Business category, Page 63
John Dorfman: Chief executives buy at HighPeak Energy and MRC Global
Jack Hightower is a well-known guy in the oil business. His company, HighPeak Energy Inc. (HPK), based in Fort Worth, Texas, is barely known by investors. In late August and early September, Hightower spent more than $2.8 million to increase his stake in HighPeak, a company he founded. That brings...
Bad blood between USW, Nippon Steel may have doomed U.S. Steel deal from the start, emails show
On July 12, Takahiro Mori of Nippon Steel, the Japanese firm knee-deep in what increasingly appears to be a doomed acquisition of U.S. Steel, met with United Steelworkers President David McCall for the second time this year. A few days later, the Nippon executive vice president emailed McCall to thank...
U.S. inflation reaches a 3-year low as Federal Reserve prepares to cut interest ratesVideo
WASHINGTON — The post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a three-year low, clearing the way for the Federal Reserve to cut interest rates and likely shaping the economic debate in the final weeks of the presidential race. The report, released Wednesday by...
Southwest Airlines shakes up its board under pressure from a big shareholder
Southwest Airlines will revamp its board and the chairman will retire next year, but it intends to keep CEO Robert Jordan in a partial concession to hedge fund Elliott Investment Management, which has been pushing for changes at the airline including Jordan’s ouster. Southwest said Tuesday that six directors will...
Outgoing State System chancellor tapped by firm for national role
State System of Higher Education Chancellor Daniel Greenstein will join the consulting firm Baker Tilly and its higher education advisory practice. Greenstein, 64, will lead initiatives that deal with fast-evolving needs of higher education institutions, “prioritizing improved student outcomes and long-term institutional sustainability by optimizing operations, aligning academic portfolios with...
Google loses final EU court appeal against 2.4 billion euro fine in antitrust shopping case
LONDON — Google lost its final legal challenge on Tuesday against a European Union penalty for giving its own shopping recommendations an illegal advantage over rivals in search results, ending a long-running antitrust case that came with a whopping fine. The European Union’s Court of Justice upheld a lower court’s...
Google faces new antitrust trial after ruling declaring search engine a monopolyVideo
ALEXANDRIA, Va. — One month after a judge declared Google’s search engine an illegal monopoly, the tech giant faces another antitrust lawsuit that threatens to break up the company, this time over its advertising technology. The Justice Department, joined by a coalition of states, and Google each made opening statements...
AI: The new financial adviser? Not quite yet
Eric Kish is a fan of artificial intelligence. The Tarentum resident said he’s seen its efficiency through his work at a local insurance agency. “It makes processes go quicker — 24 hours a day as opposed to 9 to 5 when you have to talk to someone,” he said. Kish...
As artificial intelligence surges across daily life, so do concerns
The breakneck pace of advancements in artificial intelligence development has led to the technology touching seemingly every facet of life, from work to finances to health care. That rapid growth and unchecked development have created as much anxiety as hope, from Wall Street to the White House. But while AI...
These men are credited as being founding fathers of AI — and 2 are from Carnegie Mellon
Pittsburgh may not be the birthplace of AI, but it served as a cradle. And the technology is older than you probably think. Carnegie Mellon University is one of the places where AI was being developed more than 50 years ago. Tom Mitchell, who has taught at Carnegie Mellon since...
Stellantis recalls 1.5M Ram trucks to fix software bug that can disable stability control
DETROIT — Stellantis is recalling nearly 1.5 million Ram pickup trucks worldwide to fix a software problem that can disable the electronic stability control system. The recall covers certain trucks from the 2019 and 2021 through 2024 model years, mostly in North America. Stellantis said in a statement Saturday that...
Tyler Coulverson bridges financial literacy gaps, empowers communities in homeownership
When Tyler Coulverson was growing up, he only knew a CD as a small, round disc that loaded into a player and music echoed out. That’s the experience of many. “I spent many years thinking a CD was just an old-school disc, but in reality, a CD is a certificate...
Treasury recovers $1.3 billion in unpaid taxes from high wealth tax dodgers
WASHINGTON — The IRS has collected $1.3 billion from high wealth tax dodgers since last fall, the agency announced Friday, crediting spending that has ramped up collection enforcement through President Joe Biden’s signature climate, health care and tax package signed into law in 2022. Treasury Secretary Janet Yellen and IRS...
U.S. hiring rebounds slightly and unemployment rate dips in sign of still-slowing job market
WASHINGTON — Hiring by America’s employers picked up a bit in August from July’s sluggish pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy. Employers added 142,000 jobs last month, up from just 89,000...
With Musk’s X banned in Brazil, its users carve out new digital homes
RIO DE JANEIRO — As billionaire Elon Musk’s clash with a Brazilian Supreme Court justice came to a head last week, there were legal twists, insults, ultimatums, defiance and then, finally, capitulation. When the digital dust settled, X had become an ex. Musk’s social media platform was banned nationwide and...
The U.S. government is looking into airline frequent-flyer programs
The Biden administration says it is examining the four largest U.S. airline frequent-flyer programs and how they devalue points that consumers have earned and frequently change the number of points or miles needed to book flights. Transportation Secretary Pete Buttigieg wrote to the CEOs of American, Delta, Southwest and United...
Verizon is buying Frontier in $20B deal to strengthen its fiber network
Verizon is buying Frontier Communications in a $20 billion deal to strengthen its fiber network. Verizon Communications Inc. said Thursday that the acquisition will also shore up its foray into artificial intelligence as well as connected smart devices. Frontier has concentrated heavily on its fiber network capabilities over about four...
Ex-Pittsburgher pleads guilty to swindling investors out of $2M in green energy scheme
A former Pittsburgher admitted Wednesday in court to using a sham energy company to bilk victims out of more than $2 million he and his colleagues used to gamble, pay court-ordered fines and buy jewelry, boats, furniture and wedding gifts. Jonathan Freeze, 65, pleaded guilty in federal court in Pittsburgh...
U.S. Steel rallies for sale to Nippon Steel as Biden threatens to block deal
Standing before a sea of workers in orange jackets and hard hats, U.S. Steel executive Scott Buckiso argued for a $14.9 billion sale to Nippon Steel at a rally in downtown Pittsburgh on Wednesday. Buckiso, senior vice president and chief manufacturing officer of U.S. Steel’s North American Flat-Rolled segment, zeroed...
Workers at GM joint venture battery plant in Tennessee unionize and will get pay raise
DETROIT — About 1,000 workers at a General Motors joint venture electric vehicle battery plant in Spring Hill, Tennessee, will get big pay raises now that they have joined the United Auto Workers union. GM and LG Energy Solution of Korea, which jointly run the plant, agreed to recognize the...
U.S. job openings fall as demand for workers weakens
WASHINGTON — America’s employers posted fewer job openings in July than they had the previous month, a sign that hiring could cool in the coming months. The Labor Department reported Wednesday that there were 7.7 million open jobs in July, down from 7.9 million in June. The pace of hiring...
Nordstrom family offers to take department store private for $3.76B with Mexican retail group
NEW YORK — Members of the Nordstrom family with the help of a Mexican retail group are offering to take the century-old department store private for $3.76 billion per share cash, months after first expressing interest in a buyout. In a letter to the board of directors dated Tuesday, Erik...
Even dollar store chains are seeing a pullback by customers as higher prices squeeze the vulnerable
Dollar Tree is slashing its full-year earnings and sales forecasts as its customers continue to struggle with higher prices and spend less. Shares tumbled more than 12% before the opening bell Wednesday after hitting a 52-week low on the prior day. Less than a week ago, shares of rival bargain...
Wall Street tumbles on worries about economy, Dow drops more than 600
NEW YORK — U.S. stocks tumbled Tuesday to their worst day since an early August sell-off, as a week full of updates on the economy got off to a discouragingly weak start. The S&P 500 sank 2.1% to give back a chunk of the gains from a three-week winning streak...
Former Volkswagen boss Winterkorn goes on trial over diesel cars rigged to cheat on emissions tests
FRANKFURT, Germany — Former Volkswagen Group CEO Martin Winterkorn went on trial Tuesday on charges of fraud and market manipulation in connection with the corporate scandal over Volkswagen’s use of rigged software that let millions of cars cheat on emissions tests and emit high levels of harmful pollutants. Prosecutors say...
