Business category, Page 267
Kraft Heinz takes another $1 billion hit, shares plunge
Kraft Heinz released its second quarter earnings report delayed by accounting problems and revealed continued fall-out related to those issues on top of weak sales. The company that makes Oscar Mayer hot dogs, Kool-Aid, Heinz ketchup and Velveeta took charges in excess of $1 billion in the first half due...
Pizza Hut may shutter as many as 500 dine-in locations
Food Business News is reporting that as many as 500 older dine-in Pizza Hut restaurants in the country could close as the chain increases its focus on delivery/carryout. The chain has not announced which restaurants will close. “We are leaning in to accelerate the transition of our Pizza Hut U.S....
With AI and other tech, researcher focuses on helping people with disabilities
SEATTLE — While walking beneath a canopy of trees on the winding Burke Gilman trail, artificial intelligence researcher Anat Caspi pointed to the evenness of the terrain along the University of Washington campus periphery. “A lot of times we don’t want the shortest path,” Caspi said over the din of...
How to keep your razors from contributing to landfill waste
NEW YORK — How bad is your disposable razor for the environment? The question is gaining attention among consumers amid a growing global campaign against plastic waste, with cities and countries introducing bans on single-use plastic bags and straws. Don’t worry, there’s no talk of banning your razor, which isn’t...
Walgreens to shut 200 U.S. stores as part of cost-cutting plan
NEW YORK — Pharmacy chain Walgreens plans to close 200 stores in the United States as it seeks to cut costs. The company said in a regulatory filing Tuesday the closings are part of its previously announced plan to trim costs by $1.5 billion in a few years. In May,...
U.S. stocks notch solid gains as China stabilizes currency
Stocks closed broadly higher Tuesday as Wall Street regained its footing a day after the market had its biggest decline in a year. The bounce pushed the Dow Jones Industrial Average more than 300 points higher and snapped a six-day losing streak for the market, though the benchmark S&P 500...
Top Trump economic adviser Kudlow sees ‘no signs’ of recession amid trade war
WASHINGTON — Lawrence Kudlow, President Trump’s chief economic adviser, predicted Tuesday that “calmer heads” will prevail in an escalating trade confrontation between the U.S. and China even as he offered few concrete signposts for progress. The former CNBC analyst’s comments come as U.S. and global markets are slumping over worries...
Trump’s tariffs could blot out positive economic story
WASHINGTON — Just last week, solid economic numbers appeared to be helping President Trump’s reelection prospects. The United States had achieved its longest economic expansion. Stock prices were climbing. Job gains were steady. Consumers had scaled up spending. Growth was sturdy enough to presage a second term for a conventional...
Amazon’s self-driving delivery robots head to California
Amazon’s self-driving robots will be roaming the streets of another neighborhood. The online shopping giant said Tuesday that the six-wheeled robots, about the size of a smaller cooler, will begin delivering packages to customers in Irvine, California. It comes after Amazon began testing them in a suburb of Seattle at...
The Apple credit card is here
NEW YORK — The Apple credit card designed primarily for mobile use is here. Some iPhone users who requested a notification about Apple Card will get invites Tuesday to apply through Apple’s Wallet app. The company plans to expand sign-ups more broadly in coming weeks. The card, announced in March...
GateHouse, Gannett to merge for $1.4B, build newspaper giant
NEW YORK — Two of the largest U.S. newspaper companies have agreed to combine for roughly $1.4 billion, creating a new industry giant that hopes to manage the crisis of print’s decline through sheer size. GateHouse Media, a fast-growing chain backed by an investment firm, is buying USA Today owner...
Kennametal says ‘softening markets’ hurt quarterly sales, earnings
Kennametal Inc. saw sales, net income and earnings per share drop as a result of softening of its markets during the fourth quarter that ended June 30 compared to a year ago, but it still posted increases in sales, net income and earnings for the 2019 fiscal year, the company...
Bid from New Kensington company awarded to rehabilitate I-70 bridges in West VirginiaVideo
WHEELING, W.Va. — West Virginia Gov. Jim Justice has awarded a nearly $215 million bid to improve bridges on Interstate 70. News outlets report the selection of the lowest bid for the project was announced Monday in Wheeling. New Kensington-based Swank Construction won the project to rehabilitate or replace more...
U.S. labels China a ‘currency manipulator’ as stocks fall and trade war worsens
WASHINGTON — The U.S.-China trade war took a dangerous turn for the worse Monday as Beijing allowed its currency to weaken and said it was halting new American farm purchases, sending U.S. stocks in a tailspin and heightening risks of a global economic downturn. The Chinese actions were seen as...
Stocks suffer worst rout of year as China escalates trade warVideo
NEW YORK — stocks plunged to their worst loss of the year Monday and investors around the world scrambled to sell on worries about how much President Trump’s worsening trade war will damage the global economy. China let its currency, the yuan, drop to its lowest level against the dollar...
Japan’s NEC shows ‘flying car’ hovering steadily for minute
ABIKO, Japan — Japanese electronics maker NEC Corp. on Monday showed a “flying car,” a large drone-like machine with four propellers that hovered steadily for about a minute. The test flight reaching 3 meters (10 feet) high was held in a gigantic cage, as a safety precaution, at an NEC...
Ford shows most powerful street-legal Mustang with 760 hp
DETROIT — The most powerful street-legal Ford Mustang ever built will go on sale this fall. A 5.2-liter supercharged V8 will crank out 760 horsepower in the 2020 Shelby GT500. The new version has a beefed-up suspension and brakes. It also has a seven-speed automatic transmission that Ford promises will...
Blackjewel’s coal assets sold at auction; hearing Monday
CHARLESTON, W.Va. — Contura Energy has made a successful bid at an auction for the assets of three Blackjewel LLC coal mines, including two of the top producers in the country. The results are subject to a federal bankruptcy judge’s approval Monday in Charleston. The judge ordered the parties to...
Kennametal to start layoffs at Carbidie plant; 60 workers impacted in closure
Kennametal Inc. will begin laying off its 60 workers from its Carbidie plant in Hempfield in October and continue through the end of March 2020, when the plant will close, according a notice the company filed with the state. Kennametal, an industrial toolmaker with corporate offices in Unity, recently notified...
FedEx to invest additional $450 million to modernize hub
MEMPHIS, Tenn. — FedEx Corp. is investing an additional $450 million to improve operations at its busy hub in Memphis, Tenn. The shipping giant’s announcement Friday at Memphis International Airport increases its investment toward modernizing its Memphis hub to about $1.5 billion. The company announced in March 2018 a $1.1...
Chick-fil-A tops poll as America’s favorite fast-food spot
Even with one day tied behind its back, Chick-fil-A has taken the crown as the nation’s favorite fast-food joint. The latest edition of MarketForce Information’s annual consumer study reveals more customers are loyal to Chick-fil-A than any other quick-service restaurant (MarketForce’s terminology). RestaurantNews reports MarketForce surveyed over 7,600 consumers, asking...
Trump threatens 10% tariffs on China starting Sept. 1
WASHINGTON — President Donald Trump says the United States will apply a new tariff of 10% on about $300 billion worth of products from China on Sept. 1. Trump tweeted Thursday amid slow-moving talks with China that negotiations will continue. But he blamed China for not following through on stopping...
Stock markets recover their poise after Fed rate confusion
LONDON — Global stock markets recovered their poise Thursday after the U.S. central bank’s first rate cut in more than a decade had initially been greeted with some disappointment on Wall Street. The Fed’s quarter-point cut was widely expected so there was much more interest in the accompanying statements from...
Fed cuts key rate in its first reduction in more than decade
WASHINGTON — The Federal Reserve cut its key interest rate Wednesday for the first time in a decade to try to counter threats ranging from uncertainties caused by President Donald Trump’s trade wars to chronically low inflation and a dim global outlook. The Fed also repeated a pledge to “act...
Networks sue Locast, a service that streams TV for free
NEW YORK — The country’s biggest TV networks — ABC, CBS, NBC and FOX — are suing Locast, a streaming service that transmits their broadcasts for free. The companies say that Locast is violating their copyrights. Locast has held that under the law, it is allowed to stream the networks...
