Business category, Page 32
Highmark ekes out $15 million margin in first quarter of 2025
Highmark Health brought in more money than it lost in the first quarter of 2025, but just barely. Financial results released Thursday show the health care and insurance provider made $15 million in operating income on $8 billion in revenue between January and March. The success, to some extent, was...
Giant Eagle to take over prescriptions from 78 Rite Aid stores
Giant Eagle will take over pharmacy prescriptions from 78 Rite Aid stores that are closing across Pennsylvania and Ohio, the supermarket chain announced Thursday. Rite Aid filed for Chapter 11 bankruptcy protection earlier this month. According to Giant Eagle, transferred prescriptions will go to locations most convenient for affected customers....
Victoria’s Secret U.S. website is down as lingerie seller addresses ‘security incident’
NEW YORK — Victoria’s Secret has taken down its U.S. website and says some in-store services will also be unavailable as it addresses an unspecified “security incident.” A message to customers remained in place of the popular lingerie brand’s normal shopping site Thursday, stating that the Ohio-based company had halted...
Average rate on a U.S. 30-year mortgage rises to 6.89%, its highest level since early February
The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since early February, further pushing up borrowing costs for homebuyers. The rate increased to 6.89% from 6.86% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.03%. Borrowing...
Hit by Trump trade wars, U.S. economy falls 0.2% in 1st quarter, an upgrade from initial estimate
WASHINGTON — The U.S. economy shrank at a 0.2% annual pace from January through March, the first drop in three years, as President Donald Trump’s trade wars disrupted business, the government said Thursday in a slight upgrade of its initial estimate. First-quarter growth was brought down by a surge in...
JD Vance urges crypto industry to stay involved in politics as he touts Trump administration’s recordVideo
Vice President JD Vance praised the cryptocurrency industry Wednesday and urged it to remain active in U.S. politics and policymaking, highlighting the Trump administration’s close ties to a deep-pocketed industry that’s become a powerful force in Washington. Speaking at a bitcoin conference in Las Vegas, Vance urged the crypto executives...
ATI’s Specialty Rolled Products lands long-term Airbus deal
ATI has a multi-year contract with Airbus, the world’s leading helicopter manufacturer and largest producer of airliners. The majority of the deal will be served by Specialty Rolled Products, ATI’s Harrison facility, with other operations in Brackenridge, Vandergrift, Latrobe and Washington, Pa. The specialty metals manufacturer will produce Airbus’ titanium...
Macy’s profit and sales slip and it cuts profit forecast for 2025, but tops Q1 expectations
NEW YORK — Macy’s sales and profit slipped in its first quarter and the department store, citing more cautious customers and the impact that the U.S. trade war will have on the company and its shoppers, trimmed its profit forecast for 2025. However, the New York retailer which also owns...
Walmart adds Bethel Park Shopping Center to sprawling real estate portfolio
Walmart has bought the Bethel Park Shopping Center for $39.6 million, reflecting its longstanding strategy of owning its stores and, often, surrounding properties. Allegheny County property records show the 22-acre lot changed hands May 5. The previous owner, Texas-based commercial real estate firm Tabani Group, bought the center in 2023...
John Dorfman: 5 companies that consistently buy back their own shares
When a company buys back its own shares, shareholders often benefit. With fewer shares outstanding, each share is likely to be worth more. In the past 20 years, buybacks have become increasingly popular. Many companies prefer them to dividends because they have a softer tax impact. Dividends stick shareholders with...
United is narrowing its check-in window for U.S. flights. Here’s how it compares to other airlines
NEW YORK — Stragglers beware: U.S. travelers flying with United Airlines will have to check in to domestic flights a little earlier starting next week. That is, if they’re customers only taking carry-on bags. Effective June 3, United’s “check-in cutoff” for most U.S. flights will be 45 minutes before departure....
Southwest Airlines grounds free bag policy
Southwest Airlines, long favored by travelers for its free checked bags, is ending that popular policy. Starting Wednesday, most Southwest passengers will pay $35 for their first checked bag and $45 for the second, the New York Times reported. However, customers flying Business Select or those with high loyalty status...
Volvo Cars cutting 3,000 jobs to reduce costs
FRANKFURT, Germany — Sweden-based Volvo Cars is eliminating 3,000 positions as part of a cost-cutting program as the automotive industry faces challenges from trade tensions and resulting economic uncertainty. The company said Monday that around 1,200 of the job reductions would come among workers in Sweden, with another 1,000 positions...
U.S. government to have control in Nippon Steel-U.S. Steel deal, Trump and Sen. McCormick say
HARRISBURG — U.S. Sen. David McCormick said Tuesday that an arrangement that will allow Japan-based Nippon Steel to invest in U.S. Steel will guarantee an American CEO, a majority of board members from the United States and U.S. government approval over certain corporate functions. The Pennsylvania senator spoke on CNBC,...
Trump administration orders Michigan coal plant to stay open
DETROIT — The U.S. Energy Department ordered a Michigan coal-fired power plant to remain open, at least until late August, citing possible electricity shortfalls in the central U.S. State regulators immediately fired back, saying it’s unnecessary to keep Consumers Energy’s J.H. Campbell plant open. It was supposed to close May...
Trump Media says investors will fund a company ‘bitcoin reserve’ through share purchases
President Donald Trump’s media company said Tuesday that institutional investors will buy $2.5 billion in the company’s stock with the proceeds going to build up a bitcoin reserve. About 50 institutional investors will put up $1.5 billion in the private placement for common shares in the company and another $1...
Final boarding call for free bags at Southwest as airline abandons a cherished perk
It’s the last day to book a flight on Southwest Airlines without being hit with a fee to check bags after the airline abandoned a decades-long luggage policy that executives once described as key to differentiating the budget carrier from its rivals. The airline announced the change in March, saying...
Tesla’s monthly sales in Europe plunge by half, signaling backlash against Musk runs deep
LONDON — Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday. The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk...
Report: EPA wants to end greenhouse gas limits on power plantsVideo
The Environmental Protection Agency has drafted plans to remove limits on greenhouse gases from fossil fuel-fired power plants in the United States, the New York Times reported, citing internal agency documents. The draft was sent to the White House for review on May 2 and could be changed before its...
Molson Coors and Cigna Head My “Do Nothing” Stock List
You probably wouldn’t bet on a horse that usually finishes in the middle of the pack. But, in the stock market, sometimes that’s a good idea. Once a year, I write about my “Do Nothing Club,” a group of stocks that linger near their prices from a year ago but...
Venezuelan workers at Disney put on leave from jobs after losing protective status
ORLANDO, Fla. — Almost four dozen Venezuelan workers who had temporary protected status have been put on leave by Disney after the U.S. Supreme Court allowed the Trump administration to strip them of legal protections. The move was made to make sure that the employees were not in violation of...
National security panel split on risks of U.S. Steel deal — again
The Committee on Foreign Investment in the United States (CFIUS) remains divided on whether U.S. Steel’s proposed sale to Tokyo-based Nippon Steel presents a national security risk, but most panel members think there’s a path forward for the deal. Reuters broke the news Thursday, citing an anonymous White House official....
Macy’s recalls thousands of infant pajamas over potential elastic hazard
Macy’s announced they are recalling About 16,300 of their infant pajamas due to a potential hazard. According to the Consumer Product Safety Commission, the department store chain is recalling its Holiday Lane Infant Footed Pajamas because the elastic on the pajamas’ ankles can be too tight and restrict blood circulation....
Trump threatens 50% tariffs on EU and 25% penalties on Apple as his trade war intensifies
WASHINGTON — President Donald Trump on Friday threatened a 50% tax on all imports from the European Union as well a 25% tariff on Apple products unless iPhones are made in America. The threats, delivered over social media, reflect Trump’s ability to disrupt the global economy with a burst of...
Average rate on U.S. 30-year mortgage rises to 6.86%, its highest level since mid-February
The average rate on a 30-year mortgage in the U.S. climbed this week to its highest level since mid-February, a setback for home shoppers that threatens to slow sales further this spring homebuying season. The rate increased to 6.86% from 6.81% last week, mortgage buyer Freddie Mac said Thursday. A...
