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Business category, Page 37

Mortgage rates have declined but could stay at a level that makes it tough to afford a home
LOS ANGELES — Mortgage rates have been mostly declining in recent weeks, helping encourage prospective home shoppers just as the spring homebuying season gets going. But the same factors that have pulled mortgage rates to their lowest level since December — signs that the U.S. economy is slowing and uncertainty...
The U.S. penny costs nearly 4 cents to make. But for 1 sector of souvenir sellers, it's a living
NEW YORK — President Donald Trump talks of big change in his second term of office. But he’s not forgetting small change, either. Trump ordered the Treasury Department to stop making pennies with a Feb. 10 sentence on his social media account that followed years of conservatives pointing out that...
Cracker plant in Beaver County could be sold as Shell looks to offload chemical assets
Shell is considering a sale of its chemical assets in the U.S. and Europe, including the cracker plant in Beaver County. The Wall Street Journal, citing sources familiar with the matter, has reported one of the world’s largest oil and gas companies could offload its less-profitable chemicals division as part...
Wall Street rebounds after Trump pulls back on some of his tariffs 
NEW YORK — Stocks climbed Wednesday after President Donald Trump pulled back on some of his tariffs temporarily. The move revived hope on Wall Street that Trump may avoid a worst-case trade war that grinds down economies and sends inflation higher. The S&P 500 rose 1.1% to bounce back from...
Trudeau not willing to lift Canada's retaliatory tariffs if Trump leaves some tariffs on Canada
TORONTO — Canadian Prime Minister Justin Trudeau is unwilling to lift Canada’s retaliatory tariffs on the United States if President Donald Trump leaves any U.S. tariffs on Canada, a senior government official told The Associated Press on Wednesday. The official confirmed Trudeau’s stance on the condition of anonymity because they...
Judge denies Elon Musk's request to block OpenAI for-profit conversion but welcomes trial
OAKLAND, Calif. — A federal judge has denied Elon Musk’s request for a court order blocking OpenAI from converting itself to a for-profit company but said she could expedite a trial to consider Musk’s claims against the ChatGPT maker and its CEO. U.S. District Judge Yvonne Gonzalez Rogers ruled late...
3 Western Pa. federal buildings listed, then removed, to be closed or sold
The Trump administration on Tuesday released a list of hundreds of federal properties it says it could close or sell, including offices for the Social Security Administration and Internal Revenue Service, after deeming them “not core to government operations.” The list, which has since been taken down from the General...
Businesses scramble to contain fallout from Trump's tariffs on Canada, China and Mexico
A Minnesota farmer worries about the price of fertilizer. A San Diego entrepreneur deals with an unexpected cost increase of remodeling a restaurant. A Midwestern sheet metal fabricator bemoans the prospect of higher aluminum prices. Businesses knew that Trump’s import taxes — tariffs — on America’s biggest trading partners were...
Cybercrime crew stole then resold hundreds of tickets to Swift concerts, prosecutors say
NEW YORK — A cybercrime crew stole then resold more than 900 digital tickets to Taylor Swift concerts and other pricey events on StubHub, according to prosecutors in New York. The international scam involved people working in Jamaica for a firm contracted by the online ticket marketplace, Queens District Attorney...
BlackRock strikes deal to bring ports on both sides of Panama Canal under American control
A Hong Kong-based conglomerate has agreed to sell its controlling stake in a subsidiary that operates ports near the Panama Canal to a consortium including BlackRock Inc., effectively putting the ports under American control after President Donald Trump alleged Chinese interference with the operations of the critical shipping lane. In...
IRS drafting plans to cut as much as half of its 90,000-person workforce
WASHINGTON — The IRS is drafting plans to cut its workforce by as much as half through a mix of layoffs, attrition and incentivized buyouts, according to two people familiar with the situation. The people spoke on condition of anonymity because they weren’t authorized to disclose the plans. The layoffs...
Wall Street wipes out all post-election gains for S&P 500 
Stocks racked up more losses on Wall Street Tuesday as a trade war between the U.S. and its key trading partners escalated, wiping out all the gains since Election Day for the S&P 500. The Trump administration imposed tariffs on imports from Canada and Mexico starting Tuesday and doubled tariffs...
Western Pa. braces for sticker shock as tariffs bring uncertainty for consumers, businesses
Ami Robinson said she had been pinching pennies before President Donald Trump’s new tariffs against America’s three biggest trading partners took effect Tuesday. “I think things were already more expensive than they were last year,” Robinson, 40, of Dormont said after leaving the Target store in Downtown Pittsburgh. “It’s just...
Here's what tariffs are and how they work 
WASHINGTON — Tariffs are in the news at the moment. Here’s what they are and what you need to know about them: Tariffs are a tax on imports Tariffs are typically charged as a percentage of the price a buyer pays a foreign seller. In the United States, tariffs are...
Starbucks brings in new finance chief as part of turnaround strategy
Starbucks named a new chief financial officer on Tuesday as part of a larger turnaround strategy. Cathy Smith, who has been Nordstrom’s CFO since 2023, will join Starbucks in the next month, Starbucks Chairman and CEO Brian Niccol said in a letter to employees. Smith previously served as the chief...
Wall Street's losing streak deepens as Trump's tariffs kick in
NEW YORK — Stocks tumbled in morning trading on Wall Street on Tuesday as a trade war between the U.S. and its key trading partners escalated, wiping out all the gains for the S&P 500 since Election Day. The tariffs between the U.S., China, Canada, and Mexico has helped to...
Uber teams up with Waymo to start selling driverless rides in Austin, Texas
Uber will shift into a new gear in Austin, Texas, on Tuesday when its ride-hailing service will begin dispatching self-driving cars to pick up passengers. The autonomous option is being provided through a partnership that brings together Uber and robotaxi pioneer Waymo, which already sells self-driving vehicle rides through its...
China slaps extra tariffs of up to 15% on imports of major U.S. farm exports, adds trade curbs
BEIJING — China announced Tuesday it will impose additional tariffs of up to 15% on imports of key U.S. farm products, including chicken, pork, soy and beef, and also expanded controls on doing business with key U.S. companies. The tariffs announced by the Commerce Ministry are due to take effect...
Trump's trade war draws swift retaliation as Mexico, Canada and China impose tariffs on the U.S. 
WASHINGTON — President Donald Trump launched a trade war Tuesday against America’s three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin as the U.S. faced the threat of rekindled inflation and paralyzing uncertainty for business. Just after midnight, Trump imposed...
Treasury ends enforcement of business ownership database meant to stop shell company formation
WASHINGTON — The U.S. Treasury Department announced it will not enforce a Biden-era small business rule intended to curb money laundering and shell company formation. In a Sunday evening announcement, Treasury said in a news release that it will not impose penalties now or in the future if companies fail...
Dow drops nearly 650 as worries build about the economy as a result of Trump's latest tariff announcement 
NEW YORK — Stocks tumbled Monday and wiped out out even more of their gains since President Donald Trump ’s election in November, after he said that tariffs announced earlier on Canada and Mexico would take effect within hours. The S&P 500 dropped 1.8% after Trump said there was “no...
Here are some goods in the crosshairs of Trump's tariffs on Mexico, Canada and China
President Donald Trump was poised to impose 25% taxes on imports from Canada and Mexico Tuesday and to double to 20% his levies on Chinese products. All three countries — America’s top trading partners — are threatening retaliation. The United States last year did nearly $2.2 trillion in the trade...
Trump sends crypto prices on a short-lived surge after announcement of strategic government reserve
Cryptocurrency prices briefly jumped after President Donald Trump’s surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund, an announcement that highlights Trump’s growing attempts to use volatile cryptocurrency prices as a barometer of his public support. Trump said...
Musk's embrace of right-wing politics risks turning off car buyers and sinking Tesla's stock
NEW YORK — Elon Musk’s car company is required each year to report to investors all the bad things that could happen to it, and the latest version lists every imaginable threat from costly lawsuits to out-of-control battery fires to war and another epidemic. But there’s barely any mention in...
UPMC reports $339 million operating loss in 2024
UPMC lost $929,000 a day last year amid a spending spree on new and expanded facilities. In its end-of-year financial report, the hospital and health insurance giant placed its operating losses at $339 million, up 71% from the previous year, when losses hit $198 million in 2023. UPMC attributed $128...


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