Business category, Page 48
Nintendo says its new Switch 2 console will be released in 2025
LOS ANGELES — Gaming giant Nintendo revealed its newest console Thursday in a highly anticipated announcement gamers had been waiting for since rumors of its release first spread years ago. But the initial reaction to the Nintendo Switch 2 was lackluster, and the company’s Tokyo-traded shares slumped 4.3% on Friday....
Springdale boiler house to be demolished conventionally instead of imploded, property owner says
The boiler house at Springdale’s former power plant will be torn down conventionally instead of imploded as the property owner originally planned. Scott Reschly, vice president of operations for Charah Solutions, said crews intend to demolish the boiler house at the former Cheswick Generating Station between mid-February and early March....
More Americans file for unemployment benefits last week, but layoffs remain historically low
The number of Americans applying for unemployment benefits rose last week, but layoffs remain historically low and the job market broadly healthy. Applications for jobless benefits rose by 14,000 for the week ending January 11, the Labor Department said Thursday, up from the previous week’s 203,000. The previous week’s figure...
U.S. retail sales rose modestly last month amid solid holiday shopping, boosting economy
Americans stepped up their spending at retail stores and restaurants last month in a clear sign that consumers are still able and willing to shop. Retail sales rose 0.4% in December from the previous month, the Commerce Department said Thursday, though down from November’s upwardly revised 0.8% gain. The figures...
How much is TikTok worth and who could buy it?
NEW YORK — The supremely popular TikTok could be banned on Jan. 19 under a federal law that forces the video sharing platform to divest itself from its China-based parent company, ByteDance, or shut down its U.S. operations. Several parties have expressed interest in buying the platform, but ByteDance has...
Jeff Bezos’ Blue Origin launches massive New Glenn rocket on 1st test flight and reaches orbit
CAPE CANAVERAL, Fla. — Blue Origin launched its massive new rocket on its first test flight Thursday, sending up a prototype satellite to orbit thousands of miles above Earth. Named after the first American to orbit Earth, the New Glenn rocket blasted off from Florida, soaring from the same pad...
U.S. recovers $31 million in Social Security payments to dead people
WASHINGTON — The U.S. government clawed back more than $31 million in Social Security payments that improperly went to dead people, a recovery that one official said Wednesday was “just the tip of the iceberg.” The money was reclaimed as part of a five-month pilot program after Congress gave the...
What’s so great about Wegmans? We went to the Erie store to askVideo
Wegmans is coming. Wegmans is coming. Wegmans executives said they are eyeing late 2027 as the target date to open their recently announced Cranberry location and hinted there could be more stores coming to the Pittsburgh area. So, why the hoopla? A TribLive journalist drove to the Erie store this...
FDA bans red dye No. 3 from foods
U.S. regulators on Wednesday banned the dye called Red 3 from the nation’s food supply, nearly 35 years after it was barred from cosmetics because of potential cancer risk. Food and Drug Administration officials granted a 2022 petition filed by two dozen food safety and health advocates, who urged the...
U.S. inflation likely remained elevated last month, threatening interest rate cuts
WASHINGTON — U.S. inflation probably worsened last month on the back of higher prices for gas, eggs, and used cars, a trend that could lessen the chance that the Federal Reserve will cut its key interest rate much this year. On Wednesday the Labor Department is expected to report that...
SEC sues Elon Musk, saying he didn’t disclose Twitter ownership on time before buying it
The Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site. As a result, the SEC alleges, Musk was able to underpay “by at least $150 million” for...
Cardinal Coffee opens cafe in Jeannette, continues legacy of owner’s deceased son
The past 15 years of Robert Zollinger’s life would undoubtedly look different if it weren’t for the dream of his son, Jason. Jason Zollinger envisioned running his own coffee roastery — a vision he put into motion through Cardinal Coffee Co. in 2010. Inviting his dad to join in on...
Consol merger with Arch: Well-positioned for global sales
Pennsylvania’s largest coal company on Tuesday completed its merger with the nation’s second-largest coal producer, creating an industry giant with 25 million tons of annual exporting capacity at a time when global coal use remains strong, according to industry observers. Consol Energy Inc. of Cecil and Arch Resources Inc. of...
John Dorfman: Can analysts pick stocks? I doubt it
Can professional analysts pick stocks? Don’t laugh. Analysts perform many valuable functions. They ask probing questions of management, estimate earnings and provide a wealth of information on companies and industries. However, a study I’ve been conducting for a quarter of a century suggests they are no better at picking stocks...
Wegmans looks to open Cranberry location in late 2027, hints at further expansion in regionVideo
Wegmans executives said they are eyeing late 2027 as the target date to open their recently announced Cranberry location and hinted there could be more stores coming to the Pittsburgh area. The store still has to get final approval from Cranberry Township and enter the permitting process for the proposed...
Trump says he will create an External Revenue Service agency to collect tariff income
WASHINGTON — President-elect Donald Trump on Tuesday announced plans to create a new agency called the External Revenue Service to collect tariffs and other revenues from foreign nations. “We will begin charging those that make money off of us with Trade, and they will start paying,” Trump said Tuesday on...
U.S. TikTok users flock to Chinese app Xiaohongshu in protest with TikTok ban looming
HONG KONG — As the threat of a TikTok ban looms, U.S. TikTok users are flocking to the Chinese social media app Xiaohongshu — making it the top downloaded app in the U.S. Some of the “TikTok refugees,” as they call themselves, say the TikTok alternative, a Chinese app, is...
10 restaurants, stores and chains we’d like to see come to Pittsburgh
A long-sought Wegmans will finally be coming to the Pittsburgh region, with the grocery store chain on Monday announcing plans to open a location in Cranberry. Other coveted regional chains have popped up locally in recent years, with Raising Canes opening its first location in Oakland in 2023 (followed by...
Hanging out at Starbucks will cost you as company reverses its open-door policy
If you want to hang out or use the restroom at Starbucks, you’re going to have to buy something. Starbucks on Monday said it was reversing a policy that invited everyone into its stores. A new code of conduct — which will be posted in all company-owned North American stores...
Amazon: $20M upgrade at Findlay warehouse to displace 432 workers
Online retailer Amazon said Monday it will displace 432 of 500 workers at its Findlay sorting center in March as the company makes more than $20 million in improvements at the facility over six to eight months. The package and delivery giant filed a Worker Adjustment and Retraining Notification, or...
Shapiro says this ‘broken process’ could lead to higher electricity costs
Spotlight PA is an independent, nonpartisan, and nonprofit newsroom producing investigative and public-service journalism that holds power to account and drives positive change in Pennsylvania. HARRISBURG — Pennsylvanians could face higher electricity bills if federal regulators don’t force the state’s grid operator to fix a “broken process” that artificially affects...
Biden administration delays deadline for U.S. Steel, Nippon Steel to kill merger
The Biden administration has given U.S. Steel and Japan’s Nippon Steel an extra six months to ditch their merger, keeping the deal alive as litigation unfolds over whether a national security panel’s review of it was tainted by political considerations. Under the watch of the Committee on Foreign Investment in...
Kohl’s to close 27 stores by April as struggling department stores works to improve sales
NEW YORK — Kohl’s said Friday it was closing 27 underperforming locations in 15 states by April — a fraction of its 1,150 store base — as the struggling department store chain aims to boost profitability and improve sagging sales. The announcement comes as the Menomonee Falls, Wisconsin-based chain has...
Latest NFL season highlights financial risks for sports betting companies when so many favorites win
NEW YORK — It’s been a tough football season for sports books. FanDuel and its key rival DraftKings have both showed investors that the house can indeed lose, or at least lose more than anticipated. Flutter Entertainment, which operates FanDuel and dominates the sports betting industry with a market value...
JCPenney merging with Aeropostale, Nautica operator to form a new company based in Texas
DALLAS — JCPenney is merging with a retail company with household names to form a new one based in Plano, Texas. The longtime local retailer and Sparc Group announced they have combined to form Catalyst Brands and will cover several brands: Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica...
