Business category, Page 97
Pa. Supreme Court hears arguments in zoning dispute over proposed UPMC hospital in Jefferson Hills
The question before Pennsylvania’s Supreme Court on Tuesday wasn’t whether UPMC should be allowed to build a hospital in Jefferson Hills. The Pittsburgh-based health care giant proposing the controversial project told the court it isn’t anywhere near that discussion yet. Instead, the only question now — five years into the...
Rite Aid’s bankruptcy plan stirs worries of new ‘pharmacy deserts’
Rite Aid’s plan to close more stores as part of its bankruptcy process could hurt access to medicine and care, particularly in some majority Black and Hispanic neighborhoods and in rural areas, experts say. The drugstore chain said late Sunday that its voluntary Chapter 11 process will allow it to...
Reese’s $25,000 promotion may violate sweepstakes laws
Reese’s may be in violation of state and federal laws with its new sweepstakes offer currently advertised on packs of peanut butter cups. The promotion on two-cup packages reads “You could win $25,000” and, in smaller print, “See details inside.” But only after consumers have bought and opened a package...
Retail sales up a solid 0.7% in September as American consumers defy rising prices, interest rates
NEW YORK — Americans kept spending in September at a solid pace even as they grappled with higher prices and interest rates. Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a a revised 0.8% bump in August, the Commerce Department reported Tuesday....
Bank of America profits jump 10% but warns of slowing spending by Americans
NEW YORK — Bank of America posted a 10% rise in third quarter profits Tuesday, helped by higher interest rates that allowed the bank to charge more for loans at the same time that it kept expenses under control. However, CEO Brian Moynihan warned Tuesday that Americans continue to slow...
Ford Executive Chair Bill Ford calls on autoworkers to end strike, says company’s future is at stake
DETROIT — Ford Motor Co. Executive Chairman Bill Ford on Monday called on autoworkers to come together to end a monthlong strike that he says could cost the company the ability to invest in the future. In a rare speech coming during contract talks in the company’s hometown of Dearborn,...
Rite Aid seeks Chapter 11 bankruptcy protection as it deals with lawsuits and losses
PHILADELPHIA — Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits. The company said Rite Aid stores will continue to fill prescriptions, and customers will still be able to visit its locations...
What Google’s antitrust trial means for your search habits
If government regulators prevail against Google in the biggest U.S. antitrust trial in a quarter century, it’s likely to unleash drastic changes that will undermine the dominance of a search engine that defines the internet for billions of people. As the 10-week trial probing Google’s business practices nears its midway...
Fluctuating prices leave recycling industry at mercy of supply and demand
Robert Megela goes out of his way to recycle — about 17 miles out of his way. Megela, 70, of Penn Township will drive from his home to the Westmoreland Cleanways and Recycling Center in Pleasant Unity to drop off used glass items, which are not collected by the township’s...
Leechburg Recycling Center still going strong after about 40 years
Leechburg has taken recycling into its own hands. The Kiski River town in Armstrong County operates its own recycling center with an all-volunteer staff of about a dozen dedicated people from the Leechburg, Apollo and Allegheny Township areas, said Leechburg Council President Tom Foster. And it has been doing it...
A sweet tenant: RIDC’s rooftop hives in Hazelwood, New Stanton give bees a home
On top of the former steel mill along the Monongahela River, a couple of thousand lives are thriving. And buzzing. To keep an eye on them, one must climb a ladder to the roof and duck beneath a dozen or so steel I-beams that crisscross the top of the 1,200-foot-long...
Best Buy plans to phase out sales of physical DVD movies in the coming months
NEW YORK — Best Buy is saying goodbye to movie-watching with physical discs. The consumer electronics retailer plans to phase out its DVD and Blu-ray sales by early 2024 — with physical movies set to be sold in-stores and online as they are today through the holidays, Best Buy confirmed...
U.S. oil production hits all-time high, conflicting with efforts to cut heat-trapping pollution
United States domestic oil production hit an all-time high last week, contrasting with efforts to slice heat-trapping carbon emissions by the Biden administration and world leaders. And it conflicts with oft-repeated Republican talking points of a Biden “war on American energy.” The U.S. Department of Energy’s Energy Information Administration reported...
PNC says it will cut workforce by 4%
PNC Financial Services Group said it will cut its workforce by 4% by year’s end as it looks to pare down expenses. The move is expected to slash costs by $325 million in 2024, the Downtown Pittsburgh-based bank said on its third-quarter earnings call Friday. PNC did not specify what...
Microsoft closes deal to buy Activision Blizzard after antitrust fights
Microsoft has completed its acquisition of video game-maker Activision Blizzard for $69 billion, closing one of the most expensive tech acquisitions in history that could have repercussions across the video game industry. The notice that the deal has gone through came seven hours after Microsoft got final approval from Britain’s...
Biden awards $7 billion for clean hydrogen hubs, including West Virginia
WASHINGTON (AP) — Clean-energy projects in seven states from Pennsylvania to California have been selected by the Biden administration for a $7 billion program to kickstart development and production of hydrogen fuel, a key component of President Joe Biden’s agenda to slow climate change. His goal is to establish seven...
Ford recalls over 238,000 Explorers to replace axle bolts that can fail after U.S. opens investigation
DETROIT — Ford is recalling more than 238,000 Explorers in the U.S. because a rear axle bolt can fail, potentially causing a loss of drive power or allowing the SUVs to roll away while in park. The recall comes after U.S. safety regulators opened an investigation into the problem after...
Auto dealer #1 Cochran expands in Ohio
Auto retailer #1 Cochran is expanding with another purchase in eastern Ohio. The Pittsburgh car dealership chain is acquiring the Flynn Automotive Group for an undisclosed amount. It’s the fifth deal this year for #1 Cochran. The transaction includes The Honda Store and Donnell Ford, both in Boardman, Ohio; Power...
Western Pa. to get Hydrogen Hub designation as part of $7B nationwide investment
The White House is set to announce potentially hundreds of millions of dollars in investment for the Western Pennsylvania region with boosting for an energy project meant to produce hydrogen from natural gas. President Joe Biden is scheduled to visit the Philadelphia area on Friday to announce $7 billion for...
U.S. inflation eased slightly last month as price increases extend slow descent
WASHINGTON — Measures of U.S. inflation in September showed that the pace of price increases is still grinding lower, though at a slow and uneven pace. Prices in the United States increased 0.4% from August to September, a slowdown from the previous month. Thursday’s report from the Labor Department also...
U.S. jobless claims remain at historically low 209,000, a sign of continuing labor market strength
WASHINGTON — The number of Americans applying for unemployment benefits was unchanged last week, remaining at historically low levels in another sign that the U.S. job market remains strong in the face of higher interest rates. Unemployment claims stayed at 209,000 for the week ending Oct. 7, the Labor Department...
Social Security cost-of-living adjustment is coming — but it won’t be as big as this year’s
WASHINGTON — Looking ahead to retirement next spring, Karla Abbott finds comfort in the cost-of-living increase that millions of Social Security recipients get each year. But with consumer prices easing, the new boost will be far lower than this year’s 8.7% Analysts estimate the adjustment for 2024 will be around...
Auto workers escalate strike as 8,700 workers walk out at Ford Kentucky Truck Plant in Louisville
DETROIT — The United Auto Workers union significantly escalated its walkout against Detroit’s Three automakers, shutting down Ford’s largest factory and threatening Jeep maker Stellantis. In a surprise move Wednesday night, 8,700 members left their jobs at Ford’s Kentucky truck plant in Louisville. And Thursday morning, union President Shawn Fain...
Disney World raises prices for annual passes, parking
Walt Disney World has increased prices on its theme park annual passes between $30 and $50, depending on the level. Disney also raised the parking fee at the parks from $25 to $30, matching the charge at Universal Orlando ‘s parking garage and at SeaWorld Orlando theme park. The top-line...
PNC moves forward with layoffs and other expense reductions
As PNC Financial Services moves forward with layoffs throughout the financial firm, the company is eying more reductions in costs. On Tuesday, PNC said it would cut an undisclosed number of workers. In a statement, the Downtown Pittsburgh banking firm said it is reviewing its organizational structure, which “includes a...
