Business category, Page 218
Mnuchin denies trying to hinder incoming administration
WASHINGTON — Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve. Mnuchin said his decision was based on the fact that the programs were...
Pfizer, BioNTech seek emergency use of covid-19 vaccine in U.S.
Pfizer formally asked U.S. regulators Friday to allow emergency use of its COVID-19 vaccine, starting the clock on a process that could bring limited first shots as early as next month and eventually an end to the pandemic — but not until after a long, hard winter. The action comes...
GM: New batteries cut electric car costs, increase range
DETROIT — General Motors says a pending breakthrough in battery chemistry will cut the price of its electric vehicles so they equal those powered by gasoline within five years. The technology also will increase the range per charge to as much as 450 miles. The company’s product development chief promised...
Tyson suspends Iowa plant managers amid virus betting claim
IOWA CITY, Iowa — Tyson Foods suspended top officials at its largest pork plant on Thursday and launched an investigation into allegations that they bet on how many workers would get infected during a widespread coronavirus outbreak. The company’s president and CEO, Dean Banks, said he was “extremely upset” about...
GM says new batteries cut electric car costs, increase range
DETROIT — General Motors says a pending breakthrough in battery chemistry will cut the price of its electric vehicles so they equal those powered by gasoline within five years. The technology also will increase the range per charge to as much as 450 miles. The company’s product development chief promised...
Stocks rise amid investors’ tug of war between hope, fear
NEW YORK — Wall Street capped a day of choppy trading with modest gains for stocks Thursday, as the market’s tug of war continues between worries about the worsening pandemic in the present and optimism that a vaccine will rescue the economy in the future. The S&P 500 rose 0.4%...
U.S. jobless claims increase to 742,00 as pandemic worsens
WASHINGTON — The number of Americans seeking unemployment aid rose last week to 742,000, the first increase in five weeks and a sign that the resurgent viral outbreak is likely slowing the economy and forcing more companies to cut jobs. The Labor Department’s report Thursday showed that applications for benefits...
FAA clears Boeing 737 Max to fly again
After nearly two years and a pair of deadly crashes, U.S. Federal Aviation Administration is clearing Boeing’s 737 Max for flight. The nation’s air safety agency announced the move early Wednesday, saying it was done after a comprehensive and methodical 20-month review process. Regulators around the world grounded the Max...
Watch for a January bounce in Intel and four other stocks
Kicking someone while they’re down is unsportsmanlike. But it happens every year in the stock market. In November and December, investors often pummel the stocks that have declined in the first 10 months of the year. Why? For tax reasons. Investors sell their losers to establish tax losses, which are...
Amazon opens online pharmacy, shaking up another industry
NEW YORK — Now at Amazon.com: insulin and inhalers. The retail colossus opened an online pharmacy Tuesday that allows customers to order medication or prescription refills and have them delivered to their front door in a couple of days. The potential impact of Amazon’s arrival in the pharmaceutical space rippled...
Twitter, Facebook CEOs defend election actions, promise more
WASHINGTON — The CEOs of Twitter and Facebook on Tuesday defended their safeguards against disinformation in the presidential election, and promised Congress they would take vigorous action for two special elections in Georgia that could determine which party controls the U.S. Senate. Twitter CEO Jack Dorsey and Facebook CEO Mark...
Another booming quarter for Walmart, but sales are slowing
NEW YORK — Walmart turned out another stellar quarter as the world’s largest retailer powers through a pandemic that has felled other national chains. But sales at stores opened at least a year slowed in the three months that ended with October compared with earlier this year as the pandemic...
Stocks fall as virus worries force big rally to take a pause
NEW YORK — Worries about the worsening pandemic pushed Wall Street to tap the brakes Tuesday on its big November rally, which had vaulted stocks back to record heights. Treasury yields also dipped after a report showed U.S. shoppers spent less at retailers last month than economists expected. The numbers...
Amazon opens online pharmacy, shaking up another industryVideo
NEW YORK — Now at Amazon.com: insulin and inhalers. The retail colossus opened an online pharmacy Tuesday that allows customers to order medication or prescription refills, and have them delivered to their front door in a couple of days. The potential impact of Amazon’s arrival in the pharmaceutical space rippled...
Airbnb details years of losses ahead of planned IPOVideo
Airbnb was losing money even before the pandemic struck and cut its revenue by almost a third, the home-sharing company revealed in documents filed Monday ahead of a planned initial public offering of its stock. The San Francisco-based company has yet to set a date for the IPO but it...
Dow returns to record, S&P 500 adds to its on vaccine hopesVideo
NEW YORK — The Dow Jones Industrial Average returned to a record Monday for the first time since plunging nine months ago in despair about the pandemic, riding a swell of optimism that a vaccine may soon control the coronavirus and the economic destruction it’s caused. Moderna said early in...
PNC to buy U.S. unit of Spain’s BBVA bank for $11.6 billionVideo
NEW YORK — PNC Financial Services Group Inc. said Monday it is buying the U.S. subsidiary of Spain’s BBVA bank for $11.6 billion in cash. BBVA’s U.S. operations, which are based in Houston, Texas, have $104 billion in assets and operate 637 branches, mainly in the south and southwest of...
SpaceX crew flight delayed; Musk gets mixed COVID-19 results
CAPE CANAVERAL, Fla. — SpaceX delayed its second astronaut flight by a day because of high wind and weather conditions that could jeopardize the recovery and recycling of the rocket booster, pushing the launch to Sunday. Friday’s postponement news came after SpaceX chief Elon Musk disclosed he had gotten mixed...
Michigan governor seeks shutdown of Great Lakes oil pipeline
TRAVERSE CITY, Mich. — Michigan Gov. Gretchen Whitmer took legal action Friday to shut down a pipeline that carries oil beneath a channel linking two of the Great Lakes. Whitmer’s office notified Canadian company Enbridge Inc. that it was revoking an easement granted 67 years ago to extend a roughly...
For business owners with covid, virus is one of many struggles
NEW YORK — When Chris Hyland caught the coronavirus, his ordeal went beyond being sick and exhausted: He couldn’t help his business partners manage the virus’s impact on their company just as the outbreak was sweeping across the world. Hyland and his wife and children became ill in early March....
Top CEOs met to plan response to Trump’s election denial
WASHINGTON — Only a few of America’s CEOs have made public statements about President Donald Trump’s refusal to accept his election loss, but in private, many are alarmed and talking about what collective action would be necessary if they see an imminent threat to democracy. On Nov. 6, more than...
S&P 500 closes at a record high, ending another banner week
The S&P 500 is closing at a record high for the first time since September, posting its second weekly gain in a row. The index rose 1.4% Friday, bringing its for November to 9.6%. Hopeful news this week on progress toward a coronavirus vaccine prompted investors to plow money into...
To help economy, bank proposes tax on working from home
LONDON — White collar staff reaping the financial benefits of working from home should be taxed to help other workers who aren’t getting the same advantages, experts at Deutsche Bank said in a new report. In its report on how to rebuild the economy after covid-19, the bank proposed a...
Wall Street scuffles as worsening pandemic slows its rally
NEW YORK — U.S. stocks are scuffling in early trading on Thursday amid worries about worsening coronavirus counts across the country. The S&P 500 was 0.4% lower, a rare stumble after climbing at least 0.8% in six of the last eight days. The Dow Jones Industrial Average was down 199...
TikTok asks court to intervene as Trump order looms
The popular video-sharing app TikTok, its future in limbo since President Donald Trump tried to shut it down earlier this fall, is asking a federal court to intervene. TikTok’s Chinese owner, ByteDance, has until Thursday to sell off its U.S. operations under an executive order that Trump signed in August....
