Business category, Page 248
CNN improves ratings while increasingly turning lens on itself
Since becoming the first 24-hour cable news channel 40 years ago this week, CNN has covered natural disasters, wars and political campaigns. But increasingly it’s become the story itself. Between having one of its reporters arrested while on camera, demonstrators descending on its Atlanta offices, and its anchors clashing with...
SpaceX captures the flag, beating Boeing in cosmic contest
The first astronauts launched by SpaceX declared victory Monday in NASA’s cosmic capture-the-flag game. They quickly claimed the prize left behind at the International Space Station nearly a decade ago by the last crew to launch from the U.S. “Congratulations, SpaceX, you got the flag,” NASA astronaut Doug Hurley said...
Insider buying at Carrier, Greenbrier and Zion
Three CEOs took million-dollar bites of their own cooking in May. At Carrier Global Corp. (CARR), which makes heating and air conditioning equipment, Chief Executive David Gitlin spent just over $1 million to increase his stake. At Greenbrier Companies Inc. (GBX), which manufactures rail cars, a trust connected with CEO...
Black businesses hit hard by coronavirus fight to stay afloat
DETROIT — Stephanie Byrd agonized over temporarily laying off nearly the entire staff at her family’s trio of Detroit businesses when the coronavirus pandemic hit. But she’s not just concerned about the impact on their bottom line. She’s worried other black-owned businesses will struggle to withstand another wave of economic...
Stocks move higher on Wall Street after wobbly startVideo
NEW YORK — Stock indexes edged higher in early trading on Wall Street on Monday as investors balanced cautious optimism about the reopening of businesses shut down because of the coronavirus pandemic against worries that the civil unrest across the U.S. over police brutality could disrupt the economic recovery and...
$349 USB ‘bioshield’ taps into 5G, coronavirus conspiracy fears
Clark Stanley would be proud. The “Rattlesnake King,” a former cowboy, made a splash at the 1893 World’s Exposition in Chicago by cutting open a live snake in front of onlookers as a promotion for “Stanley’s Snake Oil,” a liniment later found to contain no snake oil of any kind,...
How Twitter made its own rules for Trump to break
When Twitter slapped a warning label over President Donald Trump’s tweet Thursday night about riots in Minnesota’s Twin Cities, the company’s official explanation was that the president had violated a rule prohibiting “glorification of violence.” But that justification doesn’t explain why Twitter chose to leave the tweet on the site...
U.S. consumer spending sinks by record 13.6% in face of virusVideo
WASHINGTON — U.S. consumer spending plunged by a record-shattering 13.6% in April as the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a deep recession. Last month’s spending decline was far worse than the revised 6.9% drop in March, which itself had set a record...
French carmaker Renault to cut 15,000 jobs worldwideVideo
PARIS — French carmaker Renault said Friday it will cut 15,000 jobs worldwide as part of a $2.2 billion cost-cutting plan, as a brutal drop in industry sales during the pandemic worsened the company’s preexisting problems. Renault, which employs 180,000 and is already negotiating a bailout with the French government,...
White House punts economic update as election draws nearVideo
WASHINGTON — The White House took the unusual step on Thursday of deciding not to release an updated economic forecast as planned this year, a fresh sign of the administration’s anxiety about how the coronavirus has ravaged the nation just months before the election. The decision, which was confirmed by...
Airlines increase job cuts as pandemic crushes air travelVideo
Major airlines on both sides of the Atlantic are cutting even more jobs as they struggle to cope with a plunge in air travel that will leave the airline industry much smaller than it was before the coronavirus pandemic and economic collapse. EasyJet said Thursday that it will cut up...
Great Clips sites in Missouri close after virus-related threats
O’FALLON, Mo. — Great Clips has temporarily closed its salons in Springfield, Missouri, after threatening messages that followed news that two hairstylists potentially exposed 140 clients to the coronavirus. Great Clips Inc., which has thousands of franchises in the U.S. and Canada, said in a news release Thursday that its...
Sylvester Stallone trying to unload California vacation home for $3.35MVideo
We’ve all been there. You live in Los Angeles, and that ostentatious vacation home of yours southeast of the city is just a little too much. So you decide, “What the heck? I’ll let it go for $3.35 million. So what if that’s more than a million less than I...
Amazon uses portion of headquarters for homeless shelter in Seattle
Cyber market giant Amazon has created a permanent homeless shelter inside one of its buildings at its Seattle headquarters. The facility is home to 50 families in private rooms and is slated to double that number in the near future, per media website Deadline. Officials at the shelter say they...
In pandemic, drones used to drop medical supplies from skyVideo
With a loud whir and a whoosh, a fixed-wing drone slingshots out of a medical warehouse, zips through hazy skies at 80 mph, pops open a belly hatch and drops a box of medical supplies. Slowed by a little parachute, the box drifts downward and lands with a plop, less...
Boeing slashes 12,000 jobs as virus seizes travel industry
Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming. One of the nation’s biggest manufacturers will lay off 6,770 U.S. employees this week, and another 5,520 workers are taking buyout offers to leave voluntarily in...
Tuesday Morning becomes 5th big retailer to file Chapter 11
NEW YORK — Discount goods retailer Tuesday Morning has filed for Chapter 11 bankruptcy, the fifth major retailer to do so since the pandemic. As part of the bankruptcy reorganization, the Dallas-based chain said Wednesday it plans to close approximately 230 of its 687 stores over the summer to focus...
Big Oil loses appeal as climate suits go to California courts
LOS ANGELES — A U.S. appeals court ruled Tuesday against major oil companies in lawsuits brought by California cities and counties seeking damages for the impact of climate change. A panel of the 9th U.S. Circuit Court of Appeals said state courts are the proper forum for lawsuits alleging Big...
Pittsburgh ranks as 7th best city to start a career
New college grads from Pittsburgh, take heart. While this might be one of the most unfortunate times to be starting a career, those in the Steel City have a slight advantage over their counterparts in other cities. A recent data analysis by LinkedIn’s Economic Graph team finds that Pittsburgh is...
New York Stock Exchange reopens as U.S. closes in on 100,000 covid-19 deathsVideo
NEW YORK — The trading floor of the New York Stock Exchange reopened Tuesday in a largely symbolic step toward economic recovery, and stocks surged, even as the official U.S. death toll from the coronavirus closed in on 100,000, a mark President Donald Trump once predicted the country would never...
Newmont stock has doubled, and it still looks good
Newmont Corp. (NEM), the largest U.S.-based gold mining stock, has doubled in the past year. Too late to buy? I don’t think so. I believe there are more gains to come. Despite the bear market brought on by the coronavirus, close to 4% of all U.S. stocks with a current...
Debt and coronavirus push Hertz into bankruptcy protection
Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business. The Estero, Florida-based company’s lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline,...
Pandemic job losses hit tourism-dependent states hardest
HONOLULU — The coronavirus pandemic has been particularly brutal to the tourism-dependent economies of Nevada and Hawaii, lifting the unemployment rate in both states to about one-quarter of the workforce. Nevada topped the nation with an April unemployment rate of 28.2%, the worst any state has seen since the national...
Stocks end lower on Wall Street as US-China tensions continue
Stocks closed broadly lower on Wall Street on Thursday as investors weighed more data showing the economic damage being caused by the coronavirus pandemic and another flareup in tensions between the U.S. and China. The S&P 500 fell 0.8%, shedding some of the gains it made in a solid rally...
Victoria’s Secret, Bath & Body Works closing some stores in U.S.
About 250 Victoria’s Secret stores and around 50 Bath & Body Works stores will be closing for good in the United States and Canada, according to news from the chain’s parent company L Brands. USA Today reports a quarterly earnings report by the parent company says sales have declined 37%...
