Business category, Page 62
U.S. Steel, Nippon get extension from national security panel on deal decision
The U.S. national security panel reviewing a $14.9 billion sale of U.S. Steel to a Japanese firm has extended its decision deadline, likely ensuring the proposal will live past the Nov. 5 election. Several outlets have reported the Committee on Foreign Investment in the United States, comprising numerous federal department...
Most of Wall Street edges lower after Fed delivers a big cut to rates
NEW YORK — Stock indexes edged lower Wednesday after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates. The S&P 500 slipped 0.3% to pull 0.9% below its all-time high set in July. The Dow Jones Industrial Average dipped 103 points,...
Iconic Tupperware Brands seeks Chapter 11 bankruptcyVideo
NEW YORK — Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection. Orlando, Florida-based Tupperware plans to continue operating during the bankruptcy proceedings and will seek court approval for a sale, “in order to protect its iconic brand,” the company said just...
Federal Reserve cuts key rate by sizable half-point, signaling end to its inflation fightVideo
WASHINGTON — The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers. The rate cut, the Fed’s first in more than...
John Dorfman: Trader in France scores 3rd victory in short-selling contest
Laurent Condon, a professional stock trader in France, has won my annual short-selling contest for a third time. Condon scored a 99.7% gain on his entry from a year ago, Mullen Automotive Inc., an electric car maker based in Brea, Calif. The stock descended from $45 a share when the...
Keeping children safe on social media: What parents should know to protect their kids
At what age should kids be on social media? Should they be on it at all? If they aren’t, will they be social pariahs? Should parents monitor their conversations? Do parental controls work? Navigating social media as a parent — not to mention a child — is not easy. Using...
Kroger, Albertsons prepare to make a final federal court argument for their merger
PORTLAND, Ore. — The federal government urged a U.S. District Court judge on Tuesday to temporarily prevent a proposed merger between Kroger and Albertsons, saying in closing arguments the combination would “almost certainly” benefit shareholders and not everyday shoppers. Lawyers for the Federal Trade Commission and for the supermarket chains...
Here’s why the auto industry supports a US Steel sale to Japan’s Nippon Steel
WASHINGTON — With a deal still in flux, the U.S. auto industry keeps pushing top government officials to allow the proposed acquisition of United States Steel Corp. by Japanese rival Nippon Steel Corp. That push, analysts told The Detroit News, signals how much the global auto industry operating in the...
Report: Railroads, regulators must address the dangers of long trains
OMAHA, Neb. — As freight trains have grown ever longer, the number of derailments related to the forces created when railcars push and pull against each other also increased, so the National Academies of Sciences said Tuesday in a long-awaited report that regulators, Congress and the industry should reexamine the...
Facebook owner Meta bans Russia state media outlets over ‘foreign interference’
LONDON — Meta said it’s banning Russia state media organization from its social media platforms, alleging that the outlets used deceptive tactics to amplify Moscow’s propaganda. The announcement drew a rebuke from the Kremlin on Tuesday. The company, which owns Facebook, WhatsApp and Instagram, said late Monday that it will...
Bill Gates calls for more aid to go to Africa and for debt relief for burdened countries
NEW YORK — The billionaire Microsoft co-founder and philanthropist Bill Gates thinks the richest governments should increase their support for African countries that have been overshadowed by development funding increasingly going toward the humanitarian response to the war in Ukraine as well as support for refugees around the world in...
U.S. retail sales ticked up last month in sign of ongoing consumer resilience
WASHINGTON — Americans spent a bit more at retailers last month, providing a small boost to the economy just as the Federal Reserve considers how much to cut its key interest rate. Retail sales ticked up 0.1% from July to August, after jumping the most in 18 months the previous...
Elon Musk has often inflamed politically tense moments, raising worries for U.S. election
NEW YORK— Hours after an apparent attempt on Donald Trump’s life over the weekend, Elon Musk took to his social platform X to post a thinking emoji and a comment that “no one is even trying to assassinate” the Democratic president and vice president. In the midst of anti-Muslim riots...
Boeing says it’s considering temporary layoffs to save cash during the strike by machinists
SEATTLE — Boeing plans to freeze hiring and reduce travel and is considering temporary layoffs to save cash during a factory workers’ strike that began last week, the company told employees Monday. The company said the moves, which include reduced spending on suppliers, were necessary because “our business is in...
Gannon University looks to merge with Ohio college
Gannon University in Erie and Ursuline College near Cleveland intend to merge, creating what leaders say would be the largest Catholic university system in the Lake Erie region. Presidents of both institutions outlined the move to their campuses Monday. The plan is subject to review by both institutions. If approved,...
Canned cocktail sales expand among Pennsylvania retailers following liquor code reform
As of Monday, Pennsylvanians finally have what Gov. Josh Shapiro has called “real freedom” — the freedom to buy canned cocktails from a wider variety of retailers. Under bipartisan legislation (Senate Bill 688) signed by the governor in July, about 12,000 restaurants, bars, beer distributors, grocery stores and gas stations...
Inflation Explained: Restaurants balance rising costs with consumer preferences
Editor’s note: This is the third story in an occasional series on the causes and impact of inflation. Economic struggles and too-good-to-be-true value menus go hand in hand. Without the Great Recession, there would have been no $5 footlong from Subway. That deal is long gone, but the latest economic...
New venture possibly coming to top of U.S. Steel tower
The view from the top of the U.S. Steel Tower, an iconic skyscraper in Downtown Pittsburgh, is breathtaking. People may be able to take in that site once again. Pittsburgh native Jeremy Goldman is working on a project through Honeycomb Credit to raise funds for tours such as those on...
U.S. consumer sentiment ticks higher for 2nd month but remains subdued
WASHINGTON — Americans’ outlook on the economy improved for the second straight month in September, bolstered by lower prices for long-lasting goods such as cars and furniture and the prospect of interest rate cuts by the Federal Reserve. The University of Michigan’s consumer sentiment index ticked up to 69 in...
Boeing factory workers go on strike after rejecting contract offer
SEATTLE — Aircraft assembly workers walked off the job early Friday at Boeing factories near Seattle and elsewhere after union members voted overwhelmingly to go on strike and reject a tentative contract that would have increased wages by 25% over four years. The strike started at 12:01 a.m. PDT, less...
USPS’ long-awaited new mail truck makes its debut to rave reviews from carriers
ATHENS, Ga. — The Postal Service’s new delivery vehicles aren’t going to win a beauty contest. They’re tall and ungainly. The windshields are vast. Their hoods resemble a duck bill. Their bumpers are enormous. “You can tell that (the designers) didn’t have appearance in mind,” postal worker Avis Stonum said....
U.S. filings for unemployment benefits inch up slightly but remain historically low
Slightly more Americans filed for unemployment benefits last week, but layoffs remain at historically low levels despite two years of elevated interest rates. Jobless claims rose by 2,000 to 230,000 for the week of Sept. 7, the Labor Department reported Thursday. That number matches the number of new filings that...
Most Americans don’t trust AI-powered election information: AP-NORC/USAFacts survey
WASHINGTON — Jim Duggan uses ChatGPT almost daily to draft marketing emails for his carbon removal credit business in Huntsville, Alabama. But he’d never trust an artificial intelligence chatbot with any questions about the upcoming presidential election. “I just don’t think AI produces truth,” the 68-year-old political conservative said in...
Norfolk Southern fires CEO Alan Shaw for an inappropriate relationship with an employee
Norfolk Southern said Wednesday it has fired CEO Alan Shaw for having an inappropriate relationship with a subordinate. His ouster comes after two difficult years in the top job and just days after the company’s board announced it was investigating him for alleged ethical lapses. The Atlanta-based railroad said Shaw...
Campbell wants to say goodbye to the ‘soup’ in its name. It isn’t the first to make such a change
NEW YORK — Campbell is ready to drop the soup — at least from its official name. Campbell Soup Co. announced its intention to change its name at an annual meeting of investors on Tuesday. The 155-year-old food seller, which is most famous for its namesake canned soups, says it...
