Business category, Page 85
Average mortgage rate edges higher, but remain in the mid-6% range
LOS ANGELES — The average long-term U.S. mortgage rate edged higher this week, reflecting a recent uptick in the 10-year Treasury yield. The average rate on a 30-year mortgage rose to 6.64% from 6.63% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.12%. “Mortgage...
Mexico overtakes China as the leading source of goods imported by U.S.
WASHINGTON — For the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported by the United States. The shift reflects the growing tensions between Washington and Beijing as well as U.S. efforts to import from countries that are friendlier and...
Adam Neumann, ousted founder of WeWork, wants to buy back the office sharing company
NEW YORK — Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. In a letter obtained by The Associated Press this week, an attorney representing Neumann and Flow Global Holdings said that WeWork’s former...
CBO projects a $188 billion decrease in this year’s federal budget deficit, but debt would then grow
WASHINGTON — The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is likely to rise over the next nine years. Two major factors are behind the decline in...
IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
WASHINGTON — The IRS is poised to take in hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated, according to new analysis released Tuesday by the Treasury Department and the IRS. Tax revenues are expected to rise by as much as $561 billion from 2024...
John Dorfman: Phillips 66, 4 other stocks show value, momentum
A body in motion tends to remain in motion at a constant speed and velocity unless acted upon by an outside force, says Newton’s first law of motion. The stock market is full of outside forces. Nonetheless, the momentum effect is real in the market. That’s why, twice a year,...
GM recalls over 323,000 heavy-duty pickups because tailgates can open unexpectedly
General Motors is recalling more than 323,000 heavy-duty pickup trucks in the U.S. because the electronic tailgate release switches can short circuit and open the gates while the vehicles are in park. The recall covers certain Chevrolet Silverado and GMC Sierra 2500 and 3500 trucks from the 2020 through 2024...
Boeing flags potential delays after supplier finds another problem with some 737 fuselages
Boeing discovered another problem in some of its 737 fuselages that may delay deliveries of about 50 aircraft in the latest quality gaffe to plague the manufacturer. Improperly drilled holes were discovered by Spirit AeroSystems, a major supplier that provides Boeing with fuselages, according to a letter from Stan Deal,...
Americans have saddled themselves with credit card debt. Now renters and the poor are falling behind
NEW YORK — While the U.S. economy is broadly healthy, pockets of Americans have run through their savings and run up their credit card balances after battling inflation for more than two years. Experts worry that members of these groups — mostly lower- and middle-income Americans, who tend to be...
Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy
WASHINGTON — Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May. Powell, in an interview recorded Thursday for the CBS news program “60 Minutes,”...
Where the jobs are: Strong hiring in most industries has far outpaced high-profile layoffs
WASHINGTON — Blockbuster job growth in the past several months has coincided with high-profile layoff announcements by a number of large companies. So, how are both occurring at the same time? It’s not as contradictory as it might seem. Recent job cuts have been concentrated mainly in just a few...
Tesla ordered to pay $1.5 million over alleged hazardous waste violations in California
STOCKTON, Calif. — A California judge on Friday ordered Tesla Inc. to pay $1.5 million as part of a settlement of a civil case alleging the company mishandled hazardous waste at its car service centers, energy centers and a factory, multiple county district attorneys announced. The complaint filed in San...
Why Taylor Swift’s globe-trotting in private jets is getting scrutinized
PHILADELPHIA — For weeks, scrutiny over singer Taylor Swift’s travel in private jets has been bubbling up on social media, with people pointing out the planet-warming emissions of carbon dioxide released with every flight. The megastar is dating Kansas City Chiefs tight end Travis Kelce, one of the NFL’s most...
Tesla recalling nearly 2.2M vehicles for software update to fix warning lights that are too small
DETROIT — Tesla is recalling nearly all of the vehicles it has sold in the U.S. because some warning lights on the instrument panel are too small. The recall of nearly 2.2 million vehicles announced Friday by the National Highway Traffic Safety Administration is a sign of stepped-up scrutiny of...
U.S. employers add robust 353,000 jobs in January in further sign of economic strength
WASHINGTON — The nation’s employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades. Friday’s government report showed that last month’s job gain — far above...
Spirit resumes Arnold Palmer flights to Myrtle Beach
Spirit Airlines will resume its daily seasonal flights from Arnold Palmer Regional Airport near Latrobe to Myrtle Beach, S.C., on April 10, the airlines said . The non-stop seasonal flight connecting Westmoreland County’s lone airport to Myrtle Beach International Airport at the beach resort community is resuming about one month...
More Americans apply for unemployment benefits but layoffs still historically low
The number of Americans filing for jobless benefits rose last week to the highest level in 11 weeks, though layoffs remain at historically low levels. Applications for unemployment benefits climbed to 224,000 for the week ending Jan. 27, an increase of 9,000 from the previous week, the Labor Department reported...
Federal Reserve signals that interest rate cuts aren’t imminent and leaves them unchanged for now
WASHINGTON — The Federal Reserve indicated Wednesday that it’s nearing a long-awaited shift toward cutting interest rates, a sign that its officials have grown confident that they’re close to fully taming inflation. But the Fed also signaled that the first rate cut is likely months away. The central bank kept...
Walmart to build or convert 150-plus stores in next 5 years. It hasn’t opened new stores in 3 years
NEW YORK — Walmart plans to build or convert more than 150 stores in the next five years, while continuing to remodel existing stores. The plan, announced Wednesday, marks a big change for the discounter. In 2016, Walmart announced it was slowing its new store opening s and instead investing...
H&M’s top leader steps down in surprise move as earnings at fashion retailer disappoint
LONDON — H&M’s top executive unexpectedly stepped down Wednesday and the company’s stock plunged as the fashion giant reported a drop in sales over the holiday shopping season. Helena Helmersson resigned after four years as CEO and 26 years at the company, saying she was proud of the work done...
Taylor Swift, Bad Bunny and others may vanish from TikTok as licensing dispute boils over
Universal Music Group, which represents artists including Taylor Swift, Drake, Adele, Bad Bunny and Billie Eilish, says that it will no longer allow its music on TikTok now that a licensing deal between the two parties has expired. UMG said that it had not agreed to terms of a new...
Bud brings back Clydesdales as early Super Bowl ad releases offer up nostalgia, humor, celebritiesVideo
NEW YORK — Budweiser is bringing back some familiar characters this year in its Super Bowl ad. The perennial Super Bowl marketer is bringing back fan-favorite characters the Clydesdales and a Labrador — a nod to the Labradors that starred in earlier commercials during advertising’s biggest night. Some advertisers are...
Elon Musk cannot keep Tesla pay package worth $55 billion, judge rules
DOVER, Del. — Elon Musk is not entitled to landmark compensation package awarded by Tesla’s board of directors that is potentially worth more than $55 billion, a Delaware judge ruled Tuesday. The ruling by Chancellor Kathaleen St. Jude McCormick comes more than five years after a shareholder lawsuit targeted Tesla...
John Dorfman: Unum, Agco, 3 more mid-cap stocks to consider
If your nose bleeds when you look at the high prices of the market’s most popular stocks, you may find some bargains in mid-sized stocks. I believe mid-capitalization stocks are poised to do well in 2024. I define mid-caps as stocks with a market value of $1 billion to $10...
GM made $10B last year despite autoworkers strike, says it will bring back plug-in hybrids to US
DETROIT — General Motors’ net income rose 12% last year despite losing more than $1 billion when many of its plants were shut down by a six-week autoworkers’ strike. The company also announced that it will bring back some plug-in gas-electric hybrids as electric vehicle sales growth slows. The Detroit...
