Business category, Page 91
Amazon won’t have to pay hundreds of millions in back taxes after winning EU case
LONDON — Amazon won’t have to pay about 250 million euros ($273 million) in back taxes after European Union judges ruled in favor of the U.S. e-commerce giant Thursday, dealing a defeat to the 27-nation bloc in its efforts to tackle corporate tax avoidance. The ruling by the EU’s top...
U.S. applications for jobless benefits fall again as labor market continues to thrive
The number of Americans filing for jobless benefits fell last week as the labor market continues to thrive despite high interest rates and elevated costs. Applications for unemployment benefits fell by 19,000 to 202,000 for the week ending Dec. 9, the Labor Department reported Thursday. Analysts were expecting around 224,000....
John Dorfman: Bunny Portfolio returned 44% in past year
“Still going.” That was the punchline in the Energizer battery commercials, featuring the Energizer Bunny, which kept going long after you would have expected it to stop. It’s also the idea behind my Bunny Portfolio. This hypothetical portfolio contains companies that have averaged 25% profit growth in the past five...
AHN expands services at Downtown Pittsburgh clinic
Allegheny Health Network is adding services to its primary care clinic in Downtown Pittsburgh. The Express Care services at its clinic on Penn Avenue are available for minor health conditions such as cold, flu and covid-19 symptoms; rashes and infections; and other afflictions. Testing also is available for covid, flu,...
Dow hits a record high and Treasury yields drop after the Fed signals rate cutsVideo
NEW YORK — A powerful rally across Wall Street sent the Dow Jones Industrial Average to a record on Wednesday after the Federal Reserve indicated that the cuts to interest rates investors crave so much may be coming next year. The Dow jumped 512 points, or 1.4%, to top 37,000...
PPG expands in Europe with new facility in France
Pittsburgh-based paint and coatings company PPG has opened a facility in France to improve its operations in Southern Europe and North Africa. The $17 million aerospace application support center in Toulouse, France, will provide filling and packaging capabilities for aerospace materials, including coatings and sealants for aircraft, according to the...
Tesla recalls nearly all vehicles sold in U.S. to fix system that monitors drivers using Autopilot
DETROIT — Tesla is recalling nearly all of the vehicles it sold in the U.S., more than 2 million across its model lineup, to fix a defective system that’s supposed to ensure drivers are paying attention when they use Autopilot. Documents posted Wednesday by U.S. safety regulators say the company...
Hasbro cuts 1,100 jobs, or 20% of its workforce, prompted by the ongoing malaise in the toy business
NEW YORK — Toy maker Hasbro said Monday it is cutting about 1,100 jobs, or 20% of its workforce, as the malaise in the toy business extends through another holiday shopping season. The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys disclosed the layoffs in...
Company proposes underground limestone mine in Washington County
A Clarion County company is hoping to expand its limestone mining operations in Washington County. A public meeting will be held Wednesday night to discuss a proposal for the underground facility. The 336.7-acre mine, proposed by Neiswonger Construction Inc., would be dug beneath the Maggie Lynn Quarry that the company...
How rising prices for restaurants, car repair and other services kept inflation up last month
WASHINGTON — Held down by sinking gas prices, U.S. inflation was mostly unchanged last month. But underlying price pressures — from apartment rents, restaurant meals, auto insurance and many other services — remained stubbornly high. Last month’s inflation data arrived just a day before the Federal Reserve will end a...
Choice Hotels goes hostile in $8 billion takeover bid for Wyndham after being repeatedly rebuffed
Choice Hotels is launching a hostile takeover offer for Wyndham Hotels & Resorts after repeated attempts to reach a deal with the rival hotel chain were rebuffed. Choice Hotels said Tuesday that its exchange offer to shareholders of Wyndham, which runs Days Inn, La Quinta, Ramada and a host of...
Developer plans apartments, townhouses at UPMC South Side hospital site
A developer is planning to replace a former hospital on Pittsburgh’s South Side with apartments and townhouses. Walnut Capital has acquired the 5.5-acre former UPMC South Side hospital complex on Mary, Jane and Josephine streets in the South Side Flats for $9.3 million. The deal was inked in November through...
‘We needed something like this around here’: Hempfield entertainment venue opens doors
For Davin Ruzina, the 814 Lanes & Games in Hempfield opened its doors for business just in time. Ruzina, of Hunker, celebrated his 13th birthday Saturday and went to the new entertainment venue with his family and friends Sunday. Bowling and laser tag were the highlights of their day. “We...
Vento’s Pizza in East Liberty reopens under new family ownership
Vento’s Pizza, the East Liberty restaurant that has been home to “Franco’s Italian Army” for decades, is up and running again. After its longtime owner retired and closed the pizzeria in February, a new family has taken over. They’re working with the Vento family to keep the spirit of the...
McDonald’s testing new CosMc’s chain amid unprecedented global expansion
McDonald’s is testing a new restaurant format with customizable drinks and treats designed to appeal to afternoon snackers — and grab sales from competitors like Starbucks and Dunkin’. The company said Wednesday it will open 10 CosMc’s restaurants through the first half of next year. One will be near the...
Meta makes end-to-end encryption a default on Facebook Messenger
NEW YORK — Meta is rolling out end-to-end encryption for calls and messages across its Facebook and Messenger platforms, the company announced Thursday. Such encryption means that no one other than the sender and the recipient — not even Meta — can decipher people’s messages. Encrypted chats, first introduced as...
The White House is threatening the patents of high-priced drugs developed with taxpayer dollars
WASHINGTON — The Biden administration is putting pharmaceutical companies on notice, warning them that if the price of certain drugs is too high, the government might cancel their patent protection and allow rivals to make their own versions. Under a plan announced Thursday, the government would consider overriding the patent...
McDonald’s set for unprecedented growth over the next 4 years with 10,000 new stores
McDonald’s expects to open nearly 10,000 restaurants over the next four years, a pace of growth that would be unprecedented even for the world’s largest burger chain. At an investor update Wednesday, the Chicago burger giant said it aims to have 50,000 restaurants in operation worldwide by the end of...
FDA is inspecting plant in Ecuador that made lead-tainted fruit pouches
U.S. health officials have launched an inspection of a plant in Ecuador that made the cinnamon applesauce pouches linked to dozens of cases of acute lead poisoning in U.S. children. The U.S. Food and Drug Administration has said that contaminated cinnamon is the likely source of the lead. An FDA...
Google ups the stakes in AI race with Gemini, a technology trained to behave more like humans
Google took its next leap in artificial intelligence Wednesday with the launch of project Gemini, an AI model trained to behave in human-like ways that’s likely to intensify the debate about the technology’s potential promise and perils. The rollout will unfold in phases, with less sophisticated versions of Gemini called...
CEOs of the nation’s biggest banks warn that new regulations could harm the economy
NEW YORK — The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated, warning that the new proposals could negatively impact the economy at a time of geopolitical turmoil...
CVS Health lays out changes to clarify prescription drug pricing that may save some customers money
CVS Health is introducing changes to how its prescription drug pricing model works, and that could lead to some savings for customers starting next year. The health care giant said Tuesday that it will roll out a new reimbursement model designed to make costs more predictable at the drugstore counter....
John Dorfman: When CEOs buy their own stock, pay attention
When chief executives buy their companies’ shares, it’s often worth considering the stock. Company insiders achieve better capital gains, on average, than the typical investor does. The effect is especially strong for chief executive officers (CEOs) and chief financial officers (CFOs). Using Guru Focus software, I screened on Dec. 3...
Dick’s Sporting Goods to become official retailer for Notre Dame
Findlay-based Dick’s Sporting Goods struck a deal with Notre Dame to become the official retailer for the university’s athletics. Dick’s and Notre Dame Global Partnerships inked a multi-year partnership, which will include promotions and giveaways on Notre Dame Athletics’ digital platforms, social media channels and national radio network and at...
Pitt opens 2nd location of Amazon’s Just Walk Out technology at the Pete
Patrons of Pitt’s Petersen Events Center will now have an AI-powered market for snacks and beverages and can skip the sometimes lengthy concession lines. The university announced Monday a second location for Amazon’s Just Walk Out technology, “Pitt on the Go,” located at the Pete. The initiative, a collaboration with...
