Business category, Page 170
Starbucks nixes vaccine mandate after Supreme Court ruling
Starbucks is no longer requiring its U.S. workers to be vaccinated against covid-19, reversing a plan it announced earlier this month. In a memo sent Tuesday to employees, the Seattle coffee giant said it was responding to last week’s ruling by the U.S. Supreme Court. In a 6-3 vote, the...
Construction to begin soon on new U.S. offshore wind farm
Construction will soon begin on the second commercial-scale, offshore wind energy project to gain approval in the United States, the developers said. The U.S. Department of the Interior approved it in November, and the Bureau of Ocean Energy Management issued its approval letter for the constructions and operations plan Tuesday,...
Explainer: Microsoft’s Activision buy could shake up gaming
Microsoft stunned the gaming industry when it announced this week it would buy game publisher Activision Blizzard for $68.7 billion, a deal that would immediately make it a larger video-game company than Nintendo. Microsoft, maker of the Xbox gaming system, said the deal would be good for gamers and advance...
Is the allure of cryptocurrency fading?
Bitcoin dropped to a three-month low recently and its movement has closely mirrored financial markets in its decline. Bitcoin bulls often describe it as an asset that is uncorrelated to traditional financial markets, CNBC reported, however experts have noticed growing parallels in the price movements of bitcoin and stocks. It...
Ford recalls 200K cars because brake lights can stay on
DETROIT — Ford is recalling about 200,000 cars in the U.S. to fix a problem that can stop the brake lights from turning off. The recall covers certain 2014 and 2015 Ford Fusion and Lincoln MKZ midsize cars as well as some 2015 Mustangs. All were sold or registered in...
U.S. home construction rises 3rd straight month in December
SILVER SPRING, Md. — Construction of new homes in the U.S. rose again in December as builders ramp up projects amid a persistent shortage of homes. The December increase puts home construction at a seasonally adjusted annual rate of 1.70 million units, the Commerce Department reported Wednesday, the third consecutive...
Major airlines cancel, change flights to U.S. over 5G dispute
DUBAI, United Arab Emirates — Major international airlines canceled flights heading to the U.S. or changed the planes they’re using Wednesday, the latest complication in a dispute over concerns that 5G mobile phone service could interfere with aircraft technology. Some airlines said they were warned that the Boeing 777, a...
Technology, bank stocks drag Wall Street to new low for 2022
Technology companies led a broad sell-off Tuesday on Wall Street as bond yields surged amid renewed jitters that the Federal Reserve will act more aggressively than expected to tackle rising inflation. The S&P 500 fell 1.8%, with about 90% of the stocks in the benchmark index closing in the red....
Cracker Barrel ordered to pay man $9.4 million; served him cleaning chemical instead of water
Cracker Barrel has to cough up a pretty penny after a Tennessee jury ordered the “Old Country Store” to pay a man $9.4 million after serving him a cleaning chemical instead of water, CNN reports. Though, the amount might be capped because of Tennessee’s law on civil damages. William Cronnon’s...
AT&T, Verizon pause some new 5G after airlines raise alarmVideo
AT&T and Verizon will delay launching new wireless service near key airports after the nation’s largest airlines said the service would interfere with aircraft technology and cause massive flight disruptions. The decision from the telecommunication companies arrived Tuesday as the Biden administration tried to broker a settlement between the telecom...
Former New York Post editor alleges harassment, retaliation
NEW YORK — A New York Post editor whose departure was announced Tuesday alleged she was fired two months after revealing to an executive that former editor Col Allan had sexually harassed her. The Post said any suggestion of wrongdoing related to Editor-in-Chief Keith Poole’s announcement of Michelle Gotthelf’s exit...
Felony charges are 1st in a fatal crash involving Autopilot
California prosecutors have filed two counts of vehicular manslaughter against the driver of a Tesla on Autopilot who ran a red light, slammed into another car and killed two people in 2019. The defendant appears to be the first person to be charged with a felony in the United States...
Why airlines fear 5G will upend travel this week
AT&T will postpone new wireless service near some airports planned for this week after the nation’s largest airlines said the service would interfere with aircraft technology and cause massive flight disruptions. The company said Tuesday it would delay turning on new cell towers around runways at some airports — it...
UPMC names Diane Hupp new president of Children’s Hospital
Diane Hupp has been named president of UPMC Children’s Hospital of Pittsburgh, the health system announced Tuesday. Hupp, 57, of Fox Chapel, began working at Children’s Hospital as a volunteer 36 years ago. She has since served in several administrative leadership roles, including chief nursing officer, vice president of patient...
Microsoft buys Activision Blizzard for $68.7 billion
Microsoft is buying the gaming company Activision Blizzard for $68.7 billion, gaining access to blockbuster games like “Call of Duty” and “Candy Crush.” The all-cash deal will let Microsoft, maker of the Xbox gaming system, accelerate mobile gaming and provide building blocks for the metaverse, or a virtual environment. The...
John Dorfman: EBay and Overstock.com are on the Casualty List
I’ve always liked stocks that have taken a beating. The market has punished them for their sins, but sometimes the market goes overboard. That’s why each quarter I compile my Casualty List, comprising stocks that have been pummeled in the latest quarter, and that I think have major comeback potential....
Netflix raising U.S. prices with competition growing
NEW YORK — Netflix is raising prices for its video streaming customers in the U.S. and Canada, less than a year and a half since its last price increase, as competition from other streaming services increases. The Los Gatos, Calif., company said Friday that prices are going up by $1...
December retail sales fall 1.9% after early holiday rush
NEW YORK — Americans, beset by product shortages, rising prices and the arrival of omicron, sharply cut their spending in December after a burst of early spending in the fall boosted this year’s holiday shopping season. Retail sales fell a seasonally adjusted 1.9% in December from November when sales increased...
Monster Energy buys Oskar Blues, other CANarchy brands for $330M
Corona-based Monster Beverage Corp., maker of Monster Energy drink, is acquiring Colorado’s Oskar Blues Brewery and several other brewing brands, as it makes its first foray into the alcoholic beverage space. According to an announcement Thursday, Monster has agreed to buy CANarchy Brewery Collective, which includes Oskar Blues, Florida’s Cigar...
Navient settles predatory student loan claims for $1.85B
BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the U.S. and pay over $140 million in other penalties to settle allegations of abusive lending practices. The $1.85 billion deal with 39 state attorneys general was...
U.S. average long-term mortgage rates jump; 30-year now 3.45%
SILVER SPRING, Md. — Average long-term U.S. mortgage rates jumped again this past week, reaching their highest level since March 2020, just as the coronavirus pandemic was breaking in the U.S. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year home loan rose to 3.45%...
Tax refunds could be delayed this year because of pandemic and budget issues, treasury officials say
Officials from the Treasury Department announced the Internal Revenue Service would face major challenges, leading to frustrations from both taxpayers and tax preparers. Tax refunds might be delayed as a result of budget cuts to the IRS, the ongoing coronavirus pandemic, and ongoing stimulus-related workload issues, The Washington Post reports....
Steelmaker Nucor to build $2.7B plant in West Virginia
CHARLESTON, W.Va. — A North Carolina steelmaker will build a $2.7 billion mill in West Virginia, creating an estimated 800 manufacturing jobs, Gov. Jim Justice announced Wednesday. The Republican governor called the location of Nucor Corp.’s plant in Mason County the largest investment in the state’s history. “Nucor’s brand new...
IOC major sponsors mostly muted in runup to Beijing Olympics
The Beijing Winter Olympics are fraught with potential hazards for major sponsors, who are trying to remain quiet about China’s human rights record while protecting at least $1 billion they’ve collectively paid to the IOC. That could reach $2 billion when new figures are expected this year. Sponsors include big...
Canada electric school bus maker to locate in West Virginia
CHARLESTON, W.Va. — A Canadian electric school bus manufacturer will produce buses in West Virginia, bringing up to 200 jobs, Gov. Jim Justice announced Wednesday. GreenPower Motor Co. signed a lease-purchase agreement for a 9.5-acre manufacturing facility in South Charleston, Justice said in a statement. The move has the potential...
