit for the second quarter and Chevron made a record $11.62 billion....
