Business category, Page 85
Rock star: Lab-grown diamonds are skyrocketing in popularity, say local jewelers, industry experts
When Sandee Vargo lost one of her diamond earrings two years ago, she turned that sinking feeling into an opportunity to try something new. Her remaining one-third carat stud earring was a natural diamond, mined from the ground. But Vargo of North Huntingdon became interested in another option for her...
Super Bowl bets placed online surged this year, verification company says
ATLANTIC CITY, N.J. — Online betting on the Super Bowl surged this year, with many gamblers waiting until right before the kickoff to place their wagers, according to a company that tracks the location of internet gamblers. Data released Monday from GeoComply shows that the number of verification checks it...
Judge orders Elon Musk to testify in SEC probe of his $44 billion Twitter takeover in 2022
SAN FRANCISCO — A judge has ordered Elon Musk to testify for a third time as part of the Securities and Exchange Commission’s investigation into his $44 billion purchase of Twitter, now called X, in 2022. Magistrate Judge Laurel Beeler issued an order Saturday giving Musk, his team and the...
U.S. closes 7-year probe into Ford Fusion power steering failures without seeking further recalls
U.S. auto safety regulators have closed a seven-year investigation into complaints about power-assisted steering failures in Ford Fusions without seeking additional recalls. The National Highway Traffic Safety Administration says in documents posted Monday that its testing found only minor steering effort changes if the power-assist failed. It also found a...
Less is more? Consumers have fewer choices as brands prune their offerings to focus on best sellers
NEW YORK — How much choice is too much? Apparently for Coca-Cola, it’s about 400 different types of drinks. That’s why the beverage company recently decided to discontinue half of them, shedding brands like Tab, Zico coconut water, Diet Coke Feisty Cherry and Odwalla juices but still leaving about 200...
Jeff Bezos sells nearly 12 million Amazon shares worth at least $2 billion, with more to come
SEATTLE — Jeff Bezos filed a statement with federal regulators indicating his sale of nearly 12 million shares of Amazon stock worth more than $2 billion. The Amazon executive chairman notified the U.S. Securities and Exchange Commission of the sale of 11,997,698 shares of common stock on Feb. 7 and...
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...
