Wire stories category, Page 53
Parents swap, sell baby formula amid nationwide shortage
WASHINGTON — A baby formula shortage in the United States is driving parents to swap, sell and offer leftover supplies to each other, while President Joe Biden plans to speak with manufacturers and retailers Thursday about the plight facing families. The problem is the result of supply chain disruptions and...
Coinbase loses half its value in a week as crypto slumps
SILVER SPRING, Md. — Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop 5o date on Wednesday as the famously volatile crypto market weathers yet another slump. Coinbase reported a $430 million net loss in the first quarter, or $1.98 per...
How to avoid ‘rug pulls,’ the latest cryptocurrency scam
A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.” The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with...
Parents hunting for baby formula as shortage spans the countryVideo
WASHINGTON — Parents across the United States are scrambling to find baby formula because supply disruptions and a massive safety recall have swept many leading brands off store shelves. Months of spot shortages at pharmacies and supermarkets have been exacerbated by the recall at Abbott, which was forced to shutter...
Pfizer to spend $11.6B on migraine treatment maker Biohaven
Pfizer is spending $11.6 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own. The New York drugmaker said Tuesday it will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has another...
West Virginia’s Tudor’s Biscuit World faces labor complaint from feds
CHARLESTON, W.Va. — A well-known West Virginia restaurant chain is facing a complaint from the National Labor Relations Board after an investigation found evidence the company unlawfully disciplined and threatened employees who tried to form a union. Tudor’s Biscuit World managers are accused of violating federal labor laws when they...
Wall Street’s losses worsen as markets tumble worldwide
NEW YORK — Stocks racked up more losses Monday on Wall Street, leaving the S&P 500 at its lowest point in more than a year. The sell-off came as renewed worries about China’s economy piled on top of global financial markets already battered by rising interest rates. The S&P 500...
Tourism, economic agencies join forces to market Orlando
ORLANDO, Fla. — It’s an idea that almost seems as compatible as Mickey and Minnie. Take the tens of millions of tourists who are thinking about visiting central Florida’s theme parks each year and sell them on the virtues of moving their companies or businesses to the region. In the...
Less immigrant labor in U.S. contributing to price hikes
Just 10 miles from the Rio Grande, Mike Helle’s farm is so short of immigrant workers that he’s replaced 450 acres of labor-intensive leafy greens with crops that can be harvested by machinery. In Houston, Al Flores increased the price of his BBQ restaurant’s brisket plate because the cost of...
Stocks end rocky week with their 5th straight weekly decline
NEW YORK — The stock market ended an unusually turbulent week with its fifth straight weekly decline. The bumpy and mostly lower ride came as investors worry that the Federal Reserve may not succeed in engineering a smooth cooldown of the economy without letting inflation get out of hand. The...
Boeing will move its headquarters to D.C. area from Chicago
Boeing Co. said Thursday it will move its headquarters from Chicago to the Washington, D.C., area, where company executives would be closer to key federal government officials. The company said it will use its campus in Arlington, Va., as the new headquarters, and it plans to develop a research and...
Stocks slump 3% as worries grow over higher interest ratesVideo
NEW YORK — A sharp sell-off left the Dow Jones Industrial Average more than 1,000 points lower Thursday, wiping out the gains from Wall Street’s biggest rally in two years, as worries grow that the higher interest rates the Federal Reserve is using in its fight against inflation will derail...
Markets cheer after Jerome Powell downplays even larger rate hikes
NEW YORK — The Dow Jones Industrial Average surged more than 900 points and the S&P 500 had its biggest gain in two years Wednesday after Federal Reserve Chair Jerome Powell downplayed the likelihood of an even larger interest rate hike after announcing the sharpest rate increase since 2000. The...
Fed raises key rate by a half-point in bid to tame inflationVideo
The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed’s key rate raised it...
Intuit to pay $141M settlement over ‘free’ TurboTax ads
The company behind the TurboTax tax-filing program will pay $141 million to customers across the United States who were deceived by misleading promises of free tax-filing services, New York’s attorney general announced Wednesday. Under the terms of a settlement signed by the attorneys general of all 50 states, Mountain View,...
Airbnb allows employees to live and work from anywhere
Airbnb will allow its employees to live and work almost anywhere around the world, fully embracing a remote work policy to attract staff and ensure flexibility. The San Francisco short-term-stay company said late Thursday that under the new policy, employees can work from the office, home or during their travels...
Apple delivers strong quarter, but warns of trouble ahead
Apple on Thursday reported strong quarterly results despite supply shortages, but warned that its growth slowdown is likely to deepen. The company said it’s still struggling to get enough chips to meet demand and contending with covid-related shutdowns at factories in China that make iPhones and other products. Although initial...
Robinhood’s revenue fell more than expected at year’s start
Growth slammed into reverse at the start of this year for Robinhood Markets, whose trading app has turned millions of people into investors for the first time. The company said Thursday that it took in $299 million in revenue during the first three months of the year, down 43% from...
Amazon reports rare quarterly loss as online shopping slows
Amazon reported its first quarterly loss since 2015 on Thursday, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup. The Seattle-based e-commerce giant’s stock fell 9% in after-hours trading. Amazon reported a loss of $3.84 billion, or...
Google adds ways to keep personal info private in searches
Google has expanded options for keeping personal information private from online searches. The company said Friday it will let people request that more types of content such as personal contact information like phone numbers, email and physical addresses be removed from search results. The new policy also allows the removal...
A key inflation gauge jumped 6.6% in March, most since 1982
An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the health of the economy. Yet there were signs in Friday’s report from the...
Stocks fall on Wall Street, sinking indexes for the week
Stocks fell broadly in afternoon trading on Wall Street Friday, putting major indexes back into the red for the week after several sharp moves both up and down over the past few days. The S&P 500 fell 2.4% as of 2:01 p.m. Eastern. The Dow Jones Industrial Average fell 564...
Stocks rally on Wall Street as technology giants rebound
NEW YORK — Major stock indexes on Wall Street notched their biggest gains in more than six weeks Thursday, as technology companies clawed back some of the ground they had lost recently. The S&P 500 rose 2.5%, with roughly 85% of the stocks in the benchmark index closing higher. The...
In NYC, ads for jobs will have to say what they pay
NEW YORK — Help wanted. The job: putting one of the nation’s most far-reaching salary disclosure laws into practice. Location: New York City. Just four months ago, city lawmakers overwhelmingly voted to require many ads for jobs in the nation’s most populous city to include salary ranges, in the name...
Boeing CEO laments deal with Trump for Air Force One planes
Boeing’s CEO is lamenting the deal that his company cut with former President Donald Trump to produce new Air Force One jets. David Calhoun said “it was a public negotiation” and “we took some risks” in accepting a fixed-price contract that made Boeing responsible if it cost more than expected...
