Business category, Page 61
Inflation explained: As material, labor costs rise, so do insurance premiums
Editor’s note: This is the fourth story in an occasional series on the causes and impact of inflation. There is a dominant driver when it comes to setting car and home insurance rates: the cost of the items insurance companies cover when they pay out claims. And the cost of...
For home shoppers, the Fed’s big rate cut is likely just a small step towards affording a home
The Federal Reserve gave home shoppers what they hoped for this week: a big rate cut and a signal of more cuts to come. Even so, aspiring homebuyers and homeowners eager to refinance should temper their expectations of a big drop in mortgage rates from here. While the Fed doesn’t...
Labor board rules against Post-Gazette in nearly 2-year employee strike
The Pittsburgh Post-Gazette refused to bargain in good faith with the Newspaper Guild of Pittsburgh and unilaterally changed workers’ employment conditions, the National Labor Relations Board said in a decision announced Friday. A petition for an injunction was filed in August to force the Post-Gazette to take back workers who...
Battle to save Charleroi glass plant entangled in political campaign for Senate
The battle to save a Charleroi glassmaking plant whose owner wants to close it by year’s end and move operations to Ohio became entangled Friday in the politics of the U.S. Senate campaign in Pennsylvania. Republican Senatorial candidate David McCormick blamed the pending closure of the LCN Corelle Brands plant...
AI may breathe new life into Three Mile Island to supply power to Microsoft’s data centers
HARRISBURG — The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy. The announcement by Constellation Energy comes...
Brazil drought punishes coffee farms and threatens to push prices even higher
CACONDE, Brazil — Silvio Almeida’s coffee plantation sits at an ideal altitude on a Brazilian hillside, whose clay-rich soil does well at retaining moisture from rainfall and a nearby reservoir. Lately, though, water is scarce on Almeida’s modest farm in Caconde, a town in one of Sao Paulo state’s key...
Apple releases AI software for a smarter Siri on the iPhone 16
Apple is accelerating the rollout of a software update that will implant artificial intelligence into its virtual assistant Siri and automate a variety of tedious tasks to coincide with the release of its latest iPhone. The free update enabling the first set of features in Apple’s suite of artificial intelligence...
Penn State to pay $700K in gender discrimination case
Penn State University will pay $703,742 in back wages and interest to settle a U.S. Department of Labor case alleging gender pay discrimination against female staff and faculty, the parties announced. The amount will be shared among the women impacted. Penn State said the inequities found by the department were...
U.S. Steel, Nippon get extension from national security panel on deal decision
The U.S. national security panel reviewing a $14.9 billion sale of U.S. Steel to a Japanese firm has extended its decision deadline, likely ensuring the proposal will live past the Nov. 5 election. Several outlets have reported the Committee on Foreign Investment in the United States, comprising numerous federal department...
Most of Wall Street edges lower after Fed delivers a big cut to rates
NEW YORK — Stock indexes edged lower Wednesday after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates. The S&P 500 slipped 0.3% to pull 0.9% below its all-time high set in July. The Dow Jones Industrial Average dipped 103 points,...
Iconic Tupperware Brands seeks Chapter 11 bankruptcyVideo
NEW YORK — Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection. Orlando, Florida-based Tupperware plans to continue operating during the bankruptcy proceedings and will seek court approval for a sale, “in order to protect its iconic brand,” the company said just...
Federal Reserve cuts key rate by sizable half-point, signaling end to its inflation fightVideo
WASHINGTON — The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers. The rate cut, the Fed’s first in more than...
John Dorfman: Trader in France scores 3rd victory in short-selling contest
Laurent Condon, a professional stock trader in France, has won my annual short-selling contest for a third time. Condon scored a 99.7% gain on his entry from a year ago, Mullen Automotive Inc., an electric car maker based in Brea, Calif. The stock descended from $45 a share when the...
Keeping children safe on social media: What parents should know to protect their kids
At what age should kids be on social media? Should they be on it at all? If they aren’t, will they be social pariahs? Should parents monitor their conversations? Do parental controls work? Navigating social media as a parent — not to mention a child — is not easy. Using...
Kroger, Albertsons prepare to make a final federal court argument for their merger
PORTLAND, Ore. — The federal government urged a U.S. District Court judge on Tuesday to temporarily prevent a proposed merger between Kroger and Albertsons, saying in closing arguments the combination would “almost certainly” benefit shareholders and not everyday shoppers. Lawyers for the Federal Trade Commission and for the supermarket chains...
Here’s why the auto industry supports a US Steel sale to Japan’s Nippon Steel
WASHINGTON — With a deal still in flux, the U.S. auto industry keeps pushing top government officials to allow the proposed acquisition of United States Steel Corp. by Japanese rival Nippon Steel Corp. That push, analysts told The Detroit News, signals how much the global auto industry operating in the...
Report: Railroads, regulators must address the dangers of long trains
OMAHA, Neb. — As freight trains have grown ever longer, the number of derailments related to the forces created when railcars push and pull against each other also increased, so the National Academies of Sciences said Tuesday in a long-awaited report that regulators, Congress and the industry should reexamine the...
Facebook owner Meta bans Russia state media outlets over ‘foreign interference’
LONDON — Meta said it’s banning Russia state media organization from its social media platforms, alleging that the outlets used deceptive tactics to amplify Moscow’s propaganda. The announcement drew a rebuke from the Kremlin on Tuesday. The company, which owns Facebook, WhatsApp and Instagram, said late Monday that it will...
Bill Gates calls for more aid to go to Africa and for debt relief for burdened countries
NEW YORK — The billionaire Microsoft co-founder and philanthropist Bill Gates thinks the richest governments should increase their support for African countries that have been overshadowed by development funding increasingly going toward the humanitarian response to the war in Ukraine as well as support for refugees around the world in...
U.S. retail sales ticked up last month in sign of ongoing consumer resilience
WASHINGTON — Americans spent a bit more at retailers last month, providing a small boost to the economy just as the Federal Reserve considers how much to cut its key interest rate. Retail sales ticked up 0.1% from July to August, after jumping the most in 18 months the previous...
Elon Musk has often inflamed politically tense moments, raising worries for U.S. election
NEW YORK— Hours after an apparent attempt on Donald Trump’s life over the weekend, Elon Musk took to his social platform X to post a thinking emoji and a comment that “no one is even trying to assassinate” the Democratic president and vice president. In the midst of anti-Muslim riots...
Boeing says it’s considering temporary layoffs to save cash during the strike by machinists
SEATTLE — Boeing plans to freeze hiring and reduce travel and is considering temporary layoffs to save cash during a factory workers’ strike that began last week, the company told employees Monday. The company said the moves, which include reduced spending on suppliers, were necessary because “our business is in...
Gannon University looks to merge with Ohio college
Gannon University in Erie and Ursuline College near Cleveland intend to merge, creating what leaders say would be the largest Catholic university system in the Lake Erie region. Presidents of both institutions outlined the move to their campuses Monday. The plan is subject to review by both institutions. If approved,...
Canned cocktail sales expand among Pennsylvania retailers following liquor code reform
As of Monday, Pennsylvanians finally have what Gov. Josh Shapiro has called “real freedom” — the freedom to buy canned cocktails from a wider variety of retailers. Under bipartisan legislation (Senate Bill 688) signed by the governor in July, about 12,000 restaurants, bars, beer distributors, grocery stores and gas stations...
Inflation Explained: Restaurants balance rising costs with consumer preferences
Editor’s note: This is the third story in an occasional series on the causes and impact of inflation. Economic struggles and too-good-to-be-true value menus go hand in hand. Without the Great Recession, there would have been no $5 footlong from Subway. That deal is long gone, but the latest economic...
