Business category, Page 87
Southwest Airlines is reporting a loss, and American expects to start new year with a loss
DALLAS — Fourth-quarter profit fell sharply at American Airlines, and the carrier predicted it would lose money in early 2024, while Southwest Airlines posted a loss, as both carriers struggled to cover rising labor costs. Southwest also said Thursday that it expects to receive fewer new planes than it expected...
Boeing 757 lost nose wheel preparing for takeoff during a very rough stretch for the plane maker
A Boeing 757 jet operated by Delta Air Lines lost a nose wheel while preparing for takeoff from Atlanta. It was an older model of plane than those made by Boeing that have raised safety concerns about Boeing, yet it occurred with an intense spotlight on one of the nation’s...
Ford to recall nearly 1.9 million Explorer SUVs to secure trim pieces that can fly off in traffic
DETROIT — Ford is recalling nearly 1.9 million Explorer SUVs in the U.S. because a trim piece can fly off and create a hazard for other drivers. The recall covers Explorers from the 2011 through 2019 model years. Documents posted Wednesday by the U.S. National Highway Traffic Safety Administration say...
Huntington gets OK to move into former Downtown Pittsburgh McDonald’s
Huntington National Bank is one step closer to moving into the site that previously housed Downtown Pittsburgh’s last McDonald’s restaurant. Last spring, the fast food spot opted not to renew its lease at the Stanwix Street location just outside Market Square. The Golden Arches had previously been at there for...
IRS to simplify its notices to taxpayers in push for modernization
WASHINGTON — The IRS wants to rewrite its complicated letters to taxpayers and speak to people in plain English. The federal tax collector is rewriting and sending out commonly received notices ahead of the 2024 tax filing season as part of its new “Simple Notice Initiative.” “Redesigned notices will be...
Car insurance is surging. Here’s why — and how you can save
When Imani Porter received the quote for her car insurance renewal in December, she was flabbergasted. Geico, which had insured her and her fiancé’s Honda CR-V for the past year and a half, was going to charge the couple about $1,000 for the next six-month period. “I did the math...
TurboTax maker Intuit barred from advertising ‘free’ tax services without disclosing who’s eligible
NEW YORK — U.S. regulators have barred TurboTax maker Intuit Inc. from advertising its services as “free” unless they are free for all customers, or if eligibility is clearly disclosed. In an opinion and final order issued Monday, the Federal Trade Commission ruled that Intuit engaged in deceptive practices by...
At United and Alaska airlines, frustration with Boeing’s manufacturing problems is boiling over
The leaders of United Airlines and Alaska Airlines took turns Tuesday blasting Boeing over manufacturing problems that have led to the grounding of more than 140 of their planes, with United’s CEO saying his airline will consider alternatives to buying a future, larger version of the Boeing 737 Max. “I...
WWE’s ‘Raw’ is moving to Netflix next year in a major streaming deal worth more than $5 billion
WWE’s weekly television show “Raw” will move to Netflix next year as part of a major streaming deal worth more than $5 billion. TKO Group Holdings Inc., which houses WWE and UFC, said in a regulatory filing on Tuesday that the agreement is for 10 years, with Netflix having an...
France fines Amazon $35M for ‘excessively intrusive’ monitoring of warehouse staff
PARIS — France’s privacy watchdog said Tuesday that it slapped Amazon ‘s French warehouse business with a $35 million for using an “excessively intrusive sytem” to monitor worker performance and activity. The French Data Protection Authority, also known by its acronym CNIL, said the system allowed managers at Amazon France...
Wall Street ticks higher, closes above 38,000 for 1st time everVideo
NEW YORK — Most stocks rose Monday on Wall Street to build on its all-time high reached last week. The S&P 500 added 10.62 points, or 0.2%, to 4,850.43. The Dow Jones Industrial Average topped 38,000 points after rising 138.01, or 0.4%, to 38,001.81. The Nasdaq composite gained 49.32, or...
Pilots at Southwest ratify a contract that will boost their pay raises by nearly 50% by 2028
DALLAS — Pilots at Southwest Airlines have overwhelmingly approved a new contract that will raise their pay rates by nearly 50% by 2028, becoming the last group of pilots at the nation’s four biggest airlines to score huge raises. The Southwest Airlines Pilots Association said Monday that the agreement covering...
Liz Weston: Retiring wasn’t easy — even after years of writing about it
A couple of years ago, I wrote a column about how to have a retirement worth saving for. It ended with a quote from personal finance educator Barbara O’Neill, who reflected on how the pandemic disrupted many retirees’ plans. “It wasn’t just two years lost, it was two good years,”...
John Dorfman: Four stocks with big rebound potential
A Wall Street adage warns, “Don’t try to catch a falling knife.” I do it frequently. Buying good stocks on bad news is a sound methodology, I believe. You may not catch the exact bottom, but you’re likely to find a good entry point. Each quarter, I compile a Casualty...
Microsoft: State-backed Russian hackers accessed emails of senior leadership team
BOSTON — State-backed Russian hackers broke into Microsoft’s corporate email system and accessed the accounts of members of the company’s leadership team, as well as those of employees on its cybersecurity and legal teams, the company said Friday. In a blog post, Microsoft said the intrusion began in late November...
Winter weather is snarling air travel. Here’s what to do if your flight is canceled
A winter storm made its way across the eastern half of the United States on Wednesday, snarling traffic in the air and on the highways. By early afternoon in the East, more than 1,000 U.S. flights had been canceled and 4,000 others were delayed, according to FlightAware. The brunt of...
Boost for homebuyers: Average long-term mortgage rate falls to 6.6%, lowest level since May
LOS ANGELES — The average long-term U.S. mortgage rate fell this week to its lowest level since May, welcome news for prospective homebuyers facing rising home prices and intense competition for relatively few properties on the market. The average rate on a 30-year mortgage dropped to 6.6% from 6.66% last...
Faculty union, Pa. university system reach potential labor deal
The union representing 5,000 state university faculty across Pennsylvania has reached “an agreement in principle” with leaders of the State System of Higher Education, both parties confirmed Thursday. The agreement followed a full day and night of negotiating. It comes almost seven months after the existing agreement between the Association...
Amazon will invest in Diamond Sports as part of a bankruptcy restructuring agreement
Amazon will partner with Diamond Sports as part of a restructuring agreement as the largest owner of regional sports networks looks to emerge from bankruptcy. Diamond owns 18 networks under the Bally Sports banner. Those networks have the rights to 37 professional teams — 11 baseball, 15 NBA and 11...
Cutting interest rates too soon in Europe risks progress against inflation, central bank chief says
FRANKFURT, Germany — Cutting interest rates too soon could threaten Europe’s progress in battling the inflation that has ravaged the economy, the head of the European Central Bank said Wednesday amid widespread speculation that the bank will soon lower rates from record highs. Christine Lagarde, faced with market expectations for...
The JetBlue-Spirit Airlines merger was blocked by a federal judge. Here’s what you need to know
NEW YORK — The prospect of a JetBlue-Spirit Airlines merger took a major hit in court on Tuesday when a federal judge sided with the Biden administration and blocked the $3.8 billion deal. The judge ruled that JetBlue’s purchase of Spirit, the nation’s largest low-cost airline, would harm competition —...
Overdraft fees could drop to as low as $3 under new Biden proposal
NEW YORK — The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck....
The Supreme Court allows a court order to take effect that could cost Apple billions of dollars
WASHINGTON — The Supreme Court on Tuesday allowed a court order to take effect that could loosen Apple’s grip on its lucrative iPhone app store, and potentially affect billions of dollars in revenue a year. The justices rejected Apple’s appeal of lower-court rulings that found some of Apple’s app store...
As legal challenges mount, some companies retool diversity and inclusion programs
NEW YORK — Sophia Danner-Okotie’s has ambitious plans for her Nigerian-inspired clothing line but a sense of dread has punctured her optimism as she watches a legal battle being waged against a small venture capital firm that has provided funding instrumental to her boutique brand’s growth. The case against the...
Pittsburgh’s Adda coffee chain abruptly closes all locations
A small coffee chain has abruptly closed all four of its Pittsburgh locations, and some critics are claiming it is a move to undermine labor organizing. Adda Coffee & Tea House announced late Thursday on social media that it is closing all of its locations, claiming it has been running...
