Business category, Page 261
Walmart confirms it will launch a rival to Amazon’s Prime
NEW YORK — Walmart is confirming that it’s developing a competitor to Amazon’s juggernaut Prime membership program. The company declined on Thursday to offer details, but a spokeswoman said it will be called Walmart+. News website Vox first reported the news about Walmart’s new membership program earlier Thursday and said...
Kia recalls over 193K vehicles; fuel leaks can cause fires
DETROIT — Kia is recalling more than 193,000 cars and minvans in yet another move to fix nagging problems that could cause engine fires. The largest of two U.S. recalls released by the government Thursday covers nearly 142,000 2013 and 2014 Optima midsize cars. They have 2.4-liter direct fuel injection...
Delivery giant DoorDash takes step toward public offering
NEW YORK — Food delivery giant DoorDash has taken a first formal step toward a stock market debut. The San Francisco-based company said Thursday that it had filed paperwork with the Securities Exchange Commission outlining its proposed public stock offering. There was no proposed date for an initial offering, which...
Coffee shop features Oval Office scene, Trump cutout, Fox News
A conservative-themed coffee shop that opened last weekend in Florida features an Oval Office scene with a cutout of President Trump, televisions blaring Fox News and a “wall of honor” with veterans’ and police officers’ signatures. Conservative Grounds, the newest business in a Largo strip mall that includes an LGBTQ...
Order online or drive to the store? The climate savvy pick ‘clicks and bricks’
NEW YORK — Consumers could be forgiven for assuming that shopping online has a lower carbon footprint than buying in-store. For many, the online option saves them a trip in the car, and it stands to reason that logistics companies would be good at generating efficient delivery routes. There’s some...
Stocks sink, bonds soar on fears virus will stunt economyVideo
Stocks slumped again Tuesday on Wall Street, piling on losses a day after the market’s biggest drop in two years as fears spread that the growing virus outbreak will put the brakes on the global economy. Nervous investors snapped up low-risk U.S. government bonds, sending the yield on the 10-year...
Drugmaker Mallinckrodt reaches $1.6B opioid settlement
The generic drugmaker Mallinckrodt has a tentative $1.6 billion deal to settle lawsuits over its role in the U.S. opioid crisis, it announced Tuesday. The deal is intended to end hundreds of lawsuits faced by the company over opioids. The company said that it had an agreement with a key...
JPMorgan to stop lending to coal companies, arctic drillers
NEW YORK — JPMorgan Chase & Co. will no longer do business with coal companies and will restrict financing to companies that drill in the Arctic, the company announced Tuesday. The announcement came in tandem with the bank announcing it would extend $200 billion in financing to clean and renewable...
China’s Huawei debuts latest version of folding phone
LONDON — China’s Huawei unveiled its latest folding smartphone Monday and its first such device to be available internationally, competing in a niche category with new models from Samsung and Motorola. The company took the wraps off the new Mate Xs by video instead of a press launch, as the...
John Dorfman: No one wants Chinese stocks now — and that’s why you should
Sir John Templeton, one of the greatest investors of the 20th century, famously said you should invest “at the point of maximum pessimism.” At various points in his career, he did that in the United States, Japan and New Zealand. Now, I think investors have the chance to do something...
Dow drops more than 1,000 as outbreak threatens the economy
NEW YORK — The Dow Jones Industrial Average slumped more than 1,000 points Monday in the worst day for the stock market in two years as investors worry that the spread of a viral outbreak that began in China will weaken global economic growth. Traders sought safety in U.S. government...
Wells Fargo to pay $3B to resolve probes into fake accounts
NEW YORK — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal came to light in 2016, Wells has paid out...
Jägermeister’s logo is not religiously offensive, says Swiss court
It should have been quite simple: Jägermeister wanted to put its iconic logo on things other than its unique brand of liqueur. Things like cosmetics and mobile phones. But the Swiss Federal Institute of Intellectual Property wasn’t having it. According to a report in Swissinfo, an online arm of the...
Pier 1 stores in Ross, Washington among hundreds set to close
Two local Pier 1 Imports stores are among the more than 400 that will close this year, according to the retailer’s court filings this week. The locations on McKnight Road in Ross and Washington Road in Washington will close, though it was not immediately clear when, according to court documents...
Uber resumes operating in Colombia after 3-week hiatus
BOGOTA, Colombia — Uber restarted operations in Colombia on Thursday after shutting down its app for almost three weeks. In a statement, the platform said it had found “new alternatives” to work legally in the South American country. Uber said that from now on, its app will help users enter...
Struggling Victoria’s Secret is sold as women demand comfortVideo
NEW YORK — Victoria’s Secret, which once defined sexy with its leggy supermodels in their lacy bras and oversized angel wings, has a new owner. Now, the big question is whether the once sought after but now struggling brand can be reinvented for a new generation of women demanding more...
Morgan Stanley to buy E-Trade for $13 billionVideo
NEW YORK — Morgan Stanley, the investment bank for millionaires, big business and megamergers, is buying E-Trade Financial, the online brokerage that encouraged waves of regular investors to get into the market with ads featuring its talking spokesbaby. The roughly $13 billion, all-stock deal would be one of the biggest...
Report: Work to reduce wildfire risks has economic benefits
ALBUQUERQUE, N.M. — Projects to reduce the risk of wildfires and protect water sources in the U.S. West have created jobs and infused more money in local economies, researchers say, and they were funded by a partnership between governments and businesses that has become a model in other countries. A...
IRS to pay visits to high-income taxpayers who fail to fileVideo
If you earn six figures and haven’t been filing your taxes, the IRS may come knocking. The agency said Wednesday that it is stepping up its efforts to visit high-income taxpayers who failed in prior years to file their tax returns on time. Revenue officers across the country will increase...
GM gets tax break for new plant in Lordstown next to factory it closed
LORDSTOWN, Ohio — General Motors Co. will receive a tax break to build a new electric battery cell factory in Ohio next to the site of a much larger assembly plant it shut down last year. Village leaders in Lordstown approved a 75% tax abatement that will extend over 15...
Burger King risks it with moldy Whopper ad campaignVideo
Burger King is breaking the mold in its new advertising campaign. The burger chain is portraying its Whopper covered in mold in print and TV ads running in Europe and the United States. The message: Burger King is removing artificial preservatives from its signature burger. The company, already known for...
Misguided virus fears hitting Asian American businesses
NEW YORK — In Arizona, a burgeoning Asian American community fields xenophobic calls about a planned night market featuring Asian street foods. In New York, a dim sum restaurant owner worries he won’t make rent. In the San Francisco Bay Area, a local Asian American-owned restaurant chain is mulling temporarily...
EU puts Cayman Islands, others on tax blacklistVideo
BRUSSELS — The European Union has added four countries and jurisdictions to its blacklist of tax havens , including the British overseas territory Cayman Islands. EU finance ministers decided to also add Palau, Panama and the Seychelles to the list of jurisdictions that have not implemented the necessary tax reforms...
Spirit Airlines to move operational control center to Tennessee
Spirit Airlines plans to move its operational control center from Miramar, Fla., to Tennessee by early 2021. The airline said the move will involve the transfer of more than 240 jobs at the center, which controls the operations of more than 650 daily flights, including those serving passengers at Pittsburgh...
John Dorfman: 3 stocks that are way more expensive than Tesla
If you want a stock market bet that’s 74% likely to lose money, try investing in high-flying stock that sells for 100 times revenue or more. I call such investments “near insanity,” because in the vast majority of cases, these stocks crash back to earth. How dizzying is 100 times...
