Business category, Page 64
Ex-Rivers Casino host sues venue, claims sexual harassment by ‘high rollers’
A former Rivers Casino employee who repeatedly reported being sexually harassed by “high rollers” is suing the Pittsburgh gambling venue after she said she was fired for reporting the alleged abuse. The nine-page complaint alleging a single count of retaliation was filed Tuesday in U.S. District Court. It seeks the...
Lowe’s changes some DEI policies amid legal attacks on diversity programs and activist pressure
NEW YORK— Home improvement chain Lowe’s is scaling back its diversity, equity and inclusion policies, joining the ranks of several other companies that altered their programs since the U.S. Supreme Court outlawed affirmative action in college admissions or after facing a conservative backlash online. In an internal memo shared by...
What is Telegram and why was its CEO arrested in Paris?
Pavel Durov, the founder and CEO of the messaging app Telegram, was arrested in Paris over the weekend over allegations that his platform is being used for illicit activity including drug trafficking and the distribution of child sexual abuse images. Durov, who was born in Russia, spent much of his...
Fake online reviews and testimonials are a headache for small businesses. They hope the FTC can help
NEW YORK — Online reviews and testimonials are a key way that small businesses can attract new customers and boost sales of products. But fake reviews and testimonials have been a persistent problem for small businesses, many of whom rely on recommendations for business. Fake reviews can make it harder...
U.S. consumer confidence rises in August as Americans’ optimism about future improves
American consumers felt more confident in August as their outlook for the future improved. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 103.3 in August from 101.9 in July. The index measures both Americans’ assessment of current economic conditions and their outlook...
Stock market today: Dow closes at a record even as losses for Big Tech pull S&P 500 and Nasdaq lower
The Dow Jones Industrial Average closed at a record high Monday on Wall Street, even as losses for Big Tech companies pulled the S&P 500 and the Nasdaq composite lower. The Dow edged up 0.2% Monday, enough to beat the all-time high it set last month. The S&P 500 lost...
Modern gold rush: Gold price hits all time highVideo
The price of gold hit an all time high last week — and it has continued to stay close to that record Monday. Spot gold rose 0.3% to $2,518.47 per Troy ounce at 1:45 p.m. Monday, which is just shy of the record high of $2,531.60 hit last week, Reuters...
Back-to-work order issued for 2 major Canada railroads. Union will comply, but lawsuit planned
TORONTO — The Canadian arbitrator appointed to resolve a messy railroad labor dispute to protect the North American economy has ordered employees at the country’s two major railroads back to work so both can resume operating. Saturday’s order means Canadian National will be able to continue operating the trains it...
Powell at Jackson Hole: ‘The time has come’ for the Fed to soon begin reducing interest rates
JACKSON, Wyoming — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday. Powell did not say when rate cuts would begin or how large they might be, but...
U.S. applications for unemployment benefits inch up, but remain at historically healthy levels
The number of Americans filing for unemployment benefits rose modestly last week, but the level of claims remains at healthy levels. Jobless claims rose by 4,000 to 232,000 for the week of Aug. 17, the Labor Department reported Thursday. The four-week average of claims, which evens out some of the...
U.S. home sales ended a 4-month slide in July amid easing mortgage rates, more homes on the market
LOS ANGELES — Sales of previously occupied U.S. homes ended a four-month slide in July as easing mortgage rates and a pickup in properties on the market encouraged home shoppers. Existing home sales rose 1.3% last month from June to a seasonally adjusted annual rate of 3.95 million, the National...
Consol and Arch to combine, forming a $5 billion coal producer based in Pennsylvania
Arch Resources and Consol Energy are combining to form a single coal producer valued at more than $5 billion, the companies announced Wednesday, the latest consolidation in a deal-happy energy sector. Arch shareholders will get 1.326 shares of Consol common stock for each share of Arch they own. Consol shareholders...
Government: U.S. economy added 818,000 fewer jobs than first reported in year that ended in March
WASHINGTON — The U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported, the government said Wednesday. The revised total adds to evidence that the job market has been steadily slowing and likely reinforces the Federal Reserve’s plan to start cutting interest rates...
Shein sues Temu over copyright infringements as legal feud between the companies heats up
Online fast-fashion giant Shein has filed another lawsuit against competitor Temu, accusing the China-founded shopping platform of stealing its designs, copying its product images and engaging in other types of fraud. The complaint filed in a Washington federal court this week alleges that Temu, which has grown in popularity in...
Target’s focus on lower prices in grocery aisle start to pay off as comparable store sales rise
NEW YORK — Target’s comparable sales rose for the first time in a year as grocery aisle deals for cash-strapped customers began to pay off. Sales at stores and digital channels operating over at least the past 12 months rose 2% in the second quarter reversing months of declines, including...
John Dorfman: Capital One, Tutor Perini look good on price-to-cash-flow
An old joke has a chief executive asking his accountant how much the company earned in the latest quarter. “How much did you want it to be?” the accountant replies. There’s always a bit of judgment that goes into financial figures. I’m a fan of GAAP earnings — profits measured...
BMW recalling more than 720,000 vehicles due to water pump issue
BMW is recalling more than 720,000 vehicles due to an issue with the water pump’s electrical connector that could potentially lead to a fire. The National Highway Traffic Safety Administration said that the recall includes some X1, X3 and X5 vehicles as well as some other models. The impacted vehicles...
Perdue recalls 167,000 pounds of chicken nuggets after consumers find metal wire in some packages
NEW YORK — Check your freezer. Perdue Foods is recalling more than 167,000 pounds of frozen chicken nuggets and tenders after some customers reported finding metal wire embedded in the products. According to Perdue and the U.S. Agriculture Department’s Food Safety and Inspection Service, the recall covers select lots of...
Looking to buy a home? You may now need to factor in the cost of your agent’s commission
LOS ANGELES — Thinking of buying a home with the help of a real estate agent? You can no longer take it for granted that a seller will cover the cost of your agent’s commission. Home sellers have traditionally offered a blanket commission to a buyer’s agent when they listed...
Real estate broker Herky Pollock fired by CBRE without explanation
Real estate broker Herky Pollock got a text from a member of his team earlier this week. “We’ve been fired,” Pollock said the message read. “I was out of the office with my partner, whose wife was having a baby. I had no clue,” he added. “This caught me totally...
Wall Street leaps, and S&P 500 rallies 1.6% as shoppers drive the economyVideo
NEW YORK — Wall Street rallied to one of its best days of the year Thursday after data showed the U.S. economy is holding up better than expected, with particular credit going to the country’s shoppers. The S&P 500 jumped 1.6% for its fourth-best day of the year and its...
Walmart boosts outlook for 2024 with bargains proving a powerful lure for the inflation weary
NEW YORK — Walmart had another quarter of strong sales that topped almost all expectations with its comparatively low prices proving a powerful draw for millions who have struggled with rising costs for housing, groceries and almost everything else. The nation’s largest retailer also raised its full-year outlook in a...
Sweet and salty deal worth $30 billion would put M&M’s and Snickers alongside Cheez-It and Pringles
M&M’s maker Mars is buying Kellanova, the maker of Cheez-Its and Pop-Tarts, for nearly $30 billion, in an effort to broaden its snacking portfolio and expand globally. Kellanova was created last year when the Kellogg Co. split into two companies. Kellanova sells many of the former company’s most profitable brands,...
FTC ban on noncompete agreements comes under legal attack
NEW YORK — The federal government wants to make it easier for employees to quit a job and work for a competitor. But some companies say a new rule created by the Federal Trade Commission will make it hard to protect trade secrets and investments they make in their employees....
Annual U.S. inflation falls to 3-year low, clearing the way for the Fed to begin cutting rates
WASHINGTON — Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September. Wednesday’s report from the Labor Department showed that consumer...
