Wire stories category, Page 38
Saudi Arabia places order with Boeing for up to 121 planes
Two Saudi Arabian airlines said Tuesday they will order 78 jetliners from Boeing and take options to buy 43 more in a major boost for the American aircraft manufacturer. The order for Boeing 787s will be divided between Saudi Arabia’s flag carrier, Saudia, and a planned new airline called Riyadh...
Silicon Valley Bank’s demise disrupts the disruptors in tech
Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation. “They were the gold standard, it almost seemed...
Bank stocks tumble; others rise on hopes for easier ratesVideo
NEW YORK — Bank stocks tumbled Monday on worries about what’s next to break, following the second- and third-largest bank failures in U.S. history. But many other stocks rose on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are...
Silicon Valley Bank collapse: What you need to know
WASHINGTON — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. It’s all eerily reminiscent of the...
Explainer: Here’s why Alaska’s Willow oil project is controversial
JUNEAU, Alaska — The Biden administration is approving a major oil project on Alaska’s petroleum-rich North Slope that supporters say represents an economic lifeline for Indigenous communities in the region but environmentalists say is counter to President Joe Biden’s climate goals. The decision on ConocoPhillips Alaska’s Willow project, in a...
Deepening worries about high rates send Wall Street lower
NEW YORK — Stocks stumbled Thursday on Wall Street and added to the week’s losses as markets remain anxious about the prospect of more aggressive action by the Federal Reserve to fight inflation. Major indexes started the day higher and gradually lost ground until they fell sharply in late trading....
Visa, Mastercard pause decision to track gun shop purchases
NEW YORK — Visa and Mastercard paused their decision to start categorizing purchases at gun shops, a significant win for conservative groups and Second Amendment advocates who felt that tracking gun shop purchases would inadvertently discriminate against legal firearms purchases. The decision is, at the same time, also a defeat...
Yeti recalls 1.9 million coolers and cases for magnet hazard
U.S. product regulators said Thursday that Yeti has recalled 1.9 million coolers and gear cases because magnets can come detached from them, posing a risk of serious injury or death. The Consumer Product Safety Commission said consumers should immediately stop using the four recalled products and contact Yeti for refund...
GM offers buyouts to most U.S. salaried workers to trim costs
DETROIT — General Motors is offering buyouts to most of its U.S. salaried workforce and some global executives in an effort to trim costs as it makes the transition to electric vehicles. The Detroit automaker wouldn’t say how many workers it is targeting, but confirmed that the move is aimed...
Applications for U.S. jobless aid rise by most in 5 months
The number of Americans applying for unemployment benefits last week jumped by the most in five months, but layoffs remain historically low as the labor market continues to be largely unaffected by the Federal Reserve’s interest rate hikes. Applications for jobless claims in the U.S. for the week ending March...
Shell CEO pay up 50% as soaring energy prices boosted profit
LONDON — The pay package for Shell’s CEO jumped by half last year to nearly $12 million, the fossil fuel giant said Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis. London-based Shell paid Ben van Beurden a total of...
California to end Walgreens $54 million contract after abortion disputeVideo
SACRAMENTO — California Gov. Gavin Newsom on Wednesday withdrew a $54 million contract with Walgreens after the pharmacy giant indicated it would not sell an abortion pill by mail in some conservative-led states. Newsom on Wednesday ordered state officials to not renew a contract with Walgreens to purchase specialty pharmacy...
Adidas wonders what to do with Yeezy shoes after Ye split
FRANKFURT, Germany — Adidas is still wrestling with how to dispose of $1.3 billion worth of Yeezy shoes after its breakup with the rapper formerly known as Kanye West, forcing the German sportswear maker into a big loss at the end of last year and expectations of more pain ahead....
U.S. investigates Tesla for steering wheels that can fall off
DETROIT — U.S. auto safety regulators have opened an investigation into Tesla’s Model Y SUV after getting two complaints that the steering wheels can come off while being driven. The National Highway Traffic Safety Administration says the probe covers an estimated 120,000 vehicles from the 2023 model year. The agency...
Stocks tumble on fears about faster rate hikes, Dow down 570Video
NEW YORK — Stocks sank Tuesday after the head of the Federal Reserve warned it could turn the dial back up on its hikes to interest rates if pressure stays high on inflation. The warning shook markets and raised worries about a possible recession down the line. The S&P 500...
What to do if you’re concerned you might be laid off
NEW YORK — The job market in the U.S. remains strong overall, but recent high-profile layoffs at technology and media companies and predictions of a recession later this year may have you thinking about job security. If you’re worried you could be laid off — or if you’ve lost your...
Millennial Money: As Fed rates rise, save at a credit union
In the past year, the Federal Reserve has employed several interest rate hikes in an effort to stabilize the U.S. economy. Depending on your situation and financial institution, your debt may have gotten more expensive or your savings might have grown. As rates continue to change, it’s worth exploring whether...
Hershey debuts plant-based Reese’s Cups, chocolate bars
Reese’s Peanut Butter Cups are getting the vegan treatment. The Hershey Co. said Tuesday that Reese’s Plant Based Peanut Butter Cups, which go on sale this month, will be its first vegan chocolates sold nationally. A second plant-based offering, Hershey’s Plant Based Extra Creamy with Almonds and Sea Salt, will...
Toblerone drops iconic design due to rules on ‘Swissness’
GENEVA — The makers of Toblerone are stripping images of Switzerland’s famed Matterhorn and the Swiss flag from the packaging of the milk-chocolate treat as they move some production to Slovakia. Mondelez International of Deerfield, Ill., which owns the Swiss-born brand, said Monday that it’s in the process of adapting...
Wall Street holds steady ahead of a potentially big weekVideo
NEW YORK — Stocks were mixed in quiet trading Monday as Wall Street stays in a holding pattern ahead of a potentially big week. The S&P 500 rose 2.78 points, or 0.1%, to 4,048.42 after coming off its first winning week in the last four. The Dow Jones Industrial Average...
Tesla price cuts: Flagging demand or tactic to boost sales?
DETROIT — In explaining why Tesla keeps cutting prices on its electric vehicles, the auto industry is pretty much divided into two camps. On one side are analysts who see an aggressive move by the leading manufacturer of EVs to gobble up sales and market share from its competitors just...
In ‘junk fee’ fight, U.S. details airline family seating rules
The Transportation Department is rolling out a “dashboard” to let travelers see at a glance which airlines help families with young children sit together at no extra cost. The announcement Monday comes as the department works on regulations to prevent families from being separated on planes. It’s the latest salvo...
Stocks rise and are on pace for first winning week in last 4
NEW YORK — Stocks are climbing Friday and on pace to close out their first weekly gain in the last four. The S&P 500 was 0.8% higher in midday trading as relaxing yields in the bond market took some pressure off Wall Street. It’s on track for a gain of...
Sanders schedules vote to force Starbucks CEO to testify
Sen. Bernie Sanders is raising the stakes in his effort to get Starbucks’ interim CEO Howard Schultz to testify at a Senate hearing about an ongoing unionization effort at the company. Sanders, a Vermont Independent and chairman of the Senate Health, Education, Labor and Pensions Committee, said Wednesday that the...
Post office buys 9,250 electric vans, 14,000 charge stations
WASHINGTON — The U.S. Postal Service is buying 9,250 Ford Motor Co. electric vans and 14,000 charging stations as part of a move to switch its fleet to electric vehicles. The service also is buying another 9,250 internal combustion vans from Fiat Chrysler in North America, now part of Amsterdam-based...
