Wire stories category, Page 98
Dow sinks 2.9% after rate cut fails to stem market’s dreadVideo
NEW YORK — Fear and uncertainty continue to control Wall Street, and stocks fell sharply Tuesday after an emergency interest-rate cut by the Federal Reserve failed to reassure markets wracked by worries that a fast-spreading virus will cause a recession. The Dow Jones Industrial average sank 785 points, or 2.9%....
Coronavirus spread prompts Fed to slash rates in surprise move
WASHINGTON — In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell said at a news conference that the virus “will surely weigh on economic...
Dow notches largest-ever point gain as stocks surge on hopes for central bank help
The Dow Jones Industrial Average soared nearly 1,300 points, or 5%, Monday as stocks roared back from a seven-day rout on hopes that central banks will take action to shield the global economy from the effects of the coronavirus outbreak. The huge gains clawed back some of the ground lost...
As stocks tumble amid spread of coronavirus, can central banks fix the crisis?
NEW YORK — As stocks around the world tumble on worries about a fast-spreading coronavirus, investors have been clamoring for the superheroes of the financial world to ride to the rescue once again. Yet this time, there are doubts: Can central banks really fix this crisis as they have so...
Joe Coulombe, founder of popular Trader Joe’s markets, dies
LOS ANGELES — Joe Coulombe envisioned a new generation of young grocery shoppers emerging in the 1960s, one that wanted healthy, tasty, high-quality food they couldn’t find in most supermarkets and couldn’t afford to buy in the few high-end gourmet outlets. So he found a new way to bring everything...
Teens love the video app TikTok. Do they love it too much?
From the perspective of teens, TikTok is a major new outlet for self-expression, one proudly home to the silly, the loud and the weird. To others, the Chinese-owned online video service is an unnerving black box that could be sharing information with the Chinese government, facilitating espionage or just promoting...
Virus’ effect on world economy grows more alarming
TOKYO — Concerns about the coronavirus outbreak’s threat to the world economy grew Saturday as authorities in the U.S. reported its first domestic death from the virus and President Donald Trump denounced criticism of his response to the threat as a “hoax” cooked up by his enemies. China’s manufacturing plunged...
Wall Street has worst week since 2008
Stocks sank around the globe again Friday as investors braced for more economic pain from the coronavirus outbreak, sending U.S. markets to their worst weekly finish since the 2008 financial crisis. The damage from the week of relentless selling was eye-popping: The Dow Jones Industrial Average fell 3,583 points, or...
FCC proposes fines for phone companies that shared user data
NEW YORK — The Federal Communications Commission has proposed roughly $200 million in fines combined for the four major U.S. phone companies for improperly disclosing customers’ real-time location. FCC Chairman Ajit Pai said during a news conference Friday that the fines amounted to $91 million for T-Mobile, $57 million for...
Amazon bans 1 million products because of coronavirus claims
Amazon has pulled more than 1 million items from its digital shelves due to claims that the products could either cure or help prevent the spread of coronavirus. The move comes during the same week that Facebook said it would ban advertisements on its platform for products purporting to cure...
Stock market rout deepens on virus worries; indexes lose 4%
The Dow Jones Industrial Average sank nearly 1,200 points Thursday, deepening a weeklong global market rout caused by worries that the coronavirus outbreak will wreak havoc on the global economy. Bond prices soared again, sending the yield on the 10-year Treasury to another record low. When yields fall it’s a...
Regulators challenge merger of Philadelphia health networks
The Federal Trade Commission said Thursday it is taking action to block the planned merger of two major Philadelphia-area health systems, saying it would reduce competition and harm patients. The FTC issued an administrative complaint and said it is also filing a complaint in federal court to prevent the merger...
Walmart confirms it will launch a rival to Amazon’s Prime
NEW YORK — Walmart is confirming that it’s developing a competitor to Amazon’s juggernaut Prime membership program. The company declined on Thursday to offer details, but a spokeswoman said it will be called Walmart+. News website Vox first reported the news about Walmart’s new membership program earlier Thursday and said...
Delivery giant DoorDash takes step toward public offering
NEW YORK — Food delivery giant DoorDash has taken a first formal step toward a stock market debut. The San Francisco-based company said Thursday that it had filed paperwork with the Securities Exchange Commission outlining its proposed public stock offering. There was no proposed date for an initial offering, which...
Coffee shop features Oval Office scene, Trump cutout, Fox News
A conservative-themed coffee shop that opened last weekend in Florida features an Oval Office scene with a cutout of President Trump, televisions blaring Fox News and a “wall of honor” with veterans’ and police officers’ signatures. Conservative Grounds, the newest business in a Largo strip mall that includes an LGBTQ...
Stocks sink, bonds soar on fears virus will stunt economyVideo
Stocks slumped again Tuesday on Wall Street, piling on losses a day after the market’s biggest drop in two years as fears spread that the growing virus outbreak will put the brakes on the global economy. Nervous investors snapped up low-risk U.S. government bonds, sending the yield on the 10-year...
Drugmaker Mallinckrodt reaches $1.6B opioid settlement
The generic drugmaker Mallinckrodt has a tentative $1.6 billion deal to settle lawsuits over its role in the U.S. opioid crisis, it announced Tuesday. The deal is intended to end hundreds of lawsuits faced by the company over opioids. The company said that it had an agreement with a key...
China’s Huawei debuts latest version of folding phone
LONDON — China’s Huawei unveiled its latest folding smartphone Monday and its first such device to be available internationally, competing in a niche category with new models from Samsung and Motorola. The company took the wraps off the new Mate Xs by video instead of a press launch, as the...
Dow drops more than 1,000 as outbreak threatens the economy
NEW YORK — The Dow Jones Industrial Average slumped more than 1,000 points Monday in the worst day for the stock market in two years as investors worry that the spread of a viral outbreak that began in China will weaken global economic growth. Traders sought safety in U.S. government...
Wells Fargo to pay $3B to resolve probes into fake accounts
NEW YORK — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal came to light in 2016, Wells has paid out...
Morgan Stanley to buy E-Trade for $13 billionVideo
NEW YORK — Morgan Stanley, the investment bank for millionaires, big business and megamergers, is buying E-Trade Financial, the online brokerage that encouraged waves of regular investors to get into the market with ads featuring its talking spokesbaby. The roughly $13 billion, all-stock deal would be one of the biggest...
Report: Work to reduce wildfire risks has economic benefits
ALBUQUERQUE, N.M. — Projects to reduce the risk of wildfires and protect water sources in the U.S. West have created jobs and infused more money in local economies, researchers say, and they were funded by a partnership between governments and businesses that has become a model in other countries. A...
GM gets tax break for new plant in Lordstown next to factory it closed
LORDSTOWN, Ohio — General Motors Co. will receive a tax break to build a new electric battery cell factory in Ohio next to the site of a much larger assembly plant it shut down last year. Village leaders in Lordstown approved a 75% tax abatement that will extend over 15...
Misguided virus fears hitting Asian American businesses
NEW YORK — In Arizona, a burgeoning Asian American community fields xenophobic calls about a planned night market featuring Asian street foods. In New York, a dim sum restaurant owner worries he won’t make rent. In the San Francisco Bay Area, a local Asian American-owned restaurant chain is mulling temporarily...
GM plans to pull out of Australia, New Zealand and Thailand
DETROIT — General Motors decision to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don’t produce adequate returns on investments raised dismay Monday from officials concerned over job losses. The company said in a statement Sunday that plans to wind down...
