Business category, Page 155
Respite from gas price increases will be brief as summer driving season nears, analyst says
The national average price of gasoline could be closer to $5 per gallon than $4 later this week as demand increases and inventories decline with the Memorial Day weekend and the start of the summer driving season approaching, an industry analyst said. “New records continued to be set on a...
JetBlue goes hostile in bid for Spirit after 2 rejections
JetBlue is going hostile in its bid for Spirit Airlines and asking shareholders of the low-cost carrier to reject a proposed $2.9 billion acquisition by Frontier Airlines. JetBlue is going straight to shareholders of the Florida airline in hopes of pushing its board to the negotiating table. Shares of Spirit...
Stocks rally on Wall Street but still face 6th weekly loss
Stocks rallied on Wall Street Friday, but not enough to claw back all the losses the market has taken in this volatile week of trading. The S&P 500 rose 2.4% as of 12:01 p.m. Eastern. The benchmark index is still on track for its 6th straight losing week, something that...
Musk puts Twitter buy on hold, casting doubt on $44B deal
DETROIT — Elon Musk said Friday that his plan to buy Twitter is “temporarily on hold,” raising fresh doubts about whether he’ll proceed with the $44 billion acquisition. Musk tweeted that he wanted to pinpoint the number of spam and fake accounts on the social media platform. Musk has been...
Parents swap, sell baby formula amid nationwide shortage
WASHINGTON — A baby formula shortage in the United States is driving parents to swap, sell and offer leftover supplies to each other, while President Joe Biden plans to speak with manufacturers and retailers Thursday about the plight facing families. The problem is the result of supply chain disruptions and...
Mercedes recalls 292K vehicles to fix problem with brakes
DETROIT — Mercedes-Benz is recalling more than 292,000 vehicles in the U.S. to fix a problem that could cause the brakes to fail or perform poorly. The recall covers certain ML, GL and R-Class vehicles from the 2006 through 2012 model years. Mercedes says in documents posted Thursday by the...
Coinbase loses half its value in a week as crypto slumps
SILVER SPRING, Md. — Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop 5o date on Wednesday as the famously volatile crypto market weathers yet another slump. Coinbase reported a $430 million net loss in the first quarter, or $1.98 per...
Google gets more multilingual, but will it get the nuance?
LIMA, Peru — About 10 million people speak Quechua, but trying to automatically translate emails and text messages into the most widely spoken Indigenous language family in the Americas was long all but impossible. That changed on Wednesday, when Google added Quechua and a variety of other languages to its...
How to avoid ‘rug pulls,’ the latest cryptocurrency scam
A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.” The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with...
Airbnb overhauls site searches with categories of rentals
SAN FRANCISCO — Airbnb said Wednesday it is overhauling the way that consumers search for rental listings, adding dozens of categories including “chef’s kitchens” and “historical homes” to its current listings, which are mostly searched by location. The company will also let people book split stays between homes and it...
U.S. inflation slows in April, strain on households remains
WASHINGTON — Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households. Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday. That was below the 8.5%...
U.S. casinos had best month ever in March, winning $5.3B
ATLANTIC CITY, N.J. — Inflation may be soaring, supply chains remain snarled and the coronavirus just won’t go away, but America’s casinos are humming right along, recording the best month in their history in March. The American Gaming Association, the gambling industry’s national trade group, said Wednesday that U.S. commercial...
Parents hunting for baby formula as shortage spans the countryVideo
WASHINGTON — Parents across the United States are scrambling to find baby formula because supply disruptions and a massive safety recall have swept many leading brands off store shelves. Months of spot shortages at pharmacies and supermarkets have been exacerbated by the recall at Abbott, which was forced to shutter...
Pfizer to spend $11.6B on migraine treatment maker Biohaven
Pfizer is spending $11.6 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own. The New York drugmaker said Tuesday it will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has another...
West Virginia’s Tudor’s Biscuit World faces labor complaint from feds
CHARLESTON, W.Va. — A well-known West Virginia restaurant chain is facing a complaint from the National Labor Relations Board after an investigation found evidence the company unlawfully disciplined and threatened employees who tried to form a union. Tudor’s Biscuit World managers are accused of violating federal labor laws when they...
Now’s the time for low-debt stocks to pay off
Companies with high debt lived in a sort of paradise in 2019-21. With interest rates extraordinarily low, their debt burden didn’t hurt. Now, it looks as if it was a fool’s paradise.Interest rates are rising, and the debt burden is beginning to bite. I relish low-debt companies. They have little...
Wall Street’s losses worsen as markets tumble worldwide
NEW YORK — Stocks racked up more losses Monday on Wall Street, leaving the S&P 500 at its lowest point in more than a year. The sell-off came as renewed worries about China’s economy piled on top of global financial markets already battered by rising interest rates. The S&P 500...
Tourism, economic agencies join forces to market Orlando
ORLANDO, Fla. — It’s an idea that almost seems as compatible as Mickey and Minnie. Take the tens of millions of tourists who are thinking about visiting central Florida’s theme parks each year and sell them on the virtues of moving their companies or businesses to the region. In the...
Bitcoin’s unraveling tops 50% from peak with drop below $32,000
Bitcoin extended its losses, dropping below $32,000 for the first time since July 2021, putting its decline from a November record high to more than 50% amid a global flight from riskier investments. The world’s largest digital token fell as much as 7% on Monday and traded at around $31,924...
Less immigrant labor in U.S. contributing to price hikes
Just 10 miles from the Rio Grande, Mike Helle’s farm is so short of immigrant workers that he’s replaced 450 acres of labor-intensive leafy greens with crops that can be harvested by machinery. In Houston, Al Flores increased the price of his BBQ restaurant’s brisket plate because the cost of...
Available jobs still outpacing job seekers in Pittsburgh region
Pittsburgh area employers are clamoring to get in front of job seekers because they continue to have trouble filling open jobs. Demand from employers is so great, CareerLink Alle-Kiski in New Kensington had to add a second job fair to its schedule because it couldn’t fit all of the companies...
Stocks end rocky week with their 5th straight weekly decline
NEW YORK — The stock market ended an unusually turbulent week with its fifth straight weekly decline. The bumpy and mostly lower ride came as investors worry that the Federal Reserve may not succeed in engineering a smooth cooldown of the economy without letting inflation get out of hand. The...
U.S. added 428,000 jobs in April despite surging inflation
WASHINGTON — America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at...
Boeing will move its headquarters to D.C. area from Chicago
Boeing Co. said Thursday it will move its headquarters from Chicago to the Washington, D.C., area, where company executives would be closer to key federal government officials. The company said it will use its campus in Arlington, Va., as the new headquarters, and it plans to develop a research and...
Wall Street, tech investors back Musk Twitter bid with $7B
Elon Musk has strengthened the equity stake of his $44 billion offer to buy Twitter with commitments of more than $7 billion from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison. A regulatory filing Thursday also said that Musk is in talks with...
