Business category, Page 54
Average rate on a 30-year mortgage in the U.S. falls to 6.69%
The average rate on a 30-year mortgage in the U.S. eased again this week, slipping to its lowest level since late October. The rate dropped to 6.69% from 6.81% last week, mortgage buyer Freddie Mac said Thursday. A year ago the rate averaged 7.03%. Borrowing costs on 15-year fixed-rate mortgages,...
Consumer Reports survey finds electric vehicle reliability improving but lagging gas models
DETROIT — The reliability of electric vehicles and plug-in hybrids has dramatically improved, narrowing a wide gap with gas-powered automobiles, according to the latest survey by Consumer Reports. But vehicles with internal combustion engines and gas-electric hybrids are still far more dependable, the survey found. Consumer Reports subscribers, who filled...
U.S. applications for jobless benefits rise last week but remain at low levels
The number of Americans applying for unemployment benefits rose last week but remains at historically healthy levels. Jobless claim applications rose by 9,000 to 224,000 for the week of Nov. 30, the Labor Department reported Thursday. That’s more than the 214,000 analysts were forecasting. Continuing claims, the total number of...
Bitcoin has surpassed the $100,000 mark as the post-election rally continues. What’s next?
NEW YORK — Bitcoin topped $100,000 for the first time this week as a massive rally in the world’s most popular cryptocurrency, largely accelerated by the election of Donald Trump, rolls on. The cryptocurrency officially to rose six figures Wednesday night, just hours after the president-elect said he intends to...
Why Trump and the Federal Reserve could clash in the coming years
WASHINGTON — President-elect Donald Trump campaigned on the promise that his policies would reduce high borrowing costs and lighten the financial burden on American households. But what if, as many economists expect, interest rates remain elevated, well above their pre-pandemic lows? Trump could point a finger at the Federal Reserve,...
District of Columbia says Amazon secretly stopped fast deliveries to 2 predominantly Black zip codes
The District of Columbia sued Amazon on Wednesday, alleging the company secretly stopped providing its fastest delivery service to residents of two predominantly Black neighborhoods in Washington while still charging residents millions of dollars for a service that promises the benefit. The complaint filed in District of Columbia Superior Court...
John Dorfman: Bosses are buying at these 4 companies
Chief executives probably know their companies better than anyone else. So when the boss is buying his company’s stock, it’s wise to pay attention. Here are four stocks I think deserve a look. In each case, the chief executive officer (CEO) has made a significant purchase in the past few...
Nearly 30% of U.S. drugstores closed in 1 decade, study shows
Nearly three out of 10 U.S. drugstores that were open during the previous decade had closed by 2021, new research shows. Black and Latino neighborhoods were most vulnerable to the retail pharmacy closures, which can chip away at already-limited care options in those communities, researchers said in a study published...
‘Gut punch’: Trump upsets local union leaders by opposing U.S. Steel-Nippon deal
On Monday night, President-elect Donald Trump reiterated his opposition to the proposed $14.9 billion sale of U.S. Steel to Japan’s Nippon Steel Co., vowing to block the deal when he takes office. Some steelworkers in Pittsburgh’s Mon Valley who support the deal — and Trump — weren’t happy. “I am...
GM adds over 132,000 heavy duty pickups to recall for tailgates that can open unexpectedly
DETROIT — General Motors is adding over 132,000 heavy-duty pickups in the U.S. to a previous recall for tailgate release switches that can short circuit and open the gates while the trucks are in park. The recall adds certain 2024 Chevrolet Silverado and GMC Sierra 2500 and 3500 trucks to...
Sewickley-based Custos IQ recognized for excellence in cybersecurity
A Sewickley-based cybersecurity business has been recognized for excellence as a start-up company. Custos IQ was named a 2024 Tech 50 finalist in the start-up company culture category by the Pittsburgh Technology Council from Intersections of Possibility. Co-owners Robert Ragan Jr. and Isabelle Syring work with a small team of...
Small business owners brace for Trump’s proposed tariffs
Small businesses are bracing for stiff tariffs that President-elect Donald Trump has proposed as one of his first actions when he takes office. Trump has proposed importers pay a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China,...
Dick’s to bring House of Sport concept to Westmoreland Mall
A Dick’s House of Sport planned for the vacant Sears spot at Westmoreland Mall would be the second House of Sport concept store in the Pittsburgh region. It also follows a trend as malls evolve to remain relevant in the wake of the collapse of former retail giants like Sears....
Delaware judge reaffirms ruling that invalidated massive Tesla pay package for Elon Musk
DOVER, Del. — A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package. Chancellor Kathaleen St. Jude McCormick on Monday denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the...
General Motors to sell its stake in Michigan battery factory to LG Energy Solution
DETROIT — General Motors has reached an agreement to sell its stake in a nearly completed electric vehicle battery plant in Lansing, Michigan. The company said Monday that it has a nonbinding agreement for the sale to joint venture partner LG Energy Solution of South Korea. The companies expect to...
Cyber Monday shoppers expected to set record on the year’s biggest day for online shopping
Consumers in the United States are scouring the internet for online deals as they look to take advantage of the post-Thanksgiving shopping marathon with Cyber Monday. Even though e-commerce is now part and parcel of many people’s regular routines and the holiday shopping season, Cyber Monday — a term coined...
Stellantis CEO Carlos Tavares resigns as carmaker continues to struggle with slumping sales
NEW YORK — Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the automaker, which owns car brands such as Jeep and Ram, amid an ongoing struggle with slumping sales. The world’s fourth-largest carmaker announced that its board accepted Tavares’ resignation on Sunday....
Southwest Airlines says it is ending cabin service earlier to reduce chance of injury
Southwest Airlines says it is ending its cabin service earlier on its flights starting next month. Beginning on Dec. 4, a company spokesperson said, flight attendants will begin preparing the cabin for landing at an altitude of 18,000 feet (5,486 meters) instead of 10,000 feet (3,048 meters). The change in...
Former Meier & Sons Hardware building to get 2 new tenants
John Meier & Sons Hardware in Murrysville was filled with tools from 1953 until its closing in 2022. Soon, it will be filled with tools for self-defense and improved physical performance. The Murrysville branch of ATA Martial Arts, and Gallagher Performance will be the new tenants following a building-wide remodel...
Brown Mamas Marketplace a way to support Black women on Small Business Saturday
Muffy Mendoza, founder of Brown Mamas, Inc. and the Brown Mamas Marketplace, is excited about the next iteration of the marketplace on Saturday. It is no coincidence that the event aligns with Small Business Saturday, kicking off the holiday shopping season by supporting Black women. She started Brown Mamas in...
Avocados, tequila, other iconic Mexican products jeopardized by Trump’s tariff threats
URUAPAN, Mexico — Mexicans are worried that threats by Donald Trump to impose 25% tariffs could affect a wide range of iconic Mexican products and threaten entire regional economies. In western Mexico, no crop supplies an income for so many small growers as avocados. But avocado growers, pickers and packers...
Why retailers still see Black Friday as the high point of the holiday shopping season
NEW YORK — After weeks of plugging increasingly inviting discounts, retailers in the United States and several other countries are preparing for prime time: Black Friday, the bargain bonanza that still reigns as the unofficial kickoff of the holiday shopping season even if it’s lost some luster. Department stores, shopping...
‘A hand up’: SSA grad partners with celebrity chef to continue vet-run food truck program
The death of a friend who struggled to find the resources to start a culinary business inspired Lt. Cmdr. Jordan J. Foley to create a food truck program. His late friend was a classmate at the U.S. Naval Academy in Annapolis, Md. “My friend didn’t have the support network to...
U.S. inflation gauge ticks higher with price pressures still stubborn
WASHINGTON — Consumer price increases accelerated last month, the latest sign that inflation’s steady decline over the past two years has stalled in recent months. According to the Federal Reserve’s preferred inflation gauge, consumer prices rose 2.3% in October from a year earlier, the Commerce Department said Wednesday. That is...
Number of Americans filing for jobless benefits falls again and hovers near 7-month lows
The number of Americans applying for unemployment benefits fell last week, remaining near seven-month lows. Jobless claim applications fell by 2,000 to 213,000 for the week of Nov. 23, the Labor Department reported Wednesday. The previous week’s level was revised up by 2,000 from 213,000, to 215,000. However, continuing claims,...
