Business category, Page 224
Wall Street joins global tumble, S&P 500 down more than 2%Video
Stocks are falling sharply on Wall Street Monday, joining a global tumble for markets as the S&P 500 sinks more than 2%. Losses began in Asia as soon as trading opened for the week, and they accelerated in Europe on worries about the possibility of tougher restrictions there to stem...
Founder of GM electric truck partner quits amid allegations
FRANKFURT, Germany — Shares in electric- and hydrogen-powered truck startup Nikola plunged on Monday after the company’s founder resigned amid allegations of fraud — just two weeks after signing a $2 billion partnership with General Motors. The company said late Sunday that Trevor Milton resigned and the departing executive chairman...
Judge agrees to delay U.S. government restrictions on WeChat
NEW YORK — A judge has approved a request from a group of U.S. WeChat users to delay looming federal government restrictions that could effectively make the popular app nearly impossible to use. In a ruling dated Saturday, Magistrate Judge Laurel Beeler in California said the government’s actions would affect...
Trump backs proposed TikTok deal with Oracle, Walmart
WASHINGTON — President Donald Trump said Saturday he’s given his “blessing” to a proposed deal between Oracle and Walmart for the U.S. operations of TikTok, the Chinese-owned app he’s targeted for national security and data privacy concerns. Trump said the proposed deal will result in a new company likely to...
Pennsylvania’s cut of $300-a-week jobless aid half gone, apply now before it’s too late, state says
A week after the Trump administration abruptly announced that hundreds of thousands of covid-19-related jobless Pennsylvanians would receive an extra $300 weekly for six weeks only rather than through the end of the year, as initially promised, the state said it already distributed almost half of its allocation. Pennsylvania sent...
Pennsylvania jobless rate drops in August, lowest since March
Pennsylvania’s economy continued to improve in August as the state regained slightly more than half of the jobs it lost since the pandemic-related economic shutdowns of March and April, with the jobless rate falling 2.2 percentage points from July to 10.3%. The unemployment rate for August is the lowest rate...
GNC sold to Chinese pharmaceutical group
GNC Holdings Inc., the Pittsburgh-based international health and wellness chain, has been for sold for $770 million to a Chinese pharmaceutical firm in a deal approved Thursday in bankruptcy court in Delaware. Harbin Pharmaceutical Group Holding Co., an affiliate of GNC’s largest shareholder that owns 40% of the company, also...
U.S. bans WeChat, TikTok from app stores, threatens shutdowns
The Commerce Department said Friday it will ban Chinese-owned TikTok and WeChat from U.S. app stores Sunday and will bar the apps from accessing essential internet services in the U.S. — a move that could effectively wreck the operation of both Chinese services for U.S. users. TikTok won’t face the...
Libya’s east-based commander promises end of oil blockadeVideo
DUBAI, United Arab Emirates — Libya’s commander who rules the eastern half of the country and who was behind a year-long military attempt to capture the capital, Tripoli, said Friday that oil production would restart soon, ending a months-long blockade of the nation’s vital oil fields. The Tripoli-based National Oil...
Wall Street drifts as another bumpy week of trading closes
NEW YORK — Stocks are drifting in mixed trading on Wall Street Friday, as another zig-zag week for markets closes out following their abrupt loss of momentum this month. The S&P 500 was down 0.2% after giving up a small gain in the first few minutes of trading. It’s still...
U.S. curbs WeChat transfers, freezes TikTok as deadline loomsVideo
The U.S. will ban some transactions over the Chinese-owned WeChat app while freezing TikTok’s app starting Sunday, Commerce Secretary Wilbur Ross said. Ross said Friday that the U.S. will prohibit U.S.-to-U.S. transactions related to WeChat and its parent company Tencent Holdings Ltd. but that will not impact activity in China....
Amazon plans to put 1,000 warehouses in neighborhoods nationwide
Amazon.com plans to open 1,000 small delivery hubs in cities and suburbs all over the U.S., according to people familiar with the plans. The facilities, which will eventually number about 1,500, will bring products closer to customers, making shopping online about as fast as a quick run to the store....
Wall Street slumps as Big Tech once again leads decliners
NEW YORK — U.S. stocks are lower Thursday as Wall Street continues to swirl after the Federal Reserve said it will keep interest rates at nearly zero for years to help nurse the wheezing economy. The S&P 500 was 1% lower in morning trading, after trimming an earlier loss that...
Covid-19 danger continues to drive joblessness in U.S.
WASHINGTON — The number of Americans applying for unemployment benefits fell last week to 860,000, a historically high figure that reflects economic damage from the coronavirus outbreak. Before the pandemic hit the economy, the number signing up for jobless aid had never exceeded 700,000 in a week, even during the...
Pa. has record-breaking sportsbook wagers in August
August was Pennsylvania’s best month yet in sportsbook revenues, making the state a contender for the second largest legal sports betting market in the country. The state generated almost $365 million in sports betting wagers, up from $109 million recorded during the same period last year, the Pennsylvania Gaming Control...
CoGo’s to become Coen Markets as part of rebranding
People accustomed to buying gas and coffee at one of the 38 CoGo’s locations in the region will soon see a new logo, as Canonsburg-based Coen Markets Inc. moves forward with rebranding its stores. The gas will carry the Amoco brand and the stores will be known as Coen Markets....
Federal Reserve sees rates near zero at least through 2023Video
WASHINGTON — The Federal Reserve expects to keep its benchmark interest rate pegged near zero at least through 2023 as it strives to accelerate economic growth and drive down the unemployment rate. The central bank also said Wednesday that it will seek to push inflation above 2% annually. The Fed...
Retail sales rise for 4th straight month as growth slowsVideo
NEW YORK — Americans kept spending in August, but the pace of that growth is slowing as millions of people who lost jobs have now lost a $600 a week boost in their unemployment checks. Retail sales rose 0.6% last month, the fourth consecutive month of growth, the U.S. Commerce...
Report finds global economic outlook not as bad as expectedVideo
PARIS — The global economy is not doing as bad as previously expected, especially in the United States and China, but has still stuffered an unprecedented drop because of the coronavirus pandemic, an international watchdog said Wednesday. The Organization for Economic Cooperation and Development said in a report that the...
Apple debuts discount watch, but no new iPhones … yetVideo
SAN RAMON, Calif. — Apple introduced a cheaper version of its smartwatch, its latest attempt to broaden the appeal of its trend-setting products while many consumers are forced to scrimp during the coronavirus pandemic. The scaled-down Apple Watch follows on the heels of a budget iPhone the company released five...
Kraft Heinz to cut $2 billion in costs, reinvest in its brands
CHICAGO — Kraft Heinz plans to cut $2 billion in costs over the next five years and put the savings into marketing brands with the highest potential for growth, part of a reorganization the legacy food maker hopes will make it more relevant to consumers. The strategy, announced Tuesday at...
Stocks give up part of an early gain but still end higher
NEW YORK — Stocks gave up part of their gains from earlier in the day but still closed higher on Wall Street Tuesday. Gains for big technology companies outweighed losses in banks and elsewhere in the market. The S&P 500 rose 0.5% after being up more than 1% earlier. It’s...
U.S. industrial production up modest 0.4% in August
WASHINGTON — U.S. industrial production slowed to a modest increase of 0.4% in August, far weaker than the strong bounce back recorded in previous months when factories were coming back to life. The slight uptick followed gains of 3.5% in July and 6.1% in June, when the industrial sector knocked...
Daimler AG to pay $1.5B to settle emissions cheating probes
WASHINGTON — Automaker Daimler AG and subsidiary Mercedes-Benz USA have agreed to pay $1.5 billion to the U.S. government and California state regulators to resolve emissions cheating allegations, officials said Monday. The Department of Justice, Environmental Protection Agency and the California attorney general’s office say Daimler violated environmental laws by...
Pa. warns jobless: Apply for $1,800 checks before money runs out
For some of Pennsylvania’s 616,000 jobless workers, an $1,800 lump-sum check for six weeks of unemployment may never be in the mail because the special unemployment aid could be used up before they get the money, state Labor department officials warned Monday. The likelihood the state will be unable to...
