Business category, Page 112

The federal shutdown of two banks is unique and not a symptom of a widespread problem, two Pittsburgh financial experts said. “I do think that this is more of a unique situation in banking and not an overall barometer for what’s happening in the tech world,” said Dave Mawhinney, executive...

PNC Financial Services has surfaced in reports to be among the potential suitors in talks to acquire SVB Financial Group. However, the Pittsburgh-based bank on Monday said that talks are not taking place. “PNC is not in talks to acquire SVB Financial or Silicon Valley Bank,” the bank said in...

WASHINGTON — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. It’s all eerily reminiscent of the...

JUNEAU, Alaska — The Biden administration is approving a major oil project on Alaska’s petroleum-rich North Slope that supporters say represents an economic lifeline for Indigenous communities in the region but environmentalists say is counter to President Joe Biden’s climate goals. The decision on ConocoPhillips Alaska’s Willow project, in a...

NEW YORK — President Joe Biden on Monday told Americans the nation’s financial systems were safe, seeking to project calm following the swift and stunning collapse of two banks that prompted fears of a broader upheaval. “Your deposits will be there when you need them,” he said. U.S. regulators closed...

NEW YORK — The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution that they would be able to access all of their money quickly. The announcement came amid fears that the...

NEW YORK — It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world. From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances after their bank suddenly shut down Friday. The meltdown means distress...

WASHINGTON — There’s one way to force President Joe Biden and Congress to solve the looming crisis over the debt limit: a financial market crash. That’s a view held by several economists and a former White House official, mindful that Congress rarely acts unless an emergency forces lawmakers to. “For...

A record number of people decided to strike out on their own and start a new business in 2021, according to data from American Express. “In 2021, we saw over 5 million new business applications were filed, which was the highest year on record, and about a 50% increase form...

Pittsburgh has made another “Best Of” list, just in time for people to make their travel plans for the summer. The latest ranking named two of the city’s museums among the best in the country. A USA Today 10Best Reader’s Choice survey ranked the Senator John Heinz History Center in...

NEW YORK — The U.S rushed to seize the assets of Silicon Valley Bank on Friday after it experienced a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago. Silicon Valley, the nation’s...

WASHINGTON — America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation. The unemployment rate rose to 3.6%, from a 53-year low of 3.4%, as more Americans began searching...

NEW YORK — Stocks stumbled Thursday on Wall Street and added to the week’s losses as markets remain anxious about the prospect of more aggressive action by the Federal Reserve to fight inflation. Major indexes started the day higher and gradually lost ground until they fell sharply in late trading....

NEW YORK — Visa and Mastercard paused their decision to start categorizing purchases at gun shops, a significant win for conservative groups and Second Amendment advocates who felt that tracking gun shop purchases would inadvertently discriminate against legal firearms purchases. The decision is, at the same time, also a defeat...

U.S. product regulators said Thursday that Yeti has recalled 1.9 million coolers and gear cases because magnets can come detached from them, posing a risk of serious injury or death. The Consumer Product Safety Commission said consumers should immediately stop using the four recalled products and contact Yeti for refund...

DETROIT — General Motors is offering buyouts to most of its U.S. salaried workforce and some global executives in an effort to trim costs as it makes the transition to electric vehicles. The Detroit automaker wouldn’t say how many workers it is targeting, but confirmed that the move is aimed...

The number of Americans applying for unemployment benefits last week jumped by the most in five months, but layoffs remain historically low as the labor market continues to be largely unaffected by the Federal Reserve’s interest rate hikes. Applications for jobless claims in the U.S. for the week ending March...

LONDON — The pay package for Shell’s CEO jumped by half last year to nearly $12 million, the fossil fuel giant said Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis. London-based Shell paid Ben van Beurden a total of...

FRANKFURT, Germany — Adidas is still wrestling with how to dispose of $1.3 billion worth of Yeezy shoes after its breakup with the rapper formerly known as Kanye West, forcing the German sportswear maker into a big loss at the end of last year and expectations of more pain ahead....

WASHINGTON — U.S. employers posted 10.8 million job openings in January, indicating the American job market continues to run too hot for the inflation fighters at the Federal Reserve. Job openings fell from 11.2 million in December but remained high by historical standards, the Labor Department reported Wednesday, but layoffs...

DETROIT — U.S. auto safety regulators have opened an investigation into Tesla’s Model Y SUV after getting two complaints that the steering wheels can come off while being driven. The National Highway Traffic Safety Administration says the probe covers an estimated 120,000 vehicles from the 2023 model year. The agency...

At Arnold Palmer Regional Airport, there’s little to do but wait and see how things play out as its only commercial carrier gets swept into Justice Department turbulence. The Biden administration Tuesday sued to block JetBlue Airways’ $3.8 billion purchase of Spirit Airlines, saying the deal would reduce competition and...