Business category, Page 209
Egypt expects $1 billion in damages over stuck ship in Suez
CAIRO — Egypt is expecting more than $1 billion in compensation after a cargo ship blocked the Suez Canal for nearly a week, according to the top canal official. He also warned the ship and its cargo will not be allowed leave Egypt if the issue of damages goes to...
Wall Street moves higher, pushing S&P 500 over 4,000 level
Stocks were moderately higher Thursday, helped by a rise in technology companies as well as smaller companies, which would benefit from a quickly growing economy. The S&P 500 rose 0.8% as of 11:44 a.m. Eastern, crossing the 4,000-point mark for the first time. The benchmark index is coming off its...
Wall Street ticks higher, led by tech and smaller stocks
NEW YORK — U.S. stocks are drifting higher in morning trading on Wednesday, as investors wait to hear the details about Washington’s next mammoth push for the economy. The S&P 500 was up 0.6%, ahead of a speech later in the day where President Joe Biden is expected to discuss...
Volkswagen hoaxes media with fake statement on name change
DETROIT — Volkswagen of America issued false statements this week saying it would change its brand name to “Voltswagen,” to stress its commitment to electric vehicles, only to reverse course Tuesday and admit that the supposed name change was a joke. Mark Gillies, a company spokesman, confirmed Tuesday that the...
NCAA, former athletes head to Supreme Court over how football, basketball players are rewarded
WASHINGTON — The NCAA and former college athletes are getting ready to play ball at the Supreme Court. With the March Madness basketball tournament ongoing, the high court will hear arguments Wednesday in a case about how colleges can reward athletes who play Division I basketball and football. The NCAA...
An unwelcome prank: Volkswagen purposely hoodwinks reporters
NEW YORK — Journalists are used to being wary about odd pranksters pulling April Fool’s Day hoaxes at this time of year. Few expect it from a multi-billion dollar corporation. Volkswagen admitted Tuesday that it had put out a false news release saying that it had changed the name of...
‘Lighting a fuse’: Amazon vote may spark more union pushes
What happens inside a warehouse in Bessemer, Alabama, could have major implications not just for the country’s second-largest employer but the labor movement at large. Organizers are pushing for some 6,000 Amazon workers there to join the Retail, Wholesale and Department Store Union on the promise it will lead to...
Stocks slip in mixed trading as rate pressure ratchets up
NEW YORK — Rising Treasury yields put pressure once more on big technology companies Tuesday, pulling U.S. stock indexes further below their recent all-time highs. The S&P 500 lost 0.3%. Health care stocks also dragged down the market, outweighing gains by banks, industrial stocks and companies that rely on consumer...
Virgin Galactic rolls out latest generation of spaceshipVideo
ALBUQUERQUE, N.M. — Virgin Galactic rolled out its newest spaceship Tuesday as the company looks to resume test flights in the coming months at its headquarters in the New Mexico desert. Company officials said it will likely be summer before the ship — designed and manufactured in California — undergoes...
Highmark Inc. purchases naming rights to Buffalo Bills’ stadium
Pittsburgh is no longer the only city with a Highmark Stadium. The Buffalo Bills’ home is also called Highmark Stadium. The team made it official with a formal announcement Tuesday morning. Highmark BlueCross BlueShield of Western New York, a newly rebranded health insurer, has purchased the naming rights for what...
AP source: VW plans brand-name change to ‘Voltswagen’ in U.S.
DETROIT — Volkswagen plans to change its brand name in the United States to “Voltswagen” as its shifts its production increasingly toward electric vehicles and tries to distance itself from an emissions cheating scandal. A person briefed on the plan said a formal announcement is planned for Tuesday. The person...
John Dorfman: 5 intriguing stocks to target outside U.S.
I think a big boom is coming in the U.S., which may keep a richly valued stock market out of trouble. But you never know. Some international diversification is usually a good idea. And I think it’s wise now, since U.S. stock valuations are high and interest rates are rising...
News Corp. buys Houghton Mifflin Harcourt books division
Rupert Murdoch’s News Corp. is buying Houghton Mifflin Harcourt’s book-publishing division, with titles by J.R.R. Tolkien and the Curious George children’s series, for $349 million. News Corp. owns HarperCollins, one of the industry’s largest book publishers, and will operate the division, called HMH Books & Media, the New York company...
Paris court convicts, fines pharma firm for deadly diet pill
A French pharmaceutical company on Monday was ordered to pay hundreds of millions of euros in damages and fines for its role in one of the nation’s biggest modern health scandals, with a Paris court finding the firm guilty of manslaughter and other charges for selling a diabetes drug blamed...
Late fade pushes S&P 500 slightly below its record high
Stock indexes closed mostly lower Monday, pulling the S&P 500 slightly below the all-time high it set last week, while nudging the Dow Jones Industrial Average to another record high. The S&P 500 slipped 0.1%, recovering most of a 0.8% slide earlier in the day. Banks had some of the...
Southwest Airlines orders 100 Boeing 737 Max planes
NEW YORK — Southwest Airlines said Monday it’s expanding its all-Boeing fleet with an order for 100 737 MAX airplanes. The Max was grounded worldwide in March 2019 after two crashes that killed 346 people. Regulators in the U.S., Europe, Canada, Brazil and other countries cleared the plane to resume...
Amid loss of Iron City contract, City Brewing eyes ownership, management changes, adds jobs in Latrobe
New investors and a restructured management team are expected to take over in April at City Brewing, according to the Wisconsin-based company that operates Latrobe’s brewery. Meanwhile, the company says the pending loss of Iron City Beer production should have little effect at the plant, where new jobs have been...
Stocks climb on Wall Street; S&P 500 on pace for weekly gain
NEW YORK — U.S. stocks are ticking higher Friday, erasing the market’s losses from earlier in the week and setting Wall Street up to avoid a second straight weekly drop. The S&P 500 was up 0.3% in afternoon trading, and some of the biggest gains came from companies whose profits...
In shift, oil industry group backs federal price on carbon
WASHINGTON — The oil and gas industry’s top lobbying group on Thursday endorsed a federal price on carbon dioxide emissions that contribute to global warming, a reversal of longstanding industry policy that comes as the Biden administration has pledged dramatic steps to address climate change. The American Petroleum Institute, whose...
Stocks pull mostly higher, shaking off some early wobblesVideo
Stocks regained their footing after an early slide and closed broadly higher Thursday, led by gains in financial and industrial companies. The S&P 500 rose 0.5% after having been down 0.9% in the early going. The gain is the benchmark index’s first in three days after a recent stretch of...
Gas driller to pay Pennsylvania $1.9M for damage to wetlands, waterways
HARRISBURG — One of the most active natural gas exploration firms in Pennsylvania has agreed to pay $1.9 million after it disclosed in 2014 that its construction work had damaged waterways and wetlands, without proper permits, according to paperwork filed in federal court on Wednesday. Officials from Chesapeake Energy Corp....
Treasury Secretary Yellen sees room for U.S. to borrow, opens door to tax hikeVideo
WASHINGTON — Treasury Secretary Janet Yellen believes the U.S. government has more room to borrow, but said higher taxes would likely be required in the long run to finance future spending increases. Yellen appeared Wednesday before the Senate Banking Committee with the Biden administration considering up to $3 trillion in...
A late slide, led by Big Tech, leaves stock indexes lowerVideo
A late-afternoon burst of selling on Wall Street erased an early gain for stocks Wednesday, pulling the market further below the all-time high it reached just a week ago. The S&P 500 dropped 0.5% after having been up 0.8% in the early going. Technology and communication services companies accounted for...
Stocks close broadly lower on Wall Street as banks stumble
Stocks closed broadly lower on Tuesday and gave back nearly all of their gains from a day earlier as technology, industrial and bank stocks fell. The S&P 500 fell 30.07 points, or 0.8%, to 3,910.52. Technology stocks were the biggest drag on the market and pushed the Nasdaq 149.85 points...
Overstimulated? Stocks soar 75% in historic 12-month run
NEW YORK — It was one year ago that the terrifying free fall for the stock market suddenly ended, ushering in one of its greatest runs. On March 23, 2020, the S&P 500 fell 2.9%. In all, the index dropped nearly 34% in about a month, wiping out three years’...
