Business category, Page 73
Markets surge to record highs as Nvidia tops $3 trillion in total valueVideo
NEW YORK — Wall Street barreled to records Wednesday as its frenzy around artificial-intelligence technology keeps sending stocks higher. The rally sent the total market value of Nvidia, which has become the poster child of the AI boom, above $3 trillion for the first time. The S&P 500 climbed 1.2%...
What will become of The Epoch Times with its chief financial officer accused of money laundering?
NEW YORK — The arrest of an executive at The Epoch Times in a money-laundering scheme this week has drawn attention to a media outlet that has lived largely in the shadows since its founding in 2000 and a transformation during the Trump administration. Federal prosecutors in New York charged...
Walmart offers new perks for workers, from a new bonus plan to opportunities in skilled trade jobs
NEW YORK — Walmart is offering new perks for its hourly U.S. workers, ranging from a new bonus plan to opportunities to move into skilled trade jobs within the company. The perks program announced Wednesday comes as the nation’s largest private employer says it’s seeing a decline in worker turnover....
Dollar Tree looking at options for Family Dollar, including possible sale of the segment
Discount retailer Dollar Tree says it’s looking at strategic options for the Family Dollar stores that it owns, including a possible sale of the segment. Dollar Tree said Wednesday that alternatives also include a spinoff or other disposition of the business. Dollar Tree acquired Family Dollar nearly a decade ago...
Epoch Times CFO arrested, accused of role in $67M multinational money laundering scheme
NEW YORK — The chief financial officer of The Epoch Times, a conservative multinational media company, is accused of taking part in a multi-year scheme to launder tens of millions of dollars in fraudulently obtained unemployment benefits and other funds, according to an indictment unsealed. Arrested on Sunday, Weidong “Bill”...
John Dorfman: 4 CEOs who bought their own stock in May
Defying bad news, several chief executive officers bought their own companies’ stock last month. Here are four cases that caught my eye. Skyworks Solutions CEO Liam Griffin spent just over $1 million to buy 11,142 shares at Skyworks Solutions Inc. (SWKS). That brings his total holding to 153,431 shares, worth...
Sandy Hook families ask bankruptcy judge to liquidate Alex Jones’ media company
Relatives of victims of the Sandy Hook Elementary School shooting are asking a bankruptcy judge to liquidate conspiracy theorist Alex Jones’ media company, including Infowars, instead of allowing him to reorganize his business as they seek to collect on $1.5 billion in lawsuit verdicts against him. Lawyers for the families...
CEOs got hefty pay raises in 2023, widening the gap with the workers they oversee
NEW YORK — The typical compensation package for chief executives who run companies in the S&P 500 jumped nearly 13% last year, easily surpassing the gains for workers at a time when inflation was putting considerable pressure on Americans’ budgets. The median pay package for CEOs rose to $16.3 million,...
Oil producers led by Saudis extended supply cuts amid slack prices
FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members...
Republicans make Biden’s EV push an election-year issue as Democrats take a more nuanced approach
TOLEDO, Ohio — Donald Trump says the Biden administration’s policy to promote electric vehicles is a “radical plan” that would kill the economy in automaking states. Republican allies in the petroleum industry have spent millions on ads that say President Joe Biden’s tax credit for EV buyers will cost Americans...
Has Ligonier Country Market gotten too big?
The Ligonier Country Market has been a popular fixture in the Ligonier community for nearly 50 years, drawing visitors from throughout the area to shop for everything from fresh produce and baked goods to handwoven rugs and wood crafts. But Ligonier Township officials are wondering whether the seasonal Saturday morning...
State reaches agreement on UPMC acquisition of Washington Hospital
UPMC has moved a step closer to buying Washington Hospital by reaching an agreement with the state Attorney General that is designed to ensure patients with health insurance other than the UPMC Health Plan will have the opportunity to have in-network benefits to the hospital’s services. The voluntary compliance agreement...
U.S. Steel-Nippon merger receives foreign regulatory approval
All regulatory approvals outside of the U.S. related to the proposed merger of U.S. Steel and Japan’s Nippon Steel have been approved, the companies announced Thursday. The $14.9 billion merger deal was approved by 99% of U.S. Steel’s voting shareholders on April 12. The companies said the regulatory approvals were...
Supreme Court gives homeowners another chance in escrow dispute with Bank of America
WASHINGTON — The Supreme Court on Thursday gave homeowners another chance to force Bank of America and other large banks to pay interest on mortgage escrow accounts. The court unanimously threw out an appeals court ruling in favor of Bank of America, which has refused to pay interest on money...
McDonald’s says $18 Big Mac meal was an ‘exception’ and news reports overstated its price increases
McDonald’s is fighting back against viral tweets and media reports that it says have exaggerated its price increases. In a post on the company’s website Wednesday, McDonald’s U.S. President Joe Erlinger said reports suggesting the price of the average Big Mac has doubled since 2019 were false. McDonald’s said the...
Inflation pressures lingering from pandemic are keeping Fed rate cuts on pause
WASHINGTON — Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation. A key reason for the delay in rate...
ConocoPhillips buying Marathon Oil for $17.1B in all-stock deal as energy prices rise
ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits. The deal is valued at $22.5 billion when including $5.4 billion in debt. Crude prices have jumped more than 12% this year and the cost...
Pa.’s fracking wastewater could be a reliable source of lithium, study says
Newly published research by a University of Pittsburgh doctorate student estimates that up to 40% of the lithium needed in the U.S. could be extracted from wastewater created by unconventional drilling operations in Pennsylvania. Most batteries used in technology — like smartwatches and electric cars — are made with lithium,...
UPMC reports $103M operating loss during 1st quarter
UPMC reported an operating loss of $103 million during the first three months of the year, up slightly from its $100 million operating loss during the same period a year ago. The Pittsburgh-based health giant’s first-quarter losses came on revenues of more than $7.1 billion, according to a financial disclosure...
U.S. consumer confidence rises in May after 3 months of declines
WASHINGTON — Consumer confidence in the U.S. rose in May after three straight months of declines, though Americans are still anxious about inflation and interest rates. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose in May to 102 from 97.5 in April. Analysts...
T-Mobile to buy almost all of U.S Cellular in deal worth $4.4 billion with debt
T-Mobile is buying U.S. Cellular’s wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry. T-Mobile would get more than 4 million new customers and control of U.S. Cellular’s wireless operations and about 30% of spectrum assets across several spectrum bands. T-Mobile...
John Dorfman: ‘Do Nothing’ stocks have averaged 14% return
Investors often chase stocks that have soared or plunged. They may overlook stocks that have simply held still. But there are sometimes real bargains in stocks that have done nothing for a while. Each May, I write about such stocks. I call them the Do Nothing Club. Over 20 years,...
Communities fear health, environmental harms as they await more info on hydrogen hub projects
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 — The federal government and private developers are collecting public feedback on two major hydrogen production networks that will be partly located in Pennsylvania...
Eli Lilly beefs up plan to expand manufacturing for popular drugs Zepbound, Mounjaro
Eli Lilly will spend more than $5 billion to expand an Indiana manufacturing site and eventually make more doses of its popular weight-loss and diabetes treatments, Zepbound and Mounjaro. The drugmaker said Friday that it was more than doubling its investment in a site near its Indianapolis headquarters. But it...
Steelers extend deal with iHeartMedia for WDVE radio to broadcast games
The Pittsburgh Steelers will remain linked to their longtime radio partner. WDVE-FM 102.5 will continue as the radio network flagship for Steelers broadcasts, the team and iHeartMedia announced Friday. The agreement, which extends the partnership through the 2028 season, also includes the creation of the Steelers Audio Network, where fans...
