Business category, Page 259
Why Trump tariffs haven’t revitalized American steelmakers
WASHINGTON — President Donald Trump’s move last year to tax imported steel triggered jeers but also cheers. Its goal — to raise steel prices — threatened to hurt the legions of U.S. manufacturers that depend on steel. But at least it would benefit U.S. steel companies and the Americans who...
From toast of town to toxic: Facebook CEO on outs with DemsVideo
WASHINGTON — Mark Zuckerberg’s social network in Washington is shrinking. Bipartisan hostility against Facebook has been building for months, fueled by a series of privacy scandals, the site’s role in Russian meddling in the 2016 presidential campaign and accusations that Facebook crushes competitors. Now, with the 2020 elections approaching, Democrats...
McDonald’s CEO Steve Easterbrook steps down because of relationship with employee
NEW YORK — McDonald’s chief executive officer has left the company after violating company policy by engaging in a consensual relationship with an employee, the corporation said Sunday. The fast food giant said former president and CEO Steve Easterbrook demonstrated poor judgment. McDonald’s forbids managers from having romantic relationships with...
Airbnb CEO says company is banning ‘party houses’
Airbnb Inc. says it’s banning “party houses” in the wake of a deadly shooting at an Airbnb rental in California. In a series of tweets Saturday, Airbnb co-founder and CEO Brian Chesky said that the San Francisco-based company is stepping up efforts to “combat unauthorized parties and get rid of...
Fitbit buy is Google’s latest step into gadgetry
Google’s acquisition of wearable pioneer Fitbit may be a bold plunge into health and fitness technology. But it’s also just the latest step in the internet giant’s often-halting effort to become a force in consumer hardware. Once a pure software company known for its search engine, apps like Gmail and...
Stocks hit records as strong jobs report calms trade worries
NEW YORK — Stocks powered to records Friday after an encouraging jobs report gave reassurance that the economy is still solid, despite the pain U.S. factories are feeling from President Donald Trump’s trade war. The Labor Department’s report showed that employers added more jobs in October than economists expected, and...
U.S. added a solid 128,000 jobs in October despite GM strike
WASHINGTON — U.S. employers added a solid 128,000 jobs in October, a figure that was held down by a now-settled strike against General Motors that caused tens of thousands of workers to be temporarily counted as unemployed. The unemployment rate ticked up from 3.5% to 3.6%, still near a five-decade...
U.S. construction spending rises 0.5% in September
WASHINGTON — U.S. construction spending rose 0.5% in September, boosted by government and private residential projects. The Commerce Department said Friday that government construction rose 1.5% last month, powered by state and local building. The September increase comes as the previous August gain of 0.1% was revised down to -0.3%....
Google parent Alphabet buying Fitbit for $2.1 billionVideo
SAN FRANCISCO — Fitbit is being acquired by Google’s parent company for about $2.1 billion. With the deal announced Friday, Alphabet wades into a very crowded field. Fitbit is a pioneer in wearable fitness technology, but it’s been under pressure from other device makers. Speculation swirled at the beginning of...
Exxon profit plummets with oil prices down
IRVING, Texas — Exxon Mobil’s profit tumbled with crude prices down about 15% from where they were last year, though a $300 million boost from a tax-related item helped. Exxon Mobil Corp. on Friday reported net income of $3.17 billion, or 75 cents per share. Those per-share earnings were 68...
U.S. Steel reports $84 million third-quarter loss
United States Steel Corp. on Thursday reported a third-quarter loss of $84 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Pittsburgh-based company said it had a loss of 49 cents. Losses, adjusted for restructuring costs and non-recurring costs, were 21 cents...
Stocks close broadly lower on new U.S.-China trade jitters
Stocks closed broadly lower on Wall Street Thursday after investors got spooked by a published report that cast doubt on the prospects of a long-term U.S-China trade deal. Bond prices surged, sending yields sharply lower, as traders turned cautious. The sell-off was a marked shift from a day earlier, when...
Apple TV Plus joins streaming wars, has Oprah but no catalog
LOS ANGELES — As the streaming wars near a fever pitch and viewers are targeted from every vantage point — Disney Plus has the Marvel and Star Wars brands! HBO Max counters with “Game of Thrones” and DC superheroes! — Apple TV Plus could be cast as the highly pedigreed...
Twitter pulls back on political ads, but pitfalls await
SAN FRANCISCO — Twitter announced an end Wednesday to political campaign and issue ads on its service, calling it an important step in reducing the flow of election-related misinformation. But some of its users might face an unintended consequence or two. Among those potentially affected could be public-interest nonprofits eager...
S&P 500 hits new high as traders welcome latest Fed rate cut
Stocks closed broadly higher on Wall Street Wednesday, sending the S&P 500 to a record high for the second time this week, as investors welcomed the Federal Reserve’s decision to lower interest rates for the third time this year. The central bank also indicated that it won’t cut rates again...
Purdue Pharma paid CEO $9M in year before bankruptcy
OxyContin maker Purdue Pharma paid its CEO $9 million and its board chairman nearly $4 million in the 12 months before the company’s bankruptcy filing last month, according to recently filed financial documents. Five other board members overseeing the private company were paid a combined $3.7 million over that span....
Fed cuts rates a 3rd time this year but signals likely pause
WASHINGTON — The Federal Reserve cut its benchmark interest rate Wednesday for the third time this year to try to sustain the economic expansion in the face of global threats. But it hinted that it won’t likely cut again this year. The Fed’s move reduces the short-term rate it controls...
Manufacturing jobs fading in Rust Belt. Will it matter in 2020?
TOLEDO, Ohio — President Donald Trump once promised that coal and steel would be the beating heart of a revived U.S. economy — a nostalgic vision that helped carry him to victory three years ago in the industrial Midwest. But a year away from Election Day, that promised renaissance is...
Beverage companies aim to get bottles recycled, not trashed
Every year, an estimated 100 billion plastic bottles are produced in the U.S., the bulk of which come from three of America’s biggest beverage companies: Coca-Cola, Pepsi and Keurig Dr Pepper. The problem? Only one-third of those bottles get recycled; the rest end up in the trash. That bleak trend...
U.S. stocks cap wobbly day of trading with modest losses
Technology companies led stocks lower on Wall Street on Tuesday as a wobbly day of trading ended with modest losses for the market. Health care stocks jumped on stronger-than-expected reports from drugmakers, but losses by internet and media companies held the market in check following a mixed report from Google’s...
Sony shutting down online-cable service PlayStation Vue
Sony is shutting down its pioneering online-cable alternative, PlayStation Vue, citing the high cost of content and the difficulty of reaching deals with networks. It launched Vue in early 2015 as a skinnier, cheaper version of cable or satellite TV delivered via the internet. It was a test case for...
3 major automakers side with Trump in legal fight with California
WASHINGTON — General Motors, Fiat Chrysler, Toyota and 10 smaller automakers are siding with the Trump administration in a lawsuit over whether California has the right to set its own greenhouse gas emissions and fuel economy standards. The companies said Monday they will intervene in a lawsuit filed by the...
More employers offer workers help paying off student loans
Americans collectively owe nearly $1.5 trillion in student loans — more than twice the total a decade ago. It’s a burden that weighs on millions of adults, shaping their life choices and often stunting their financial growth. Now a small but growing number of employers are stepping in to help....
CNX says it’s adjusting to low natural gas prices
CNX Resources continues to adjust to the low-price natural gas market but is generally optimistic about 2020, according to its third quarter earnings call. The Canonsburg-based natural gas exploration and production company said it expects to realize $25 million in savings from streamlining activities in the third quarter, including “reconfiguring”...
Grubhub valuation tumbles as rivals encroach
NEW YORK — Shares in Grubhub plunged 43% on Tuesday after it sharply cut its revenue expectations for the year and warned of intense competition. The steep decline in share price wiped away more than $2.25 billion of the company’s valuation in the public market in midday trading. It is...
