Business category, Page 69
Paramount and Skydance merge, signaling end of a family reign in Hollywood and the rise of new power
NEW YORK — The entertainment giant Paramount will merge with Skydance, closing out a decades-long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape. It also signals the rise of a new power...
New Jersey fines DraftKings $100K for reporting inaccurate sports betting data to the state
ATLANTIC CITY, N.J. — In one of the most sternly worded rebukes they have ever issued, New Jersey gambling regulators have fined DraftKings $100,000 for reporting inaccurate sports betting data to the state, which it called “unacceptable conduct” that demonstrated weaknesses in the company’s business abilities. The errors resulted in...
Long live the Perfect 10 portfolio
Now that beach season is upon us, it’s time for the Perfect 10 Portfolio. This isn’t an homage to bathing beauties. It’s a collection of 10 stocks, each of which sells for 10 times earnings. That’s cheap. Over the years, most stocks have sold for about 15 times the company’s...
Air travel is getting worse, passengers tell government
WASHINGTON — Air travel got more miserable last year, if the number of consumer complaints filed with the U.S. government is any measure. The Transportation Department said Friday it received nearly 97,000 complaints in 2023, up from about 86,000 the year before. The department said there were so many complaints...
Rising Latino population drives economic growth in Western Pennsylvania
New Spanish grocery stores are opening, adding a fresh flavor to the city. Amid the usual Pittsburgh traffic noise, reggaeton now pulses from car speakers, and local restaurants are featuring horchata on their menus. The face of Western Pennsylvania is changing. According to the 2022 Allegheny County Latinx Needs Assessment...
U.S. employers added a solid 206,000 jobs in June in a sign of continued economic strength
WASHINGTON — America’s employers delivered another healthy month of hiring in June, adding 206,000 jobs and once again displaying the U.S. economy’s ability to withstand continually high interest rates. Last month’s job growth did mark a pullback from 218,000 in May. But it was still a strong gain, reflecting the...
Parent company of Saks Fifth Avenue to buy rival Neiman Marcus
NEW YORK — The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus for $2.65 billion. The new entity would be called Saks Global, which will comprise the Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus and Bergdorf Goodman, as well...
Delta flight diverts to New York after passengers served spoiled food
NEW YORK — A Delta flight from Detroit to Amsterdam was diverted Wednesday to New York’s Kennedy Airport when passengers were served spoiled food, airline officials said. The redeye flight took off from Detroit around 11 p.m. Tuesday and landed in New York at 4 a.m. “after reports that a...
Black farmers’ association calls for Tractor Supply CEO’s resignation after company cuts DEI efforts
NEW YORK — The National Black Farmers Association called on Tractor Supply’s president and CEO to step down after the rural retailer announced that it would drop most of its corporate diversity and climate advocacy efforts. The resignation demand emerged as Tractor Supply, which sells products ranging from farming equipment...
Longer happy hours, value meals with an adult beverage coming to Pennsylvania
Inflation-weary consumers could soon see changes coming to their favorite drinking establishments that will be gentler on their wallets. Longer happy hours and combo meals that include an adult beverage are among a number of changes to the state’s liquor code included in a bill the House approved on Wednesday...
Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts
WASHINGTON — Federal Reserve officials at their most recent meeting welcomed recent signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling. Both trends, if they continued, could lead the Fed to cut its benchmark interest rate in the coming...
GM will pay $146M in federal penalties because 5.9 million older vehicles emit excess carbon dioxideVideo
WASHINGTON — General Motors will pay nearly $146 million in penalties to the federal government because 5.9 million of its older vehicles don’t comply with emissions and fuel economy standards. The National Highway Traffic Safety Administration said in a statement Wednesday that certain GM vehicles from the 2012 through 2018...
Open on July 4: Retailers and airlines. Closed: Government, banks, stock market
NEW YORK — The Fourth of July holiday, also known as Independence Day, celebrates the Second Continental Congress’ unanimous adoption of the Declaration of Independence on July 4, 1776, a document announcing the colonies’ separation from Great Britain. One year later, according to the Library of Congress, a spontaneous celebration...
Southwest Air adopts ‘poison pill’ as activist investor Elliott takes significant stake in company
Southwest Airlines has adopted a ‘poison pill’ following activist investor Elliott Investment Management taking a significant stake in the company. The airline said Wednesday that the shareholder rights plan is effective immediately and expires in a year. Southwest shareholders would need to give prior approval for an extension. Shareholder rights...
New-vehicle sales barely rose in the 2nd quarter as buyers balked at still-high prices
DETROIT — U.S. new-vehicle sales rose only slightly in the second quarter, despite larger discounts and slightly lower prices. But brisker sales could be on the horizon: Auto industry analysts say they expect prices to drop further and there’s a possibility of interest-rate cuts that would make taking out a...
Cedar Fair CEO takes over Six Flags as merger closes
After months of waiting, Six Flags and Cedar Fair’s merger has finally closed, creating one theme park giant. The move will consolidate both company’s parks under one company and, most importantly to Texans, move Six Flags’ corporate headquarters from Arlington, Texas, to Charlotte, North Carolina. The merger unites both companies...
Etna’s business boom: New brewery, shops, and community center revitalize borough
A new brewery opened in Etna earlier this year and co-owner Dominic Cincotta said he’s happy to operate in a welcoming business environment after years of shopping around for locations in and around Pittsburgh. “We always looked for a taproom around the city and it’s very hard — and expensive,”...
Ticketmaster data breach confirmed, over 500 million customers possibly affected
Ticketmaster has notified customers about a suspected data breach, USA Today reported. In May, Ticketmaster said it was investigating a data breach after a hacking group known as ShinyHunters claimed responsibility for stealing the information of more than 500 million Ticketmaster customers, the New York Times reported. In the filing...
Supreme Court to weigh whether regulators were heavy handed with flavored e-cigarette products
WASHINGTON — The Supreme Court took up an e-cigarette case Tuesday, weighing Food and Drug Administration decisions blocking the marketing of sweet flavored products amid a surge in vaping by young people. The FDA is appealing a lower court ruling siding with vape companies who argue the FDA unfairly denied...
U.S. job openings rise to 8.1 million despite higher interest rates
WASHINGTON — U.S. job openings rose slightly to 8.1 million in May despite the impact of higher interest rates intended to cool the labor market. Vacancies rose from a revised 7.9 million in April, the first reading below 8 million since February 2021, the Labor Department reported Tuesday. Layoffs rose...
Fed Chair Jerome Powell: U.S. inflation is slowing again, though it isn’t yet time to cut rates
WASHINGTON — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates. After some persistently high inflation reports at the start of 2024,...
U.S. gives key approval to Atlantic Shores offshore wind farm in New Jersey
ATLANTIC CITY, N.J. — The U.S. Interior Department approved the proposed Atlantic Shores offshore wind farm in New Jersey on Tuesday, giving a major boost to a project that would be the state’s first. The project still requires an additional federal approval of its construction and operations plan, along with...
Tesla sales fall for 2nd straight quarter despite price cuts, but beat analyst expectations
DETROIT — Tesla’s global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weaking demand for the company’s products and electric vehicles overall. The Austin, Texas, company said Tuesday that it sold 436,956 vehicles from April through June, down 4.8% from 466,140...
Penn State reaches tentative deal with union days after Teamsters OK strike
Union members will vote in the coming weeks on a tentative contract agreement with management covering 2,500 employees on Penn State University branches statewide and the main University Park campus. The deal, if ratified, could offer a measure of labor peace at a time of heightened workplace anxiety across Penn...
U.S. wants Boeing to plead guilty to fraud over fatal crashes, lawyers say
The U.S. Justice Department is pushing Boeing to plead guilty to criminal fraud in connection with two deadly plane crashes involving its 737 Max jetliners, according to several people who heard federal prosecutors detail a proposed offer Sunday. Boeing will have until the end of the coming week to accept...
