Business category, Page 81
Trump’s social media company soars nearly 50% in its first day of trading on Nasdaq
NEW YORK — Shares of Donald Trump’s social media company jumped more than 30% in the first day of trading on the Nasdaq, boosting the value of Trump’s large holdings in the company as well as the smaller stakes of fans who purchased shares as a show of support for...
Boeing CEO to step down in management shake-up as manufacturing issues plague storied plane maker
A leadership shake-up at Boeing, including news Monday that its top executive plans to step down, highlights the difficult path facing the iconic aircraft manufacturer as it tries to navigate through yet another safety crisis. CEO David Calhoun, who has been under unrelenting pressure since a panel blew off a...
Energy agency announces $6 billion to slash emissions in industrial facilities
The Biden administration announced $6 billion in funding Monday for projects that will slash emissions from the industrial sector — the largest-ever U.S. investment to decarbonize domestic industry to fight climate change. The industrial sector is responsible for roughly 25% of all the nation’s emissions, and has proven difficult to...
Area real estate agents await impact of $418 million settlement over structuring commission fees
The proposed settlement of a nationwide class-action lawsuit over the commissions that sellers pay in a real estate transaction could lead to more confusion for some when it comes time to sell property, said a veteran Westmoreland County real estate agent. “It will cause more problems for the public who...
United Airlines says federal regulators will increase oversight of the company following issues
CHICAGO — Federal regulators are increasing their oversight of United Airlines, the company announced Friday, following a series of recent issues including a piece of the outer fuselage falling off one jet, an engine fire and a plane losing a tire during takeoff. United’s vice president of corporate safety, Sasha...
FBI tells passengers on Alaska Airlines flight that lost panel they might be crime victims
The FBI has told passengers on the Alaska Airlines Boeing 737 Max that lost a door-plug panel in midflight they might be victims of a crime. “I’m contacting you because we have identified you as a possible victim of a crime,” a victim specialist from the federal agency’s Seattle office...
Trump’s social media company approved to go public, potentially netting former president billions
NEW YORK — Donald Trump is returning to the stock market, and the former president stands to reap a sizeable payout in the process. Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote. That...
What is Truth Social, Donald Trump’s social media platform?
SAN FRANCISCO — Former President Donald Trump launched his social media platform, Truth Social, in early 2022, after he was banned from major sites such as Facebook and the platform formerly known as Twitter following the Jan. 6 attack on the U.S. Capitol. While he’s since been reinstated to both,...
Stellantis recalls nearly 285,000 cars to replace side air bags that can explode and hurl shrapnel
DETROIT — Stellantis is recalling nearly 285,000 Dodge and Chrysler sedans because the side air bag inflators can explode with too much force and hurl metal fragments at drivers and passengers. The recall covers air bag inflators on both sides of Dodge Chargers and Chrysler 300 large cars from the...
Reddit, the self-anointed ‘front page of the internet,’ soars in Wall Street debut
NEW YORK — Reddit’s stock soared in its Wall Street debut as investors pushed the value of the company close to $9 billion seconds after it began trading on the New York Stock Exchange. Reddit, which priced its IPO at $34 a share, debuted Thursday afternoon at $47 a share....
Sheetz seeking 800 employees for Pennsylvania stores
Convenience store chain Sheetz Inc. is competing with other stores, restaurants and businesses that are looking to add to their workforce, only it is hoping to attract about 800 employees for its more than 300 stores across the state, the company said Thursday. Sheetz said it will have a hiring...
Apple has kept an illegal monopoly over smartphones in U.S., Justice Department says in antitrust suit
WASHINGTON — The Justice Department on Thursday announced a sweeping antitrust lawsuit against Apple, accusing the tech giant of engineering an illegal monopoly in smartphones that boxes out competitors and stifles innovation. The lawsuit, filed in federal court in New Jersey, alleges that Apple has monopoly power in the smartphone...
Federal Reserve still foresees 3 rate cuts this year but envisions higher rates in future
WASHINGTON — Federal Reserve officials signaled Wednesday that they still expect to cut their key interest rate three times in 2024 despite signs that inflation stayed surprisingly high at the start of the year. Yet they foresee fewer rate cuts in 2025, and they slightly raised their inflation forecasts. After...
IRS chief zeroes in on wealthy tax cheats in AP interview
WASHINGTON — IRS Commissioner Danny Werfel has a message for high-wealth tax cheats who are wrongly deducting private jet travel and otherwise shorting the government on their taxes: Pay your fair share so “others aren’t shouldering the burden of funding our government.” He also has a thought for ordinary taxpayers...
Doing business in China is growing tougher, more uncertain, European business group says
BEIJING — Uncertainty and “draconian regulations” have drastically raised risks for foreign businesses in China, a report by a European business group said Wednesday. The lengthy paper by the European Union Chamber of Commerce in China urges China’s leaders to do more to address concerns that it says have “grown...
John Dorfman: 7 stocks I like on Nasdaq
The Nasdaq Stock Market has been hitting new highs this year. Nasdaq is a market with a dual personality. It’s home to most large technology companies and also the place where a slew of smaller stocks in other industries are traded. Tech stocks have been the stock market’s leaders last...
Faculty set to vote on contract with State System of Higher Education
Five thousand state university faculty will vote next month on a tentative four-year labor pact between the Association of Pennsylvania State College and University Faculties and the State System of Higher Education. The statewide balloting dates announced Tuesday come three months after union and management announced an agreement in principle...
Reddit is preparing to sell shares to the public. Here’s what you need to know
SAN FRANCISCO — Reddit, that vast, lively and sometimes chaotic repository of internet discussion, is expected to carry a valuation up to $6.4 billion when it conducts its initial public offering on the stock market. The offering also makes Reddit one of the first online companies to offer shares to...
Rules that helped set real estate agent commissions are changing. Here’s what you need to know
The cost of hiring a real estate agent to buy or sell a home may soon change, along with decades-old rules that have helped determine broker commissions. The policy changes could help spur price competition for agents’ services and lower the cost for sellers who now typically cover the commission...
Crafts retailer Joann files for Chapter 11 bankruptcy as consumers cut back on pandemic-era hobbies
NEW YORK — Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending and some pandemic-era hobbies. In a Monday statement, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of...
Want to feel special? Stores and restaurants with paid memberships are betting on it
NEW YORK — How much does it cost to feel special? At Chuck E- Cheese, the family entertainment and pizza chain, the price is $7.99, $11.99 or $29.99 per month. At the other end of the spectrum, the founder of a shopping app called Long Story Short wants to charge...
TikTok creators warn of economic impact if app sees ban, call it a vital space for the marginalized
Alex Pearlman shut the door on dreams of a standup comedy career almost a decade ago, pivoting from the stage to an office cubicle where he worked a customer service job. Then he started posting random jokes and commentary about pop culture and politics on TikTok. Just over 2.5 million...
Boeing plane found to have missing panel after flight from California to Oregon
PORTLAND, Ore. — A Boeing 737-800 was found to have a missing panel after a United Airlines flight arrived at its destination in southern Oregon on Friday, airport officials said. United Flight 433 left San Francisco at 10:20 a.m. and landed at Rogue Valley International-Medford Airport in Medford shortly before...
Two ex-Pittsburghers plead guilty to ‘Rent-A-Vet’ fraud scheme
Two former Pittsburgh men have pleaded guilty in federal court for claiming their companies were owned by disabled veterans so they could obtain special government contracts for their construction businesses. Edward Kessler, 68, of Myrtle Beach, entered his plea Wednesday before U.S. District Judge William S. Stickman IV. Edward DiGorio...
Home sellers cutting list prices as spring buying season starts with higher mortgage rates
LOS ANGELES — More homeowners eager to sell their home are lowering their initial asking price in a bid to entice prospective buyers as the spring homebuying season gets going. Some 14.6% of U.S. homes listed for sale last month had their price lowered, according to Realtor.com. That’s up from...
