Business category, Page 249
John Dorfman: No one wants Chinese stocks now — and that’s why you should
Sir John Templeton, one of the greatest investors of the 20th century, famously said you should invest “at the point of maximum pessimism.” At various points in his career, he did that in the United States, Japan and New Zealand. Now, I think investors have the chance to do something...
Dow drops more than 1,000 as outbreak threatens the economy
NEW YORK — The Dow Jones Industrial Average slumped more than 1,000 points Monday in the worst day for the stock market in two years as investors worry that the spread of a viral outbreak that began in China will weaken global economic growth. Traders sought safety in U.S. government...
Wells Fargo to pay $3B to resolve probes into fake accounts
NEW YORK — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal came to light in 2016, Wells has paid out...
Jägermeister’s logo is not religiously offensive, says Swiss court
It should have been quite simple: Jägermeister wanted to put its iconic logo on things other than its unique brand of liqueur. Things like cosmetics and mobile phones. But the Swiss Federal Institute of Intellectual Property wasn’t having it. According to a report in Swissinfo, an online arm of the...
Pier 1 stores in Ross, Washington among hundreds set to close
Two local Pier 1 Imports stores are among the more than 400 that will close this year, according to the retailer’s court filings this week. The locations on McKnight Road in Ross and Washington Road in Washington will close, though it was not immediately clear when, according to court documents...
Uber resumes operating in Colombia after 3-week hiatus
BOGOTA, Colombia — Uber restarted operations in Colombia on Thursday after shutting down its app for almost three weeks. In a statement, the platform said it had found “new alternatives” to work legally in the South American country. Uber said that from now on, its app will help users enter...
Struggling Victoria’s Secret is sold as women demand comfortVideo
NEW YORK — Victoria’s Secret, which once defined sexy with its leggy supermodels in their lacy bras and oversized angel wings, has a new owner. Now, the big question is whether the once sought after but now struggling brand can be reinvented for a new generation of women demanding more...
Morgan Stanley to buy E-Trade for $13 billionVideo
NEW YORK — Morgan Stanley, the investment bank for millionaires, big business and megamergers, is buying E-Trade Financial, the online brokerage that encouraged waves of regular investors to get into the market with ads featuring its talking spokesbaby. The roughly $13 billion, all-stock deal would be one of the biggest...
Report: Work to reduce wildfire risks has economic benefits
ALBUQUERQUE, N.M. — Projects to reduce the risk of wildfires and protect water sources in the U.S. West have created jobs and infused more money in local economies, researchers say, and they were funded by a partnership between governments and businesses that has become a model in other countries. A...
IRS to pay visits to high-income taxpayers who fail to fileVideo
If you earn six figures and haven’t been filing your taxes, the IRS may come knocking. The agency said Wednesday that it is stepping up its efforts to visit high-income taxpayers who failed in prior years to file their tax returns on time. Revenue officers across the country will increase...
GM gets tax break for new plant in Lordstown next to factory it closed
LORDSTOWN, Ohio — General Motors Co. will receive a tax break to build a new electric battery cell factory in Ohio next to the site of a much larger assembly plant it shut down last year. Village leaders in Lordstown approved a 75% tax abatement that will extend over 15...
Burger King risks it with moldy Whopper ad campaignVideo
Burger King is breaking the mold in its new advertising campaign. The burger chain is portraying its Whopper covered in mold in print and TV ads running in Europe and the United States. The message: Burger King is removing artificial preservatives from its signature burger. The company, already known for...
Misguided virus fears hitting Asian American businesses
NEW YORK — In Arizona, a burgeoning Asian American community fields xenophobic calls about a planned night market featuring Asian street foods. In New York, a dim sum restaurant owner worries he won’t make rent. In the San Francisco Bay Area, a local Asian American-owned restaurant chain is mulling temporarily...
EU puts Cayman Islands, others on tax blacklistVideo
BRUSSELS — The European Union has added four countries and jurisdictions to its blacklist of tax havens , including the British overseas territory Cayman Islands. EU finance ministers decided to also add Palau, Panama and the Seychelles to the list of jurisdictions that have not implemented the necessary tax reforms...
Spirit Airlines to move operational control center to Tennessee
Spirit Airlines plans to move its operational control center from Miramar, Fla., to Tennessee by early 2021. The airline said the move will involve the transfer of more than 240 jobs at the center, which controls the operations of more than 650 daily flights, including those serving passengers at Pittsburgh...
John Dorfman: 3 stocks that are way more expensive than Tesla
If you want a stock market bet that’s 74% likely to lose money, try investing in high-flying stock that sells for 100 times revenue or more. I call such investments “near insanity,” because in the vast majority of cases, these stocks crash back to earth. How dizzying is 100 times...
Pier 1 files for bankruptcy protection amid online challenge
Home goods retailer Pier 1 Imports Inc. said Monday that it has filed for bankruptcy protection. The Fort Worth, Texas-based company, which was founded in 1962, has been struggling with increased competition from online retailers such as Wayfair. Pier 1 said it will pursue a sale, with a March 23...
Facebook CEO Zuckerberg meets EU officials as bloc’s new tech rules loomVideo
LONDON — Facebook CEO Mark Zuckerberg met top European Union officials on a visit to Brussels on Monday, days before the bloc is expected to release new proposals on regulating artificial intelligence. The billionaire social network founder is the latest U.S. tech executive to make the trip to the headquarters...
GM plans to pull out of Australia, New Zealand and Thailand
DETROIT — General Motors decision to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don’t produce adequate returns on investments raised dismay Monday from officials concerned over job losses. The company said in a statement Sunday that plans to wind down...
United and American push back expected return of Boeing Max
CHICAGO — United Airlines and American Airlines said Friday they are removing the grounded Boeing 737 Max from their schedules longer than previously planned, which means thousands more flights will be canceled during the peak summer travel season. The reduction in flights could mean slightly higher fares. United said it...
Facebook reverses on paid influencers after Bloomberg memes
SAN FRANCISCO — Facebook has decided to let political campaigns pay online influencers to spread their messages, a practice that had sidestepped many of the social network’s rules governing political ads. Friday’s policy reversal highlights difficulties tech companies and regulators have in keeping up with the changing nature of paid...
Zuckerberg accepts that Facebook may have to pay more tax
LONDON — Facebook CEO Mark Zuckerberg plans to throw his support behind international reforms that would require Silicon Valley tech giants to pay more tax in Europe. The billionaire social network founder is due to meet members of the European Union’s executive Commission in Brussels and speak at the Munich...
Trump Fed nominee Judy Shelton faces skepticism at Senate hearingVideo
WASHINGTON — One of President Donald Trump’s nominees for the Federal Reserve came under sharp questioning Thursday from senators over her unorthodox economic views, including from two Republicans whose doubts about her nomination could imperil it. The nominee, Judy Shelton, sought to make her unconventional views an asset by promising...
401(k)s hit records as workers sock away more, stocks jump
NEW YORK — How’s your 401(k) doing? President Trump likes to ask that question around the country, sometimes throwing out big gains like 90% or 95%. The average 401(k) did indeed hit a record last year, although its growth was considerably less than that. The average 401(k) balance rose 17%...
U.S. brings new charges against Chinese tech giant Huawei
WASHINGTON — The Justice Department has added new criminal charges against Chinese tech giant Huawei and two of its U.S. subsidiaries, accusing the company in a plot to steal trade secrets from competitors in America, federal prosecutors announced Thursday. The case comes as the Trump administration is raising national security...
