Business category, Page 9
Jeffrey Epstein had accounts with Goldman Sachs and HSBC, documents show
NEW YORK — Jeffrey Epstein, the disgraced late financier and sex offender, had accounts at Goldman Sachs, HSBC and other banks, new court filings show. The revelations came in previously sealed documents made public by JPMorgan Chase, once Epstein’s main bank, in a now-settled lawsuit brought by the U.S. Virgin...
U.S. motor vehicle sales drop in October as EV subsidies expire
WASHINGTON — Sales of U.S. light vehicles fell in October as the expiration of federal government subsidies undercut demand for battery-powered electric cars, and an easing labor market and looming higher prices from tariffs could limit any rebound this year. Light vehicle sales decreased 6.5% to a seasonally adjusted annualized...
U.S. Steel’s Edgar Thomson works getting new hot strip mill
U.S. Steel announced Tuesday that its Edgar Thomson Works is getting a hot strip mill, part of a $14 billion investment package across all company facilities from new owner Nippon Steel. In a 17-page report on its integration with Japan’s largest steelmaker, U.S. Steel described the planned mill as “state...
Starbucks to sell control of China business to Boyu, aims for rapid growth
Starbucks said it would sell control of its operations in China to Boyu Capital in a deal that values the business at $4 billion — one of the largest divestments of a China unit by a global consumer company in recent years. The Seattle-based coffee chain said the funds from...
Denny’s to be acquired and taken private in a deal valued at $620 million
Denny’s said Monday that it’s being acquired by a group on investors in a deal that will take the breakfast chain private. Denny’s board unanimously approved the deal, which values Denny’s at $620 million including debt. Denny’s will be purchased by private equity investment company TriArtisan Capital Advisors, investment firm...
YouTube proposes returning ABC, ESPN networks as a result of Disney’s request
YouTube TV has proposed restoring Disney’s ABC and ESPN networks, in response to the entertainment giant’s earlier request to bring back ABC to the pay-TV platform for Election Day coverage. Disney had earlier on Monday asked Google’s YouTube TV to restore ABC for Election Day coverage in service of public...
Trump moves to fire watchdog of U.S. housing regulator involved in crackdown, sources say
WASHINGTON — The internal watchdog for the U.S. Federal Housing Finance Agency is being removed from his role, four people familiar with the matter said, at a time when the housing regulator is playing a role in President Donald Trump’s targeting of perceived political enemies. The ouster of Joe Allen,...
U.S. economy at risk of wobble as lower-income consumers get squeezed
WASHINGTON -The U.S. consumer’s durability as a prop for the economy may be tested in coming weeks as family budgets, particularly among the less affluent, are stressed by rising healthcare costs, the potential loss of federal food benefits, and a wobbly job market outlook that is already taking a toll...
Kimberly-Clark’s $50 billion leap into health and beauty tests investor faith
NEW YORK — Kimberly-Clark’s nearly $50 billion offer for Tylenol maker Kenvue is a risky bet that the world’s biggest consumer market, the United States, will keep growing even as lower-income shoppers trim their budgets, according to analysts. The cash-and-stock deal, announced earlier on Monday, is set to close late...
Makes a lot of cents: Giant Eagle issues over $2 million in gift cards through penny exchange
From a few rolls held in one hand to buckets so heavy they were best hauled in a shopping cart, Giant Eagle’s double-your-money offer for pennies was too good for many to pass up Saturday. “With the way the economy is, every little extra bit of money helps. This is...
A toy maker takes his case against Trump’s tariffs to the Supreme Court
WASHINGTON — Within days of Donald Trump announcing his sweeping “Liberation Day” tariffs in April, Rick Woldenberg was looking for a law firm to help him sue the U.S. president. “I’m not willing to allow politicians to destroy what we have built up over generations,” said Woldenberg, CEO of educational...
Philips Respironics to lay off nearly 200 workers from Westmoreland locations
Dutch health technology giant Philips Respironics has notified state officials it plans to lay off nearly 200 people at three Westmoreland County locations beginning in early 2026. Philips issued a WARN notice to the Pennsylvania Department of Labor and Industry, part of a move the company initially announced in June...
Pittsburgh autonomous vehicle firm Aurora hits the gas on driverless truck rollout
Pittsburgh-based Aurora Innovation is accelerating the rollout of its driverless trucks as it looks to evolve from a promising experiment to a profitable enterprise. A new route that launched last week — the company’s second — runs from Fort Worth to El Paso in Texas. It spans about 600 miles....
The great AI buildout shows no sign of slowing
A momentous week in the technology sector made it clear there is no sign the boom in building artificial intelligence infrastructure is slowing — despite the bubble talk. Nvidia, whose processors are the AI revolution’s backbone, became the first company to surpass $5 trillion in market value. Microsoft and OpenAI...
What the latest Fed rate cut means for your money — even if the next one is not certain
NEW YORK - The U.S. Federal Reserve cut its key interest-rate target by a quarter of a percentage point on Wednesday. But Fed Chair Jerome Powell cautioned that another move in 2025 is not guaranteed. “A further reduction in the policy rate at the December meeting is not a foregone...
Retailers discounting Hershey sweets to boost key Halloween sales
NEW YORK — U.S. retailers are offering more discounts on Hershey goods ahead of its biggest holiday, Halloween, according to data, as the candymaker hiked prices due to rising costs from tariffs and cocoa inflation. The discounts come as overall chocolate candy sales per unit were flat in the 12...
Fed lowers rates, but Powell suggests move may be the last of 2025
WASHINGTON — A policy divide within the U.S. central bank and a lack of federal government data may put another interest rate cut out of reach this year, Federal Reserve Chair Jerome Powell said on Wednesday, as he acknowledged the threats that officials see to the job market but also...
Impact of massive Amazon layoffs unclear in Pittsburgh region
Amazon is cutting 14,000 jobs as it expands its use of artificial intelligence, though it’s unclear how the move will affect the Pittsburgh area. On Tuesday, Beth Galetti, Amazon’s senior vice president of people experience and technology, announced the layoffs. TribLive reached out to Amazon to learn how the decision...
Giant Eagle gives opening dates for standalone pharmacies in Mt. Washington, Sewickley
A former Rite Aid in Pittsburgh’s Mt. Washington neighborhood will reopen Thursday morning as a standalone Giant Eagle Pharmacy. Much like the Rite Aid before it, the store at 211 Virginia Ave. will fill prescriptions and sell an assortment of health, beauty and wellness products. Where it will differ is...
FDA plans to accelerate biosimilar approvals, report says
The U.S. Food and Drug Administration is preparing to speed up approvals for biosimilars, or generic versions of complex biological drugs, the Financial Times reported on Wednesday. The regulator is expected to reduce the number of human clinical studies required for certain biosimilars and cut development costs for medicines made...
Nvidia tops $5 trillion in total value as Wall Street waits for a Fed announcement
NEW YORK — U.S. stocks are rising toward more records on Wednesday as Wall Street waits to hear from the Federal Reserve in the afternoon about what it will do with interest rates. The S&P 500 added 0.3% in morning trading. The Dow Jones Industrial Average was up 231 points,...
3 Pittsburgh area Oak Street Health locations to close in coming months
Three Pittsburgh-area Oak Street Health facilities will close their doors by February, according to the company. Among 16 total closures nationwide, locations in Homestead, Wilkinsburg and Ingram are each set to shutter. Owned by CVS Health, Oak Street Health operates more than 200 primary care centers throughout the country, specializing...
Key U.S. mortgage rate drops to 13-month low, industry group says
The interest rate on the most popular U.S. home loan dropped last week to a 13-month low after a key reading of inflation came in lower than expected, cementing expectations for another Federal Reserve interest-rate cut. The Mortgage Bankers Association said on Wednesday the contract rate on a 30-year, fixed-rate...
Elon Musk launches Grokipedia to compete with online encyclopedia Wikipedia
Elon Musk has launched Grokipedia, a crowdsourced online encyclopedia that the billionaire seeks to position as a rival to Wikipedia. Writing on social media, Musk said that Grokipedia.com is “now live” and its goal is the “truth, the whole truth and nothing but the truth.” Musk has previously criticized Wikipedia...
Westinghouse strikes $80B deal with U.S. for nuclear reactors
Westinghouse Electric Co. announced Tuesday an $80 billion deal with the U.S. government to build nuclear reactors. It’s the latest push from the Trump administration to boost power production as artificial intelligence supercharges electricity demand, and yet another entry into the government’s growing portfolio of private-public partnerships. “This historic partnership...
