Business category, Page 216
U.S. hiring slows sharply to 245,000 jobs as virus intensifies
WASHINGTON — America’s employers sharply scaled back their hiring last month as the viral pandemic accelerated across the country, adding 245,000 jobs, the fewest since April and the fifth straight monthly slowdown. At the same time, the unemployment rate fell to a still-high 6.7%, from 6.9% in October as many...
More record highs for stocks as hopes grow for economic aid
Stocks returned to record highs Friday on Wall Street as traders took a discouraging jobs report as a sign that Congress may finally move on delivering more aid for the pandemic-striken economy. The S&P 500 rose 0.9% and the Dow Jones Industrial Average rose 0.8%. In another bullish signal, small-company...
After being fined by U.S., Hyundai recalls more vehicles
DETROIT — A week after being fined by regulators for delaying safety recalls, Hyundai is recalling about 130,000 vehicles in the U.S. because the engines could fail. The recall covers certain 2012 Santa Fe SUVs, 2015 and 2016 Veloster cars, and Sonata Hybrid cars from 2011 through 2013 and 2016....
Czechs target 2038 to phase out coal as energy source
PRAGUE — A Czech government advisory body has agreed to a proposal for the country to phase out coal as an energy source by 2038, a plan that environmental groups say isn’t ambitious enough. Trade and Minister Karel Havlicek, one of the two chairmen of the body, said on Friday...
Senate confirms Christopher Waller to serve on Fed’s board
WASHINGTON — The Senate on Thursday narrowly confirmed the nomination of Christopher Waller for the Federal Reserve’s Board of Governors, placing another of President Donald Trump’s picks on the Fed’s influential board after a string of high-profile rejections. The vote in favor of Waller was 48-47. Waller, research director at...
OPEC, Russia agree to nudge up oil production from January
VIENNA — OPEC and a group of allied countries including Russia agreed Thursday to increase oil production by 500,000 barrels per day from January and will meet monthly after that to decide whether to further adjust output. The decision followed days of wrangling among the oil producing countries over whether...
Nestle to spend $3.6 billion on improving climate footprint
GENEVA — Nestle, the world’s biggest food company, said Thursday that it will spend $3.6 billion over five years to improve its climate footprint. Nestle said the investment will increase the Switzerland-based company’s use of renewable energy, which it aims to use exclusively by 2025. The money will also boost...
12 Days of Christmas cost drops in 2020, but you’re not getting all the gifts
The 12 Days of Christmas will cost you less than half of what it did in 2019. But you’re getting less gifts because of covid-19. “The true cost of Christmas decreased in 2020, as this year’s index accounts for cancellations of many live performances,” PNC said on their rundown of...
State loan could help add jobs at industrial park housing former Volkswagen, Sony plants
A state loan of $2.25 million could bring more than 100 new jobs to the RIDC Westmoreland industrial complex near New Stanton. The low-interest loan from the Pennsylvania Industrial Development Authority to the Regional Industrial Development Corporation of Southwestern Pennsylvania will help with a proposed $5.6 million renovation. The work...
U.S. stocks tick higher, as Wall Street coasts following surge
NEW YORK — U.S. stocks are inching further into record heights Thursday, as Wall Street continues to coast following its rocket ride on hopes for coming COVID-19 vaccines. The S&P 500 was up 0.2% in afternoon trading, a day after inching up to set another all-time high. The Dow Jones...
Walmart to give 4th round of bonuses to workers since virus
NEW YORK — Walmart says for the fourth time during the pandemic it will be giving its 1.5 million U.S. part-time and full-time employees additional cash bonuses for their work. The move, announced Thursday, follows similar announcements in recent weeks by such retailers as Target, Lowe’s and Amazon, which are...
U.S. jobless claims fall slightly, still high at 712K as virus surges
WASHINGTON — The number of Americans applying for unemployment benefits fell as the nation celebrated Thanksgiving last week to a still-high 712,000, the latest sign that the U.S. economy and job market remain under stress from the intensified viral outbreak. Thursday’s report from the Labor Department said that initial claims...
Stock indexes shake off a weak start and end mostly higherVideo
Stocks shook off a sluggish start to finish with modest gains Wednesday, nudging the S&P 500 index to an all-time high for the second straight day. The benchmark index rose 0.2% after spending much of the day drifting between small gains and losses. About 54% of the stocks in the...
Fed reports slowing economic activity because of coronavirus surge
WASHINGTON — A Federal Reserve survey of business conditions around the country found that economic activity in several regions slowed in November as coronavirus cases surged. The Fed report released Wednesday said that overall, the Fed’s 12 regional banks characterized the economic expansion as “modest or moderate.” But it noted...
Salesforce buying work-chat service Slack for $27.7 billionVideo
SAN RAMON, Calif. — Business software pioneer Salesforce.com is buying work-chatting service Slack for $27.7 billion in a deal aimed at giving the two companies a better shot at competing against longtime industry powerhouse Microsoft. The acquisition announced Tuesday is by far the largest in the 21-year history of Salesforce....
Treasury Secretary Steve Mnuchin defends shutdown of Fed emergency loan programsVideo
WASHINGTON — Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging. Democrats were unconvinced, however, saying that Mnuchin’s actions are politically motivated and intended to remove tools that the Biden administration could...
Sephora to open hundreds of beauty shops inside Kohl’s stores
Sephora will open hundreds of beauty shops inside Kohl’s department stores starting next fall, the retailer said Tuesday, just weeks after Ulta Beauty and Target announced a similar partnership. The 2,500-square-foot Sephora shops will replace Kohl’s current beauty department at the front of the store and carry makeup, skin care,...
Strong start to December as S&P 500 index sets another high
Stocks scored more record highs on Wall Street on Tuesday, a day after the S&P 500 closed out November with its biggest monthly gain since April. The benchmark index climbed 1.1% while the tech-heavy Nasdaq added 1.3%. Both beat the all-time highs they set on Friday. Stocks have been ramping...
U.S. factories grew more slowly last month; index dips to 57.5
WASHINGTON — American factories grew at a slower pace last month, and there are concerns that surging coronavirus infections will endanger an economic recovery. The Institute of Supply Management, an association of purchasing managers, reported Tuesday that its manufacturing index dipped to 57.5 in November from 59.3 in October. Any...
OPEC talks on production hit snag as pandemic clouds outlook
FRANKFURT, Germany — The OPEC oil producers’ cartel was to push ahead with a new round of discussions Tuesday about how much to pump next year as countries wrestled over whether to extend the production cuts that have been supporting prices depressed by the pandemic. Members adjourned a videoconference after...
Nasdaq seeks more diverse boards from listed companies
Nasdaq is seeking U.S. authority to require more diversity in the board rooms of Nasdaq-listed companies. It is the first major exchange to pursue such a requirement. The proposal filed with the U.S. Securities and Exchange Commission on Tuesday, if approved, would require all companies listed on the exchange to...
GAO says weekly unemployment benefits report flawed
WASHINGTON — A government watchdog has found that the Labor Department’s widely watched weekly unemployment benefits data are providing an inaccurate reading on the number of newly laid off workers because of flaws in the government’s data collection. The Government Accountability Office said in a report Monday that the Labor...
Stocks slip, but S&P 500 still logs best month since April
NEW YORK — Stocks pulled back slightly from their record levels Monday as Wall Street put a quiet coda on one of its most rocking months in decades. The S&P 500 fell 0.5%, but the benchmark index still clocked a surge of 10.8% for the month, its biggest monthly gain...
GM walks away from stake in electric vehicle maker Nikola
NEW YORK — General Motors will not take an initial stake in the electric vehicle company Nikola, which announced Monday that it would scuttle on of its marquee vehicles, an electric and hydrogen-powered pickup that was to be called the Badger. Shares of Nikola plunged 21% at the opening bell....
Tony Hsieh, retired Zappos CEO, dies at 46
LAS VEGAS — Tony Hsieh, the retired CEO of Las Vegas-based online shoe retailer Zappos.com who spent years working to transform the city’s downtown area, has died. He was 46. Hsieh was with family when he died Friday, according to a statement from DTP Companies, which he founded. Downtown Partnership...
