Business category, Page 228
Amazon sees its palm recognition tech in stadiums, offices
SEATTLE — Amazon has introduced new palm recognition technology in a pair of Seattle stores and sees a broader potential audience in stadiums, offices and other gated or secured locations. Customers at the stores near Amazon’s campus in Washington can flash a palm for entry into secured areas and buy...
Wall Street claws back some of its losses from SeptemberVideo
Stocks notched solid gains Monday as Wall Street clawed back some of its sharp and sudden September losses. The S&P 500 rose 1.6%, it’s third straight gain. The benchmark index was coming off its first four-week losing streak in more than a year and is on track to close out...
Feds target predatory lenders to small business, but Pennsylvania remains a haven for the industry
Last summer, Philadelphia lawyer Shane Heskin told Congress that Pennsylvania has robust laws to prevent consumers from being gouged on loans — but none protecting business owners. “Consumers have laws protecting them from usurious interest rates,” he said. “But for small businesses, those protection laws don’t apply at all.” Heskin...
Federal judge postpones Trump ban on popular app TikTok
NEW YORK — A federal judge on Sunday postponed a Trump administration order that would have banned the popular video sharing app TikTok from U.S. smartphone app stores around midnight. A more comprehensive ban remains scheduled for November, about a week after the presidential election. The judge, Carl Nichols of...
Wall Street gains, but S&P 500 still faces 4th weekly loss
NEW YORK — Stocks are solidly higher after shaking off an early stumble Friday, though the S&P 500 is still heading for a fourth straight week of losses amid Wall Street’s September swoon. The S&P 500 rose 1.6% after flip-flopping between small gains and losses a few times in the...
Jobless claims rise to 870,000 as backlogs cloud data
WASHINGTON — The number of people seeking U.S. unemployment aid rose slightly last week to 870,000, a historically high figure that shows that the viral pandemic is still squeezing restaurants, airlines, hotels and many other businesses six months after it first erupted. The figure coincides with evidence that some newly...
Wells Fargo CEO Charles Scharf apologizes for comments about diversity
NEW YORK — Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. The...
California moves to end sales of new gas-powered cars by 2035Video
SACRAMENTO — California will outlaw sales of new gasoline-powered passenger cars and trucks by 2035, Gov. Gavin Newsom announced Wednesday, a move he says will cut greenhouse gas emissions by 35% in the nation’s most populous state. His plan would not ban people from owning gas-powered cars or selling them...
U.S. cruises vow 100% coronavirus testing in plan for resuming sailingVideo
Major cruise lines say they will test all passengers and crew for covid-19 prior to boarding as part of their plan for resuming sailing in the Americas. The Cruise Lines International Association, a trade group that represents 95% of global ocean-going cruise capacity, said Monday that its members will also...
U.S. household wealth hits record even as economy struggles
WASHINGTON — Americans’ household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in March. Yet the gains flowed mainly to the most affluent households even as tens of millions of people endured job losses and shrunken incomes. The Federal Reserve...
Lufthansa pulls more big jets, issues gloomy outlook
German airline Lufthansa, already bailed out by the government, says it will have to make more staff cuts and mothball more jumbo jets than originally planned because the outlook for air travel is worse than the company first predicted. The company said Monday it would have to drop more than...
Wall Street joins global tumble, S&P 500 down more than 2%Video
Stocks are falling sharply on Wall Street Monday, joining a global tumble for markets as the S&P 500 sinks more than 2%. Losses began in Asia as soon as trading opened for the week, and they accelerated in Europe on worries about the possibility of tougher restrictions there to stem...
Founder of GM electric truck partner quits amid allegations
FRANKFURT, Germany — Shares in electric- and hydrogen-powered truck startup Nikola plunged on Monday after the company’s founder resigned amid allegations of fraud — just two weeks after signing a $2 billion partnership with General Motors. The company said late Sunday that Trevor Milton resigned and the departing executive chairman...
Judge agrees to delay U.S. government restrictions on WeChat
NEW YORK — A judge has approved a request from a group of U.S. WeChat users to delay looming federal government restrictions that could effectively make the popular app nearly impossible to use. In a ruling dated Saturday, Magistrate Judge Laurel Beeler in California said the government’s actions would affect...
Trump backs proposed TikTok deal with Oracle, Walmart
WASHINGTON — President Donald Trump said Saturday he’s given his “blessing” to a proposed deal between Oracle and Walmart for the U.S. operations of TikTok, the Chinese-owned app he’s targeted for national security and data privacy concerns. Trump said the proposed deal will result in a new company likely to...
Pennsylvania’s cut of $300-a-week jobless aid half gone, apply now before it’s too late, state says
A week after the Trump administration abruptly announced that hundreds of thousands of covid-19-related jobless Pennsylvanians would receive an extra $300 weekly for six weeks only rather than through the end of the year, as initially promised, the state said it already distributed almost half of its allocation. Pennsylvania sent...
Pennsylvania jobless rate drops in August, lowest since March
Pennsylvania’s economy continued to improve in August as the state regained slightly more than half of the jobs it lost since the pandemic-related economic shutdowns of March and April, with the jobless rate falling 2.2 percentage points from July to 10.3%. The unemployment rate for August is the lowest rate...
GNC sold to Chinese pharmaceutical group
GNC Holdings Inc., the Pittsburgh-based international health and wellness chain, has been for sold for $770 million to a Chinese pharmaceutical firm in a deal approved Thursday in bankruptcy court in Delaware. Harbin Pharmaceutical Group Holding Co., an affiliate of GNC’s largest shareholder that owns 40% of the company, also...
U.S. bans WeChat, TikTok from app stores, threatens shutdowns
The Commerce Department said Friday it will ban Chinese-owned TikTok and WeChat from U.S. app stores Sunday and will bar the apps from accessing essential internet services in the U.S. — a move that could effectively wreck the operation of both Chinese services for U.S. users. TikTok won’t face the...
Libya’s east-based commander promises end of oil blockadeVideo
DUBAI, United Arab Emirates — Libya’s commander who rules the eastern half of the country and who was behind a year-long military attempt to capture the capital, Tripoli, said Friday that oil production would restart soon, ending a months-long blockade of the nation’s vital oil fields. The Tripoli-based National Oil...
Wall Street drifts as another bumpy week of trading closes
NEW YORK — Stocks are drifting in mixed trading on Wall Street Friday, as another zig-zag week for markets closes out following their abrupt loss of momentum this month. The S&P 500 was down 0.2% after giving up a small gain in the first few minutes of trading. It’s still...
U.S. curbs WeChat transfers, freezes TikTok as deadline loomsVideo
The U.S. will ban some transactions over the Chinese-owned WeChat app while freezing TikTok’s app starting Sunday, Commerce Secretary Wilbur Ross said. Ross said Friday that the U.S. will prohibit U.S.-to-U.S. transactions related to WeChat and its parent company Tencent Holdings Ltd. but that will not impact activity in China....
Amazon plans to put 1,000 warehouses in neighborhoods nationwide
Amazon.com plans to open 1,000 small delivery hubs in cities and suburbs all over the U.S., according to people familiar with the plans. The facilities, which will eventually number about 1,500, will bring products closer to customers, making shopping online about as fast as a quick run to the store....
Wall Street slumps as Big Tech once again leads decliners
NEW YORK — U.S. stocks are lower Thursday as Wall Street continues to swirl after the Federal Reserve said it will keep interest rates at nearly zero for years to help nurse the wheezing economy. The S&P 500 was 1% lower in morning trading, after trimming an earlier loss that...
Covid-19 danger continues to drive joblessness in U.S.
WASHINGTON — The number of Americans applying for unemployment benefits fell last week to 860,000, a historically high figure that reflects economic damage from the coronavirus outbreak. Before the pandemic hit the economy, the number signing up for jobless aid had never exceeded 700,000 in a week, even during the...
