Business category, Page 138
Elon Musk threatens to boot Twitter account impersonators
BOSTON — Elon Musk tweeted Sunday that Twitter will permanently suspend any account on the social media platform that impersonates another. The platform’s new owner issued the warning after some celebrities changed their Twitter display names — not their account names — and tweeted as ‘Elon Musk’ in reaction to...
Cesspool or civility? Elon Musk’s Twitter at a crossroads
The discourse was never all that civil on Twitter. The loudest voices have often drowned out softer, more nuanced takes. After all, it’s much easier to rage-tweet at a perceived enemy than to seek common ground, whether the argument is about transgender kids or baseball. In the chaos that has...
U.S. employers keep hiring briskly even in face of rate hikes
WASHINGTON — America’s employers kept hiring vigorously in October, adding 261,000 positions, a sign that as Election Day nears, the economy remains a picture of solid job growth and painful inflation. Friday’s report from the government showed that hiring was brisk across industries last month, though the overall gain declined...
Widespread Twitter layoffs begin a week after Musk takeover
Twitter began widespread layoffs Friday as new owner Elon Musk overhauls the company, raising grave concerns about chaos enveloping the platform as a source of reliable information just days ahead of the U.S. midterm elections. The speed and size of the cuts also opened Musk and Twitter to lawsuits. At...
Stocks end lower as the Fed continues to fight inflation
NEW YORK — Stocks racked up more losses on Wall Street and Treasury yields again rose to multiyear highs Thursday as investors looked ahead to a closely watched job market report from the government that could influence the Federal Reserve’s next move in its fight to bring down inflation. Technology...
Stellantis: Park older models due to 3 Takata air bag deaths
DETROIT — Stellantis and the U.S. government are warning owners of 276,000 older vehicles to stop driving them after Takata air bags apparently exploded in three more vehicles, killing the drivers. The company, formerly Fiat Chrysler, is telling people to stop driving Dodge Magnum wagons, Dodge Challenger and Charger muscle...
Elon Musk plans to eliminate half of Twitter jobs in cost-cut drive
Elon Musk plans to eliminate about 3,700 jobs at Twitter Inc., or half of the social media company’s workforce, in a bid to drive down costs following his $44 billion acquisition, according to people with knowledge of the matter. Twitter’s new owner aims to inform affected staffers Friday, said the...
CBS, Les Moonves must pay $30.5 million for insider trading
NEW YORK — CBS and its former president, Leslie Moonves, will pay $30.5 million as part of an agreement with the New York attorney general’s office, which says the network’s executives conspired with a Los Angeles police captain to conceal sexual assault allegations against Moonves. Under the deal announced Wednesday...
Stocks fall after Fed says it’s too soon to pause rate hikes
Stocks fell sharply after Federal Reserve Chair Jerome Powell signaled that interest rates will need to go even higher than previously thought in order to tame the worst inflation in decades. The Fed also raised its benchmark rate by three-quarters of a percentage point Wednesday, its fourth consecutive hike of...
Musk: People banned from Twitter won’t be restored for weeks
NEW YORK — Elon Musk said Wednesday that Twitter will not allow anyone who has been kicked off the site to return until it sets up procedures on how to do that, a process that will take at least a few weeks. That would mean people banned from the site...
Germany to force plastic makers to help pay for cleanups
BERLIN — The German government said Wednesday that it plans to make plastic manufacturers contribute to the cost of cleaning up litter in streets and parks. The Cabinet agreed on a bill that makers of products containing single-use plastic will need to pay into a central fund managed by the...
CVS, Walgreens announce opioid settlements totaling $10B
Two of the largest U.S. pharmacy chains, CVS Health and Walgreen Co., announced agreements in principle Wednesday to pay about $5 billion each to settle lawsuits nationwide over the toll of opioids, and a lawyer said Walmart is in discussions for a deal. Together, the developments amount to what could...
Elon Musk emerging as Twitter’s chief moderator ahead of midterms
NEW YORK — Days after taking over Twitter and a week before the U.S. midterm elections, billionaire Elon Musk has positioned himself as moderator-in-chief of one of the most important social media platforms in American politics. Musk has said he won’t make major decisions about content or restoring banned accounts...
Stocks end lower as hot jobs data signals aggressive Fed
Stocks on Wall Street gave up early gains and closed lower Tuesday after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases. The S&P 500 fell 0.4% after having been up as...
Victoria’s Secret to buy online startup Adore Me for $400M
NEW YORK — Victoria’s Secret & Co. said Tuesday it has signed a definitive agreement to acquire Adore Me Inc., a lingerie startup known for its wide array of sizes, for $400 million in cash. The move comes as Victoria’s Secret aims to become more inclusive and diversify beyond its...
Judge blocks Penguin Random House-Simon & Schuster merger
NEW YORK — A federal judge has blocked Penguin Random House’s proposed purchase of Simon & Schuster, agreeing with the Justice Department that the joining of two of the world’s biggest publishers could “lessen competition” for “top-selling books.” The ruling was a victory for the Biden administration’s tougher approach to...
Musk floats paid Twitter verification, fires board
Billionaire Elon Musk is already floating major changes for Twitter — and faces major hurdles as he begins his first week as owner of the social-media platform. Twitter’s new owner fired the company’s board of directors and made himself the board’s sole member, according to a company filing Monday with...
AP source: Biden to float windfall tax on energy producers
WASHINGTON — President Joe Biden on Monday will raise the possibility of imposing a “windfall tax” on energy companies, as his administration aims to combat high gas prices just days before the midterm elections. The White House said Biden will deliver remarks to respond “to reports over recent days of...
Homeowners brace for higher heating costs this winter
Miranda McDermott is dreading winter. With home heating costs forecast to reach their highest levels in more than 10 years, McDermott of Allegheny Township said her family can’t afford to pay monthly heating bills in full. “Our average heating bill is $800,” McDermott said. “We have wood chopped and ready...
Post-Gazette, Butler Eagle granted temporary injunction against striking union members
Pittsburgh Post-Gazette and Butler Eagle officials have been granted a preliminary injunction against five unions involved in the P-G strike, after accusing them of throwing projectiles at company vehicles, puncturing vehicle tires and threatening employees and vendors. Post-Gazette employees belonging to unions representing production, distribution and advertising workers went on...
IRS: Growing gap between U.S. income taxes owed and paid
WASHINGTON — The amount of income tax money owed but not paid to the IRS is projected to grow, the agency said Friday. For tax years 2014 through 2016, the estimated gross “tax gap” rose to $496 billion a year, an increase of more than $58 billion from prior estimates....
Wall Street rally marks first weekly win streak since summer
Technology stocks led a broad rally on Wall Street Friday, capping another strong week for the market, as investors welcomed solid profits from Apple and other companies. The S&P 500 rose 2.5% and posted its first back-to-back weekly gains since August. The Dow Jones Industrial Average rose 2.6% and the...
Key U.S. inflation gauge stayed at a high 6.2% in September
WASHINGTON — A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily. Friday’s report from the Commerce Department showed that prices rose 6.2% in September...
Oil giants rake in record profits amid high energy prices
Oil companies brought in record profits once again as people worldwide struggled with high gasoline and energy prices. Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income. The Irving, Texas, company said Friday that it booked $112.07 billion in quarterly revenue,...
Musk in control of Twitter but where will he go from here?
Elon Musk has taken control of Twitter after a protracted legal battle and months of uncertainty. The question now is what the billionaire Tesla CEO will actually do with the social media platform. Musk ousted three top Twitter executives on Thursday, according to two people familiar with the deal who...
