Business category, Page 139
Officials look to market shuttered Westmoreland test track
Westmoreland County officials will continue to pursue development of a $20 million test track facility despite the shuttering of Argo AI, a marquee tenant at the East Huntingdon site. “There’s a strong demand for test track space, and I’m pretty confident we will be able to back-fill this facility with...
Stock indexes end mixed as Facebook parent company slumpsVideo
Wall Street delivered another mixed finish for stocks Thursday, as disappointing quarterly results from several big tech companies offset gains elsewhere in the market. The S&P 500 fell 0.6%, with about 44% of stocks within the benchmark index losing ground. The tech-heavy Nasdaq fell 1.6%, while the Dow Jones Industrial...
Economy returned to growth last quarter, expanding 2.6%Video
WASHINGTON — The economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue. Thursday’s better-than-expected estimate from the...
U.S. mortgage rates top 7% for the first time in 2 decades
WASHINGTON — The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve’s aggressive rate hikes intended to tame inflation not seen in some 40 years. Mortgage buyer Freddie Mac reported Thursday that the average on...
Elon Musk takes control of Twitter, ousts top executives
Elon Musk has taken control of Twitter and ousted the CEO, chief financial officer and the company’s general counsel, two people familiar with the deal said Thursday night. The people wouldn’t say if all the paperwork for the deal, originally valued at $44 billion, had been signed or if the...
Auto prices finally begin to creep down from inflated highs
DETROIT — All summer long, Aleen Hudson kept looking for a new minivan or SUV for her growing passenger shuttle service. She had a good credit rating and enough cash for a down payment. Yet dealerships in the Detroit area didn’t have any suitable vehicles. Or they’d demand she pay...
Argo AI, a Pittsburgh driverless car pioneer, goes out of business
One of Pittsburgh’s autonomous vehicle companies announced Wednesday that it is shutting down. It’s unclear how many Pittsburgh workers will be laid off, as some Argo AI employees at the Strip District-based company will be absorbed into two of Argo’s investors: Ford Motor Co. and Volkswagen AG. In addition to...
With Americans feeling pinched, Biden targets ‘junk fees’
NEW YORK — With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers. The announcement comes after months of high inflation have eaten away at Americans’ savings and made the economy...
2 Washington County school districts among those benefit from $1B in federal grants for electric buses
WASHINGTON — Nearly 400 school districts spanning all 50 states and Washington, D.C., along with several tribes and U.S. territories, are receiving roughly $1 billion in grants to purchase about 2,500 “clean” school buses under a new federal program. The Biden administration is making the grants available as part of...
Boeing posts $3.3B loss on costs tied to defense programs
Boeing reported a surprising $3.3 billion loss for the third quarter Wednesday, as revenue fell short of expectations and it took huge losses for fixed-cost government programs including new Air Force One presidential jets. The company blamed higher manufacturing and supply-chain costs for driving the losses in government programs. CEO...
8 times you’re using the wrong credit card
There’s no such thing as a universal best credit card. The right card for you depends on your lifestyle, your goals and your credit history. For instance, if you’re looking for travel rewards but your friend is building credit, the best card for each of you will differ greatly. And...
Stocks end higher on Wall Street as earnings roll inVideo
Wall Street notched more gains Tuesday, as major stock indexes rallied for the third day and Treasury yields fell again. The S&P 500 rose 1.6%, with roughly 90% of stocks in the index notching gains. The benchmark index hadn’t been able to string together more than two gains in a...
Record number of Americans have bank accounts, gov’t says
NEW YORK — The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system. A new report from the Federal Deposit Insurance Corp. issued...
American consumer confidence takes a hit in October
WASHINGTON — U.S. consumer confidence waned this month as concerns about inflation took hold after receding somewhat in recent months. The Conference Board reported Tuesday that its consumer confidence index fell to 102.5 in October, from 107.8 in September. Consumers had grown more confident in the two previous months as...
Amazon to allow U.S. customers to pay with Venmo
NEW YORK — Amazon is rolling out a feature that allows shoppers to pay for items using their Venmo accounts. The option to pay with Venmo will be available for select Amazon.com customers beginning Tuesday, the e-commerce giant said in a news release. By Black Friday — the day after...
Renters face charging dilemma as U.S. cities move toward EVs
PORTLAND, Ore. — Stephanie Terrell bought a used Nissan Leaf this fall and was excited to join the wave of drivers adopting electric vehicles to save on gas money and reduce her carbon footprint. But Terrell quickly encountered a bump in the road on her journey to clean driving: As...
Millennial Money: 7 credit card moves to stretch your budget
As prices on goods and services soar, every bit of value squeezed from credit cards helps. Perhaps paying an annual fee became less appetizing. Maybe you scaled back expenses in certain categories a credit card once rewarded, or you’re seeking opportunities to save with your credit cards. When you aren’t...
Adidas ends partnership with Ye over antisemitic remarks
LONDON — Adidas ended a partnership that helped make the artist formerly known as Kanye West a billionaire and lent the German sportswear an edgy appeal, but ultimately couldn’t survive a mounting outcry over the rapper’s offensive and antisemitic remarks. The split will leave Adidas searching for another transcendent celebrity...
Stocks march higher ahead of tech-heavy earnings week
Stocks shook off a shaky start and closed higher Monday, extending their gains from last week, as investors geared up for a heavy week of earnings from big technology companies. The S&P 500 rose 1.2%, with technology, health care and financial stocks accounting for a big share of the gains....
John Dorfman: What’s a fun-sized stock? Around $1 billion
A company with a market value of about $1 billion is small enough to grow fast, yet large enough so that it can begin to appeal to institutional investors such as pension funds. I define large-capitalization stocks as those with a market value of $10 billion or more, mid-capitalization stocks...
Companies lure hourly workers with college tuition perks
NEW YORK — When Daniella Malave started working for Chipotle at 17, the main benefit she was seeking was free food. As it turned out, she also got a free college education. While working full time for the chain, Malave completed two years of community college with annual stipends of...
Social media stocks slip amid Musk, Snap news
Shares of social media companies tumbled Friday after a slew of news in the sector that concerned investors, including a report that Elon Musk may cut almost 75% of Twitter’s workforce and Snap’s muted fourth-quarter outlook. Musk has told prospective investors in his Twitter purchase that he plans to cut...
Report: TikTok bad at culling U.S. election misinformation ads
TikTok’s algorithms are very good at finding videos to keep people glued to their phone screens for hours on end. What they are not so good at, a new report has found, is detecting ads that contain blatant misinformation about U.S. elections. That’s despite TikTok having banned all political advertisements...
Report: Elon Musk plans to cut 75% of Twitter workforce
SAN FRANCISCO — Elon Musk plans to lay off most of Twitter’s workforce if and when he becomes owner of the social media company, according to a report Thursday by The Washington Post. Musk has told prospective investors in his Twitter purchase that he plans to cut nearly 75% of...
Railroads reject sick time demands, raising chance of strike
OMAHA, Neb. — The major freight railroads appear unwilling to give track maintenance workers much more than they received in the initial contract they rejected last week, increasing the chances of a strike. The railroads took the unusual step of issuing a statement late Wednesday rejecting the Brotherhood of Maintenance...
