Business category, Page 20
Microsoft, OpenAI reach new deal valuing OpenAI at $500 billion
Microsoft and OpenAI on Tuesday said they had reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and clearing the way for it to become a publicly traded company. Microsoft would hold a stake of about $135 billion...
Trump slams Fed chair again, eyes replacement in a few months
TOKYO — President Donald Trump on Tuesday said there was a long list of people who could take over the Federal Reserve, slamming current chairman Jerome Powell as the central bank prepared to meet this week. “We have an incompetent head of the Fed. … We got a bad Fed...
Tesla CEO Musk’s partisan politics cost automaker over 1 million EV sales, report shows
Tesla CEO Elon Musk’s polarizing political actions since acquiring Twitter, which he rebranded as X, in 2022 dramatically hurt the automaker’s U.S. sales, underscoring how deeply its fortunes are intertwined with the billionaire’s persona. The findings quantify for the first time how the political actions of the world’s wealthiest person...
Trump’s ‘hot truck’ becomes symbol of Japan trade talks
TOKYO — Long associated with American ruggedness, burly pickup trucks such as Ford’s top-selling F-150 have now become a symbol of international trade talks, showing how far countries such as Japan will go to win over President Donald Trump. When Trump met Japan’s new prime minister and first female premier,...
Amazon to cut about 14,000 corporate jobs in AI push
SAN FRANCISCO — Amazon said Tuesday it will reduce its corporate workforce by about 14,000 people, in a major shakeup driven in part by adoption of artificial intelligence that will result in more cuts next year as well. This will help the company with “further reducing bureaucracy, removing layers, and...
Wall Street scales fresh highs on tech earnings, U.S.-China trade optimism
Wall Street’s main indexes posted record closing highs for the second day in a row on Monday as investors were hopeful about the prospects for a U.S.-China trade deal and looked forward to a week packed with high-profile technology earnings and a widely expected U.S. interest rate cut. President Donald...
Utility merger to fold Peoples Natural Gas into $63B conglomerate
American Water and Essential Utilities, two top players in the Pennsylvania utility market, have agreed to merge into a water, wastewater and natural gas conglomerate worth $63 billion. New Jersey-based American Water would absorb Essential in the $12 billion, all-stock transaction announced Monday, getting 69% control of the combined company...
UBS files application for U.S. banking license, eyeing growth
ZURICH — UBS has filed an application for a national banking license in the United States, the Swiss bank said Monday, underlining its growth ambition for the U.S. market. In a memo to UBS staff seen by Reuters, Rob Karofsky, the president of UBS Americas, and Michael Camacho, head of...
U.S. Department of Energy forms $1 billion supercomputer and AI partnership with AMD
WASHINGTON/SAN FRANCISCO — The U.S. has formed a $1 billion partnership with Advanced Micro Devices to construct two supercomputers that will tackle large scientific problems ranging from nuclear power to cancer treatments to national security, Energy Secretary Chris Wright and AMD CEO Lisa Su told Reuters. The U.S. is building...
Musk could leave Tesla if $1 trillion pay plan is rejected, chair warns
Elon Musk could leave Tesla as CEO if his proposed $1 trillion pay package was not approved, Chair Robyn Denholm warned in a letter to shareholders on Monday. The appeal comes ahead of the November 6 annual meeting, with Tesla’s board having faced repeated criticism for not acting in shareholders’...
Automakers face serious production disruptions because of looming chips crisis
The Detroit automakers are staring at a looming semiconductor chip crisis that could put the brakes on much of their new car production. A group representing major carmakers has warned that a dispute between China and the Dutch government has brought on a disruption in the delivery of semiconductor chips,...
Workers reject Boeing’s latest offer after nearly 3 months on strike
Striking workers at Boeing Defense in the St. Louis area rejected the company’s latest contract proposal on Sunday, sending a strike that has already delayed delivery of fighter jets and other programs into its 13th week. In a statement after the vote, union leadership said the company had failed to...
Novartis to acquire Avidity Biosciences for about $12 billion
Swiss drugmaker Novartis on Sunday said it agreed to acquire U.S. biotech firm Avidity Biosciences for about $12 billion in cash, as the company looks to bolster its portfolio of treatments for rare muscle disorders. Avidity stockholders will receive $72 per share in cash, representing a premium of 46% to...
Economist: Larger tax refunds in 2026 expected, thanks to Trump tax law and IRS delay
Americans, particularly the affluent, are set to receive larger tax refunds or smaller tax bills when they file in 2026, because of President Donald Trump’s tax and spending package passed in July, an economist said. Total taxpayer savings could amount to an additional $50 billion because the IRS has yet...
Koala Boutique opens in Sewickley
Nicki Saini saw a social media post that a women’s clothing and accessories boutique in Sewickley was closing and that mannequins, fixtures and jewelry stands were for sale. Little did she realize she’d purchase more than a mannequin and a clothes rack. Saini owns Koala Boutique, a women’s clothing and...
White House says October inflation data unlikely to be released next month
WASHINGTON — The White House said Friday it had learned there likely will not be a release of inflation data next month due to the U.S. government shutdown, which could leave a gap in a data series stretching back more than a century. An impasse between Republicans and Democrats in...
Ontario premier doesn’t back down against Trump, posts video of Reagan opposing tariffs
TORONTO — The leader of Canada’s most populous province posted remarks by former U.S. President Ronald Reagan on social media on Friday showing Reagan opposed tariffs, hours after President Donald Trump announced he’s ending “all trade negotiations” with Canada because of a television ad that Trump said misstates Reagan’s opposition...
United Steelworkers elects its 1st woman president
The United Steelworkers union, a Pittsburgh-based giant of organized labor, has selected its next leader. International Vice President Roxanne Brown secured the presidency in a unionwide election, the United Steelworkers announced Friday. Brown, a Black woman, is the 10th person to hold the top job — and the first who’s...
Target plans to cut 1,800 corporate roles, Wall Street Journal reports
Target plans to cut around 1,800 corporate roles as part of its strategy to reverse stagnant sales, the Wall Street Journal reported on Thursday, citing people familiar with the matter. As of February 1, the company had about 440,000 employees. The company’s restructuring follows 11 consecutive quarters of weak or...
Pa. union organizer deems strike timing ideal for unionized Starbucks baristas
Starbucks Workers United is launching a strike authorization vote Friday amid stalled talks for a first contract between union baristas and the coffeehouse chain. Baristas are also planning 70 “practice pickets” in 60 cities as the vote unfolds to draw attention to their demands for better staffing, pay and working...
Trump pardons convicted Binance founder ‘CZ’ Zhao
WASHINGTON — President Donald Trump has pardoned Changpeng Zhao, the convicted founder of the Binance cryptocurrency exchange, the White House said Thursday, in the latest move by Trump to boost the crypto industry and expunge its past misdeeds. Zhao, a billionaire known as “CZ” who is one of the most...
Trump to quadruple Argentine beef imports while U.S. ranchers fume
President Donald Trump’s administration is quadrupling the country’s low-tariff imports of Argentine beef in his attempt to lower grocery store beef prices, a White House official said Thursday, evoking fury from the nation’s cattle ranchers. Raising the tariff rate quota on Argentine beef to 80,000 metric tons will let the...
Starbucks workers union to begin voting on strike amid stalled contract talks
Starbucks baristas’ union said on Thursday it would vote on whether to authorize an unfair labor practice strike at unionized locations to demand that the company return to the negotiating table. Contract talks between the coffee-chain giant and the union, which represents more than 12,000 baristas, began last year, but...
Grounded paychecks: 60,000 air safety workers tighten belts as U.S. shutdown drags on
The 60,000 men and women responsible for keeping American skies safe have gone unpaid throughout the government shutdown. Without a funding agreement soon, many will be forced to dip into savings, rack up credit-card debt, or take on part-time jobs to make ends meet, several federal employees said. The shutdown...
OpenAI launches Atlas browser to compete with Google Chrome
OpenAI introduced its own web browser, Atlas, on Tuesday, putting the ChatGPT maker in direct competition with Google as more internet users rely on artificial intelligence to answer their questions. Making its popular AI chatbot a gateway to online searches could allow OpenAI, the world’s most valuable startup, to pull...
