Business category, Page 170
Mercedes recalls 292K vehicles to fix problem with brakes
DETROIT — Mercedes-Benz is recalling more than 292,000 vehicles in the U.S. to fix a problem that could cause the brakes to fail or perform poorly. The recall covers certain ML, GL and R-Class vehicles from the 2006 through 2012 model years. Mercedes says in documents posted Thursday by the...
Coinbase loses half its value in a week as crypto slumps
SILVER SPRING, Md. — Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop 5o date on Wednesday as the famously volatile crypto market weathers yet another slump. Coinbase reported a $430 million net loss in the first quarter, or $1.98 per...
Google gets more multilingual, but will it get the nuance?
LIMA, Peru — About 10 million people speak Quechua, but trying to automatically translate emails and text messages into the most widely spoken Indigenous language family in the Americas was long all but impossible. That changed on Wednesday, when Google added Quechua and a variety of other languages to its...
How to avoid ‘rug pulls,’ the latest cryptocurrency scam
A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.” The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with...
Airbnb overhauls site searches with categories of rentals
SAN FRANCISCO — Airbnb said Wednesday it is overhauling the way that consumers search for rental listings, adding dozens of categories including “chef’s kitchens” and “historical homes” to its current listings, which are mostly searched by location. The company will also let people book split stays between homes and it...
U.S. inflation slows in April, strain on households remains
WASHINGTON — Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households. Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday. That was below the 8.5%...
U.S. casinos had best month ever in March, winning $5.3B
ATLANTIC CITY, N.J. — Inflation may be soaring, supply chains remain snarled and the coronavirus just won’t go away, but America’s casinos are humming right along, recording the best month in their history in March. The American Gaming Association, the gambling industry’s national trade group, said Wednesday that U.S. commercial...
Parents hunting for baby formula as shortage spans the countryVideo
WASHINGTON — Parents across the United States are scrambling to find baby formula because supply disruptions and a massive safety recall have swept many leading brands off store shelves. Months of spot shortages at pharmacies and supermarkets have been exacerbated by the recall at Abbott, which was forced to shutter...
Pfizer to spend $11.6B on migraine treatment maker Biohaven
Pfizer is spending $11.6 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own. The New York drugmaker said Tuesday it will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has another...
West Virginia’s Tudor’s Biscuit World faces labor complaint from feds
CHARLESTON, W.Va. — A well-known West Virginia restaurant chain is facing a complaint from the National Labor Relations Board after an investigation found evidence the company unlawfully disciplined and threatened employees who tried to form a union. Tudor’s Biscuit World managers are accused of violating federal labor laws when they...
Now’s the time for low-debt stocks to pay off
Companies with high debt lived in a sort of paradise in 2019-21. With interest rates extraordinarily low, their debt burden didn’t hurt. Now, it looks as if it was a fool’s paradise.Interest rates are rising, and the debt burden is beginning to bite. I relish low-debt companies. They have little...
Wall Street’s losses worsen as markets tumble worldwide
NEW YORK — Stocks racked up more losses Monday on Wall Street, leaving the S&P 500 at its lowest point in more than a year. The sell-off came as renewed worries about China’s economy piled on top of global financial markets already battered by rising interest rates. The S&P 500...
Tourism, economic agencies join forces to market Orlando
ORLANDO, Fla. — It’s an idea that almost seems as compatible as Mickey and Minnie. Take the tens of millions of tourists who are thinking about visiting central Florida’s theme parks each year and sell them on the virtues of moving their companies or businesses to the region. In the...
Bitcoin’s unraveling tops 50% from peak with drop below $32,000
Bitcoin extended its losses, dropping below $32,000 for the first time since July 2021, putting its decline from a November record high to more than 50% amid a global flight from riskier investments. The world’s largest digital token fell as much as 7% on Monday and traded at around $31,924...
Less immigrant labor in U.S. contributing to price hikes
Just 10 miles from the Rio Grande, Mike Helle’s farm is so short of immigrant workers that he’s replaced 450 acres of labor-intensive leafy greens with crops that can be harvested by machinery. In Houston, Al Flores increased the price of his BBQ restaurant’s brisket plate because the cost of...
Available jobs still outpacing job seekers in Pittsburgh region
Pittsburgh area employers are clamoring to get in front of job seekers because they continue to have trouble filling open jobs. Demand from employers is so great, CareerLink Alle-Kiski in New Kensington had to add a second job fair to its schedule because it couldn’t fit all of the companies...
Stocks end rocky week with their 5th straight weekly decline
NEW YORK — The stock market ended an unusually turbulent week with its fifth straight weekly decline. The bumpy and mostly lower ride came as investors worry that the Federal Reserve may not succeed in engineering a smooth cooldown of the economy without letting inflation get out of hand. The...
U.S. added 428,000 jobs in April despite surging inflation
WASHINGTON — America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at...
Boeing will move its headquarters to D.C. area from Chicago
Boeing Co. said Thursday it will move its headquarters from Chicago to the Washington, D.C., area, where company executives would be closer to key federal government officials. The company said it will use its campus in Arlington, Va., as the new headquarters, and it plans to develop a research and...
Wall Street, tech investors back Musk Twitter bid with $7B
Elon Musk has strengthened the equity stake of his $44 billion offer to buy Twitter with commitments of more than $7 billion from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison. A regulatory filing Thursday also said that Musk is in talks with...
Stocks slump 3% as worries grow over higher interest ratesVideo
NEW YORK — A sharp sell-off left the Dow Jones Industrial Average more than 1,000 points lower Thursday, wiping out the gains from Wall Street’s biggest rally in two years, as worries grow that the higher interest rates the Federal Reserve is using in its fight against inflation will derail...
Small businesses still struggle to find enough workers
NEW YORK — Some small businesses are still struggling to hire qualified workers, even as Americans return to the U.S. job market in droves. Hiring and retaining employees remains the top challenge for small businesses, according to a survey of 1,100 businesses by Goldman Sachs 10,000 Small Business Voices out...
OPEC+ opens oil taps gradually as Russian war roils markets
LONDON — OPEC and allied oil-producing countries decided Thursday to stick to a modest increase in production, even as Europe’s proposed phaseout of Russian oil threatens to yank millions of barrels off a global market already thirsty for crude. At an online meeting, the alliance known as OPEC+ — which...
Markets cheer after Jerome Powell downplays even larger rate hikes
NEW YORK — The Dow Jones Industrial Average surged more than 900 points and the S&P 500 had its biggest gain in two years Wednesday after Federal Reserve Chair Jerome Powell downplayed the likelihood of an even larger interest rate hike after announcing the sharpest rate increase since 2000. The...
Fed raises key rate by a half-point in bid to tame inflationVideo
The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed’s key rate raised it...
