Business category, Page 229
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...
Pa. has record-breaking sportsbook wagers in August
August was Pennsylvania’s best month yet in sportsbook revenues, making the state a contender for the second largest legal sports betting market in the country. The state generated almost $365 million in sports betting wagers, up from $109 million recorded during the same period last year, the Pennsylvania Gaming Control...
CoGo’s to become Coen Markets as part of rebranding
People accustomed to buying gas and coffee at one of the 38 CoGo’s locations in the region will soon see a new logo, as Canonsburg-based Coen Markets Inc. moves forward with rebranding its stores. The gas will carry the Amoco brand and the stores will be known as Coen Markets....
Federal Reserve sees rates near zero at least through 2023Video
WASHINGTON — The Federal Reserve expects to keep its benchmark interest rate pegged near zero at least through 2023 as it strives to accelerate economic growth and drive down the unemployment rate. The central bank also said Wednesday that it will seek to push inflation above 2% annually. The Fed...
Retail sales rise for 4th straight month as growth slowsVideo
NEW YORK — Americans kept spending in August, but the pace of that growth is slowing as millions of people who lost jobs have now lost a $600 a week boost in their unemployment checks. Retail sales rose 0.6% last month, the fourth consecutive month of growth, the U.S. Commerce...
Report finds global economic outlook not as bad as expectedVideo
PARIS — The global economy is not doing as bad as previously expected, especially in the United States and China, but has still stuffered an unprecedented drop because of the coronavirus pandemic, an international watchdog said Wednesday. The Organization for Economic Cooperation and Development said in a report that the...
Apple debuts discount watch, but no new iPhones … yetVideo
SAN RAMON, Calif. — Apple introduced a cheaper version of its smartwatch, its latest attempt to broaden the appeal of its trend-setting products while many consumers are forced to scrimp during the coronavirus pandemic. The scaled-down Apple Watch follows on the heels of a budget iPhone the company released five...
Kraft Heinz to cut $2 billion in costs, reinvest in its brands
CHICAGO — Kraft Heinz plans to cut $2 billion in costs over the next five years and put the savings into marketing brands with the highest potential for growth, part of a reorganization the legacy food maker hopes will make it more relevant to consumers. The strategy, announced Tuesday at...
Stocks give up part of an early gain but still end higher
NEW YORK — Stocks gave up part of their gains from earlier in the day but still closed higher on Wall Street Tuesday. Gains for big technology companies outweighed losses in banks and elsewhere in the market. The S&P 500 rose 0.5% after being up more than 1% earlier. It’s...
U.S. industrial production up modest 0.4% in August
WASHINGTON — U.S. industrial production slowed to a modest increase of 0.4% in August, far weaker than the strong bounce back recorded in previous months when factories were coming back to life. The slight uptick followed gains of 3.5% in July and 6.1% in June, when the industrial sector knocked...
Daimler AG to pay $1.5B to settle emissions cheating probes
WASHINGTON — Automaker Daimler AG and subsidiary Mercedes-Benz USA have agreed to pay $1.5 billion to the U.S. government and California state regulators to resolve emissions cheating allegations, officials said Monday. The Department of Justice, Environmental Protection Agency and the California attorney general’s office say Daimler violated environmental laws by...
Pa. warns jobless: Apply for $1,800 checks before money runs out
For some of Pennsylvania’s 616,000 jobless workers, an $1,800 lump-sum check for six weeks of unemployment may never be in the mail because the special unemployment aid could be used up before they get the money, state Labor department officials warned Monday. The likelihood the state will be unable to...
Robert Levin works to keep his promises as furniture chain celebrates 100 years
Robert Levin is stunned by the reception his reconstituted family-owned furniture chain received since reopening 19 stores in Pennsylvania and Ohio two months ago. Levin, who sold the chain to Michigan-based Art Van Furniture in 2017, came out of retirement this year to rescue the business from bankruptcy. Now, he...
TikTok owner picks Oracle over Microsoft as U.S. tech partnerVideo
Oracle said Monday that the Chinese owner of TikTok has picked the U.S. company to be its “trusted technology provider,” beating out rival Microsoft in a deal that could help keep the popular video-sharing app running in the U.S. Oracle spokeswoman Deborah Hellinger said she was confirming remarks made by...
Walmart to test drone delivery with Zipline in latest deal
NEW YORK — Walmart is teaming up with a company called Zipline to launch drone delivery program early next year that will deliver health and wellness products close to the retailer’s headquarters in Northwest Arkansas. Walmart, based in Bentonville, Ark., said Monday that it plans to eventually expand to general...
Amazon to hire 100,000 to keep up with online shopping surge
NEW YORK — Amazon will hire another 100,000 people to keep up with a surge of online orders. The company said Monday that the new hires will help pack, ship or sort orders, working in part-time and full-time roles. Amazon said the jobs are not related to its typical holiday...
Microsoft says its bid to buy TikTok has been rejected
The owner of TikTok has chosen Oracle over Microsoft as its preferred suitor to buy the popular video-sharing app, according to a source familiar with the deal who was not authorized to speak publicly about it. Microsoft announced Sunday that its bid for TikTok was rejected, removing the tech giant...
U.S. budget deficit hits record $3 trillion through 11 months
WASHINGTON — The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday. The ocean of red ink is a product of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession...
Wall Street still shaky as tumultuous week comes to a close
NEW YORK — Stocks are trying for another comeback on Wall Street Friday, as a tumultuous week of big swings comes to a close. The S&P 500 was up 0.2% in morning trading, but only after an earlier gain of 0.8% vanished completely. Momentum has been lightning-quick to shift on...
Citi names Jane Fraser as first female CEO of Wall Street bankVideo
Citigroup Inc. picked Jane Fraser as its next chief executive officer, placing the first woman atop a major Wall Street bank. Fraser will succeed Mike Corbat, who is retiring in February after more than eight years in the top job. Fraser, who was named the company’s president last year in...
Mall owners Simon and Brookfield close to buying J.C. Penney out of bankruptcy
NEW YORK — Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running. Penney’s lawyer Josh Sussberg announced the tentative pact, which will save roughly 70,000 jobs and avoid liquidation, during...
U.S. job postings rise to 6.6 million in July
WASHINGTON — U.S. employers advertised more jobs but hired fewer workers in July, sending mixed signals about the job market in the wake of the coronavirus outbreak. The Labor Department said Wednesday that the number of U.S. job postings on the last day of July rose to 6.6 million from...
Luxury goods giant LVMH cancels $14.5B deal for Tiffany
NEW YORK — Luxury goods giant LVMH is ending its takeover deal of jewelry retailer Tiffany & Co., saying the French government had requested a delay to assess the threat of proposed U.S. tariffs and amid wider industry troubles caused by the pandemic. The Paris-based conglomerate said that both the...
Hobby Lobby faces calls for boycott over pro-Trump store display
Calls for a consumer boycott are being heard after a Hobby Lobby store was photographed with a pro-Trump display in one of its buildings. The image, originally posted to Twitter of the undetermined location arts-and-crafts store, showed “USA vote Trump” in decorative letters at the end of an aisle. Twitter...
Tech sell-off resumes; Nasdaq down more than 8% in 3 days
NEW YORK — Big tech stocks are continuing their Icarus-like flight path, and more sharp declines for them are pulling Wall Street lower in early Tuesday trading. The S&P 500 was down 1.9%, highlighted by the 2.7% tumble for tech stocks within the index. Apple sank 2.9% and Microsoft fell...
