Wire stories category, Page 48
Tiny Oregon town hosts 1st wind-solar-battery ‘hybrid’ plant
PORTLAND, Ore. — A renewable energy plant being commissioned in Oregon on Wednesday that combines solar power, wind power and massive batteries to store the energy generated there is the first utility-scale plant of its kind in North America. The project, which will generate enough electricity to power a small...
Dow slips into bear market as Wall Street sells on recession fearsVideo
The Dow Jones Industrial Average became the last of the major U.S. stock indexes to fall into what’s known as a bear market Monday as Wall Street deepened its slump amid growing fears of a global recession. The blue chip index fell 1.1%, while the S&P 500 closed 1% lower...
White House: New rule will show ‘true cost’ of plane tickets
WASHINGTON — President Joe Biden announced a new initiative Monday that would eventually allow consumers to see a more complete price on airline tickets — including baggage and change fees — before they buy, as the White House continues to search for ways to lower costs for Americans amid persistently...
The British pound has taken a tumble. What’s the impact?
LONDON — The pound is taking a pounding. The British currency has taken a plunge, sliding against the U.S. dollar to touch an all-time low. It’s a sign of the alarm in financial markets over new Prime Minister Liz Truss’ emergency budget measures unveiled last week aimed at jump-starting the...
Amazon to hold holiday shopping event in October
Amazon said Monday that next month it will hold a second Prime Day-like shopping event, making it the latest major retailer to offer holiday deals earlier this year to entice cautious consumers struggling with tighter budgets. During the Oct. 11-12 event, Amazon Prime members will get early access to discounted...
Airfares hit highest level in years despite falling fuel prices
LOS ANGELES — Jet fuel prices have been dropping dramatically since May, and the nation’s airlines now have more workers on staff than before the pandemic. So Americans preparing for Thanksgiving and Christmas travel should expect lower airfares and fewer delays and cancellations, right? Don’t get your hopes up. Ticket...
Global markets fall sharply on worries about rates, economy
Stocks tumbled worldwide Friday on more signs the global economy is weakening, just as central banks raise the pressure even more with additional interest rate hikes. The S&P 500 fell 2.3% in early afternoon trading, adding a dismal cap on what’s already been a rough week. It’s almost all the...
U.S. Sen. Warnock: Electric car tax credit needs ‘flexibility’
SAVANNAH, Ga. — U.S. Sen. Raphael Warnock urged the U.S. Treasury secretary Friday to use “maximum flexibility” in implementing a revised tax credit for Americans buying electric vehicles, a perk that Hyundai stands to lose as the automaker invests billions of dollars to open its first American EV plant in...
Wall Street ends lower as global central banks raise ratesVideo
Stocks fell again Thursday, deepening Wall Street’s losses for the week, as central banks around the world hiked interest rates to fight inflation. The S&P 500 fell 0.8%, its third straight drop. The benchmark index is down about 3% so far this week. The Dow Jones Industrial Average fell 0.4%...
Average long-term mortgage rates climb to 6.29% this week
WASHINGTON — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2008 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed to 6.29%,...
Jerome Powell signals more pain to come with Fed sending rates higherVideo
Federal Reserve Chair Jerome Powell vowed officials would crush inflation after they raised interest rates by 75 basis points for a third straight time and signaled even more aggressive hikes ahead than investors had expected. “We have got to get inflation behind us. I wish there were a painless way...
Airbnb hosts are sick of Airbnb, too
Disgruntled Airbnb guests are taking to Twitter and TikTok to vent about everything from cleaning fees to misleading listings. But they aren’t the only ones with complaints: Airbnb hosts themselves have become increasingly disillusioned with the platform and its disrespectful guests. On message boards and Facebook groups, hosts are sharing...
Walmart to hire 40,000 mostly seasonal workers for holidays
NEW YORK — Walmart said it will hire 40,000 U.S. workers for the holidays, a majority of them seasonal workers. The move, announced Wednesday, comes as the nation’s largest retailer and largest private employer said it’s in a stronger staffing position heading into the holidays than last year and is...
How much ‘pain’? Fed to signal more rate hikes ahead
WASHINGTON — Federal Reserve Chair Jerome Powell bluntly warned in a speech last month that the Fed’s drive to curb inflation by aggressively raising interest rates would “bring some pain.” On Wednesday, Americans may get a better sense of how much pain could be in store. The Fed is expected...
U.S. stocks rise ahead of expected interest rate hike by Fed
A choppy day of trading on Wall Street ended with stocks closing higher Monday as investors brace for another big interest rate increase this week from the Federal Reserve. The indexes swayed between modest gains and losses for much of the day before a burst of buying in the final...
Mortgage rates hit 6%, first time since 2008 housing crash
WASHINGTON — Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last...
As ‘buy now, pay later’ plans grow, so do delinquencies
NEW YORK — Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers. Buy now, pay later loans allow users to pay for items such new sneakers, electronics or luxury goods in installments. Companies such as Affirm, Afterpay,...
Patagonia founder donates company to environmental causes
The founder of outdoor clothing retailer Patagonia announced Wednesday that its profits would all go toward fighting climate change and conserving land. Yvon Chouinard said the company was now in the Patagonia Purpose Trust and the Holdfast Collective, a nonprofit. The trust will oversee operations of the company and its...
Study: 1-in-5 U.S. adults bet money on sports in past year
ATLANTIC CITY, N.J. — Nearly one in five U.S. adults bet money on sports over the past year, according to a survey released Wednesday. The report from the Pew Research Center shows that 19% of adults surveyed said they had wagered on sports. The most common way they did so...
1 rail union rejects deal, 2 accept ahead of strike deadline
OMAHA, Neb. — Members of one union rejected a tentative deal with the largest U.S. freight railroads Wednesday, while two ratified agreements and three others remained at the bargaining table just days ahead of a strike deadline, threatening to intensify snarls in the nation’s supply chain that have contributed to...
Jim Beam outlines expansion to ramp up bourbon production
Jim Beam plans to ramp up bourbon production at its largest Kentucky distillery to meet growing global demand in a more than $400 million expansion to be powered by renewable energy. The project will increase capacity by 50% at the Beam plant in Boston, Kentucky, while reducing greenhouse gas emissions...
A less-glitzy Detroit auto show returns after 3-year absence
DETROIT — When it came time to showcase its electric Chevrolet Equinox SUV to the public this year, General Motors decided against doing so at the big Detroit auto show, as it typically would have done in the past. Instead, it unveiled the Equinox six days earlier. GM’s decision symbolized...
Markets shudder on dashed inflation hopes; Dow falls 1,250
NEW YORK — Stocks tumbled to their worst day in more than two years Tuesday, knocking the Dow Jones Industrial Average down more than 1,250 points, following Wall Street’s humbling realization that inflation is not slowing as much as hoped. The S&P 500 sank 4.3%, its biggest drop since June...
Burger King investing $400M in U.S. revamp to boost sales
Burger King plans to invest $400 million in its U.S. restaurants over the next two years to update its stores and boost flagging sales. The burger chain said Friday the investment includes $250 million to revamp stores and update technology and kitchen equipment and $120 million for heavier advertising. Burger...
Stocks end broadly higher, breaking a 3-week losing streak
Wall Street added to its recent gains Friday with a broad rally that broke the market’s three-week losing streak. The S&P 500 closed 1.5% higher, its third straight increase, and ended with a 3.7% gain for the week. That makes it the benchmark index’s best week going back to July....
