Business category, Page 191
In the middle of a crisis, Facebook Inc. renames itself MetaVideo
OAKLAND, Calif. — Like many companies in trouble before it, Facebook is changing its name and logo. Facebook Inc. is now called Meta Platforms Inc., or Meta for short, to reflect what CEO Mark Zuckerberg said Thursday is its commitment to developing the new surround-yourself technology known as the “...
What’s a ‘wealth tax’ and how would it work?
To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires. Biden never endorsed an outright “wealth tax” when he campaigned for the White House last year. But his more conventional proposed rate increases on the income of...
New home sales jumped 14% in September
WASHINGTON — Sales of new homes jumped 14% in September to the fastest pace in six months as strong demand helped offset rising prices. The Commerce Department reported Tuesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 800,000 units last month which was well...
GM program to install more EV chargers across U.S., Canada
General Motors is planning to install up to 40,000 electric vehicle chargers across the U.S. and Canada as part of a new community charging program. The vehicle maker said Tuesday that the program will start next year. It will work with its dealers to have the charging stations in locations...
‘Buy it when you see it’: Retailers dread holiday shortages
NEW YORK — The Perfect Pigg, a gift shop owned by Ginger Pigg, is the go-to place for residents of Cumming, Ga., to pick up gift items like kids toys and home goods. But this year, store shelves might be a little sparse. Because of bottlenecks in the global supply...
Hertz order for Teslas ranks among biggest-ever EV purchasesVideo
DETROIT — Hertz announced Monday that it will buy 100,000 electric vehicles from Tesla, one of the largest purchases of battery-powered cars in history and the latest evidence of the nation’s increasing commitment to EV technology. The purchase by one of the world’s leading rental car companies reflects its confidence...
Tesla wants to keep secret its response in Autopilot probe
DETROIT — Tesla wants to keep secret its response to the U.S. government’s request for information in an investigation of its Autopilot partially automated driving system. The electric vehicle maker sent a partial response by a Friday deadline to the National Highway Traffic Safety Administration, which is investigating how the...
People or profit? Facebook papers show deep conflict within company
Facebook the company is losing control of Facebook the product — not to mention the last shreds of its carefully crafted, decade-old image as a benevolent company just wanting to connect the world. Thousands of pages of internal documents provided to Congress by a former employee depict an internally conflicted...
Stocks end mostly higher, enough for S&P 500 to set recordVideo
A wobbly day of trading on Wall Street left major stock indexes mostly higher Thursday, nudging the S&P 500 to an all-time high. The benchmark index bounced back from an early slide to rise 0.3%, its seventh straight gain. The S&P 500 eclipsed the record high it set on Sept....
G-20 leaders lower ambitions to ‘consign coal to history’
Group of 20 diplomats have all but given up on their lofty goal of consigning coal to history and are instead closing in on a more modest plan to stop governments funding foreign coal-fired power plants, according to people familiar with the situation. With the energy crisis changing the dynamics...
California proposes new oil drilling ban near neighborhoods
SACRAMENTO, Calif. — California’s oil and gas regulator on Thursday proposed that the state ban new oil drilling within 3,200 feet of schools, homes and hospitals to protect public health in what would be the nation’s largest buffer zone between oil wells and communities. It’s the latest effort by Democratic...
Volvo adds 195,000 vehicles to recall for dangerous air bags
DETROIT — Volvo is recalling another 195,000 vehicles in the U.S. because the front driver’s air bags could explode and send shrapnel into the cabin. It’s the company’s third U.S. recall for the issue with air bag inflators made by supplier ZF/TRW. It stems from the death of an unidentified...
Trump announces launch of his own social media site
NEW YORK — Nine months after being expelled from social media for his role in inciting the Jan. 6 Capitol insurrection, former President Donald Trump said Wednesday he’s launching a new media company with its own social media platform. Trump says his goal in launching the Trump Media & Technology...
Existing home sales surge as interest rates point higher
Sales of previously occupied U.S. homes bounced back in September to their strongest pace since January as mortgage rates tick higher, motivating buyers to get off the sidelines. The National Association of Realtors said Thursday that existing homes sales rose 7% compared with August to a seasonally adjusted annual rate...
Stocks end higher, bringing S&P 500 to the cusp of a record
Solid earnings from health care companies helped send stocks higher on Wall Street Wednesday and pushed the benchmark S&P 500 to the brink of another record high. The market has been gaining ground as investors shift their focus to the latest round of corporate earnings. Stocks have been choppy for...
Workers fed up with nights, weekends seek flexible schedules
After struggling to hire workers for its outlet store in Dallas, Balsam Hill finally opened on Sept. 1. But the very next day, the online purveyor of high-end artificial holiday trees was forced to close after four of its five workers quit. The main gripe for three of them? Working...
Bitcoin tops $66,000, hits high on mainstreaming excitement
NEW YORK — Bitcoin jumped to a record Wednesday, topping $66,000 for the first time, as it rides a wave of excitement about getting further accepted by the financial establishment. Bitcoin was trading at $66,901.30, up 7.6%, as of 10:52 a.m. It’s roared back after sinking below $30,000 during the...
Facebook paying fine to settle U.S. suit on discrimination
Facebook is paying a $4.75 million fine and up to $9.5 million to eligible victims to resolve the Justice Department’s allegations that it discriminated against U.S. workers in favor of foreigners with special visas to fill high-paying jobs. Facebook also agreed in the settlement announced Tuesday to train its employees...
Tech, health care stocks lead Wall Street indexes higher
Health care and technology companies led a broad rally for stocks on Wall Street Tuesday as investors welcomed another batch of encouraging company earnings reports. The S&P 500 rose 0.7%, driving the benchmark index to its fifth straight gain. The Dow Jones Industrial Average rose 0.6% and the tech-heavy Nasdaq...
Health clubs want you back. Here’s what they’re offering
Health club chains are pedaling hard to woo pandemic-weary consumers back to the gym. But some of the largest companies are taking different paths as the industry waits to see whether covid-19 infection rates recede enough to make consumers feel safe to resume communal workouts. Discount chains YouFit and Planet...
John Dorfman: Purloined Portfolio aims to steal from managers I respect
If you’re going to steal, steal from the best,” Woody Allen once said. Once a year, I try to do that. My annual Purloined Portfolio features ideas I lift from other money managers. My Purloined Portfolio from last year returned 45.9%, thanks mostly to gains in Alphabet Inc. (GOOGL, idea...
1st ETF linked to Bitcoin is set to make its debut
Interested in Bitcoin but don’t want to open a crypto trading account? Wall Street has something for you.ProShares said Monday it plans to launch the country’s first exchange-traded fund linked to Bitcoin. The ETF with the ticker symbol “BITO” is expected to begin trading Tuesday, barring any opposition from regulators....
Ford Foundation to divest millions from fossil fuels
The Ford Foundation, one of the largest private foundations in the United States, announced Monday that it will divest millions from fossil fuels, following similar investment decisions made by other sizable foundations in recent years. For years, climate activists have put pressure on endowed institutions, like Ford, to end their...
Toyota to build $1.29B U.S. battery plant employing 1,750
DETROIT — Toyota plans to build a new $1.29 billion factory in the U.S. to manufacture batteries for gas-electric hybrid and fully electric vehicles. The plant location wasn’t announced, but the company said it eventually will employ 1,750 people and start making batteries in 2025, gradually expanding through 2031. The...
Bitcoin-mining power plant raises ire of environmentalists
An obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. One mining operation in central New York came up with a novel solution that has alarmed environmentalists. It uses its own power plant. Greenidge Generation runs a...
