Business category, Page 49
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...
Honda Civic hybrid, Ford Ranger and Volkswagen ID. Buzz win 2025 North American vehicle awards
DETROIT — The Honda Civic hybrid won the 2025 North American Car of the Year award, while the Ford Ranger took the crown for the truck honors, and Volkswagen ID. Buzz won the utility award. The honors, announced Friday morning during an Automotive Press Association event kicking off the North...
U.S. added a strong 256,000 jobs in December as unemployment rate dipped to 4.1%
U.S. hiring picked up unexpectedly in December as employers added a strong 256,000 jobs, another sign of the economy’s resilience in the face of high interest rates. The Labor Department reported Friday that job growth was up last month from 212,000 in November. For all of 2024, the economy added...
Constellation buying Calpine in $26.6 billion deal that would join 2 huge U.S. power companies
Constellation is buying power natural gas and geothermal power provider Calpine for $16.4 billion, joining together two of the country’s biggest power companies. The transaction includes 50 million shares of Constellation stock, $4.5 billion in cash and the assumption of approximately $12.7 billion of Calpine debt. When accounting for cash...
Striking ski patrollers at the biggest U.S. resort return to work claiming victory
Two hundred Utah ski patrollers returned to work Thursday after voting to accept a new labor contract and end a nearly two-week strike that closed many trails and caused long lift lines at the ones that remained open during a busy time of year at the country’s biggest ski resort....
No more fact-checking for Meta. How will this change media — and the pursuit of truth?
“Everyone is entitled to his own opinion, but not his own facts,” the late New York Sen. Daniel Patrick Moynihan memorably wrote four decades ago. That seems like a simpler time — especially when you consider Meta’s decision to end a fact-checking program on social media apps Facebook, Instagram and...
Working Well: Saying no is hard, but setting boundaries can improve your health
NEW YORK — When Justin Stewart started his career, he juggled several jobs to make ends meet. He poured himself into his full-time role as a news show production assistant from 3 a.m. until noon. Then he rushed to the airport where he rented cars or to the big box...
Trump might still have sway in U.S. Steel-Nippon deal
President-elect Donald Trump’s comments Tuesday, touting a United Arab Emirates company’s planned $20 billion investment in U.S. data centers, could spark hope for the proposed takeover of U.S. Steel by Japan’s Nippon Steel. Though Trump previously said he was not in favor of a foreign company assuming ownership of the...
Service workers union rejoins AFL-CIO after 20 years just ahead of Trump’s inauguration
WASHINGTON — The Service Employees International Union is returning to the AFL-CIO after 20 years, betting that a united labor movement will do more to help workers overcome legal challenges to organize and join unions. The union groups’ executive boards each unanimously approved the combination on Wednesday, with plans to...
Longshoremen reach tentative agreement with ports, shippers, averting potential strike
U.S. longshoremen reached a contract agreement with ports and shippers Wednesday, averting a potential strike that could have damaged the American economy. The International Longshoremen’s Association union and the U.S. Maritime Alliance of ports and shipping companies said they had reached a tentative agreement for a six-year contract, a week...
