Business category, Page 123
Gainey calls on Pittsburgh businesses to fix gender pay gap
Pittsburgh Mayor Ed Gainey on Tuesday called on the city’s businesses to provide equal pay for men and women as he commemorated National Equal Pay Day. In a press conference held in the mayor’s office, Gainey joined female leaders of his administration and other women to advocate for closing the...
Saudi Arabia places order with Boeing for up to 121 planes
Two Saudi Arabian airlines said Tuesday they will order 78 jetliners from Boeing and take options to buy 43 more in a major boost for the American aircraft manufacturer. The order for Boeing 787s will be divided between Saudi Arabia’s flag carrier, Saudia, and a planned new airline called Riyadh...
Silicon Valley Bank’s demise disrupts the disruptors in tech
Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation. “They were the gold standard, it almost seemed...
What went wrong: Pittsburgh experts explain failures of Silicon Valley, Signature banks
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...
Bank stocks tumble; others rise on hopes for easier ratesVideo
NEW YORK — Bank stocks tumbled Monday on worries about what’s next to break, following the second- and third-largest bank failures in U.S. history. But many other stocks rose on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are...
PNC says it is not in talks to acquire Silicon Valley Bank
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...
Silicon Valley Bank collapse: What you need to know
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...
Explainer: Here’s why Alaska’s Willow oil project is controversial
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...
Biden tells U.S. to have confidence in banks after 2 collapse
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...
U.S. government moves to stop potential banking crisis
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...
From wine country to London, bank’s failure shakes worldwide
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...
Will it take market crash for Congress to raise debt limit?
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...
AmEx: Small business starts hit a record high in 2021
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...
2 Pittsburgh museums make national list
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...
Silicon Valley Bank seized by U.S. after historic failure
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...
U.S. adds a robust 311,000 jobs despite Fed’s rate hikes
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...
Deepening worries about high rates send Wall Street lower
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....
Visa, Mastercard pause decision to track gun shop purchases
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...
Pittsburgh airport officials unveil plans for Fort Pitt Tunnel-inspired bridge connecting terminals in $1.4B projectVideo
The automated tram that has taken air travelers between Pittsburgh International Airport’s two terminals since they opened in 1992 will stop running when a new, $1.4 billion terminal opens in 2025. Allegheny County Airport Authority officials on Thursday unveiled plans for a connector bridge that will link the new terminal...
Yeti recalls 1.9 million coolers and cases for magnet hazard
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...
GM offers buyouts to most U.S. salaried workers to trim costs
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...
Applications for U.S. jobless aid rise by most in 5 months
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...
Shell CEO pay up 50% as soaring energy prices boosted profit
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...
California to end Walgreens $54 million contract after abortion disputeVideo
SACRAMENTO — California Gov. Gavin Newsom on Wednesday withdrew a $54 million contract with Walgreens after the pharmacy giant indicated it would not sell an abortion pill by mail in some conservative-led states. Newsom on Wednesday ordered state officials to not renew a contract with Walgreens to purchase specialty pharmacy...
Adidas wonders what to do with Yeezy shoes after Ye split
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....
