Wire stories category, Page 45
Carriers feeling cheery about on-time holiday deliveries
The nation’s major shipping companies are in the best shape to get holiday shoppers’ packages delivered on time since the start of the pandemic, suggesting a return to normalcy. Carriers like the U.S. Postal Service, FedEx and United Parcel Service project to have enough capacity after struggling under the holiday...
Big rail unions split on contract with engineers ratifying
OMAHA, Neb. — Railroad engineers accepted their deal with the railroads that will deliver 24% raises but conductors rejected theirs, threatening the health of the economy just before the holidays and casting more doubt on whether the industry will be able to resolve the labor dispute before next month’s deadline...
U.S. home sales fell in October for 9th straight month
Sales of previously occupied U.S. homes fell in October for the ninth consecutive month to the slowest pre-pandemic sales pace in more than 10 years as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market. Existing home sales fell 5.9% last month from...
More Twitter workers flee after Musk’s ‘hardcore’ ultimatum
Twitter continued to bleed engineers and other workers after new owner Elon Musk gave them a choice to pledge to “extremely hardcore” work or resign with severance pay. While it’s not clear exactly how many of Twitter’s already-decimated staff took Musk up on his offer, the newest round of departures...
Wall Street opens higher but is still headed for weekly loss
NEW YORK — Stocks are opening higher on Wall Street but are still heading for losses for the week after several days of bumpy trading. Several retailers were posting big gains in the early going Friday after reporting surprisingly strong quarterly results. Gap, Ross Stores and Foot Locker all rose...
More Twitter workers flee after Elon Musk’s ‘hardcore’ ultimatum
Twitter continued to bleed engineers and other workers on Thursday, after new owner Elon Musk gave them a choice to pledge to “hardcore” work or resign with severance pay. Some took to Twitter to announce they were signing off after Musk’s deadline to make the pledge. A number of employees...
Exec who cleaned up Enron calls FTX mess ‘unprecedented’
NEW YORK — The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control. The filing by John Ray III, the new CEO of the bankrupt cryptocurrency firm, lays out a damning...
Stocks fall as Fed signals rates need to go still higher
Stocks closed lower on Wall Street and Treasury yields rose Thursday afternoon after more indications from the Federal Reserve that it may need to raise interest rates much higher than many people expect to get inflation under control. The S&P 500 fell 0.3%, with retailers and banks among the biggest...
Starbucks workers strike at more than 100 stores
Starbucks workers at more than 100 U.S. stores are on strike Thursday in their largest labor action since a campaign to unionize the company’s stores began late last year. The walkouts coincide with Starbucks’ annual Red Cup Day, when the company gives free reusable cups to customers who order a...
Stocks rise on cooling inflation data after up-and-down dayVideo
NEW YORK — Stocks rose on Wall Street Tuesday following more signs the nation’s punishingly high inflation may be falling off faster than expected. The S&P 500 climbed 0.9%, or 34.48 points, to 3,991.73, though it went on another unsettling ride to get there. A flare-up of worries about the...
Jeff Bezos says he will give away most of his fortuneVideo
NEW YORK — Amazon founder Jeff Bezos said he will give away the majority of his wealth during his lifetime, becoming the latest billionaire to pledge to donate much of his vast fortune. Bezos, whose “real-time” worth Forbes magazine estimates at roughly $124.1 billion, made the announcement in a joint...
Funds vanish at bankrupt crypto exchange FTX; probe underway
NEW YORK — Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday. The embattled company’s new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and...
Consumer inflation eased to 7.7% over past 12 months
WASHINGTON — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the government said Thursday. The...
Wall Street surges, Dow up 1,200 points on cooling inflationVideo
NEW YORK — Wall Street blasted off Thursday to soar to its best day in more than two years as exhilaration swept through markets after a report showed inflation in the United States eased last month by even more than expected. The S&P 500 surged 5.5%, while the Dow Jones...
Wall Street washout as stocks tumble, crypto dives furtherVideo
NEW YORK — Stocks fell sharply Wednesday as unease flared in far-ranging corners of financial markets, and Wall Street gave back a big chunk of the gains it had built in a rally running up to Election Day. The S&P 500 lost 2.1%, or 79.54 points, to 3,748.57 and erased...
Cryptocurrencies plunge as Binance scraps deal for rival FTXVideo
NEW YORK — Cryptocurrency prices plunged for a second-straight day Wednesday after crypto exchange Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading. Bitcoin and other cryptocurrencies were broadly lower on rumors and news reports that the Binance-FTX deal was in trouble. The...
Wall Street rises ahead of election results, inflation dataVideo
NEW YORK — Election Day brought another rise for Wall Street, with stocks climbing Tuesday for a third straight day. The S&P 500 rose 21.31, or 0.6%, to 3,828.11, though it flipped between an even bigger gain and a modest loss to get there. The Dow Jones Industrial Average climbed...
Wall Street climbs ahead of Election Day, inflation dataVideo
NEW YORK — Stocks rose Monday on the eve of Election Day as Wall Street looked ahead to the benefits of a possibly split government in Washington, though trading is likely to stay bumpy in a week full of events that could shake the market. The S&P 500 rose 1%,...
Stocks end lower as the Fed continues to fight inflation
NEW YORK — Stocks racked up more losses on Wall Street and Treasury yields again rose to multiyear highs Thursday as investors looked ahead to a closely watched job market report from the government that could influence the Federal Reserve’s next move in its fight to bring down inflation. Technology...
Elon Musk plans to eliminate half of Twitter jobs in cost-cut drive
Elon Musk plans to eliminate about 3,700 jobs at Twitter Inc., or half of the social media company’s workforce, in a bid to drive down costs following his $44 billion acquisition, according to people with knowledge of the matter. Twitter’s new owner aims to inform affected staffers Friday, said the...
CBS, Les Moonves must pay $30.5 million for insider trading
NEW YORK — CBS and its former president, Leslie Moonves, will pay $30.5 million as part of an agreement with the New York attorney general’s office, which says the network’s executives conspired with a Los Angeles police captain to conceal sexual assault allegations against Moonves. Under the deal announced Wednesday...
Elon Musk emerging as Twitter’s chief moderator ahead of midterms
NEW YORK — Days after taking over Twitter and a week before the U.S. midterm elections, billionaire Elon Musk has positioned himself as moderator-in-chief of one of the most important social media platforms in American politics. Musk has said he won’t make major decisions about content or restoring banned accounts...
Stocks end lower as hot jobs data signals aggressive Fed
Stocks on Wall Street gave up early gains and closed lower Tuesday after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases. The S&P 500 fell 0.4% after having been up as...
Victoria’s Secret to buy online startup Adore Me for $400M
NEW YORK — Victoria’s Secret & Co. said Tuesday it has signed a definitive agreement to acquire Adore Me Inc., a lingerie startup known for its wide array of sizes, for $400 million in cash. The move comes as Victoria’s Secret aims to become more inclusive and diversify beyond its...
Musk floats paid Twitter verification, fires board
Billionaire Elon Musk is already floating major changes for Twitter — and faces major hurdles as he begins his first week as owner of the social-media platform. Twitter’s new owner fired the company’s board of directors and made himself the board’s sole member, according to a company filing Monday with...
