Business category, Page 224
Federal Reserve confronts shaky economy that likely needs more help
WASHINGTON — Federal Reserve officials are meeting this week with the economy facing growing threats from a resurgence of the coronavirus and from Congress’ failure to provide any further aid for struggling individuals and businesses. Yet the Fed will likely end its latest policy meeting Thursday by deciding to wait...
Pet Valu plans to close all U.S. stores due to ‘severe impact from covid-19’
Pet Valu Inc., a pet food retailer with several stores in the Pittsburgh region, on Wednesday announced plans to wind down its U.S. operations “due to severe impact from covid-19.” Pet Valu said it expects its 358 U.S. stores and warehouses, scattered throughout the Northeast and Midwest, and its U.S....
Trade deficit falls to $63.9 billion in September
SILVER SPRING, Md. — The U.S. trade deficit fell in September after hitting a 14-year high in August as exports outpaced imports. The Commerce Department reported Wednesday that the gap between what the U.S. sells and what it buys abroad fell to $63.9 billion in September, a decline of 4.7%...
Stocks shake off election night wobbles to rally; tech leads
Technology and health care companies drove stocks sharply higher Wednesday as Wall Street embraced the upside of more gridlock in Washington. The S&P 500 was up 2.4% and on pace for its best day in more than five months, as of 3:26 p.m. Eastern time. The Dow Jones Industrial Average...
Xi promises Chinese development plans won’t hurt trade
BEIJING — President Xi Jinping tried to allay fears the ruling Communist Party’s latest development strategy might hamper trade, promising Wednesday that China will open wider and become “the world’s market.” Plans that call for Chinese industry to pursue self-reliance in technology and focus on domestic markets and suppliers will...
Debut of Chinese e-finance giant derailed by fear of risks
BEIJING — The world’s biggest online finance company was racing toward a stock market debut when it was derailed by Beijing’s anxiety about risks in the fledgling industry, jarring global investors and deepening uncertainty about China’s financial markets. Regulators suspended Ant Group’s record-setting $34.5 billion stock offering two days before...
Cruise industry throws in the towel on 2020, looks to 2021
The cruise industry has jettisoned hopes of restarting operations this year. Days after both Carnival and Norwegian extended a halt on cruises through the end of the year, the group that represents cruise lines with 95% of global ocean-going capacity said Tuesday that its members have agreed to extend the...
Kennametal posts $20.8M quarterly loss as sales dropped
Kennametal Corp. lost $20.8 million as sales fell about about 23% in the quarter ending Sept. 30, compared to a year ago, the company said Tuesday. There is much uncertainty in the market and it is difficult to predict when there will be a full recovery, CEO Christopher Rossi said...
AMC Theatres lost $900 million in 3rd quarter even as cinemas reopened
AMC Entertainment, owner of the world’s largest movie theater circuit, lost more than $900 million in the third quarter, even with the vast majority of its locations open for business. Since the covid-19 pandemic shuttered the film business in March, AMC has reopened 539 locations, or 90% of its 600...
Stocks rally again worldwide as Election Day finally arrives
Stocks are rallying Tuesday as Election Day finally arrives following a punishing campaign that created enough uncertainty to help send markets spinning. The S&P 500 was 2.2% higher in midday trading and on pace for its best day in nearly five months. The Dow Jones Industrial Average was up 647...
John Dorfman: Zoom, Peloton lead 2020 stock market parade
Among all large-cap U.S. stocks, here are the five that are up the most this year through Oct. 30. Zoom (ZM) The pandemic has made “Zoom” a household word. With millions of people working from home, its group-conferencing software has made meetings possible — if sometimes interminable. No question that...
FirstEnergy to spinoff West Penn Power transmission business; allows for faster rate hikes
FirstEnergy Corp. spun off its West Penn Power Co. transmission business to a new shell company, a move the state’s top consumer advocate says will allow the Ohio-based utility a faster path to recover costs by raising rates on 720,000 West Penn customers. Keystone Appalachian Transmission Co. was formed to...
Western Pa. anglers aim to make it easier for outdoor enthusiasts to collect trashVideo
Hunter Klobucar and Tyler Waltenbaugh spent the summer of 2018 crossing the deep woods and backwaters of northern Pennsylvania, along the Route 6 corridor, and while their purpose was to study the natural habitat of brook trout, one particularly unnatural feature kept showing up: trash. “We’re in all these remote...
Owner of Westmoreland, Monroeville malls files for bankruptcy
After months filled with lost revenues and tenants permanently shutting their doors, the company that owns both the Westmoreland and Monroeville malls has filed for bankruptcy protection. Chattanooga, Tenn.-based CBL Properties made the announcement Monday, months after the company announced a restructuring plan to help alleviate debt. The move came...
Another restaurant chain, Friendly’s, hits wall in pandemic
WILBRAHAM, Mass. — Friendly’s Restaurants, the 85-year-old East Coast dining chain known for its Fribble milkshakes and ice cream sundaes, is filing for bankruptcy protection. It joins a growing list of well-established restaurant chains that are failing due to an unchecked pandemic in the United States. George Michel, CEO of...
Wall Street rallies ahead of a potentially turbulent weekVideo
NEW YORK — Stocks notched broad gains on Wall Street Monday as investors looked ahead to Election Day and the potential for a turbulent stretch for markets. The S&P 500 climbed 1.2%, recouping some of its losses from a sharp sell-off last week, as more companies reported stronger profits for...
U.S. construction spending up again, rises 0.3% in September
U.S. construction spending rose 0.3% in September, the fourth straight monthly gain after a coronavirus-caused spring swoon. The Commerce Department reported Monday that the September gain followed followed a revised gain of 1.3% in August. Spending on residential construction was strong yet again, with single-family home projects jumping 5.7%. Demand...
Tech losses drive Wall Street down again, ending grim week
Street closed out another punishing week Friday with the S&P 500 posting its first back-to-back monthly loss since the pandemic first gripped the economy in March. The S&P 500 dropped 1.2% and ended the week with a 5.6% loss, its worst in seven months. Sharp drops in big technology stocks...
2 more ex-eBay employees admit to roles in harassment scheme
BOSTON — Two more former eBay Inc. employees have admitted to their roles in a campaign to terrorize a Massachusetts couple with threatening social media messages and disturbing deliveries of things like live spiders sent to their home. Brian Gilbert, 52, who was senior manager of special operations for eBay’s...
Coronavirus surge threatens to reverse global economic rebounds
WASHINGTON — The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect of having to hunker down once again. Growing fear of an economic reversal coincided with a report Thursday...
Walmart removes guns, ammunition on display at U.S. stores
NEW YORK — Walmart says it has removed ammunition and firearms from displays at its U.S. stores, citing “civil unrest” in some areas. The nation’s largest retailer, based in Bentonville, Ark., sells firearms in about half of its 4,700 stores. “We have seen some isolated civil unrest and as we...
Netflix raises prices on U.S. subscriptions as content spending grows
Netflix on Thursday said it is raising the price of its U.S. standard and premium subscription plans, as the streamer continues to invest in content to differentiate itself from rivals. The cost of its standard plan that allows for streaming on two screens will go up $1 to $13.99 a...
Exxon, Chevron to cut U.S. jobs as oil industry struggles
NEW YORK — Exxon Mobil is slashing 1,900 jobs from its U.S. workforce, and Chevron plans to cut a quarter of the employees at its recently-acquired Noble Energy as the pandemic saps demand for fuel. Exxon said Thursday the reductions will be both voluntary and involuntary and will largely come...
UPS hiring 840 seasonal workers in New Stanton, Pittsburgh
United Parcel Service Inc. plans to hold a job fair Friday — in-person and virtual — as it looks to hire about 840 seasonal workers at its processing and shipping facilities in New Stanton and on Pittsburgh’s North Shore, the company said. The package shipping company is looking to hire...
Wall Street ends higher after shaking off a wobbly startVideo
Stocks shook off an early slide and closed broadly higher Thursday as the market steadied after its worst drop in more than four months. The S&P 500 rose 1.2%, bouncing back from a drop of 0.3% in the early going. Traders welcomed encouraging data on the pace of layoffs and...
