Business category, Page 42
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 workVideo
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.Video
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 announcementVideo
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...
Kroger Chairman and CEO resigns following investigation into personal conduct
Kroger Chairman and CEO Rodney McMullen has resigned after an internal investigation into his personal conduct. Kroger, the nation’s largest grocery chain, said Monday that the investigation into McMullen’s personal conduct was unrelated to the business, but was found to be inconsistent with its business ethics policy. Board member Ronald...
Veteran businesswoman finds success, satisfaction with specialty gift shop in Aspinwall
Rosie Welsh knows how to think pink. The Fox Chapel native and lifelong resident has perfected showcasing pink as the signature color of Rosebud’s, a specialty gift shop in Aspinwall’s historic business district. “Somebody told me on day one that if I made it for five years, then I’d made...
From Alaska to Maine, communities that border Canada worry U.S. tariffs come at a personal cost
DETROIT — At the U.S. Embassy in Ottawa, a quote from former President Ronald Reagan is engraved on one wall. “Let the 5,000-mile border between Canada and the United States stand as a symbol for the future,” Reagan said upon signing a 1988 free trade pact with America’s northern neighbor....
ATI reaches tentative contract agreement with United Steelworkers
A tentative agreement was reached between ATI and the United Steelworkers on Friday, according to statements released by both the metals company and union officials. The union released a statement saying it’s a six-year deal impacting 1,000 union members across locations including Brackenridge, Harrison, Vandergrift, Latrobe, Washington, Pa., and Lockport,...
Microsoft shutting down Skype in May
REDMOND, Wash. — Microsoft is closing down Skype, the video-calling service it bought for $8.5 billion in 2011. The tech giant said Friday it will retire Skype in May and shift some of its services to Microsoft Teams, its flagship videoconferencing platform. Skype users will be able to use their...
Tariff threats and uncertainty could weigh on consumers, drag down U.S. economy, government report suggests
WASHINGTON — Ongoing tariff threats from Washington and potentially sweeping government job cuts have darkened consumers’ mood and may be weighing on an otherwise mostly healthy economy. Data released Friday showed that consumers slashed their spending by the most since February 2021, even as their incomes rose. On a positive...
Are egg producers inflating prices during the bird flu outbreak to boost profits?
OMAHA, Neb. — Egg producers blame the bird flu outbreak for driving prices to record highs, but critics believe giant companies are taking advantage of their market dominance to profit handsomely at the expense of budget-conscious egg buyers. Advocacy groups, Democratic lawmakers and a Federal Trade Commission member are calling...
Trump plans tariffs on Mexico and Canada for Tuesday, while doubling existing 10% tariffs on China
WASHINGTON — President Donald Trump plans to impose tariffs on Canada and Mexico starting Tuesday, in addition to doubling the 10% universal tariff charged on imports from China. In a Truth Social post Thursday, Trump said illicit drugs such as fentanyl are being smuggled into the United States at “unacceptable...
EU pushes back hard against Trump tariff threats and his caustic comments that bloc is out to get U.S.
BRUSSELS — The European Union on Thursday pushed back hard against allegations by President Donald Trump that the 27-nation bloc was out to get the United States, and warned that it would vigorously fight any wholesale tariff of 25% on all EU products. The tit-for-tat dispute following the comments of...
Number of Americans filing for unemployment benefits rises to 242K, highest level in 3 months
Applications for U.S. jobless benefits rose to a three-month high last week but remained within the same healthy range of the past three years. The number of Americans filing for jobless benefits rose by 22,000 to 242,000 for the week ending Feb. 22, the Labor Department said Thursday. Analysts projected...
Banana Republic on Walnut Street in Shadyside to close
The Banana Republic store on Walnut Street in Shadyside is set to close after being open for more than 30 years. Two signs posted in the store’s windows say “We’re Closing: March 2025.” A specific date has not been announced. The two-story store is located at 5542 Walnut St., at...
The Trump administration sets the stage for large-scale federal worker layoffs in a new memo
WASHINGTON — Federal agencies must develop plans to eliminate employee positions, according to a memo distributed by President Donald Trump’s administration that sets in motion what could become a sweeping realignment of American government. The memo expands the Republican president’s effort to downsize the federal workforce, which he has described...
