Wire stories category, Page 116
Fed news sends bond yields sharply lower; stocks mixed
Banks led U.S. stocks mostly lower Wednesday after a brief rally sparked by the Federal Reserve’s latest policy update faded. The real action centered in the bond market, where prices rose sharply, pulling Treasury yields down to the lowest levels they’ve seen in more than a year. The central bank...
Europe fines Google $1.7B in antitrust case
BRUSSELS — Europe’s antitrust regulators slapped Google with a big fine Wednesday for the third time in less than two years, ordering the tech giant to pay 1.49 billion euros ($1.7 billion) for freezing out rivals in the online advertising business. The ruling brings to nearly $10 billion the fines...
U.S. judge blocks oil, gas drilling over climate change
BILLINGS, Mont. — A judge has blocked oil and gas drilling on almost 500 square miles in Wyoming and says the government must consider the cumulative climate change impact of leasing broad swaths of U.S. public lands for oil and gas exploration. The order marks the latest in a string...
What Disney gets as its $71.3B buy of Fox assets closes
It’s finally complete. Disney closed its $71 billion acquisition of Fox’s entertainment assets on Wednesday, more than a year after the mega merger was proposed . Disney gets far ranging properties ranging from Fox’s film studios, including “Avatar” and X-Men, to its TV productions such as “The Simpsons” and networks...
Disney closes $71B deal for Fox entertainment assets
Disney has closed its $71 billion acquisition of Fox’s entertainment business, putting “Cinderella,” ”The Simpsons,” ”Star Wars” and “Dr. Strange” under one corporate roof. The deal is likely to shake up the media landscape. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus,...
U.S. negotiators see China pushing back on trade vows
WASHINGTON — Some U.S. negotiators are concerned that China is pushing back against American demands in trade talks as progress slows toward a deal that could give President Trump a boost for his 2020 re-election bid, according to people familiar with the talks. Chinese officials have shifted their stance with...
U.S. stocks move higher as market extends winning streak
U.S. stocks moved modestly higher in afternoon trading Tuesday as the market extended a winning streak well into a second week. Health care stocks, technology companies and retailers notched some of the biggest gains. DaVita led the health sector higher, climbing 3.8 percent. Cigna added 3.1 percent. Chipmakers also posted...
Ford shifting 550 jobs to boost SUV production in Kentucky
Ford Motor Co. said Tuesday it will shift 550 jobs to its Kentucky Truck Plant to boost production of its Expedition and Lincoln Navigator vehicles to meet growing demand for its large SUVs. Growing sales for the Expedition and Navigator are driving a 20 percent production boost at the Louisville...
New Jersey enacts law barring cashless stores
Retailers in New Jersey must accept cash as a form of payment after Gov. Phil Murphy signed into law Monday a ban on so-called cashless stores. With the exception of a few businesses, the new law prohibits most brick-and-mortar retailers from refusing to accept cash. Businesses can be fined up...
Facebook says service hindered by lack of local news
NEW YORK — Facebook’s effort to establish a service that provides its users with local news and information is being hindered by the lack of outlets where the company’s technicians can find original reporting. The service, launched last year, is currently available in some 400 cities in the United States....
Be Kind, Please Rewind: Oregon Blockbuster is last on Earth
BEND, Ore. — There are challenges that come with running the last Blockbuster Video on the planet. The computer system must be rebooted using floppy disks that only the general manager — a solid member of Gen X — knows how to use. The dot-matrix printer broke, so employees write...
U.S. industrial production report a sign of slowdown in manufacturing
WASHINGTON — U.S. industrial production rose a slight 0.1 percent in February, as an increase in utilities and mining offset the second straight monthly drop in manufacturing. The Federal Reserve said Friday that the manufacturing component of the index fell 0.4 percent last month, after having fallen 0.5 percent in...
Mortgage rates sink to lowest levels in more than a year
Mortgage rates were driven down this week by weak economic data and concerns about global growth. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.31 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent...
NYSE move that never happened leaves New York City still paying debt
It was 1998. The internet bubble was building, day-trading was in full swing and the New York Stock Exchange was given the biggest subsidy in the city’s history to stop it from leaving Wall Street for New Jersey — keeping the Y in the NYSE. The plans for a new...
Toyota investing $750M at 5 U.S. plants, creating 600 jobs
BUFFALO, W.Va. — Toyota Motor Corp. on Thursday announced it is investing an additional $750 million at five U.S. plants that will bring nearly 600 new jobs, including the production of two hybrid vehicles for the first time at its Kentucky facility. It marks yet another expansion of the Japanese...
With Tesla Model Y party, Elon Musk back in the spotlight
Elon Musk needs a win, so he’s taking a page out of a tried-and-true playbook: throwing a party for a product that won’t be available for months before an audience of adoring fans. The Thursday evening unveiling of the Model Y crossover follows a major flop. Tesla Inc.’s attempt to...
What a spike in toilet paper sales says about Brexit
While British lawmakers fumble through Brexit negotiations, sales of two items might hint at how the public is bracing for impact: toilet paper and painkillers. On a recent earnings call, David Potts, chief executive of British supermarket Morrisons, said the chain had seen a “small amount” of stockpiling, and that...
OxyContin maker Purdue Pharma considers bankruptcy as lawsuits loom
The company that has made billions selling the prescription painkiller OxyContin said Wednesday that it is considering legal options including bankruptcy, a move that could upend hundreds of lawsuits claiming it had a major role in causing the U.S. opioid drug crisis. “As the company has stated, it is exploring...
Health, tech companies lead U.S. stocks to 3rd straight gain
Health care and technology companies powered stocks broadly higher on Wall Street on Wednesday, giving the market its third straight gain. Boeing briefly dipped, but finished slightly higher, after the United States said it was joining other countries in grounding the company’s 737 Max 8 airplane following a fatal crash...
Spotify files antitrust complaint to EU against Apple
LONDON — Swedish music site Spotify has complained to European Union regulators about Apple for allegedly abusing its dominant position in music streaming and stifling competition. Spotify founder Daniel Ek said Wednesday that the company has filed a formal antitrust complaint with the executive European Commission against Apple — a...
U.S. stock indexes end mostly higher, extending market’s gains
Technology and health care companies led U.S. stock indexes mostly higher Tuesday, building on the market’s solid gains from a day earlier. Boeing weighed down the Dow Jones Industrial Average for a second day as shares in the aircraft maker fell amid safety concerns following another deadly crash involving its...
Honda recalls 1.2M more vehicles with dangerous air bags
DETROIT — Honda is recalling about 1.2 million vehicles in North and Central America because their Takata air bag inflators can explode and send shrapnel into the passenger compartment. The recall covers many Honda and Acura models from 2001 through 2016. Takata used ammonium nitrate to inflate air bags. But...
Erie Brewing to buy Millcreek Brewing
Millcreek Brewing Co. in Millcreek Township will soon have a new owner. The brewpub, owned by Craig Sheehan and Frank Kneidinger, is being sold as of March 31 and will become a new location of the Erie Brewing Co., according to Heidi Sheehan, business manager for Millcreek Brewing. The business,...
Tesla walks back its plan to close most showrooms
DETROIT — Tesla is walking back plans to close most of its showrooms worldwide and announced price hikes for most of its electric vehicles. Tesla announced last month that it would shutter most of its stores to cut costs so it could sell its lower-priced Model 3 for $35,000. The...
2019 Nissan Kicks adds new choice in small-crossover market
2019 Nissan Kicks SV: A long test in a new Kia Soul-fighter. Price: $21,425 as tested, including $545 for two-tone paint. Standard items include blind-spot warning, rear cross-traffic alert, and Sirius XM. Conventional wisdom: Motor Trend likes the “strong value, clever interior, kickin’ stereo,” but not “no AWD, seat comfort,...
