Business category, Page 182
Covid-19 vaccine boosters could mean billions for drugmakers
Billions more in profits are at stake for some vaccine makers as the U.S. moves toward dispensing covid-19 booster shots to shore up Americans’ protection against the virus. How much the manufacturers stand to gain depends on how big the rollout proves to be. The Biden administration last month announced...
Canadians released after Huawei CFO resolves U.S. charges
NEW YORK — Two Canadians detained in China on spying charges were released from prison and flown out of the country on Friday, Prime Minister Justin Trudeau announced Friday, hours after a top executive of Chinese communications giant Huawei Technologies resolved criminal charges against her in a deal with the...
RIDC to help market South Buffalo’s Northpointe Industrial Park to potential developers
The Regional Industrial Development Corp. of Southwestern Pennsylvania is stepping in to help market 115 acres of undeveloped land at South Buffalo’s Northpointe Industrial Park. Owned by the Armstrong County Industrial Development Council, the industrial park covers more than 800 acres. While it is home to tenants that include universities,...
United Airlines fined $1.9 million for long ground delays
United Airlines has been fined $1.9 million over 25 flights in which the plane sat on the ground for several hours, the largest fine imposed by the government for such long delays. The Transportation Department said Friday that the incidents occurred between December 2015 and February of this year. More...
New homes sales rise for 2nd straight month in August
Sales of new homes in the U.S. rose modestly in August as rising prices continue to sideline potential buyers. Sales of new homes last month rose 1.5%, the Commerce Department reported Friday, reaching a seasonally adjusted annual rate of 740,000. That’s more than economists had expected and follows an increase...
China says all crypto transactions illegal; Bitcoin tumbles
China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes. “Virtual currency derivative...
Stocks on Wall Street waver, clinging to gains for the week
Stocks are wavering between small gains and losses on Wall Street Friday, and are still barely higher for the week. The weak showing follows a two-day rally that helped erase a slump earlier in the week. Investors have been facing similar choppiness throughout September as they try to gauge how...
GM invests $300M in China’s self-driving car company Momenta
General Motors is investing $300 million in China’s self-driving car company Momenta. GM said Thursday that the investment will speed up the development of next-generation self-driving technologies in China. The move is also part of a plan GM announced three months ago to invest $35 billion in engineering and capital...
Port of Houston target of suspected nation-state hack
A major U.S. port was the target last month of suspected nation-state hackers, according to officials. The Port of Houston, a critical piece of infrastructure along the Gulf Coast, issued a statement Thursday saying it had successfully defended against an attempted hack in August and “no operational data or systems...
Another rally on Wall Street erases losses for the week
Stocks rose broadly for a second day in a row on Wall Street Thursday, reversing the market’s losses for the week just three days after the S&P 500 had its biggest skid since May. The S&P 500 added 1.2% and the Dow Jones Industrial Average rose 1.5%. Investors were pleased...
Inflation forces homebuilders to take it slow, raise prices
LOS ANGELES — Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders. Rising costs and shortages of building materials and labor are rippling across the homebuilding industry, which accounted for nearly 12%...
Stocks hold their gains on Wall Street after Fed statementVideo
Stocks on Wall Street closed broadly higher Wednesday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. The central bank said it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago. It...
Pandemic caused a drinking boom in Pa. as liquor control board reports record sales, profits
Pennsylvanians bought more wine and liquor during the pandemic than ever before, according to financial numbers released Wednesday by the Pennsylvania Liquor Control Board. Sales for the fiscal year ending June 30 totaled $2.9 billion, including sales taxes. It was $349.4 million — 13.7% — higher than the 2019-20 fiscal...
Biden administration files antitrust lawsuit over American Airlines-JetBlue partnership
The Biden administration’s Justice Department has filed an antitrust lawsuit to challenge the partnership between American Airlines and JetBlue that links the two carrier’s operations tightly at four of the busiest airports in the Northeast, saying the tie-up will reduce competition and drive fares higher. The deal between American Airlines...
After a wobbly day, major indexes end mixed on Wall Street
NEW YORK — A late-afternoon burst of buying on Wall Street faded in the final minutes of trading Tuesday, leaving the major stock indexes mixed. The S&P 500 slipped 0.1% after spending much of the day wavering between small gains and losses. The modest pullback followed the benchmark index’s biggest...
John Dorfman: A 97% gain wins my short-selling contest
Providing after-school online tutoring to students in China used to seem like a good business. Not anymore. For much of 2020, Gaotu Techedu Inc., one of the companies in this field, had been dogged by allegations that it had inflated its financial results. Then in July 2021 came the final...
Stocks drop the most since May on worries over China, Fed
Stocks on Wall Street closed sharply lower Monday, mirroring losses overseas and handing the S&P 500 index its biggest drop in four months. Worries about debt-engorged Chinese property developers — and the damage they could do to investors worldwide if they default — rippled across markets. Investors are also concerned...
Twitter to pay $809.5 million to settle shareholder lawsuit
SAN FRANCISCO — Twitter said Monday it will pay $809.5 million to settle a consolidated class action lawsuit alleging that the company misled investors about how much its user base was growing and how much users interacted with its platform. The San Francisco company said the proposed settlement, which must...
Stocks end lower after a brief afternoon recovery fades
Another day of choppy trading on Wall Street left stocks mostly lower, cutting into the major indexes’ gains for the week. The S&P 500 and the Dow Jones Industrial Average each lost about 0.2%, while the tech-heavy Nasdaq managed to eke out a gain of 0.1%. More stocks fell than...
Popeyes restaurant proposed for New Kensington’s Giant Eagle plaza
A restaurant that caused a nationwide sensation with its chicken sandwich could be coming to New Kensington soon. A Popeyes Louisiana Kitchen restaurant would be built in front of the Giant Eagle store along Tarentum Bridge Road, according to documents submitted to the city. The restaurant would be located between...
Texas company to pay nearly $3M for Clean Air Act violations
POINT COMFORT, Texas — A Texas plastics company has agreed to pay nearly $3 million in civil penalties for violating the Clean Air Act, the U.S. Department of Justice announced. Formosa Plastics Corp. also agreed to improve its risk management program at its petrochemical plant in Point Comfort. The U.S....
Problems continue to plague El Savador’s bitcoin rollout
SAN SALVADOR, El Salvador — One week after El Salvador became the first country to make bitcoin legal tender, problems continued to plague the system Tuesday. El Salvador rolled out a digital wallet known as the “Chivo” on Sept. 8, but the system has often been down for maintenance. It...
Apple’s next iPhone mirrors last year’s, adds more storage
Apple unveiled its next iPhone line-up, including a model that offers twice the storage available in earlier versions and other modest upgrades to last year’s editions that proved to be a big hit among consumers devouring the latest technology during the pandemic. The pre-recorded video event streamed Tuesday gave Apple...
New Kensington’s Sweet Tillies one of 15 companies to be featured at National Small Business Week summit
A New Kensington business owner will be featured Wednesday at the conclusion of the U.S. Small Business Administration’s three-day National Small Business Week virtual summit. Amy Johnson owns Sweet Tillies, a baklava bakery that is among several new, small businesses that have opened in the city’s downtown. Johnson said her...
Apple fixes security hole reportedly used to hack an iPhone
BOSTON — Apple released a critical software patch to fix a security vulnerability that researchers said could allow hackers to directly infect iPhones and other Apple devices without any user action. Researchers at the University of Toronto’s Citizen Lab said the security issue was exploited to plant spyware on a...
