Business category, Page 169
Fed officials signal rates may head to ‘restrictive’ levels
WASHINGTON — Federal Reserve officials agreed when they met earlier this month that they might have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which has reached a four-decade high. At the same time, many of the policymakers also...
Student loan forgiveness unlikely to boost the economy
The Biden administration has been considering a plan to cancel at least $10,000 of federal student-loan debt. President Biden promised something of the sort during the 2020 presidential campaign. And with about 45 million current and former students carrying $1.76 trillion in debt, some sort of debt forgiveness is appealing...
Pittsburgh-based Locomation showcases self-driving truck technology
Pittsburgh-based Locomation, a company developing self-driving trucks, touted its technology Monday when they invited state leaders to tour its Lawrenceville facility. Department of Community and Economic Development Acting Secretary Neil Weaver and Deputy Secretary of Technology and Innovation Steve D’Ettorre visited the site, which has been supported by Gov. Tom...
John Dorfman: Time to weed your holdings, upgrade your portfolio
With the stock market down 18% from its peak as of May 20, now is a good time for a portfolio upgrade. You can weed out losing holdings and get a tax deduction on your 2020 tax return. With the proceeds, you can buy first-rate replacements at prices well off...
Wall Street ends higher following 7 straight weeks of losses
NEW YORK — Stocks closed broadly higher Monday, an upbeat start to the week on Wall Street after seven weeks of declines that nearly ended the bull market that began in March 2020. The S&P 500 rose 1.9%, with technology and financial sector stocks doing much of the heavy lifting...
Starbucks leaving Russian market, shutting 130 stores
Starbucks is pulling out of the Russian market. In a memo to employees Monday, the Seattle coffee giant said it decided to close its 130 stores and no longer have a brand presence in Russia. Starbucks said it will continue to pay its nearly 2,000 Russian employees for six months...
GOP directs culture war fury toward green investing trend
SALT LAKE CITY — Republicans are coming out swinging against Wall Street’s growing efforts to consider factors like long-term environmental risk in investment decisions, the latest indication that the GOP is willing to damage its relationship with big business to score culture war points. Many are targeting a concept known...
Wall Street nears bear market at the end of a bruising week
Another drop for stocks on Friday has pushed the S&P 500 index 20% below its peak set early this year. The benchmark index was down 2% for the day in early afternoon trading and on pace for its seventh straight losing week. Rising interest rates, high inflation, the war in...
Economics 101: What rising interest rates, inflation mean for you
The price of just about everything has gone up. Inflation, the rate at which prices rise in the economy, is the worst it’s been in 40 years. The Federal Reserve, the central bank for the U.S. — more commonly known as the Fed — announced earlier this month that it...
New Twitter policy aims to pierce fog of war misinformation
SAN FRANCISCO — Twitter is stepping up its fight against misinformation with a new policy cracking down on posts that spread potentially dangerous false stories. The change is part of a broader effort to promote accurate information during times of conflict or crisis. Starting Thursday, the platform will no longer...
Fed nominee Michael Barr calls inflation ‘far too high’
WASHINGTON — Michael Barr, President Joe Biden’s pick to be the Federal Reserve’s top banking regulator, pledged Thursday to help reduce high inflation and provide “clear rules” to govern financial innovation. “I would be strongly committed to bringing down inflation to the Federal Reserve’s target” of 2%, Barr said in...
Wall Street edges lower, stabilizing a day after big drop
NEW YORK — Another volatile day on Wall Street ended with more losses for stocks Thursday, drawing the S&P 500 closer to its first bear market since the beginning of the pandemic. The index, a benchmark for many funds, fell 0.6% after easing off a deeper stumble. The latest decline...
Stocks fall sharply as Target’s woes renew inflation fears
NEW YORK — The Dow Jones Industrial Average sank more than 1,100 points and the S&P 500 had its biggest drop in nearly two years Wednesday, as big earnings misses by Target and other major retailers stoked investors’ fears that surging inflation could cut deeply into corporate profits. The broad...
Musk wars with Twitter over his buyout deal – on Twitter
Tesla CEO Elon Musk promised that taking over Twitter would enable him to rid the social media platform of its annoying “spam bots.” Now he’s arguing — without presenting any evidence — that there might be just too many of those automated accounts for the $44 billion deal to move...
Prosecutors: NYC investment adviser blamed in $5B fraud
NEW YORK — Bus drivers, subway conductors and religious and charitable organizations nationwide were among victims when fraud speeded the downfall of private investment funds once worth $11 billion, causing a loss of $5 billion for investors, authorities said Tuesday. Additional details were expected to be released at a news...
John Dorfman: My ‘Do Nothing Club’ returned 68% in the past year
Certain predators can’t see their prey if the prey holds still. It’s the same with some investors. Stocks that do nothing for a while might vanish from investors’ consciousness. But stagnant stocks can sometimes be good buys. Hence, my Do Nothing Club. It’s an annual compilation of stocks whose price...
Elon Musk says Twitter deal at lower price is ‘not out of the question’
Elon Musk stoked speculation that he could seek to renegotiate his takeover of Twitter Inc., saying a viable deal at a lower price wouldn’t be “out of the question.” Twitter shares fell 8.2% at the close of trading in New York. The stock has been dropping on speculation that Musk...
Abbott says agreement reached to reopen baby formula plant
WASHINGTON — Baby formula maker Abbott said Monday it has reached an agreement with U.S. health regulators to restart production at its largest domestic factory, though it will be well over a month before any new products ship from the site to help alleviate the national shortage facing parents. Abbott...
French carmaker Renault to sell Russian operations to Moscow
Russia will take control of French car manufacturer Renault’s operations in the country and resurrect a Soviet-era auto brand, officials said Monday, marking the first major nationalization of a foreign business since the war in Ukraine began. Renault said it would sell its majority stake in Avtovaz, a Russian car...
In U.S., states struggle to replace fossil fuel tax revenue
SANTA FE, N.M. — Government budgets are booming in New Mexico: Teacher salaries are up, residents can go to an in-state college tuition-free, moms will get medical care for a year after childbirth, and criminal justice initiatives are being funded to reduce urban violence. The reason behind the spending spree...
Respite from gas price increases will be brief as summer driving season nears, analyst says
The national average price of gasoline could be closer to $5 per gallon than $4 later this week as demand increases and inventories decline with the Memorial Day weekend and the start of the summer driving season approaching, an industry analyst said. “New records continued to be set on a...
JetBlue goes hostile in bid for Spirit after 2 rejections
JetBlue is going hostile in its bid for Spirit Airlines and asking shareholders of the low-cost carrier to reject a proposed $2.9 billion acquisition by Frontier Airlines. JetBlue is going straight to shareholders of the Florida airline in hopes of pushing its board to the negotiating table. Shares of Spirit...
Stocks rally on Wall Street but still face 6th weekly loss
Stocks rallied on Wall Street Friday, but not enough to claw back all the losses the market has taken in this volatile week of trading. The S&P 500 rose 2.4% as of 12:01 p.m. Eastern. The benchmark index is still on track for its 6th straight losing week, something that...
Musk puts Twitter buy on hold, casting doubt on $44B deal
DETROIT — Elon Musk said Friday that his plan to buy Twitter is “temporarily on hold,” raising fresh doubts about whether he’ll proceed with the $44 billion acquisition. Musk tweeted that he wanted to pinpoint the number of spam and fake accounts on the social media platform. Musk has been...
Parents swap, sell baby formula amid nationwide shortage
WASHINGTON — A baby formula shortage in the United States is driving parents to swap, sell and offer leftover supplies to each other, while President Joe Biden plans to speak with manufacturers and retailers Thursday about the plight facing families. The problem is the result of supply chain disruptions and...
