Business category, Page 257
PG&E pleading guilty to involuntary manslaughter in wildfireVideo
SAN FRANCISCO — Pacific Gas & Electric said Monday it will plead guilty to 84 counts of involuntary manslaughter in connection with the 2018 fire in Northern California that killed 84 people and decimated three towns. The utility said in a statement it will also admit to a single count...
Despite Fed help, stocks wobble as traders wait on Congress
NEW YORK — The Federal Reserve did what it could to help financial markets and the economy Monday. But investors are still waiting for Congress and White House to do the same. The uncertainty about Washington’s response to the coronavirus crisis caused another day of jostled trading. An initial jump...
Pa. Supreme Court dismisses challenge to Wolf shutdown orderVideo
HARRISBURG — The Pennsylvania Supreme Court dismissed a lawsuit filed by a gun shop that challenged Gov. Tom Wolf’s authority to shutter businesses determined to be “non-life-sustaining,” paving the way for enforcement to begin Monday. Without comment, a majority of the state’s high court late Sunday denied the petition by...
Coronavirus business fallout: Air Canada lays off 5,000, France tries to save food supply
The rapid spread of the coronavirus since it was first reported in China has dealt an unparalleled shock to the world economy. Following are business developments Monday related to the outbreak as governments attempt to stabilize their economies, companies struggle to cope and millions of people face job losses and...
Federal Reserve to lend up to $300B to businesses, citiesVideo
WASHINGTON — In a series of sweeping steps, the U.S. Federal Reserve will lend to small and large businesses and local governments as well as extend its bond buying programs. The announcement Monday is part of the Fed’s ongoing efforts to support the flow of credit through an economy ravaged...
Stock futures fall sharply at open of trading
NEW YORK — Futures for U.S. stocks fell sharply at the start of trading Sunday as investors watch to see if Congress can agree on a huge rescue package to try to stem the impact of the coronavirus outbreak. Futures for the S&P 500 fell by 5%, triggering a halt...
Trump’s fate tied to an unknown: how fast economy recovers
BALTIMORE — The coronavirus has flung the U.S. economy into a dangerous tailspin, and President Donald Trump’s reelection hopes are caught in the sudden whirlwind. For the next seven months, Trump may be consigned to campaigning in a country beset by a fear of job loss, bankruptcy and disease. It...
Coronavirus to impact more than 500,000 jobs across the Pittsburgh region
Government directives to close businesses and restrict people’s activities in an effort to stem the spread of coronavirus infections and deaths will impact more than a half-million workers in the Pittsburgh region, a top local economist predicts. And the pain will be spread across virtually all industries in the seven-county...
Business Fallout: Starbucks limits access, Target raises pay
Less than three months ago came the first reports of cases of pneumonia related to a virus first detected in Wuhan, China. The outbreak of the virus that causes COVID-19 has caused unprecedented disruptions that have brought an unparalleled shock to the global economy. Following are developments Friday related to...
Dow drops more than 900 points, ending worst week since 2008
Wall Street ended the week the same way it began: in full retreat from the coronavirus. Stocks fell sharply and the price of oil sank Friday as federal and state governments moved to shut down bigger and bigger swaths of the nation’s economy in the hope of limiting the spread...
High-stakes negotiations begin on $1 trillion economic rescue
WASHINGTON — Treasury Secretary Steven Mnuchin and Trump administration officials launched high-stakes negotiations Friday with Senate Republicans and Democrats racing to draft a $1 trillion-plus economic rescue package amid the coronavirus outbreak. It’s the biggest effort yet from Washington to shore up households and the U.S. economy as the pandemic...
Philips Respironics hiring at Murrysville, Upper Burrell plants to meet demand for ventilators
Philips Respironics, a medical manufacturer that produces ventilators and related breathing equipment, is increasing production and hiring assemblers at its Murrysville and Upper Burrell plants to meet demand spurred by the spreading coronavirus. The company is recruiting for more than 50 positions for assemblers on all shifts at the two...
U.S. home sales jumped to 13-year high before viral outbreak
WASHINGTON — U.S. home sales jumped in February to their highest level in 13 years, a trend that will almost certainly be reversed as people stop showing their property out of fear of infection in the coronavirus outbreak. The National Association of Realtors said Friday that home sales jumped 6.5%...
Global stocks, U.S. futures rise on virus aid hopesVideo
BEIJING — Global stock markets and U.S. futures rose Friday on hopes that government and central bank action can help the world economy endure a looming recession caused by the coronavirus. European markets were as much as 4% higher and Shanghai, Hong Kong and other Asian markets advanced. Seoul surged...
Cautious optimism on Wall Street sends stocks higher
NEW YORK — Stocks capped a wobbly day on Wall Street with solid gains Thursday, reflecting cautious optimism among investors that emergency action by the U.S. government and central banks will cushion the global economy from a looming recession caused by the coronavirus pandemic. The swings in the market were...
U.S. seeks $3 billion to boost oil producers as prices plunge
WASHINGTON — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Trump had directed the Energy Department last week to fill the United States’ emergency stash...
Layoffs spike in U.S., Europe as virus shuts businesses
WASHINGTON — Just a couple of weeks ago, Erika Vega hoped her temp job at a cafeteria would soon become permanent. But instead, the viral outbreak shut down the building where she worked and left her wondering where her next paycheck will come from. Like millions of Americans and people...
Central banks deploy trillions to keep economy runningVideo
Airlines are warning they may need bailouts as the virus outbreak brings more countries into lockdown, while central banks are injecting trillions of dollars more into the financial system to grease the gears of the global economy. Business confidence is sliding, meanwhile, suggesting major economies are diving into recession. Amid...
Mideast airlines lose $7B as airports shut to combat virusVideo
DUBAI, United Arab Emirates — Seven Middle Eastern countries have suspended all commercial flights due to a fast-spreading new virus as the aviation industry’s largest trade association announced Thursday that airlines in the region have already lost more than $7 billion in revenue. The International Air Transport Association, which represents...
Stocks drop as recession fears take hold; Dow loses 1,300
NEW YORK —Stocks tumbled more than 5% on Wall Street Wednesday, and the Dow erased virtually all its gains since President Donald Trump’s 2017 inauguration. Even prices for investments seen as safe during downturns fell as the coronavirus outbreak chokes the economy and investors rush to raise cash. Markets have...
Apple brings PC-like trackpad to iPad tablets
Apple’s new iPad brings PC-like trackpad capabilities for the first time, as the company seeks to make its tablet even more like a laptop computer. Apple says the trackpad will offer more precision than fingers in selecting text and switching between apps. Older iPads will also be able to get...
Report: Detroit automakers to shut down factories
DETROIT — Detroit’s three automakers have agreed to close all of their factories because of worker fears about the coronavirus, two people briefed on the matter said Wednesday. Automakers are expected to release details of the closure later in the day. The United Auto Workers union has been pushing for...
Volvo recalls vehicles to fix automatic braking malfunction
DETROIT — Volvo is recalling more than 736,000 vehicles worldwide because the automatic emergency braking system may not detect obstacles and stop the vehicles as designed. The recall covers certain 2019 and 2020 S60, V60, S90L and V90 models. The company says in government documents that a software-hardware incompatibility glitch...
Stocks drop on Wall Street despite promises of coronavirus aid
NEW YORK — Stocks are falling sharply on Wall Street in early trading as fears spread that the coronavirus is causing a global recession. The Dow Jones industrials fell 1,100 points, or 5%, in the first few minutes of trading Wednesday. European markets are also down a similar amount and...
Amazon to stop accepting nonessential products for shipment during coronavirus crisis
In attempt to slow the spreading of the novel coronavirus across the U.S., Amazon will block shipments of nonessential products. The move is in response to a significant increase in orders for necessities, according to Business Insider. Amazon on Tuesday told sellers and vendors that it would accept only shipments...
