Business category, Page 78
Stock market today: Tesla cruises higher as most of Wall Street drifts in mixed trading
NEW YORK — U.S. stocks drifted to a mixed finish Wednesday as Wall Street’s momentum eased following some sharp swerves. The S&P 500 was virtually flat and edged up by 1.08, or less than 0.1%, to 5,071.63. It had jumped sharply in the first two days of the week to...
What a TikTok ban in the U.S. could mean for you
No, TikTok will not suddenly disappear from your phone. Nor will you go to jail if you continue using it after it is banned. After years of attempts to ban the Chinese-owned app, including by former President Donald Trump, a measure to outlaw the popular video-sharing app has won congressional...
Microsoft and Amazon face scrutiny from UK competition watchdog over recent AI deals
LONDON — British competition regulators said Wednesday they’ll scrutinize recent artificial intelligence deals by Microsoft and Amazon over concerns that the moves could thwart competition in the AI industry. The Competition and Markets Authority said it’s looking into Microsoft’s partnership with France’s Mistral AI and the company’s hiring of key...
Boeing posts a $355M loss as the plane maker tries to dig out from under its latest crisis
Boeing said Wednesday that it lost $355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers. Boeing’s CEO said the...
Surging auto insurance rates squeeze drivers, fuel inflation
NEW YORK — Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago. Premium costs have been marching steadily higher since 2022, even as inflation at the consumer level steadily cooled from its...
Biden adminstration finalizes rule to grant overtime for millions more salaried workers
NEW YORK — The Biden administration has finalized a new rule set to make millions of more salaried workers eligible for overtime pay in the U.S. The move marks the largest expansion in federal overtime eligibility seen in decades. Starting July 1, employers will be required pay overtime to salaried...
New FTC rule would bar ‘noncompete’ agreements for most employees
WASHINGTON — U.S. companies would no longer be able to bar employees from taking jobs with competitors under a rule approved by a federal agency Tuesday, though the rule is sure to be challenged in court. The Federal Trade Commission voted Tuesday 3-2 to ban measures known as noncompete agreements,...
John Dorfman: Old Faithful erupts … with 5 stock picks
You can count on it. Every 35 to 120 minutes, Old Faithful Geyser will erupt in Yellowstone National Park. I’ve named one of my favorite stock screens after this famous geyser. It’s a simple multifactor screen, pointing to stocks that:Boast a 15% return on stockholders’ equity (profits as a percentage...
Trump called this visa ‘very bad’ for Americans. Truth Social applied for one
MIAMI — The social media company founded by former President Donald Trump applied for a business visa program that he sought to restrict during his administration and which many of his allies want him to curtail in a potential second term. Trump Media & Technology Group, the company behind Truth...
General Motors reports strong 1st-quarter profits as prices help offset small U.S. sales dip
DETROIT — Despite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles. The automaker said that while its average sales price per vehicle was down slightly from last year at just under $50,000,...
Skincare company holds deep roots for Washington County family
Philip and Vania Gbee founded Nabakindo Skincare in 2020 as a tribute to their cultural heritage, family and commitment to their community. Their commitment to simplicity is certainly important for their daughter Amirah, 8, who has eczema and inspired their first product, Sweet Dreams, a body moisturizer designed to alleviate...
FTC sues to block $8.5 billion merger of Coach, Michael Kors parent companies
The U.S. Federal Trade Commission sued to stop Tapestry Inc.’s $8.5 billion takeover of rival Capri Holdings Ltd., marking the first time the Biden administration has used its aggressive antitrust enforcement to try to stop a deal in the fashion accessories sector. Antitrust enforcers said Tapestry’s acquisition of Capri would...
Tennessee’s GOP governor says Volkswagen plant workers made a mistake in union vote
GALLATIN, Tenn. — Tennessee Republican Gov. Bill Lee said Monday that he thinks workers at a Volkswagen plant in Chattanooga made a mistake by voting to unionize under the United Auto Workers in a landslide election but acknowledged the choice was ultimately up to them. Ahead of the vote, Lee...
Express files for Chapter 11 bankruptcy protection, announces store closures
NEW YORK — Express Inc — once a trendsetter of casual office attire that has struggled to compete with the likes of Zara and H&M — has filed for Chapter 11 bankruptcy protection. The retailer based in Columbus, Ohio, and founded in 1980 also said Monday it is seeking to...
Russia convicts the spokesperson for Facebook owner Meta in a swift trial in absentia
A court in Russia on Monday convicted the spokesperson of U.S. technology company Meta, which owns Facebook and Instagram, of justifying terrorism and sentenced him to six years in prison in a swift trial in absentia, Russia’s independent news site Mediazona reported. According to the outlet, the charges against Meta...
Tesla cuts the price of its Full Self Driving system by a third to $8,000
NEW YORK — Tesla knocked roughly a third off the price of its Full Self Driving system — which can’t drive itself and so drivers must remain alert and be ready to intervene — to $8,000 from $12,000, according to the company website. Tesla CEO and billionaire Elon Musk promised...
Tesla cuts U.S. prices for 3 of its electric vehicle models after a difficult week
Tesla knocked $2,000 off the prices of three of its five models in the United States late Friday, another sign of the challenges facing the electric vehicle maker led by billionaire Elon Musk. The company cut the prices of the Model Y, a small SUV which is Tesla’s most popular...
Injunction sought against Post-Gazette for alleged labor violations
The National Labor Relations Board authorized a request this week to seek a temporary court injunction against the Pittsburgh Post-Gazette for allegedly violating its workers labor rights. Union representatives said the move could put an end to the 19-month strike carried out by journalists and production workers at the paper....
Apple pulls WhatsApp and Threads from App Store on Beijing’s orders
HONG KONG — Apple said it had removed Meta’s WhatsApp messaging app and its Threads social media app from the App Store in China to comply with orders from Chinese authorities. The apps were removed from the store on Friday after Chinese officials cited unspecified national security concerns. Their removal...
Bitcoin’s latest ‘halving’ has arrived. Here’s what you need to know
NEW YORK — The “miners” who chisel bitcoins out of complex mathematics are taking a 50% pay cut — effectively reducing new production of the world’s largest cryptocurrency, again. Bitcoin’s latest “halving” appeared to occur Friday night. Soon after the highly anticipated event, the price of bitcoin held steady at...
Tesla recalling more than 3,000 of its 2024 Cybertrucks due to faulty pedal
Tesla is recalling more than 3,000 of its newly launched 2024 Cybertrucks because of the possibility that a pedal can get stuck and cause the vehicle to accelerate unintentionally, increasing the risk of a crash. Tesla said that the accelerator pedal pad may dislodge and become trapped by the interior...
Tours of Hempfield manufacturer can lead to jobs for area high school students
Seven of 11 area high school students who toured Hempfield’s General Carbide complex Wednesday are looking to come back to work there. “To see these kids coming in and getting excited about manufacturing is pretty amazing,” said Mona Pappafava-Ray, CEO of the maker of finished tooling, wear parts and components....
Netflix now has nearly 270 million subscribers after another strong showing to begin 2024
Netflix gained another 9.3 million subscribers to start the year while its profit soared with the help of a still-emerging expansion into advertising, but caught investors off guard with a change that will make it more difficult to track the video streaming service’s future growth. The performance announced Thursday demonstrated...
Seafood chain Red Lobster considering bankruptcy
Red Lobster is considering filing for Chapter 11 bankruptcy, according to a report. The seafood chain is considering a Chapter 11 bankruptcy filing as it looks to restructure its debt, according to a Bloomberg News report citing people with knowledge of the matter. The chain is looking to rid itself...
Sheetz hit with discrimination lawsuit
The Sheetz convenience store chain has been hit with a lawsuit by federal officials who allege the company discriminated against minority job applicants. Sheetz Inc., which operates more than 700 stores in six states, discriminated against Black, Native American and multiracial job seekers by automatically weeding out applicants whom the...
