Business category, Page 71
Prospect of low-priced Chinese EVs reaching U.S. from Mexico poses threat to automakers
WASHINGTON — It’s a scenario that terrifies America’s auto industry. Chinese carmakers set up shop in Mexico to exploit North American trade rules. Once in place, they send ultra-low-priced electric vehicles streaming into the United States. As the Chinese EVs go on sale across the country, America’s homegrown EVs —...
Starting your 1st post-graduation job? Here’s how to organize your finances
NEW YORK — With graduation season over, many college grads are embarking on summer internships or their first full-time jobs. Navigating your finances when you start adult life can be challenging, from understanding your health insurance and benefits to managing a budget. Finding a job is often the first hurdle,...
Judge puts $30 billion Visa, Mastercard settlement on hold, in signal of likely rejection
NEW YORK — A federal judge said she’s not likely to approve the $30 billion settlement between the payment processing giants Visa and Mastercard and the merchants who say they’ve overpaid on swipe fees. Visa and Mastercard reached a settlement with a group of small businesses and merchants back in...
Homebuyers beat high interest rates with 1980s-era assumable mortgages
Last year, after Deb Jerikovsky’s husband died, she decided to swap the lake home where they planned to spend retirement for a house in that’s closer to family. She put that plan on hold, however, once she realized 7% mortgage rates would force her to dip too deeply into her...
John Dorfman: Pfizer and 5 other dividend-yield standouts
“Would you kindly do a piece on high-dividend stocks?” a reader asked recently. Happy to oblige. My favorite high-dividend stock at the moment is Pfizer Inc. (PFE). In my view, Pfizer saved the U.S. from the covid-19 pandemic by developing both a vaccine and a treatment for the disease. That...
Benefits are important, ‘meaningful work’ even more so for Gen Z workers
The growing numbers of Gen Z workers have mystified both employers and their older colleagues. Remote work, quiet quitting and other buzzwords have filled headlines as CEOs melt down over changing office cultures. But the youthful nuances show no signs of slowing down as the youngest generation continues to enter...
Ford recalls over 550,000 pickups because transmissions can suddenly downshift to 1st gear
DETROIT — Ford is recalling more than 550,000 pickups in the U.S. because the transmissions can unexpectedly downshift to first gear no matter how fast the trucks are going. The recall covers certain F-150 pickups from the 2014 model year. Ford’s F-Series pickups are the top-selling vehicles in the U.S....
Uber is locking out NYC drivers mid-shift to lower minimum pay
Uber Technologies Inc. has begun locking New York City drivers out of its app during periods of low demand in an attempt to fight a minimum wage rule, and Lyft Inc. is threatening to do the same. As a result, some drivers say their wages have fallen by as much...
Car dealerships in North America revert to pens and paper after cyberattacks on software provider
NEW YORK — Car dealerships in North America continue to wrestle with major disruptions that started last week with cyberattacks on a software company used widely in the auto retail sales sector. CDK Global, a company that provides software for thousands of auto dealers in the U.S. and Canada, was...
Janet Yellen announces efforts to boost housing supply as high prices create a crunch
WASHINGTON — The Biden administration is announcing new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years. Treasury Secretary Janet Yellen will promote the new investments on Monday...
Despite deaths, inquest jurors’ recommendations, whitewater in-boat rafting guides remain optional
Michele Yealy lost her only daughter to the rushing water of the Youghiogheny River. Andrea Yealy was 16 when she hopped in a two-person inflatable kayak rented by a friend’s family on Sept. 16, 2000, at Ohiopyle State Park in Fayette County. They paddled without a guide down a 7-mile...
Coach USA, parent company of Megabus, files for Chapter 11 bankruptcy protection
Coach USA, the parent company of Megabus, has voluntarily filed for Chapter 11 bankruptcy protection. The reason for the filing was to preserve jobs, ensure continued service and maximize the value of its businesses, Coach USA said in a news release. “U.S. Megabus operations will continue while the company pursues...
TikTok accuses federal agency of ‘political demagoguery’ in legal challenge against potential U.S. ban
TikTok disclosed a letter Thursday that accused the Biden administration of engaging in “political demagoguery” during high-stakes negotiations between the government and the company as it sought to relieve concerns about its presence in the United States. The letter — sent to David Newman, a top official in the Justice...
Average long-term U.S. mortgage rate falls again, easing to lowest level since early April
LOS ANGELES — Home loan borrowing costs eased again this week as the average rate on a 30-year mortgage declined to its lowest level since early April. The rate fell to 6.87% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.67%. This...
North Huntingdon commissioners want more time to consider natural gas lease
A majority of North Huntingdon commissioners decided this week they need more time to study a proposed lease to tap into a pocket of natural gas trapped in a 4½-acre parcel of township land and possibly extract a better deal from the drilling company. Commissioners on Wednesday voted 5-2 to...
U.S. jobless claims fall to 238,000 from 10-month high, remain low by historical standards
WASHINGTON — The number of Americans applying for unemployment benefits slipped last week as the U.S. labor market remained resilient. The Labor Department reported Thursday that jobless claims fell by 5,000 to 238,000 from a 10-month high of 243,000 the week before. The four-week average of claims, which evens out...
Kansas is making a big run at Kansas City’s pro teams with a plan to help pay for new stadiums
TOPEKA, Kan. — Kansas is making a serious run at becoming the new home for the reigning Super Bowl champions with legislators approving a plan Tuesday to lure the Chiefs and Major League Baseball’s Kansas City Royals away from Missouri. Bipartisan legislative supermajorities OK’d the measure to authorize state bonds...
Fisker files for bankruptcy, the second electric vehicle maker to do so in past year
Electric vehicle maker Fisker filed for Chapter 11 bankruptcy protection, the second electric startup to do so in the last year as even industry leaders struggle to lure more buyers beyond the early adapters of the technology. Fisker Group Inc. said in a filing with the U.S. Bankruptcy Court in...
Dollar Tree left lead-tainted applesauce pouches on store shelves for weeks after recall, FDA says
Dollar Tree failed to effectively recall lead-tainted applesauce pouches linked to reports of illness in more than 500 children, leaving the products on some stores shelves for two months, the Food and Drug Administration said Tuesday. The FDA sent a warning letter to Dollar Tree this month and placed Negasmart,...
John Dorfman: These are the stocks I own
If you’re an investment manager and you tout the stocks you own, it’s called “talking your book.” I try not to do too much of it in this column. But once a year I write about the stocks I own personally and for most of my clients. Here we go...
Apple kills off its buy now, pay later service barely a year after launch
NEW YORK — Apple is discontinuing its buy now, pay later service known as Apple Pay Later barely a year after its initial launch in the U.S., and will rely on companies who already dominate the industry like Affirm and Klarna. It’s an acknowledgement from a company known for producing...
Tupperware shutting down its only U.S. factory, moving production to Mexico, report says
The iconic brand, Tupperware, is closing its factory in the Palmetto State. Tupperware filed a WARN (Worker Adjustment and Retraining Notification) notice in South Carolina informing the state it is closing its facility at 248 Tupperware Road in Hemingway, South Carolina and 148 people will be laid off. The layoffs...
Amazon Labor Union workers vote overwhelmingly in favor of affiliation with Teamsters
Workers who are part of the Amazon Labor Union are aligning themselves with the Teamsters, overwhelmingly voting in favor of an affiliation. The ALU members voted 98.3% in favor of the affiliation, the International Brotherhood of Teamsters said Tuesday. The affiliation gives the union workers access to various resources as...
Pennsylvania waste company finds $10M in loose change
You know what they say: One man’s trash is another man’s treasure. A waste management company in Pennsylvania has collected about $10 million in coins that’ve been tossed away over the years. Fox Business reports how Ash Processing at Reworld — which is located in Morrisville, Bucks County — “bridges...
The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
WASHINGTON — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The proposed rule and guidance announced Monday includes plans to essentially stop “partnership basis shifting” — a process...
