Business category, Page 207
Okonjo-Iweala becomes 1st woman, African to lead WTO
FRANKFURT, Germany — Nigerian economist Ngozi Okonjo-Iweala was appointed Monday to head the World Trade Organization, becoming the first woman and first African to take on the role amid rising protectionism and disagreement over how the body decides cases involving billions in sales and thousands of jobs. Okonjo-Iweala, 66, was...
Tesla to start making cars in India, targeting sprawling market
Tesla Inc. is closing in on an agreement to make electric vehicles in India for the first time, opening up a new growth opportunity after setting up production in China. Tesla has picked Karnataka, a southern state whose capital is Bangalore, for its first plant, the state’s chief minister said...
Luxury car brand Jaguar to go all-electric by 2025
Struggling luxury car brand Jaguar will be fully electric by 2025, the British company said Monday as it outlined a plan to phase out internal combustion engines. Jaguar Land Rover, which is owned by Indian conglomerate Tata Motors, hopes the move will help turn around the fortunes of the 86-year-old...
GM’s Chevy Bolt SUV joins parade of new U.S. electric vehicles
DETROIT — Whether people want them or not, automakers are rolling out new electric vehicle models as the industry responds to stricter pollution regulations and calls to reduce emissions to fight climate change. The latest offering comes from General Motors, which unveiled a Chevrolet Bolt compact SUV on Sunday. It...
Sign of inequality: U.S. salaries recover even as jobs haven’t
In a stark sign of the economic inequality that has marked the pandemic recession and recovery, Americans as a whole are now earning the same amount in wages and salaries that they did before the virus struck — even with nearly 9 million fewer people working. The turnaround in total...
Disney+ hits 95 million subscribers as earnings beat expectations
Walt Disney Co. said Thursday its marquee streaming service Disney+ grew to nearly 95 million subscribers during the first quarter of its fiscal year, while the pandemic continued to weigh on the entertainment giant’s finances. The Disney+ subscriber count of 94.9 million is up from the 86.8 million the company...
U.S. distances itself from Trump attempts to ban WeChat
A day after it put a hold on a proposed ban of TikTok, the Biden administration is distancing itself from attempts by former President Donald Trump to ban the Chinese messaging app WeChat. The Commerce Department is reviewing recent actions, such as the rules undermining TikTok and WeChat, to ensure...
U.S. jobless claims fall slightly to 793,000 with layoffs high
The number of Americans seeking unemployment benefits fell slightly last week to 793,000, evidence that job cuts remain high despite a substantial decline in new confirmed viral infections. Last week’s total declined from 812,000 the previous week, the Labor Department said Thursday. That figure was revised higher from the previously...
Autoworkers face dimmer future in a new era of electric cars
When General Motors boldly announced its goal last month to make only battery-powered vehicles by 2035, it didn’t just mark a break with more than a century of making internal combustion engines. It also clouded the future for 50,000 GM workers whose skills — and jobs — could become obsolete...
U.S. stocks edge lower as investors weigh caution, optimism
Stocks edged lower on Wall Street in afternoon trading Thursday as investors remain cautiously optimistic about prospects for a new round of government aid as the economic recovery seemingly stalls. Wall Street continued to digest solid corporate earnings and updates on a decline of new virus cases. The latest government...
Kraft Heinz sells Planters brand to Hormel Foods
Hormel Foods is going nuts. The Austin, Minnesota-based company, known for its meat brands like Spam and Applegate, said Thursday it is buying the Planters nut business from Kraft Heinz Co. for $3.35 billion. Included in the deal are Planters brands like Nut-rition, Cheez Balls and Corn Nuts. “The acquisition...
Jerome Powell stresses commitment to full employment, low rates
Federal Reserve Chair Jerome Powell on Wednesday underscored the Fed’s commitment to reducing unemployment to multi-decade lows, where it stood before the pandemic, while signaling little concern about the risk of potentially high inflation or financial market instability. Powell stressed in prepared remarks for a webcast to the Economic Club...
Report: TikTok sale pushed by Trump is shelved
The Biden administration has “indefinitely” shelved a proposed U.S. takeover of the popular video app TikTok, according to a Wall Street Journal report. Last year, the Trump administration brokered a deal that would have had U.S. corporations Oracle and Walmart take a large stake in the Chinese-owned app on national-security...
Millions of steel shelving units recalled because they may fail to support the weight indicated
More than 2 million Edsal Manufacturing heavy-duty steel shelving units have been recalled because they may not be able to hold the amount of weight stated on the label. According to the U.S. Consumer Product Safety Commission, the Edsal 5-Tier Muscle Rack unit “shelves can fail to support the 800-pound...
GM 2020 profit drops, but it makes $6.43B despite pandemic
DETROIT — General Motors’ profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. The Detroit automaker said Wednesday it made $6.43 billion as demand for its vehicles surged late in a year dominated by...
Sheetz announces pay increases, plan to give new moms time off with pay
Altoona-based Sheetz today said it will invest $28.5 million in employee wage increases and give new mothers 12 weeks off with full pay. Sheetz said the pay increases will be effective Feb. 12 for “the majority” of its 18,000 employees. Sheetz did not elaborate on how much the wage increases...
Taxing time: How the pandemic will affect filing your taxes
The pandemic has made everything a bit trickier — tax filing season is no exception. The whole process is starting a bit later this year and there are a few wrinkles to be aware of for those who received unemployment benefits, worked from home, took on gig work, were a...
U.S. stocks edge lower after S&P 500 winning streak ends
Stocks edged lower in afternoon trading on Wall Street Wednesday, a day after the S&P 500 ended a six-day winning streak. A report showing that inflation remained tame last month was encouraging for investors because it suggested the U.S. economy is in a strong position to receive more stimulus without...
Aunt Jemima brand gets a new name: Pearl Milling Company
Aunt Jemima is making her last batch of pancakes. Quaker Oats said Tuesday that its Aunt Jemima brand pancake mix and syrup will be renamed Pearl Milling Company. Aunt Jemima products will continue to be sold until June, when the packaging will officially change over. Quaker Oats, a division of...
Election of Democratic chair portends change at Postal Service
WASHINGTON — A former labor leader and Obama administration official was elected Tuesday to serve as chair of the U.S. Postal Service Board of Governors, marking the first step in a potential shakeup under President Joe Biden. Ron Bloom replaced a former Republican National Committee chair, Robert “Mike” Duncan, who...
U.S. hiring plunged in December even as job openings ticked up
WASHINGTON — U.S. employers cut back sharply on hiring in December, particularly industries slammed by the pandemic such as restaurants and hotels, as virus infections soared and governments responded with tighter restrictions. The number of available jobs rose slightly and layoffs fell, according to the Labor Department’s Tuesday report, known...
Family of novice investor who killed himself sues Robinhood
LOS ANGELES — The family of a novice stock trader who killed himself after mistakenly believing he lost more than $700,000 are suing Robinhood Financial, claiming the popular stock-trading platform’s business practices “directly” led to their son’s death. The complaint, filed Monday in state court in Santa Clara County, Calif.,...
John Dorfman: Alphabet, Dolby lead the Balance Sheet Powerhouses
While many individuals and governments have fallen deeply into debt during the pandemic, many companies have strengthened their balance sheets. Each year (2001-06 and 2011 to the present), I’ve compiled a list of companies that qualify as Balance Sheet Powerhouses. Until now, the largest number of companies that made the...
Stocks push to more gains, and record highs, on Wall StreetVideo
Stocks notched more gains and pushed to new highs Monday, extending a winning streak that just gave the market its best weekly gain since November. The S&P 500 rose 0.7%, it’s sixth straight gain. The three major indexes climbed to an all-time high, as did a benchmark of smaller company...
Tesla buys $1.5B in Bitcoin, will accept as payment soonVideo
SILVER SPRING, Md. — Holders of Bitcoin may be able to cash in some of their investment in the digital currency for a brand new electric car. Electric automaker Tesla said Monday that it has invested around $1.5 billion in Bitcoin and it plans to begin accepting the digital currency...
