Business category, Page 166
U.S. stands by Boeing settlement reached in Trump’s final days
The Justice Department is standing by a settlement it reached with Boeing for deceiving regulators who approved the 737 Max, despite personal pleas to Attorney General Merrick Garland from relatives of passengers who died in crashes of Max jets. In a filing Tuesday, the Justice Department asked a federal court...
Gates, French Gates top list of biggest U.S. charity donors
A handful of Americans donated at least $1 billion to charity last year, according to the Chronicle of Philanthropy’s annual ranking of the 50 Americans who gave the most to charity in 2021. Bill Gates and Melinda French Gates topped the list, pledging $15 billion to the Bill & Melinda Gates...
Park outside: Hyundai, Kia recall vehicles due to fire risk
DETROIT — Hyundai and Kia are telling the owners of nearly 485,000 vehicles in the U.S. to park them outdoors because they can catch fire even if the engines have been turned off. The recalls from the two Korean automakers are another in a long string of fire and engine...
Vaccine sales push Pfizer beyond expectations in final quarter
Covid-19 vaccine sales boosted Pfizer earnings well past fourth-quarter expectations, but the drugmaker has set a lower-than-expected bar for 2022. Pfizer debuted on Tuesday annual forecasts for both earnings and revenue that fell short of analyst expectations even as the drugmaker expects another robust year of sales from its vaccine,...
Peloton co-founder steps down after rough ride
The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company. Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position held by John Foley, effective Wednesday. McCarthy will also...
Stocks end another up-and-down day with mixed resultsVideo
Another wobbly day on Wall Street ended Monday with an uneven finish for the major stock indexes as losses by communication and technology companies kept gains elsewhere in the market in check. The S&P 500 fell 0.4%, giving back some of its recent gains. The Dow Jones Industrial Average was...
U.S., Japan reach deal to make most steel imports tax-free
U.S. government officials said Monday that they reached an agreement to essentially lift the 25% tariff that former President Donald Trump imposed on imported Japanese steel. The deal with Japan would exclude the first 1.25 million metric tons of imported steel from the tax. That amount of steel is equal...
John Dorfman: 3 stocks bucking downtrend
It’s been a rough year for the stock market so far. Here are three stocks that are bucking the downtrend and that also are relatively inexpensive, selling for 15 times earnings or less. These stocks have managed to rise even as the Standard & Poor’s 500 Total Return Index fell...
Peter Thiel leaving board of Facebook parent Meta
MENLO PARK, Calif. — Peter Thiel, a Silicon Valley billionaire and advisor to former President Donald Trump, is leaving the board of directors of Facebook parent company Meta. The company said Monday that Thiel will stay on until Meta’s next shareholder meeting later this year, where he will not stand...
Delta asks Justice Department to put unruly passengers on national no-fly listVideo
Delta Air Lines is asking the U.S. Justice Department to create a national no-fly list of passengers who have been convicted for on-board disruptions. Ed Bastian, CEO of Delta, wrote a letter to U.S. Attorney General Merrick Garland this past week saying such a “national, comprehensive unruly passenger ‘no-fly list’”...
IRS to end use of facial recognition to identify taxpayers
WASHINGTON — The IRS said Monday it will suspend the use of facial recognition technology to authenticate people who create online accounts after the practice was criticized by privacy advocates and lawmakers. The agency said it would no longer use a third-party service, called ID.me, for facial recognition. Critics of...
Why are celebrities buying million-dollar ape cartoons? NFTs, explained
Video clips of basketball highlights. Digital works of art. A yacht in the metaverse. Cartoons of apes, cats, frogs and hipsters. These are just a few examples of the digital collectibles sold as non-fungible tokens, many at forehead-slapping prices. NFTs have become a hot commodity among crypto investors and celebrities,...
Frontier bids $2.9 billion for rival budget airline Spirit
Frontier Airlines and Spirit Airlines are proposing to combine in a $2.9 billion deal that would create a larger discount airline to compete against the nation’s dominant carriers and, they say, promote lower fares. Both are ultra-low-cost carriers that tempt travelers with rock-bottom prices for no-frills service but often generate...
Hershey Co. raising candy prices, including Kit Kats, Reese’s
Sorry chocolate lovers, even your favorite candy isn’t immune from inflation. The Hershey Co. announced recently it is planning “list price increases across all segments” as a way to drive sales growth. The company said the hikes will offset rising labor and ingredient costs. “Pricing will be an important lever...
IRS wants cut of internet sales topping $600 or more per yearVideo
Online sellers who hope to cash in on anything from baseball and football card collections to a valuable old toy may now have to pay a portion of the proceeds to Uncle Sam if they use a third-party payment platform to collect the proceeds. “It will be a change for...
Delta asks Justice Department to put unruly passengers on national no-fly list
ATLANTA — Delta Air Lines is asking the U.S. Justice Department to create a national no-fly list of passengers who have been convicted for on-board disruptions. Ed Bastian, CEO of Delta, wrote a letter to U.S. Attorney General Merrick Garland this past week saying such a “national, comprehensive unruly passenger...
Biden extends Trump-era solar tariffs, but loosens some
WASHINGTON — President Joe Biden on Friday extended tariffs imposed by former President Donald Trump on most solar panels imported from China and other countries. But in a nod to his efforts to combat climate change and boost clean energy, Biden excluded tariffs on some panels used in large-scale utility...
Kohl’s: Buyout offers undermine value of business
NEW YORK — Kohl’s says that recent offers to purchase the department store chain undervalue its business and that it is adopting a shareholder rights plan to head off any hostile takeovers. The shareholder rights plan, known as a “poison pill,” is effective immediately and set to expire on Feb....
News Corp says it was hacked; believed to be linked to China
News Corp, publisher of The Wall Street Journal, said Friday that it had been hacked and had data stolen from journalists and other employees, and a cybersecurity firm investigating the intrusion said Chinese intelligence-gathering was believed behind the operation. The news company, whose publications and businesses include the New York...
House to vote on bill to boost U.S. computer chip production
House Democrats are poised to approve legislation Friday that they say positions the United States to better compete with China economically and on the global stage by strengthening the domestic semiconductor industry, shoring up strained supply chains and bolstering international alliances. Criticizing China has become a bipartisan playbook in Washington,...
U.S. employers shrug off omicron, add 467,000 jobs in January
U.S. employers added a burst of 467,000 jobs in January despite a wave of omicron infections that sickened millions of workers, kept many consumers at home and left businesses from restaurants to manufacturers short-staffed. The government’s report Friday also drastically revised up its estimate of job gains for November and...
Amazon to increase cost of Prime; annual sales rise 22%Video
Amazon is increasing the cost of its Prime membership for U.S. customers, in part to offset rising expenses associated with wages and transportation, the company announced ahead of its quarterly earnings call Thursday. The monthly fee for Prime membership will go up from $12.99 to $14.99, and the annual membership...
A plunge in Facebook’s parent company weighs on tech stocksVideo
A historic plunge in the stock price of Facebook’s parent company helped yank other tech stocks lower on Wall Street Thursday, abruptly ending a four-day winning streak for the market. The 26.4% wipeout in Meta Platforms, as Facebook’s owner is now known, erased more than $230 billion in market value,...
Tesla recalls over 800K vehicles for seat belt chime problem
DETROIT — Tesla is recalling more than 817,000 vehicles in the U.S. because the seat belt reminder chimes may not sound when the vehicles are started and the driver hasn’t buckled up. The recall covers the 2021 and 2022 Model S sedan and Model X SUV, as well as the...
Bank of England hikes interest rates again as prices surge
LONDON — The Bank of England raised interest rates for the second time in three months on Thursday, putting the United Kingdom far ahead of the rest of Europe and the U.S. in moving to tame surging inflation that is squeezing consumers and businesses. The bank’s monetary policy committee voted...
