Business category, Page 244
Home internet jammed up? Try these steps before upgrading
With so much of the U.S. workforce — and its families — now cooped up at home to combat the spread of the novel coronavirus, it’s not a huge surprise that home internet is showing the strain. If you’ve had a business videoconference stutter while your teenagers play Call of...
Peeps production stops, but Easter is coveredVideo
No more Peeps are being hatched for at least a couple of weeks — but it shouldn’t affect Easter baskets. The Bethlehem, Pennsylvania-based Just Born confections company said its production facilities there and in Philadelphia closed Wednesday through April 7. But the company says it had already produced and shipped...
U.S. economy grew at 2.1% rate in 4th quarterVideo
WASHINGTON — The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for some time as the country endures a sharp contraction because of the impact of the coronavirus. The Commerce Department said Thursday...
U.S. unemployment claims soar to record 3.3 million as layoffs jumpVideo
WASHINGTON — Nearly 3.3 million Americans applied for unemployment benefits last week — more than quadruple the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus. The surge in weekly applications was a stunning reflection of the damage the viral outbreak is doing to...
Ford pushes for factory restart, union not so sure
DETROIT — Ford says it wants to reopen five North American assembly plants in April that were closed due to the threat of coronavirus. The three Detroit automakers suspended production at North American factories March 19 under pressure from the United Auto Workers union, which had concerns about members working...
Goldman Sachs sees U.S. oil prices ‘well below’ $20Video
NEW YORK — Goldman Sachs is warning of another sharp drop in oil prices, saying some oil producers are eventually going to have to shut some wells because of dramatic decline in demand due to the coronavirus outbreak. Goldman says demand for jet fuel and gasoline is deteriorating as governments...
Sheetz gives workers $3-per-hour raise during virus outbreak
Sheetz announced Wednesday that it is giving its workers an extra $3 per hour during the coronavirus outbreak. In a release, the company said the pay raise will run through April 23. “Our employees are the heart and soul of Sheetz and their commitment to serve our customers and communities...
Ford recalls 268K cars in North America to fix door latchesVideo
DETROIT — Ford is recalling more than 268,000 cars in North America to fix doors that could open unexpectedly or may not close. The recall covers the 2014 through 2016 Ford Fusion and Lincoln MKZ, and the 2014 and 2015 Ford Fiesta. Cars in Mexico, U.S. territories and 16 states...
Stocks rise on U.S. stimulus deal, rally fades before New York openVideo
NEW YORK — Stocks are limping along in tentative morning trading on Wall Street Wednesday, as a historic, worldwide rally downshifts dramatically after just a day. The S&P 500 was drifting between gains and losses in the first few minutes of trading, a day after packing a year’s worth of...
Dow has best day since 1933 as Congress nears deal on coronavirus aid
NEW YORK — The Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal on Tuesday to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus. The Dow burst 11.4% higher, while the more closely followed...
Ford, 3M, GE to build respirators, ventilators, face shieldsVideo
Ford Motor Co. announced Tuesday it will team up with 3M and GE Healthcare to produce medical equipment and supplies for health care workers, first responders and patients fighting coronavirus. Using Ford’s manufacturing sites, the companies will produce respirators, ventilators and plastic face shields, the company announced. “This is such...
Stocks jump 5% as hopes build for virus stimulus packageVideo
NEW YORK — Stocks around the world rallied Tuesday amid expectations that Congress is nearing a deal to pump nearly $2 trillion of aid into the coronavirus-ravaged economy. Top congressional and White House officials said they expect to reach an agreement Tuesday, though some issues remain. Investors have been frustrated...
Sheetz announces several changes as a result of covid-19
Sheetz announced several changes to in-store operations because of the covid-19 pandemic in order to protect the health and well-being its team members, the company said Monday. Self-serve coffee is now suspended. People can use the touch-screen to order or ask an employee for help. Self-serve beverages are also suspended....
Dorfman: Stock-picking winner pessimistic about market’s recovery
Laurent Condon, a retired trader in Saint-Rambert-en-Bugey, France, won my stock-picking contest, Dorfman’s Three-Stock Derby, for 2019-20. This was the fourth time Condon has won honors in one of my contests. He won my short-selling contest in 2017-18 and finished third the following year. Last year, he finished third in...
PG&E pleading guilty to involuntary manslaughter in wildfireVideo
SAN FRANCISCO — Pacific Gas & Electric said Monday it will plead guilty to 84 counts of involuntary manslaughter in connection with the 2018 fire in Northern California that killed 84 people and decimated three towns. The utility said in a statement it will also admit to a single count...
Despite Fed help, stocks wobble as traders wait on Congress
NEW YORK — The Federal Reserve did what it could to help financial markets and the economy Monday. But investors are still waiting for Congress and White House to do the same. The uncertainty about Washington’s response to the coronavirus crisis caused another day of jostled trading. An initial jump...
Pa. Supreme Court dismisses challenge to Wolf shutdown orderVideo
HARRISBURG — The Pennsylvania Supreme Court dismissed a lawsuit filed by a gun shop that challenged Gov. Tom Wolf’s authority to shutter businesses determined to be “non-life-sustaining,” paving the way for enforcement to begin Monday. Without comment, a majority of the state’s high court late Sunday denied the petition by...
Coronavirus business fallout: Air Canada lays off 5,000, France tries to save food supply
The rapid spread of the coronavirus since it was first reported in China has dealt an unparalleled shock to the world economy. Following are business developments Monday related to the outbreak as governments attempt to stabilize their economies, companies struggle to cope and millions of people face job losses and...
Federal Reserve to lend up to $300B to businesses, citiesVideo
WASHINGTON — In a series of sweeping steps, the U.S. Federal Reserve will lend to small and large businesses and local governments as well as extend its bond buying programs. The announcement Monday is part of the Fed’s ongoing efforts to support the flow of credit through an economy ravaged...
Stock futures fall sharply at open of trading
NEW YORK — Futures for U.S. stocks fell sharply at the start of trading Sunday as investors watch to see if Congress can agree on a huge rescue package to try to stem the impact of the coronavirus outbreak. Futures for the S&P 500 fell by 5%, triggering a halt...
Trump’s fate tied to an unknown: how fast economy recovers
BALTIMORE — The coronavirus has flung the U.S. economy into a dangerous tailspin, and President Donald Trump’s reelection hopes are caught in the sudden whirlwind. For the next seven months, Trump may be consigned to campaigning in a country beset by a fear of job loss, bankruptcy and disease. It...
Coronavirus to impact more than 500,000 jobs across the Pittsburgh region
Government directives to close businesses and restrict people’s activities in an effort to stem the spread of coronavirus infections and deaths will impact more than a half-million workers in the Pittsburgh region, a top local economist predicts. And the pain will be spread across virtually all industries in the seven-county...
Business Fallout: Starbucks limits access, Target raises pay
Less than three months ago came the first reports of cases of pneumonia related to a virus first detected in Wuhan, China. The outbreak of the virus that causes COVID-19 has caused unprecedented disruptions that have brought an unparalleled shock to the global economy. Following are developments Friday related to...
Dow drops more than 900 points, ending worst week since 2008
Wall Street ended the week the same way it began: in full retreat from the coronavirus. Stocks fell sharply and the price of oil sank Friday as federal and state governments moved to shut down bigger and bigger swaths of the nation’s economy in the hope of limiting the spread...
High-stakes negotiations begin on $1 trillion economic rescue
WASHINGTON — Treasury Secretary Steven Mnuchin and Trump administration officials launched high-stakes negotiations Friday with Senate Republicans and Democrats racing to draft a $1 trillion-plus economic rescue package amid the coronavirus outbreak. It’s the biggest effort yet from Washington to shore up households and the U.S. economy as the pandemic...
