Wire stories category, Page 59
Stocks extend losses for 3rd week; Netflix plunges
Stocks capped another day of losses on Wall Street Friday with the worst weekly drop for the S&P 500 since the start of the pandemic. Stocks have been falling amid concerns about rising inflation and the Federal Reserve’s plan to raise interest rates from historic lows to try and curtail...
Mars gives M&M’s a makeover to promote inclusivity
Candy maker Mars is giving a makeover to its six M&M’s characters as a way to promote inclusivity. The company said that it will provide a modern take on the appearances of the characters — which Mars calls “lentils” — and give them more nuanced personalities. The lentils, which are...
McDonald’s expanding test of McPlant in U.S. stores
McDonald’s is expanding sales of its meatless McPlant burger to hundreds of locations. The company said the McPlant —— which it co-developed with plant-based protein company Beyond Meat —— will be sold at 600 stores in the San Francisco and Dallas areas starting Feb. 14. It’s a major expansion for...
American Airlines reports $2 billion in losses for 2021 as omicron weighs on near future
American Airlines lost $931 million in the fourth quarter to finish a 2021 year that was as much about surviving the covid-19 and its variants as it was about recovering from the devastating pandemic, the company reported Thursday morning. American’s losses totaled $2 billion for the full 2021, a vast...
Rapid rise in mortgage rates startles homebuyers; blame inflation fears
All the big unknowns surrounding the rapid jump in inflation — including how high consumer prices will go and how quickly the Fed will raise interest rates — have put the mortgage market on high alert in early 2022. “Rates have gone up rather quickly and there’s still a little...
Starbucks nixes vaccine mandate after Supreme Court ruling
Starbucks is no longer requiring its U.S. workers to be vaccinated against covid-19, reversing a plan it announced earlier this month. In a memo sent Tuesday to employees, the Seattle coffee giant said it was responding to last week’s ruling by the U.S. Supreme Court. In a 6-3 vote, the...
Construction to begin soon on new U.S. offshore wind farm
Construction will soon begin on the second commercial-scale, offshore wind energy project to gain approval in the United States, the developers said. The U.S. Department of the Interior approved it in November, and the Bureau of Ocean Energy Management issued its approval letter for the constructions and operations plan Tuesday,...
Is the allure of cryptocurrency fading?
Bitcoin dropped to a three-month low recently and its movement has closely mirrored financial markets in its decline. Bitcoin bulls often describe it as an asset that is uncorrelated to traditional financial markets, CNBC reported, however experts have noticed growing parallels in the price movements of bitcoin and stocks. It...
Major airlines cancel, change flights to U.S. over 5G dispute
DUBAI, United Arab Emirates — Major international airlines canceled flights heading to the U.S. or changed the planes they’re using Wednesday, the latest complication in a dispute over concerns that 5G mobile phone service could interfere with aircraft technology. Some airlines said they were warned that the Boeing 777, a...
Technology, bank stocks drag Wall Street to new low for 2022
Technology companies led a broad sell-off Tuesday on Wall Street as bond yields surged amid renewed jitters that the Federal Reserve will act more aggressively than expected to tackle rising inflation. The S&P 500 fell 1.8%, with about 90% of the stocks in the benchmark index closing in the red....
Cracker Barrel ordered to pay man $9.4 million; served him cleaning chemical instead of water
Cracker Barrel has to cough up a pretty penny after a Tennessee jury ordered the “Old Country Store” to pay a man $9.4 million after serving him a cleaning chemical instead of water, CNN reports. Though, the amount might be capped because of Tennessee’s law on civil damages. William Cronnon’s...
AT&T, Verizon pause some new 5G after airlines raise alarmVideo
AT&T and Verizon will delay launching new wireless service near key airports after the nation’s largest airlines said the service would interfere with aircraft technology and cause massive flight disruptions. The decision from the telecommunication companies arrived Tuesday as the Biden administration tried to broker a settlement between the telecom...
Monster Energy buys Oskar Blues, other CANarchy brands for $330M
Corona-based Monster Beverage Corp., maker of Monster Energy drink, is acquiring Colorado’s Oskar Blues Brewery and several other brewing brands, as it makes its first foray into the alcoholic beverage space. According to an announcement Thursday, Monster has agreed to buy CANarchy Brewery Collective, which includes Oskar Blues, Florida’s Cigar...
Navient settles predatory student loan claims for $1.85B
BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the U.S. and pay over $140 million in other penalties to settle allegations of abusive lending practices. The $1.85 billion deal with 39 state attorneys general was...
Tax refunds could be delayed this year because of pandemic and budget issues, treasury officials say
Officials from the Treasury Department announced the Internal Revenue Service would face major challenges, leading to frustrations from both taxpayers and tax preparers. Tax refunds might be delayed as a result of budget cuts to the IRS, the ongoing coronavirus pandemic, and ongoing stimulus-related workload issues, The Washington Post reports....
Steelmaker Nucor to build $2.7B plant in West Virginia
CHARLESTON, W.Va. — A North Carolina steelmaker will build a $2.7 billion mill in West Virginia, creating an estimated 800 manufacturing jobs, Gov. Jim Justice announced Wednesday. The Republican governor called the location of Nucor Corp.’s plant in Mason County the largest investment in the state’s history. “Nucor’s brand new...
Stocks rise as inflation report keeps Fed on track for hikes
Wall Street capped a day of wobbly trading with modest gains for stocks Wednesday, as investors weighed the implications of the latest economic snapshot showing rising inflation. The S&P 500 rose 0.3% after veering between a loss of 0.1% and a gain of 0.8% over the course of the day....
Inflation at 40-year high pressures consumers, Fed and BidenVideo
WASHINGTON — Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to...
U.S. Steel to build $3 billion mill in northeast Arkansas
LITTLE ROCK, Ark. — United States Steel Corp. on Tuesday announced it’s building a $3 billion mill in northeast Arkansas that’s expected to employ at least 900 people. The Pittsburgh-based company announced it has chosen Osceola for the site of its new mill, with construction expected to begin early this...
Stocks shake off an early loss, end higher as tech rebounds
Stocks shook off an early slide and closed higher Tuesday as Wall Street welcomed more modest moves in the bond market after a recent surge in Treasury yields weighed on the market. The S&P 500 rose 0.9% after having been down 0.7% in the early going. The selling eased by...
Ford Maverick, Bronco win truck, utility of the year awardsVideo
DETROIT — For the second year in a row, vehicles from Ford Motor Co. took two of the three North American Car, Truck and Utility of the Year awards. The company’s Maverick compact pickup won truck of the year, while its Bronco off-road SUV earned the utility of the year....
Bank of America slashes fees for account overdrafts
NEW YORK — Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. It’s the latest move by the nation’s biggest banks to roll back the overdraft fees they long...
U.S. Mint begins shipping quarters honoring Maya Angelou
WASHINGTON — The United States Mint said Monday it has begun shipping quarters featuring the image of poet Maya Angelou, the first coins in its American Women Quarters Program. Angelou, an American author, poet and Civil Rights activist, rose to prominence with the publication of “I Know Why the Caged...
Stocks end modestly lower after recouping most of early loss
Stocks on Wall Street fell again Monday, though the market ended up bouncing nearly all the way back from an early slide led by technology companies. A broad wave of selling pulled had the S&P 500 down by 2% in the early going, but a late-afternoon burst of buying left...
Report: U.S. carbon emissions grew in 2021
In the face of presidential orders and a flurry of legislation to curb carbon emissions, the volume of climate-warming gases pumped into the atmosphere in the U.S. grew by more than 6 percent in 2021 after a pandemic-driven decline in 2020, according to widely watched data released Monday. Domestic greenhouse...
