Business category, Page 194
Century III Mall: Video showing mall’s current state of disrepair hits 1 million viewsVideo
A recent look inside Century III Mall in West Mifflin doesn’t paint a pretty picture of the once-bustling shopping center. Water dripping from the ceiling pools in puddles on the ground. Broken ceiling tiles litter the floor. An empty water fountain and dead palm trees in giant pots serve as...
Spike in bond yields spooks investors, deflates tech stocks
Technology companies led a broad slide in stocks Tuesday on Wall Street, deepening the market’s September swoon. The S&P 500 fell 2%, its worst drop since May. The tech-heavy Nasdaq dropped 2.8%, its biggest drop since March. Decliners outnumbered advancers on the New York Stock Exchange 4 to 1. The...
Pittsburgh region lost jobs, workers in August
The seven-county Pittsburgh region shed jobs and lost workers in August as the economy continues to remain far below the pre-pandemic levels in terms of jobs and those who are working or seeking work, state data shows. “There’s not much shift in the numbers. We’ve pretty much plateaued since last...
Sen. Warren says she opposes ‘dangerous man’ Jerome Powell for 2nd term as Fed chairVideo
Sen. Elizabeth Warren, pressing Federal Reserve Chair Jerome Powell on his record on financial regulation, said she wouldn’t support him for a second term as head of the U.S. central bank. “Your record gives me grave concern,” the Massachusetts Democrat said Tuesday during a Senate Banking Committee hearing. “You have...
Kmart prepares to close last store in Michigan, state where chain began
The last Kmart store in Michigan — the birthplace of the once-ubiquitous discount brand — is closing. The Kmart in Marshall, about a 20-minute drive east of Battle Creek, is preparing to shut its doors by Nov. 21 and is hiring temporary employees to help with the closing, according to...
Toyota banks on mobility technology for future growth
TOKYO — Japanese automaker Toyota is revving up acquisitions in mobility technology, adding Renovo Motors Inc., a Silicon Valley software developer, to its Woven Planet team, which is working on automated driving. The addition, announced Tuesday, follows the purchase earlier this year of CARMERA Inc., a U.S. venture that specializes...
Ford to add 10,800 jobs making electric vehicles, batteriesVideo
GLENDALE, Ky. — Ford and a partner company say they plan to build three major electric-vehicle battery factories and an auto assembly plant by 2025 — a dramatic investment in the future of EV technology that will create an estimated 10,800 jobs and shift the automaker’s future manufacturing footprint toward...
John Dorfman: My buy-sell ratings on the 20 largest stocks
You won’t find Facebook or Procter & Gamble in the portfolios I run. But that doesn’t mean I never think about them. Once a year in this column, I give my “buy” or “avoid” opinion on the 20 largest stocks. Here are my latest ratings, from the very largest (Apple)...
PennEast says planned natural gas pipeline won’t go forward
TRENTON, N.J. — Construction of a nearly 120-mile-long proposed natural gas pipeline from northeastern Pennsylvania to central New Jersey will not go forward, the group behind the project said Monday. PennEast Pipeline Company, which won a recent legal battle against New Jersey at the Supreme Court, nonetheless said the state...
Stocks end mixed as losses for Big Tech weigh on market
Wall Street’s major stock indexes ended mixed Monday as losses by technology and health care companies outweighed gains elsewhere in the market. The S&P 500 fell 0.3% after spending much of the day essentially flat. The pullback ended a three-day winning streak for the benchmark index, which last week notched...
Facebook puts Instagram for kids on hold after pushback
Instagram is putting a hold on the development of Instagram kids, geared toward children under 13, so it can address concerns about the vulnerability of younger users. Adam Mosseri, the head of Instagram, wrote in a blog post Monday that a delay will give the company time to “work with...
Pa. Turnpike tolls outpace passenger vehicle rates in neighboring states
Pennsylvania drivers who cross onto the Ohio Turnpike notice at significant difference other than the flat terrain. There is a significantly lower per-mile cost of traversing the Buckeye State’s 241-mile turnpike versus the 550 miles in Pennsylvania. Ohio’s E-ZPass toll rate per mile for passenger vehicles is 0.058 cents, the...
Why Pa. Turnpike tolls soared — and will continue rising for next 30 years
Surrounded by bushels of fresh local peaches, Lori Hanscom spent an afternoon greeting truckers, commuters and vacationers from behind her fruit stand at the New Stanton rest stop along the Pennsylvania Turnpike. Her day was filled with friendly chatter about the weather, traffic and which fruits were in season. One...
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...
