Business category, Page 190
Johnson & Johnson recalling sunscreens because of benzene traces
Johnson & Johnson said Wednesday that it is recalling five of its sunscreen products after some samples were found to contain low levels of benzene, a chemical that can cause cancer with repeated exposure. The affected products, packaged in aerosol cans, are Aveeno Protect + Refresh aerosol sunscreen, and four...
Stocks end a wobbly day mixed and just shy of record highs
Wall Street capped a wobbly day of trading with mixed results Wednesday, as a rally in technology stocks was kept in check by a slide in banks and energy companies. The S&P 500 eked out a 0.1% gain after recovering from an early stumble and then losing much of its...
R.K. Mellon Foundation to invest $1M in companies’ best ‘social-impact’ ideas
The Richard King Mellon Foundation is looking to invest $1 million in three companies whose members can pitch the best ideas for making a social impact in areas like economic development, economic mobility, health and well-being and environmental conservation. The social-impact investment competition will ask for-profit companies to submit ideas...
Powell says inflation will be ‘elevated’ in coming months
WASHINGTON — Federal Reserve Chair Jerome Powell says that inflation “will likely remain elevated in coming months” before “moderating,” an apparent acknowledgement that price gains have been larger and more persistent than many economists forecast. In written testimony to be delivered Wednesday at noon before the House Financial Services Committee,...
Stocks ease below recent records as earnings reports roll in
Stocks gave up early gains and closed broadly lower Tuesday as investors weighed the latest quarterly earnings reports from big U.S. companies and new data pointing to rising inflation. The S&P 500 fell 0.4%, with most of the companies in the benchmark index losing ground. Banks, industrial stocks and companies...
Boeing cuts production on the 787 to address flaw
CHICAGO — Boeing will cut production of its large 787 aircraft after a structural flaw was discovered in some undelivered planes. The production rate for the 787, which it calls the Dreamliner, will fall below five per month and the Chicago company said Tuesday that it now anticipates that it...
Google fined $592 million in dispute with French publishers
PARIS — France’s competition regulator fined Google $592 million on Tuesday for failing to negotiate in good faith with French publishers in a dispute over payments for their news. The agency threatened fines of around another $1 million per day if Google doesn’t come up with proposals within two months...
John Dorfman: The Perfect 10 Portfolio returned 69% last year
To call a beautiful woman a “Perfect 10” these days would be considered chauvinistic and outdated. But my Perfect 10 Portfolio is still looking good. This is a hypothetical portfolio of stocks, each of which sells for 10 times the company’s earnings per share. Historically, most stocks sell for about...
Stock indexes notch more records ahead of earnings reports
Banks led stocks to modest gains Monday on Wall Street, nudging the major stock indexes to more record highs ahead of a busy week of corporate earnings reports from big U.S. companies. The S&P 500 gained 0.3% after bouncing back from an early stumble. The benchmark index, which has notched...
EU puts digital levy plans on hold in face of U.S. criticism
BRUSSELS — In a gesture of goodwill to the United States, the European Union on Monday put work on plans for a digital tax levy on hold for the moment to concentrate on finalizing the historic tax decision endorsed by the Group of 20 nations over the weekend. In the...
Stocks solidly higher as investors turn to company earnings
Stocks were solidly higher Friday, putting the market on track to end this holiday-shortened week with a slight gain and more record highs. Investors will turn their attention toward company earnings, which kick off next week. The S&P 500 index was up 1% as of 2:31 p.m. Eastern. The Dow...
Highmark seeks to buy Gateway Health; deal looks to add 355K insurance members
Highmark Health’s insurance arm looks to grow by more than 350,000 members if state regulators approve a proposed deal to acquire sole ownership of Gateway Health. The acquisition instantly would expand Highmark’s insurance rolls from 6 million to 6.355 million members, a nearly 6% increase. For nearly three decades, Highmark...
Biden tells Putin that Russia must crack down on cybercriminals
WASHINGTON — President Joe Biden told Russian President Vladimir Putin in a Friday phone call that he must “take action” against cybercriminals acting in his country and that the U.S. reserves the right to “defend its people and its critical infrastructure,” the White House said. The conversation came less than...
Biden set to sign competition order targeting big business
President Joe Biden is set to sign on Friday an executive order that the White House bills as an effort to target anticompetitive practices in tech, health care and other parts of the economy while boosting workers’ wages and consumer protections. The sweeping order includes 72 actions and recommendations that...
GM recall: Side air bags can explode in Chevy, GMC pickups
DETROIT — General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. Documents posted Friday by U.S....
Pop into the Lawrenceville Pop-Up Market
When Rona Chang saw the impact that covid-19 had on fellow small businesses, she literally took to the street. Chang organized a pop-up market in September in Lawrenceville for vendors that relied upon in-person shopping as their primary income. Chang, who manages her business, Otto Finn, out of Radiant Hall...
Amtrak plan to replace dozens of aging trains: cost $7.3B
DETROIT — Amtrak plans to spend $7.3 billion to replace 83 passenger trains, some nearly a half-century old, though much of the funding must still be approved by Congress. Amtrak said Wednesday that under the contract with German manufacturer Siemens AG, some of the trains will be hybrids, able to...
Fed officials discuss timing of reducing bond purchases
WASHINGTON — Federal Reserve officials began debating at their June meeting when and how they would reduce the monthly bond purchases that they have used to keep longer-term interest rates in check. The discussions, revealed in the minutes of the Fed’s June meeting released Wednesday, indicate that the Fed is...
Chinese social media giant WeChat shuts LGBT accounts
China’s most popular social media service has deleted accounts on LGBT topics run by university students and nongovernment groups, prompting concern the ruling Communist Party is tightening control over gay and lesbian content. WeChat sent account holders a notice they violated rules but gave no details, according to the founder...
Patio furniture shortage tells U.S. economic tale
COCKEYSVILLE, Maryland — People used to go to Valley View Farms to buy five tomato plants and end up with $5,000 in patio furniture. This year is different. After a record burst of sales in March, the showroom floor is almost empty of outdoor chairs, tables and chaises for people...
Trump files suit against Facebook, Twitter and YouTube
WASHINGTON — Former President Donald Trump has filed suit against three of the country’s biggest tech companies, claiming he and other conservatives have been wrongfully censored. Trump announced the action against Facebook, Twitter and Google’s YouTube, along with the companies’ CEOs, at a press conference Wednesday in New Jersey. He...
Fake unemployment claims, real checks hit Western Pa. mailboxes; what to do if a fraudster targets you
Beware of fake unemployment claims hitting your mailbox as fraudsters continue to target Pennsylvania’s labor coffers at alarming rates. Scammers have been signing up unwitting — and still fully employed — residents for jobless benefits as part of a surge in sophisticated identity theft schemes to steal taxpayer money during...
S&P 500 sees 1st decline after 7 straight gains; oil falls
Banks and energy companies helped pull stocks mostly lower Tuesday on Wall Street, ending the S&P 500’s seven-day run of record high closes. The benchmark index fell 0.2% after having been down 0.9%. The Dow Jones Industrial Average fell 0.6%. Tech stocks rose, helping the Nasdaq to a modest gain...
New U.S. rules to protect animal farmers expected soon
OMAHA, Neb. — The Biden administration plans to issue a new rule to protect the rights of farmers who raise cows, chickens and hogs against the country’s largest meat processors as part of a plan to encourage more competition in the agriculture sector. The new rule that will make it...
Pentagon cancels disputed JEDI cloud contract with Microsoft
WASHINGTON — The Pentagon said Tuesday it is canceling a cloud-computing contract with Microsoft that could eventually have been worth $10 billion and will instead pursue a deal with both Microsoft and Amazon. “With the shifting technology environment, it has become clear that the JEDI Cloud contract, which has long...
