Business category, Page 84
Western Pa. casinos ready for Super Bowl influx, wagers on Chiefs win
Dave Bilsky is a Steelers fan, but come Sunday evening, you can bet he’ll be pulling for the Kansas City Chiefs. He’ll have plenty of company locally. Bilsky, 51, of Belle Vernon is among myriad local gamblers putting money on the Chiefs in Super Bowl LVIII. “One thing that we’ve...
Once a pariah in NFL circles, legalized betting has become as much a part of Super Bowl as the game itself
After decades of treating gambling like a pariah, the NFL has pushed all of its chips into the center of the table. The league is all in when it comes to Las Vegas — the world’s gambling mecca and host city of Super Bowl LVIII — and partnerships with sports...
Super Bowl prop bets take on life of their own among wagering community
Caesars sportsbook executive Adam Pullen has taken sizeable bets in his two-plus decades establishing the betting lines for the Super Bowl. Just not a six-figure wager on which side a coin will land. That changed when a gambler visiting the famed Las Vegas casino plopped down $100,000 on the outcome...
Wealth disparities by race grew during the pandemic, despite income gains, report shows
NEW YORK — A strong performance in financial markets, particularly an outsize gain for the stock market in 2021, helped entrench existing trends of wealth inequality during the pandemic, new data released this week show. According to a report from the New York Federal Reserve Bank, the real net worth...
X is selling million-dollar ad packages for Super Bowl Sunday
X, the social network formerly known as Twitter, has been selling special ad packages tied to the National Football League playoffs and Super Bowl, which include video ads that run before NFL highlight videos, an effort to use the US’s most popular sporting event to lure back major advertisers. The...
Feds accuse Sewickley retirement fund administrator of embezzlement amid missing millions
A federal judge this week issued a temporary restraining order against a Sewickley man accused by the U.S. Department of Labor of embezzling millions of dollars from retirement funds that he and his company administer. Authorities say at least $8 million could be missing and unrecoverable from 17 funds overseen...
Average mortgage rate edges higher, but remain in the mid-6% range
LOS ANGELES — The average long-term U.S. mortgage rate edged higher this week, reflecting a recent uptick in the 10-year Treasury yield. The average rate on a 30-year mortgage rose to 6.64% from 6.63% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.12%. “Mortgage...
Mexico overtakes China as the leading source of goods imported by U.S.
WASHINGTON — For the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported by the United States. The shift reflects the growing tensions between Washington and Beijing as well as U.S. efforts to import from countries that are friendlier and...
Adam Neumann, ousted founder of WeWork, wants to buy back the office sharing company
NEW YORK — Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. In a letter obtained by The Associated Press this week, an attorney representing Neumann and Flow Global Holdings said that WeWork’s former...
CBO projects a $188 billion decrease in this year’s federal budget deficit, but debt would then grow
WASHINGTON — The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is likely to rise over the next nine years. Two major factors are behind the decline in...
IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
WASHINGTON — The IRS is poised to take in hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated, according to new analysis released Tuesday by the Treasury Department and the IRS. Tax revenues are expected to rise by as much as $561 billion from 2024...
John Dorfman: Phillips 66, 4 other stocks show value, momentum
A body in motion tends to remain in motion at a constant speed and velocity unless acted upon by an outside force, says Newton’s first law of motion. The stock market is full of outside forces. Nonetheless, the momentum effect is real in the market. That’s why, twice a year,...
GM recalls over 323,000 heavy-duty pickups because tailgates can open unexpectedly
General Motors is recalling more than 323,000 heavy-duty pickup trucks in the U.S. because the electronic tailgate release switches can short circuit and open the gates while the vehicles are in park. The recall covers certain Chevrolet Silverado and GMC Sierra 2500 and 3500 trucks from the 2020 through 2024...
Boeing flags potential delays after supplier finds another problem with some 737 fuselages
Boeing discovered another problem in some of its 737 fuselages that may delay deliveries of about 50 aircraft in the latest quality gaffe to plague the manufacturer. Improperly drilled holes were discovered by Spirit AeroSystems, a major supplier that provides Boeing with fuselages, according to a letter from Stan Deal,...
Americans have saddled themselves with credit card debt. Now renters and the poor are falling behind
NEW YORK — While the U.S. economy is broadly healthy, pockets of Americans have run through their savings and run up their credit card balances after battling inflation for more than two years. Experts worry that members of these groups — mostly lower- and middle-income Americans, who tend to be...
Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy
WASHINGTON — Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May. Powell, in an interview recorded Thursday for the CBS news program “60 Minutes,”...
Where the jobs are: Strong hiring in most industries has far outpaced high-profile layoffs
WASHINGTON — Blockbuster job growth in the past several months has coincided with high-profile layoff announcements by a number of large companies. So, how are both occurring at the same time? It’s not as contradictory as it might seem. Recent job cuts have been concentrated mainly in just a few...
Tesla ordered to pay $1.5 million over alleged hazardous waste violations in California
STOCKTON, Calif. — A California judge on Friday ordered Tesla Inc. to pay $1.5 million as part of a settlement of a civil case alleging the company mishandled hazardous waste at its car service centers, energy centers and a factory, multiple county district attorneys announced. The complaint filed in San...
Why Taylor Swift’s globe-trotting in private jets is getting scrutinized
PHILADELPHIA — For weeks, scrutiny over singer Taylor Swift’s travel in private jets has been bubbling up on social media, with people pointing out the planet-warming emissions of carbon dioxide released with every flight. The megastar is dating Kansas City Chiefs tight end Travis Kelce, one of the NFL’s most...
Tesla recalling nearly 2.2M vehicles for software update to fix warning lights that are too small
DETROIT — Tesla is recalling nearly all of the vehicles it has sold in the U.S. because some warning lights on the instrument panel are too small. The recall of nearly 2.2 million vehicles announced Friday by the National Highway Traffic Safety Administration is a sign of stepped-up scrutiny of...
U.S. employers add robust 353,000 jobs in January in further sign of economic strength
WASHINGTON — The nation’s employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades. Friday’s government report showed that last month’s job gain — far above...
Spirit resumes Arnold Palmer flights to Myrtle Beach
Spirit Airlines will resume its daily seasonal flights from Arnold Palmer Regional Airport near Latrobe to Myrtle Beach, S.C., on April 10, the airlines said . The non-stop seasonal flight connecting Westmoreland County’s lone airport to Myrtle Beach International Airport at the beach resort community is resuming about one month...
More Americans apply for unemployment benefits but layoffs still historically low
The number of Americans filing for jobless benefits rose last week to the highest level in 11 weeks, though layoffs remain at historically low levels. Applications for unemployment benefits climbed to 224,000 for the week ending Jan. 27, an increase of 9,000 from the previous week, the Labor Department reported...
Federal Reserve signals that interest rate cuts aren’t imminent and leaves them unchanged for now
WASHINGTON — The Federal Reserve indicated Wednesday that it’s nearing a long-awaited shift toward cutting interest rates, a sign that its officials have grown confident that they’re close to fully taming inflation. But the Fed also signaled that the first rate cut is likely months away. The central bank kept...
Walmart to build or convert 150-plus stores in next 5 years. It hasn’t opened new stores in 3 years
NEW YORK — Walmart plans to build or convert more than 150 stores in the next five years, while continuing to remodel existing stores. The plan, announced Wednesday, marks a big change for the discounter. In 2016, Walmart announced it was slowing its new store opening s and instead investing...
