Business category, Page 262
Pier 1 files for bankruptcy protection amid online challenge
Home goods retailer Pier 1 Imports Inc. said Monday that it has filed for bankruptcy protection. The Fort Worth, Texas-based company, which was founded in 1962, has been struggling with increased competition from online retailers such as Wayfair. Pier 1 said it will pursue a sale, with a March 23...
Facebook CEO Zuckerberg meets EU officials as bloc’s new tech rules loomVideo
LONDON — Facebook CEO Mark Zuckerberg met top European Union officials on a visit to Brussels on Monday, days before the bloc is expected to release new proposals on regulating artificial intelligence. The billionaire social network founder is the latest U.S. tech executive to make the trip to the headquarters...
GM plans to pull out of Australia, New Zealand and Thailand
DETROIT — General Motors decision to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don’t produce adequate returns on investments raised dismay Monday from officials concerned over job losses. The company said in a statement Sunday that plans to wind down...
United and American push back expected return of Boeing Max
CHICAGO — United Airlines and American Airlines said Friday they are removing the grounded Boeing 737 Max from their schedules longer than previously planned, which means thousands more flights will be canceled during the peak summer travel season. The reduction in flights could mean slightly higher fares. United said it...
Facebook reverses on paid influencers after Bloomberg memes
SAN FRANCISCO — Facebook has decided to let political campaigns pay online influencers to spread their messages, a practice that had sidestepped many of the social network’s rules governing political ads. Friday’s policy reversal highlights difficulties tech companies and regulators have in keeping up with the changing nature of paid...
Zuckerberg accepts that Facebook may have to pay more tax
LONDON — Facebook CEO Mark Zuckerberg plans to throw his support behind international reforms that would require Silicon Valley tech giants to pay more tax in Europe. The billionaire social network founder is due to meet members of the European Union’s executive Commission in Brussels and speak at the Munich...
Trump Fed nominee Judy Shelton faces skepticism at Senate hearingVideo
WASHINGTON — One of President Donald Trump’s nominees for the Federal Reserve came under sharp questioning Thursday from senators over her unorthodox economic views, including from two Republicans whose doubts about her nomination could imperil it. The nominee, Judy Shelton, sought to make her unconventional views an asset by promising...
401(k)s hit records as workers sock away more, stocks jump
NEW YORK — How’s your 401(k) doing? President Trump likes to ask that question around the country, sometimes throwing out big gains like 90% or 95%. The average 401(k) did indeed hit a record last year, although its growth was considerably less than that. The average 401(k) balance rose 17%...
U.S. brings new charges against Chinese tech giant Huawei
WASHINGTON — The Justice Department has added new criminal charges against Chinese tech giant Huawei and two of its U.S. subsidiaries, accusing the company in a plot to steal trade secrets from competitors in America, federal prosecutors announced Thursday. The case comes as the Trump administration is raising national security...
Twitter, Facebook fined for not moving user data to Russia
MOSCOW — A court in Moscow fined Twitter and Facebook 4 million rubles each Thursday for refusing to store the personal data of Russian citizens on servers in Russia, the largest penalties imposed on Western technology companies under internet use laws. The fines of nearly $63,000 are the first five-figure...
McClatchy files for bankruptcy protectionVideo
The publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers across the country is filing for bankruptcy protection. McClatchy Co.’s 30 newsrooms, including The Charlotte Observer, The News & Observer in Raleigh, and The Star-Telegram in Fort Worth, will continue to operate as usual as...
Solid earnings send stock indexes higher on Wall Street
Stocks closed broadly higher on Wall Street on Wednesday, driving the S&P 500 and Nasdaq indexes to more record highs. Technology stocks powered much of the rally as investors focused on the latest batch of mostly solid company earnings reports. The latest gains came as worries about the economic impact...
More U.S. firms boosting faith-based support for employees
NEW YORK — It has become standard practice for U.S. corporations to assure employees of support regardless of their race, gender or sexual orientation. There’s now an intensifying push to ensure that companies are similarly supportive and inclusive when it comes to employees’ religious beliefs. One barometer: More than 20%...
Powell: Economy looks resilient despite risk of China virus
WASHINGTON — Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economy appears durable, with steady growth and unemployment near a half-century low, but faces risks from the broadening viral outbreak that began in China. Powell also said that the Fed is content with where interest rates are, suggesting...
What college grads should know about the job search
College students about to graduate this spring already have a lot going for them. Armed with degrees, they will enter the workforce at a time of historically low unemployment when companies are desperately vying for talent. Still, career experts say there are steps that recent graduates should take to ensure...
U.S. open jobs fall sharply for 2nd straight month
WASHINGTON — U.S. businesses sharply cut the number of open jobs in December for the second straight month, an unusual sign of weakness in an otherwise healthy job market. The number of available positions dropped 5.4% to 6.4 million, a historically solid number that exceeds the number of those who...
Oil from federal lands tops 1 billion barrels as Trump eases rules
BILLINGS, Mont. — Oil production from federally-managed lands and waters topped a record 1 billion barrels last year, federal officials said Tuesday, as technological advances helped drive development in new areas and the Trump administration eases rules on the industry. The production figure was up 122 million barrels, or more...
Global energy-related carbon emissions flat in 2019
BERLIN — Global energy-related emissions of heat-trapping carbon dioxide remained steady last year, with declines in rich countries balancing out a rise in poor nations, according to data published Tuesday. The International Energy Agency said emissions of the main man-made greenhouse gas stayed at 33 gigatons in 2019, even as...
Federal judge approves T-Mobile’s $26.5B takeover of Sprint
NEW YORK — A federal judge has approved T-Mobile’s $26.5 billion takeover of Sprint, rejecting objections from a group of states and removing a major obstacle to a shakeup in the wireless industry. After the deal closes, the number of major U.S. wireless companies would shrink from four to three....
Alphabet heads my list of balance-sheet powerhouses
The wealthiest people don’t always have the biggest salaries. And the wealthiest companies aren’t necessarily those with the best earnings lately. I believe that companies with a great balance sheet deserve recognition. So, in 2001 I started compiling an annual list of Balance Sheet Powerhouses. To make it, a company...
Trump budget targets loan program that could help Lordstown
DETROIT — The Trump administration’s budget proposal scraps a loan program that could help an upstart electric vehicle company’s plans to reuse the now-closed General Motors factory in Lordstown, Ohio. In a summary of the budget for the coming fiscal year, the administration said Monday it wants to eliminate the...
Chinese military stole masses of Americans’ data, U.S. says
WASHINGTON — Four members of the Chinese military have been charged with breaking into the networks of the Equifax credit reporting agency and stealing the personal information of tens of millions of Americans, the Justice Department said Monday, blaming Beijing for one of the largest hacks in history to target...
Schick owner retreats from $1.37B buyout of Harry’s
SHELTON, Conn. — The company that owns Schick has terminated its attempt to buy the upstart shaving company Harry’s for $1.37 billion, just days after the United States sued to block the acquisition. Edgewell Personal Care Co. said Monday that it will move forward as a standalone company. It also...
2nd big mall deal in as many weeks; Simon buys Taubman
The Simon Property Group will buy mall operator Taubman Realty in a deal valued at around $3.6 billion as those properties continue to struggle along with their retail tenants. Simon Property Group Inc. is the nation’s largest mall operator. It said Monday that its operating partnership, Simon Property Group, LP,...
Sony, Amazon drop out of major European tech show over virus
LONDON — Sony and Amazon are the latest companies to pull out of a major European technology show due to fears over the outbreak of the new coronavirus. Sony said Monday it’s scrapping its appearance at Mobile World Congress, the world’s biggest mobile industry trade fair, in Barcelona, Spain, this...
