Business category, Page 193
Philips issues voluntary recall for CPAP machines, ventilators
Medical equipment company Philips has issued a recall on some products to address possible health risks associated with a foam component meant to help reduce noise. The polyester-based polyurethane foam in its Bi-Level Positive Airway Pressure (Bi-Level PAP), Continuous Positive Airway Pressure (CPAP), and mechanical ventilator devices could “degrade into...
May retail sales fell 1.3% as Americans spend less on goods
NEW YORK — Retail sales fell in May, dragged down by a decline in auto sales and a shift by Americans to spend more on vacations and other services instead of goods. Total sales dropped a seasonally adjusted 1.3% in May from the month before, the U.S. Commerce Department said...
Ikea fined $1.3 million over spying campaign in France
VERSAILLES, France — A French court ordered home furnishings giant Ikea to pay about $1.3 million in fines and damages Tuesday over a campaign to spy on union representatives, employees and some unhappy customers in France. Two former Ikea France executives were convicted and fined over the scheme and given...
U.S. sees record rise in wholesale prices over the past year
WASHINGTON — Wholesale prices, boosted by rising food costs, increased 0.8% in May, and are up by a record amount over the past year, another indication that inflation pressures are rising since the economy has begun to re-open following the pandemic lockdowns. The Labor Department reported Tuesday that the monthly...
Lordstown Motors’ rough road continues; CEO and CFO are out
The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup mount. CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said Monday, sending shares already down 40% this year tumbling more than 17%. The departures were announced on the...
Your 401(k) plan: 5 smart moves to make in 2021
More than half of Americans feel they just aren’t saving enough for retirement, according to a 2019 Bankrate survey. But for those who have fallen behind, it’s always a great time to take stock of your 401(k) plan and get moving on ways to set you up for greater wealth...
John Dorfman: These are the stocks I own for my clients
Once a year, I devote this column to a rundown on the stocks I own. Here are the stocks in the model portfolio of Dorfman Value Investments. I own each of them personally and for the majority of my clients. Infrastructure Bipartisan cooperation sometimes seems no more real than the...
Pennsylvania’s gas-well revenue down as price, drilling drop
HARRISBURG — Pennsylvania’s counties and municipal governments will see the lowest level of annual fee revenue they get from Marcellus Shale gas wells, as drilling slowed and prices sank during the pandemic, the Pennsylvania Public Utility Commission said Monday. Impact fee revenue from Marcellus Shale wells sank to $146 million...
GM executive: Company to announce more battery plants this week
DETROIT — The president of General Motors says his company plans to announce more U.S. battery factories later this week. Mark Reuss gave no details of where the factories would be located or exactly what they would manufacture. He spoke in a weekend interview with The Associated Press at an...
Gains for some tech giants nudge S&P to another record high
Technology companies helped lift stocks higher Monday on Wall Street, nudging the S&P 500 to its third straight all-time high, even as other parts of the market faltered. A burst of buying in the final 10 minutes of trading sent the benchmark index 0.2% higher. The S&P 500 had been...
Stocks move higher, erasing weekly loss for the S&P 500
Stocks moved broadly higher Thursday, bringing the S&P 500 index out of the red for the week. Health care and technology companies were among the biggest gainers. The S&P 500 was up 0.6% as of 1:03 p.m. Eastern. The benchmark index is on track to close above its last all-time...
Own an Echo? Amazon may be helping itself to your bandwidth
Do you own an Amazon smart device? If so, odds are good that the company is already sharing your internet connection with your neighbors unless you’ve specifically told it not to. On Tuesday, the company launched a program that forces users of many Echo smart speakers and Ring security cameras...
Chipotle raises menu prices to cover higher employee wages
Employees at Chipotle Mexican Grill are making more money, and the consumer is covering the cost through increased menu prices. According to a report by CNBC, menu prices at Chipotle have risen by around 4% to cover the cost of increased hourly pay for the chain’s employees. Chipotle is one...
U.S. indexes end lower; more volatility for online favorites
A slide in banks and industrial companies nudged stocks on Wall Street to modest losses Wednesday after an early gain faded in the last half-hour of trading. Stocks championed by hordes of online retail investors, the “meme” stocks as they have become known, were volatile once again. The S&P 500...
Stocks end mostly higher; Wendy’s becomes latest meme stock
Major indexes closed mostly higher on Wall Street, thanks largely to gains in a handful of Big Tech companies. Small-company stocks continued to outpace the rest of the market, while investors’ attention turned to huge gains in a new batch of “meme” stocks favored by online investors, including Wendy’s and...
Wabtec Corp. opens 3D printing operation near Pittsburgh InternationalVideo
Instead of using a mill to fabricate aluminum into the parts used in railway systems, Wabtec Corp. will be using a $2.5 million 3D printer that’s among the largest in the world at its new 11,000-square-foot facility in Findlay. The company is the successor of Westinghouse Air Brake Corp. Founded...
Stocks slip on Wall Street, pulling back from record highs
Stocks edged lower in midday trading Monday after briefly approaching the record highs they reached a month ago. The quiet opening to the week follows several choppy weeks as investors continue to gauge the economy’s recovery and the risks rising inflation. Wall Street faces a relatively light week of economic...
GM expanding OnStar service to drivers of any vehicle in U.S., Canada
Drivers of vehicles other than those made by General Motors now have access to OnStar’s emergency advisors and additional services. OnStar, the GM subsidiary that offers subscription-based services such as communications with trained advisors, in-vehicle security, emergency and roadside help, is making its OnStar Guardian mobile app available to anyone...
France fines Google $268M for unfair online ads treatment
PARIS — France’s anti-competition watchdog decided Monday to fine Google $268 million for abusing its “dominant position” in the online advertising business, an unprecedented move, the body said. Practices used by Google “are particularly serious because they penalize Google’s competitors” in certain markets and publishers of mobile sites and applications,...
Developers try to address Churchill residents’ questions, continued opposition of potential Amazon site
Representatives of a development company interested in purchasing a plot of land in Churchill for use as an Amazon distribution center addressed an array of concerns from residents, many of whom oppose the potential development. During a Churchill Borough Planning Commission meeting on Wednesday, Hillwood Development’s representatives and experts gave...
U.S. businesses struggle to fill jobs even as hiring picks up
Hiring in the United States picked up in May yet was slowed again by the struggles of many companies to find enough workers to keep up with the economy’s swift recovery from the pandemic recession. U.S. employers added 559,000 jobs last month, the Labor Department said Friday, an improvement from...
Stocks end the week higher as U.S. jobs report calms Fed fears
Wall Street closed out a week of mostly choppy trading with broad gains Friday, pushing the S&P 500 to its second straight weekly gain. The S&P 500 rose 0.9% and finished with a 0.6% gain for the week. Technology stocks were biggest gainers and did the most to drive the...
Facebook suspends Trump accounts for 2 years
Facebook said it is suspending former President Donald Trump’s accounts for two years following its finding that he stoked violence ahead of the deadly Jan. 6 insurrection. “At the end of this period, we will look to experts to assess whether the risk to public safety has receded. We will...
Bargain hunters pounce as Trump condo prices hit decade lows
NEW YORK — The building has stunning Manhattan skyline views, its spa offers deep-tissue massages, and the fancy restaurant off the lobby serves up prime steaks. Best of all, many apartments at the Trump World Tower are selling at a deep discount — assuming the buyer doesn’t mind the name...
EU, U.K. open first antitrust probe into Facebook
Facebook Inc. is the latest big tech target of the European Union as regulators opened a formal investigation into its classified advertising service. The European Commission will probe whether the social network violated competition rules by using data gathered from advertisers to compete against them in classified ads, it said...
