Business category, Page 104
Dick’s Sporting Goods to lay off employees as retail theft cuts into profits
Dick’s Sporting Goods said on Tuesday that retail theft has hurt its profits, one of the reasons the Findlay-based chain is laying off an unspecified number of employees. “We are conducting a business optimization of our organization to better align our talent, organizational design and spending in support of our...
Europe’s sweeping rules for tech giants are about to kick in. Here’s how they work
LONDON — Google, Facebook, TikTok and other Big Tech companies operating in Europe are facing one of the most far-reaching efforts to clean up what people encounter online. The first phase of the European Union’s groundbreaking new digital rules will take effect this week. The Digital Services Act is part...
Jailed Sam Bankman-Fried can’t prepare for trial without vegan diet and adequate meds, lawyers say
NEW YORK — FTX founder Sam Bankman-Fried can’t adequately prepare for trial in six weeks while in jail without proper access to computers, necessary medications to help him concentrate, and a better diet than bread, water and peanut butter, his lawyers told a magistrate judge Tuesday. The lawyers made their...
John Dorfman: These 5 stocks look enticing on cash flow
It’s a simple formula, right? A business’s profit equals its revenue minus expenses. Yet, this can be tricky. Some expenses are intangible. Say you’re a cruise company and bought some ships five years ago, paying out $30 million. You didn’t subtract the whole $30 million from your profits that year....
Looking for a new car under $20,000? Good luck. Your choice has dwindled to just 1 vehicle
DETROIT — Just five years ago, a price-conscious auto shopper in the United States could choose from among a dozen new small cars selling for under $20,000. Now, there’s just one: The Mitsubishi Mirage. And even the Mirage appears headed for the scrap yard. At a time when Americans increasingly...
Pittsburgh becoming a ‘space city’ as Astrobotic, ProtoInnovations prepare to send technology to the moon
Pittsburgh was once known as the steel city, but two local companies believe they’re transforming it into a space city. “We’re a space base now,” said Alivia Chapla, director of communications at North Shore-based Astrobotic. Astrobotic and Lawrenceville-based ProtoInnovations have received millions of dollars in NASA funding and are playing...
Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?
ABUJA, Nigeria — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees. One culprit for his troubles stands out: The U.S. dollar’s strength against the Nigerian currency, the naira, has pushed the price of garments and other foreign goods beyond the...
North Shore-based Arconic completes sale to private equity firm
North Shore-based aerospace parts maker Arconic finalized its acquisition by private-equity firm Apollo Global Management, Inc. The $5.2 billion deal, which will take the company private, was announced in May. Arconic will continue to operate under its name and brand. “The closing of this transaction with Apollo Funds brings new...
Union says it supports Cleveland-Cliffs in possible U.S. Steel takeover
Talks are intensifying between U.S. Steel and potential suitor Cleveland-Cliffs about a possible takeover. The United Steelworkers union (USW) said this week it only would back the Cleveland-based steel producer in acquiring the iconic Pittsburgh company. In announcing the potential agreement, Cleveland-Cliffs said it “is the only realistic buyer able...
Pennsylvania’s July unemployment rate at record low 3.5%
WILKES-BARRE — Pennsylvania’s unemployment rate declined three-tenths of a percentage point over the month to 3.5% in July — the lowest rate on record going back to January 1976. On Friday, the Pennsylvania Department of Labor & Industry released its preliminary employment situation report for July. The U.S. unemployment rate...
Average long-term mortgage rate climbs to 7.09% this week to highest level in more than 20 years
The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate...
Aldi to buy 400 Winn-Dixie, Harveys groceries in Southern U.S.
Discount grocer Aldi said Wednesday it plans to buy 400 Winn-Dixie and Harveys supermarkets in the southern U.S. Under a proposed merger agreement, Aldi will acquire all outstanding shares of Jacksonville, Florida-based Southeastern Grocers Inc., the parent company of Winn-Dixie and Harveys. If the deal is approved by regulators, it’s...
Intel calls off $5.4B Tower deal after failing to obtain regulatory approvals
HONG KONG — Intel will terminate a $5.4 billion deal to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid rising tensions with the United States. It was a mutual decision between Intel and Tower, the companies said Wednesday. Intel said that the...
American industrial icon U.S. Steel is on the verge of being absorbed as industry consolidates further
With two bidders revealed in a matter of days and more in the wings, United States Steel Corp. — a symbol of American industrialization that for more than a century helped build everything from the United Nations building in New York City to the New Orleans Superdome — appears be...
A Pennsylvania study suggests links between fracking and asthma, lymphoma in children
HARRISBURG — Children who lived closer to natural gas wells in heavily drilled Pennsylvania were more likely to develop a relatively rare form of cancer, and nearby residents of all ages had an increased chance of severe asthma reactions, researchers said in reports released Tuesday evening. The taxpayer-funded research by...
Proposed Bakery Square expansion cause for excitement, concern in East End
Charles Taylor said he loves working in Pittsburgh’s Bakery Square. The operations manager at City Kitchen was originally from Larimer, but moved away to find work in the 1990s. He said there were no good jobs in the area then, but he’s glad there are now. “I just love coming...
Southwest Airlines promised better performance after meltdown. Has it delivered?
DALLAS — More than half a year has elapsed since Southwest Airlines ’ December meltdown displaced thousands of passengers and canceled flights for days across the country during the holidays. The airline promised passengers that it has put measures in place so something of this magnitude wouldn’t happen again. Southwest...
For Mark Zuckerberg’s Threads, the real rival is still TikTok — not the former Twitter
Threads, the simple, bare-bones text-based social network created by Facebook owner Meta, burst onto the scene during a particularly bad week for the rival then still known as Twitter. It quickly amassed 100 million signups — a huge feat for a newcomer in the space — and was dubbed as...
Russia’s currency hits the lowest level since beginning of the war in Ukraine
LONDON — The Russian ruble has reached its lowest value since the early weeks of the war in Ukraine as Western sanctions weigh on energy exports and weaken demand for the national currency. On Monday, the Russian currency passed 101 rubles to the dollar, continuing a more than 25% decline...
U.S. Steel rejects $7.3B offer from rival Cleveland-Cliffs, considers alternatives
NEW YORK — United States Steel Corp. said Sunday that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers. Pittsburgh-based U.S. Steel said it rejected the offer because Cleveland-Cliffs was pushing it to accept the terms without being...
Apple to pay up to $500 million to iPhone users after judge nixes final appeal
SAN JOSE, Calif. — Owners of some older iPhone models are expected to receive about $65 each after a judge cleared the way for payments in a class-action lawsuit accusing Apple of secretly throttling phone performance. The Cupertino cellphone giant agreed in 2020 to pay up to $500 million to...
Judge sends FTX founder Sam Bankman-Fried to jail, says crypto mogul tampered with witnesses
NEW YORK — FTX founder Sam Bankman-Fried left a federal courtroom in handcuffs Friday after a judge revoked his bail after concluding that the fallen cryptocurrency wiz had repeatedly tried to influence witnesses against him. Bankman-Fried looked down at his hands as Judge Lewis A. Kaplan explained at length why...
MedExpress to eliminate nursing positions
MedExpress Urgent Care is eliminating nursing positions at its nearly 150 locations. Tribune-Review news partner WTAE-TV reported that the workers are being let go in an effort to revamp the clinic’s staffing model. It’s unknown how many workers will be affected or what the new staffing plan is. Several nurses...
In twilight of muscle car era, demand roars for new 486-horsepower V-8 Ford Mustang
DETROIT — New versions of the Mustang muscle car will begin shipping next week and more than two thirds of the orders include the big, 5-liter V-8 engine, Ford said Friday. Demand for roaring engines remains strong in an era when Detroit automakers are starting to phase out the rumbling...
Wall Street marches higher ahead of new numbers on U.S. inflation, jobs
Wall Street pointed toward gains before markets opened Thursday ahead of a closely watched U.S. inflation report. Futures for the Dow Jones industrials and the S&P 500 each climbed 0.5% before the opening bell. The U.S. government will give its monthly update on the inflation at the consumer level in...
