Business category, Page 121
Consumers more hopeful about the outlook for the economy, jobsVideo
Consumer confidence unexpectedly improved in March as Americans grew more optimistic about the outlook for business conditions and the labor market. The Conference Board’s index increased to 104.2 from a 103.4 reading in February, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for the...
U.S. renewable electricity surpassed coal in 2022
Electricity generated from renewables surpassed coal in the United States for the first time in 2022, the U.S. Energy Information Administration announced Monday. Renewables also surpassed nuclear generation in 2022 after first doing so last year. Growth in wind and solar significantly drove the increase in renewable energy and contributed...
Stocks mostly hold steady as Wall Street regains stability
NEW YORK — Stocks were mixed Tuesday as Wall Street regains some stability at the tail end of what’s been a turmoil-filled month. The S&P 500 dipped 6.26 points, or 0.2%, to 3,971.27, though the majority of stocks within the index rose. The Dow Jones Industrial Average slipped 37.83, or...
U.S. opens investigation into Tesla seat belts coming loose
DETROIT — U.S. highway safety regulators have opened yet another investigation into problems with Teslas, this time tied to complaints that the seat belts may not hold people in a crash. The investigation by the National Highway Traffic Safety Administration covers an estimated 50,000 Model X SUVs from the 2022...
Chipotle agrees to pay after closing store that sought union
PORTLAND, Maine — Chipotle Mexican Grill has agreed to pay $240,000 to former employees as part of a settlement stemming from a complaint that the company violated federal law by closing a restaurant where workers wanted to unionize. Chipotle announced it was permanently closing its Augusta, Maine, location last year...
Twitter celebs balk at paying Elon Musk for blue check mark
William Shatner, Monica Lewinsky and other prolific Twitter commentators — some household names, others little-known journalists — could soon be losing the blue check marks that helped verify their identity on the social media platform. They could get the marks back by paying up to $11 a month. But some...
Twitter: Parts of its source code leaked online
NEW YORK — Some parts of Twitter’s source code — the fundamental computer code on which the social network runs — were leaked online, the social media company said in a legal filing on Sunday. According to the legal document, filed with the U.S. District Court of the Northern District...
Last McDonald’s in Downtown Pittsburgh expected to close
The last McDonald’s in Downtown Pittsburgh is expected to go dark by the end of April. The fast food restaurant opted not to renew the lease at the spot on Stanwix Street just outside Market Square. Nick Nicholas, who owns the building that housed the Golden Arches for about 50...
Disney World reaches union deal with minimum $18 hourly wage
ORLANDO, Fla. — Unions for service workers at Walt Disney World reached a tentative deal with the company on Thursday that would raise the starting minimum wage from $15 to $18 an hour in a pact that could set the basement for starting pay throughout central Florida’s sprawling tourism industry....
New Starbucks CEO plans to work in stores monthly
Starbucks’ new CEO Laxman Narasimhan says he plans to work a half-day shift once a month in one of the company’s stores in an effort to stay close to the company’s culture and customers. Narasimhan, who took the reins as CEO earlier this week, said in a letter to Starbucks’...
Ford says EV unit losing billions, should be seen as startup
DETROIT — Ford Motor Co.’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released Thursday as Ford rolled out a new way of reporting...
Veterans job fair set for at Acrisure Stadium
Military veterans looking for work can find some opportunities at a job fair Thursday. The nonprofit Disabled American Veterans and RecruitMilitary will host the Pittsburgh Veterans Job Fair from 11 a.m. to 3 p.m. at Acrisure Stadium, 100 Art Rooney Ave., on Pittsburgh’s North Shore. Veterans can meet more than...
What the Fed rate increase means for your credit card bill
NEW YORK— The Federal Reserve raised its key rate by another quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease inflation by making borrowing more expensive. If you have money to save, you’ll probably earn a bit more interest...
Fed raises key rate by quarter-point despite bank turmoil
WASHINGTON — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. “The U.S. banking system is sound and resilient,” the Fed said in...
Wall Street quiet ahead of Fed rate hike decision
Wall Street quietly drifted between small gains and losses early Wednesday ahead of a closely-watched decision by the Federal Reserve on whether to raise interest rates in the midst of a global banking crisis. Futures for the Dow Jones Industrials inched less than 0.1% higher, while futures for the S&P...
John Dorfman: Nasdaq leaps back to the forefront
Like a race-car driver slicing in front of the competition, the Nasdaq Stock Market has resumed market leadership in 2023. This year through March 17, the Nasdaq Composite Index has returned 11.1%. The New York Stock Exchange Composite Index has fallen 3.8%. The most widely watched market gauge, the Standard...
TikTok updates rules; CEO on charm offensive for U.S. hearing
LONDON — TikTok went on a counteroffensive Tuesday amid increasing Western pressure over cybersecurity and misinformation concerns, rolling out updated rules and standards for content as its CEO warned against a possible U.S. ban on the Chinese-owned video sharing app. CEO Shou Zi Chew is scheduled to appear Thursday before...
Giant Eagle’s new CEO, board chair leaves chain without Shapira family in leadership
Giant Eagle has been a family run business for many decades, but the supermarket chain is changing course with the departure of longtime chief executive Laura Shapira Karet. The O’Hara-based grocer has appointed Bill Artman as interim CEO to replace Shapira Karet, who has led the chain for 11 years....
Stocks rise for first 2-day rally since banking crisis beganVideo
NEW YORK — Stocks rallied Tuesday, led by the banks most beaten down by the industry’s crisis, and some of Wall Street’s fear washed out on hopes the U.S. government will offer more help if needed. The S&P 500 jumped 1.3% to lock in its first back-to-back gain since Silicon...
Dodge unveils last super-fast gasoline muscle car
DETROIT — The last gas-powered muscle car from Dodge isn’t leaving the road without some squeals, thunder and crazy-fast speed. The 2023 Challenger SRT Demon 170 will deliver 1,025 horsepower from its 6.2-liter supercharged V-8, and the automaker says it will be the quickest production car made. Stellantis, formed in...
Army of lobbyists helped water down banking regulations
WASHINGTON — It seemed like a good idea at the time: Red-state Democrats facing grim reelection prospects would join forces with Republicans to slash bank regulations — demonstrating a willingness to work with President Donald Trump while bucking many in their party. That unlikely coalition voted in 2018 to roll...
Yellen says bank situation ‘stabilizing,’ system is ‘sound’
WASHINGTON — Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is “sound” but additional rescue arrangements “could be warranted” if any new failures at smaller institutions pose a risk to financial stability. Yellen, in an excerpt of remarks prepared for delivery...
Stocks rise on Wall Street after bank deal, regulator movesVideo
NEW YORK — Stocks rose Monday on Wall Street after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry. The S&P 500 climbed 34.93 points, or 0.9%, to 3,951.57. The Dow Jones Industrial Average gained 382.60, or 1.2%, to...
Highmark reports loss in 2022, citing investment losses, supply chain and staffing woes
As with many health care systems, inflation, supply chain woes and staffing challenges took a bite out of Highmark Health’s finances during 2022. Highmark reported a net loss of $346 million on $26 billion in revenue. Excluding investment losses, the organization reported net earnings of about $47 million. Meanwhile, the...
Allegheny Health Network names new president
Allegheny Health Network has named its Chief Operating Officer James Benedict as president of the network. Benedict joined AHN as its executive vice president and COO in 2017. He “was one of the chief architects of the network’s successful operational turnaround and its nearly $2 billion capital investment and market...
