Wire stories category, Page 47
Social Security recipients to receive historic hike next year
WASHINGTON — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023. That’s a historic increase and welcome news for American retirees and others — but it’s tempered by the fact that it’s fueled by record high inflation that’s raised the cost of everyday living....
Explainer: U.S. set to announce huge jump in Social Security payments
NEW YORK — Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes. On Thursday, the U.S. government is set to announce how big a percentage increase Social Security beneficiaries will see in monthly payments this upcoming year. It’s virtually certain...
TikTok going big on U.S. e-commerce? Job listings offer clues
NEW YORK — TikTok appears to be deepening its foray into e-commerce with plans to operate its own U.S. warehouses, the kind of packing and shipping facilities more associated with Amazon or Walmart than the social media platform best known for addictive short videos. In the past two weeks, TikTok...
Honda, LG to build $3.5B battery plant, hire 2,200 in Ohio
COLUMBUS — Honda says it will build a $3.5 billion joint-venture battery factory in rural southern Ohio and hire 2,200 people to staff it as the company starts to turn the state into its North American electric vehicle hub. Honda, which announced its first Ohio factory 45 years ago, also...
Wall Street ends mostly lower after another volatile dayVideo
Another volatile run on Wall Street left stocks lower Tuesday, extending the market’s recent losses as traders brace for updates on inflation and corporate earnings. The S&P 500 fell 0.7%, marking its fifth straight loss. The benchmark index had been down as much as 1.2% in the early going after...
Labor proposal could upend rules for gig workers, companies
The Biden administration published a new proposal Tuesday regarding how workers should be classified, saying that thousands of people have been incorrectly labeled as contractors rather than employees, potentially curtailing access to benefits and protections they rightfully deserve. The new U.S. Department of Labor regulations would replace a Trump-era rule...
Stocks close lower on Wall Street ahead of earnings reportsVideo
Wall Street added to its recent string of losses Monday, as stocks fell ahead of a busy week of inflation updates and the start of corporate earnings reporting season. The S&P 500 fell 0.7%, extending its losing streak to a fourth day. The Dow Jones Industrial Average lost 0.3% after...
Drought takes toll on U.S. cotton production
LUBBOCK, Texas — The cotton harvest is about to get underway in the Texas High Plains, the windswept region that grows most of the crop in the nation’s top cotton-producing state. But Barry Evans, like many others, has already walked away from more than 2,000 acres of his bone-dry fields....
U.S. hiring stayed solid in September as employers add 263,000
WASHINGTON — America’s employers slowed their hiring in September but still added a solid 263,000 jobs — potentially hopeful news that may mean the Federal Reserve’s drive to cool the job market and ease inflation is starting to make progress. Friday’s government report showed that last month’s job growth was...
Peloton to cut 500 jobs as turnaround efforts continueVideo
Peloton is looking to trim hundreds of jobs as the company continues to reorganize its business which has stalled as the coronavirus-related surge fades. The maker of high-end exercise equipment plans to cut approximately 500 jobs, or about 12% of its workforce. “A key aspect of Peloton’s transformation journey is...
Average long-term U.S. mortgage rates dip to 6.66% this week
WASHINGTON — Average long-term U.S. mortgage rates ticked down modestly this week after six straight weeks of gains pushed rates to heights not seen in more than a decade, before a crash in the housing market triggered the Great Recession in 2008. Mortgage buyer Freddie Mac reported Thursday that the...
11 Pa. turkey farm workers charged with cruelty caught on video
Eleven people working for one of the nation’s leading turkey producers have been charged with animal cruelty in Pennsylvania after state police said they were caught on video kicking, stomping and beating turkeys at several farms. The workers were responsible for capturing and crating turkeys destined for slaughter, Pennsylvania State...
Amazon to hire 150,000 workers for holidays, similar to 2021
NEW YORK — Amazon will hire 150,000 full-time, part-time and seasonal employees across its warehouses ahead of the holiday season. The announcement, made Thursday, shows the e-commerce behemoth is taking a less conservative approach to its holiday planning than Walmart, which said last month it would hire 40,000 U.S. workers...
Amazon suspends at least 50 workers after fire protest
NEW YORK — Amazon has suspended at least 50 warehouse employees who refused to work their shifts as a result of a trash compactor fire at one of its New York facilities, according to union organizers. The company suspended the workers, with pay, on Tuesday, a day after the fire...
Wall Street’s rally runs out of gas, leaving indexes lower
NEW YORK — A wobbly day of trading on Wall Street ended with stocks slightly lower Wednesday as a gangbuster two-day rally ran out of gas. Stock indexes had been in the red much of the day before briefly shifting into the green following a late-afternoon burst of buying. The...
Stocks rise in extended rally, clawing back more groundVideo
The Dow Jones Industrial Average climbed more than 800 points and the S&P 500 had its best day in more than two years Tuesday as the market clawed back more of the ground it lost in a miserable several weeks on Wall Street. The S&P 500 rose 3.1%, its best...
Iconic Goodwill gets serious with online for thrifters
NEW YORK — Thrifters who flock to Goodwill stores will now be able to do more of their treasure hunting online. The 120-year-old nonprofit organization on Tuesday launched GoodwillFinds, a newly incorporated shopping venture that is making roughly 100,000 donated items available for purchase online and expanding Goodwill’s internet presence...
Kim Kardashian fined $1 million by SEC over crypto promotion
The long list of celebrities promoting cryptocurrencies just got shorter. Kim Kardashian is being barred from doing so for three years — and will pay a $1 million fine — to settle federal charges that she recommended a crypto security to her 330 million Instagram followers without making clear that...
Wall Street soars to best day since summer, S&P 500 up 2.6%
NEW YORK — Wall Street soared to its best day in months Monday in a widespread relief rally after some unexpectedly weak data on the economy raised the possibility that the Federal Reserve won’t have to be so aggressive about hiking interest rates. The S&P 500’s leap of 2.6% was...
Wall Street soars to best day since summer, S&P 500 up 2.6%Video
NEW YORK — Stocks on Wall Street rallied to their best day in months on Monday after falling bond yields eased some of the pressure that’s been battering markets. The S&P 500’s leap of 2.6% was its biggest since July, the latest swing for a scattershot market that’s been mostly...
Kim Kardashian settles with SEC over crypto promotion
Kim Kardashian has agreed to pay $1.26 million to settle Securities and Exchange Commission charges that she promoted a cryptocurrency on Instagram without disclosing that she’d been paid $250,000 to do so. The SEC said Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing...
Biden pledge to make federal fleet electric faces slow start
WASHINGTON — President Joe Biden, a self-described “car guy,” often promises to lead by example on climate change by moving swiftly to convert the sprawling U.S. government fleet to zero-emission electric vehicles. But efforts to eliminate gas-powered vehicles from the fleet have lagged. Biden last year directed the U.S. government...
Wall Street drops back to lowest since 2020 as fear returns
NEW YORK — Stocks fell broadly Thursday on Wall Street as worries about a possible recession and rising bond yields put the squeeze back on markets. The S&P 500 fell 2.1%, reaching its lowest level since late 2020. The washout erased the index’s gains in a big rally the day...
Stocks rally, bonds soar in relief after U.K. calms marketsVideo
NEW YORK — Stocks rallied on Wall Street to their first gain in more than a week, as some calm returned to markets around the world Wednesday after the Bank of England moved forcefully to get a budding financial crisis there under control. The S&P 500 jumped 2% for its...
Biden to oil industry: Don’t raise prices as hurricane nears
WASHINGTON — President Joe Biden on Wednesday warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida’s southwest coast. “Do not, let me repeat, do not use this as an excuse to raise gasoline prices or gouge the American people,” Biden said at...
