Wire stories category, Page 22
Anheuser-Busch, Teamsters reach labor agreement that avoids U.S. strike
Budweiser brewer Anheuser-Busch has reached a contract agreement with the Teamsters union that avoids a strike at its U.S. plants. The union had threatened a strike at the brewer’s 12 U.S. plants if an agreement on a new five-year contract wasn’t reached by 11:59 p.m. EST Thursday. The Teamsters union...
Macy’s to close 150 stores as sales slip as it pivots to luxury at Bloomingdale’s, Blue Mercury
NEW YORK — Macy’s will close 150 stores over the next three years and 50 by the end of 2024, the department store said Tuesday after posting a fourth quarter loss and declining sales. At the same time the company signaled a pivot to luxury. It said it would open...
Consumers are increasingly pushing back against price increases — and winning
WASHINGTON — Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation. Fed up with prices that remain about 19%, on average, above where they were before the pandemic, consumers are fighting back. In grocery stores, they’re shifting away from name...
AT&T says some customers will receive credits as a result of network outage
AT&T said that it plans to reimburse customers for the nearly 12-hour network outage that took place Feb. 22. The company announced in a news release late Saturday that it will issue a $5 credit to “potentially impacted” AT&T Wireless customers, which it says is the “average cost of a...
Warren Buffett uses annual letter to warn about Wall Street
OMAHA, Neb. — Warren Buffett credited his longtime partner — the late Charlie Munger — with being the architect of the Berkshire Hathaway conglomerate he has received the credit for leading and warned shareholders in his annual letter Saturday not to listen to Wall Street pundits or financial advisers who...
Home sales rose in January as easing mortgage rates, more homes for sale enticed homebuyers
LOS ANGELES — Sales of previously occupied U.S. homes rose in January as homebuyers were encouraged by easing mortgage rates and a modest pickup in properties on the market. Existing home sales rose 3.1% last month from December to a seasonally adjusted annual rate of 4 million, the National Association...
Boeing ousts head of 737 jetliner program weeks after panel blowout on a flight over Oregon
SEATTLE — Boeing said Wednesday that the head of its 737 program is leaving the company in an executive shake-up weeks after a door panel blew out on a flight over Oregon, renewing questions about safety at the company. Boeing announced the departure of Ed Clark, who had been with...
American Airlines is raising bag fees, changing how customers earn frequent-flyer points
DALLAS — American Airlines is raising the cost of checking bags and it is making other changes to push customers to buy tickets directly from the airline if they want to earn frequent-flyer points. The airline said Tuesday that checking a bag on a domestic flight will rise from $30...
Capital One to buy Discover for $35 billion in deal that combines major U.S. credit card companies
NEW YORK — Capital One Financial said it will buy Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s credit card companies as well as potentially shake up the payments industry, which is largely dominated by Visa and Mastercard. Under the terms...
Ford CEO says company will rethink where it builds vehicles after last year’s autoworkers strike
DETROIT — Last fall’s contentious United Auto Workers’ strike changed Ford’s relationship with the union to the point where it will “think carefully” about where it builds future vehicles, Ford’s top executive said Thursday. CEO Jim Farley told the Wolfe Research Global Auto Conference in New York that the company...
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...
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...
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...
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...
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...
Federal Reserve signals that interest rate cuts aren’t imminent and leaves them unchanged for now
WASHINGTON — The Federal Reserve indicated Wednesday that it’s nearing a long-awaited shift toward cutting interest rates, a sign that its officials have grown confident that they’re close to fully taming inflation. But the Fed also signaled that the first rate cut is likely months away. The central bank kept...
Bud brings back Clydesdales as early Super Bowl ad releases offer up nostalgia, humor, celebritiesVideo
NEW YORK — Budweiser is bringing back some familiar characters this year in its Super Bowl ad. The perennial Super Bowl marketer is bringing back fan-favorite characters the Clydesdales and a Labrador — a nod to the Labradors that starred in earlier commercials during advertising’s biggest night. Some advertisers are...
Elon Musk cannot keep Tesla pay package worth $55 billion, judge rules
DOVER, Del. — Elon Musk is not entitled to landmark compensation package awarded by Tesla’s board of directors that is potentially worth more than $55 billion, a Delaware judge ruled Tuesday. The ruling by Chancellor Kathaleen St. Jude McCormick comes more than five years after a shareholder lawsuit targeted Tesla...
GM made $10B last year despite autoworkers strike, says it will bring back plug-in hybrids to US
DETROIT — General Motors’ net income rose 12% last year despite losing more than $1 billion when many of its plants were shut down by a six-week autoworkers’ strike. The company also announced that it will bring back some plug-in gas-electric hybrids as electric vehicle sales growth slows. The Detroit...
U.S. job openings rose in December, pointing to a still-durable labor market
WASHINGTON — America’s employers posted 9 million job openings in December, an increase from November and another sign that the U.S. job market remains resilient despite the headwind of higher interest rates. The number of openings was up from November’s 8.9 million, which itself was revised up in Tuesday’s report...
Norfolk Southern becomes 1st big freight railway to let workers use anonymous federal safety hotline
OMAHA, Neb. — About 1,000 engineers and conductors who work for Norfolk Southern will soon be able to report safety concerns anonymously through a federal system without any fear of discipline. Norfolk Southern is the first of the six major freight railroads to follow through on promises made in the...
With tax season underway, here are some tips to navigate it
NEW YORK — Tax season began Monday and for many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that’s often left to the last minute. But if you want to avoid the stress of the looming deadline,...
Small biz owners scale back their office space or go remote altogether. Some move to the suburbs
NEW YORK — After 46 years, Steve Replin has decided to give up his office space. Replin, who has a law practice and acts as an alternative lender in Denver, is adapting to the changing preferences of clients, who would rather conduct business online, or in a less professional setting...
