Business category, Page 137
Musk says he expects to find a new Twitter CEO ‘over time’
NEW YORK — Billionaire Elon Musk, who just took over as the chief executive at Twitter after buying the company, said he does not want to be the CEO of any company. Musk took the witness stand Wednesday in a Delaware court to defend himself in a shareholder lawsuit challenging...
Shell cracker plant begins operation in Beaver County
After years of construction, the energy giant Shell announced Tuesday that its ethane cracker plant in Beaver County has commenced operations. The plant, which refines natural gas into plastic pellets, is one of the largest of its kind in the country. It is the first major polyethylene manufacturing complex in...
John Dorfman: Capital One, Kelly Services selling below book value
People can argue all day about whether book value is a good gauge of a stock’s value. I say it is, and I believe the results from this column tend to prove it. Book value is a company’s net worth – the sum of its assets minus its liabilities. It...
Stocks rise on cooling inflation data after up-and-down dayVideo
NEW YORK — Stocks rose on Wall Street Tuesday following more signs the nation’s punishingly high inflation may be falling off faster than expected. The S&P 500 climbed 0.9%, or 34.48 points, to 3,991.73, though it went on another unsettling ride to get there. A flare-up of worries about the...
Stocks gain ground after wholesale inflation eases in U.S.
NEW YORK — Stocks rose broadly in morning trading on Wall Street Tuesday after the government reported another decline in the pace of wholesale price inflation last month, the latest glimpse of hope that inflationary pressures in the U.S. might be easing. The S&P 500 index rose 1.5% as of...
Amazon plans new virtual care offering based on messaging
Amazon is stepping back into virtual care with a new service that uses secure messaging to connect patients with doctors for help with nearly two dozen conditions. The retail giant said Tuesday it will launch “Amazon Clinic” in 32 states to provide medication refills and care for conditions like allergies,...
Walmart offers to pay $3.1 billion to settle opioid lawsuits
Retail giant Walmart on Tuesday become the latest major player in the drug industry to announce a plan to settle lawsuits filed by state and local governments over the toll of powerful prescription opioids sold at its pharmacies with state and local governments across the U.S. The $3.1 billion proposal...
Jeff Bezos says he will give away most of his fortuneVideo
NEW YORK — Amazon founder Jeff Bezos said he will give away the majority of his wealth during his lifetime, becoming the latest billionaire to pledge to donate much of his vast fortune. Bezos, whose “real-time” worth Forbes magazine estimates at roughly $124.1 billion, made the announcement in a joint...
Antitrust battle over iPhone app store goes to appeals court
SAN FRANCISCO — Apple is heading into a courtroom faceoff against the company behind the popular Fortnite video game, reviving a high-stakes antitrust battle over whether the digital fortress shielding the iPhone’s app store illegally enriches the world’s most valuable company while stifling competition. Oral arguments Monday before three judges...
Sam Bankman-Fried’s downfall sends shockwaves through crypto
NEW YORK — Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world’s first trillionaire. Now the comments about the 30-year-old Bankman-Fried range from bemused to hostile after...
Funds vanish at bankrupt crypto exchange FTX; probe underway
NEW YORK — Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday. The embattled company’s new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and...
Wall Street rallies for best week since June on rate hopes
NEW YORK — Wall Street piled more gains Friday onto its mammoth rally from a day earlier to close out its best week since the summer. The S&P 500 rose 0.9% a day after soaring 5.5% for its best day in more than two years. The Dow Jones Industrial Average...
Elon Musk ends remote work at Twitter, warns of troubles aheadVideo
Elon Musk has emailed Twitter employees, most working remotely, ordering them to return to the office immediately for at least 40 hours a week and warning of “difficult times ahead.” A pair of Wednesday night missives seen by The Associated Press marked Musk’s first companywide message to employees who survived...
Consumer inflation eased to 7.7% over past 12 months
WASHINGTON — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the government said Thursday. The...
Wall Street surges, Dow up 1,200 points on cooling inflationVideo
NEW YORK — Wall Street blasted off Thursday to soar to its best day in more than two years as exhilaration swept through markets after a report showed inflation in the United States eased last month by even more than expected. The S&P 500 surged 5.5%, while the Dow Jones...
Futures up modestly ahead of inflation update
U.S. futures are modestly higher Thursday ahead of a U.S. inflation update that will likely influence Federal Reserve plans for more interest rate hikes as it tries to squelch four-decade high inflation. Futures for the benchmark S&P 500 rose 0.2% and futures for the Dow Jones industrials inched up 0.1%....
Wall Street washout as stocks tumble, crypto dives furtherVideo
NEW YORK — Stocks fell sharply Wednesday as unease flared in far-ranging corners of financial markets, and Wall Street gave back a big chunk of the gains it had built in a rally running up to Election Day. The S&P 500 lost 2.1%, or 79.54 points, to 3,748.57 and erased...
Cryptocurrencies plunge as Binance scraps deal for rival FTXVideo
NEW YORK — Cryptocurrency prices plunged for a second-straight day Wednesday after crypto exchange Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading. Bitcoin and other cryptocurrencies were broadly lower on rumors and news reports that the Binance-FTX deal was in trouble. The...
‘Official’ Twitter tag for some users appears, then vanishes
Now you see a new “official” label on some high-profile Twitter accounts, now you don’t. Twitter began adding gray “official” labels to some high-profile accounts Wednesday to indicate that they are authentic, the latest twist in new owner Elon Musk’s chaotic overhaul of the platform and its verification system. A...
Facebook parent Meta cuts 11,000 jobs, 13% of workforce
Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday. The job cuts come just a week after widespread layoffs at Twitter under its new owner,...
Wall Street rises ahead of election results, inflation dataVideo
NEW YORK — Election Day brought another rise for Wall Street, with stocks climbing Tuesday for a third straight day. The S&P 500 rose 21.31, or 0.6%, to 3,828.11, though it flipped between an even bigger gain and a modest loss to get there. The Dow Jones Industrial Average climbed...
Crypto exchange Binance to buy rival FTX in apparent bailout
NEW YORK — The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in what appears to be a bailout of FTX. The owners of the two exchanges — Samuel Bankman-Fried of FTX and Changpeng Zhao of Binance — announced the deal on Twitter, but did not...
Wall Street climbs ahead of Election Day, inflation dataVideo
NEW YORK — Stocks rose Monday on the eve of Election Day as Wall Street looked ahead to the benefits of a possibly split government in Washington, though trading is likely to stay bumpy in a week full of events that could shake the market. The S&P 500 rose 1%,...
Elon Musk walks back on Twitter job cuts, blue checks in 2nd week
Twitter Inc. is heading into its second full workweek under Elon Musk with half its workforce, mounting losses and a couple of unexpected reversals to its plans. The social-media company laid off close to 3,700 people on Friday, only to reach out soon thereafter to dozens of employees who it...
Meta reportedly to start laying off thousands of staff this week
Meta Platforms Inc. is planning to begin layoffs this week that will affect thousands of workers, The Wall Street Journal reported, citing people with knowledge of the matter. The job cuts could come as early as Wednesday, the newspaper said. The company has already told employees to cancel non-essential travel...
