Business category, Page 204
Allegiant Air announces flights between Pittsburgh, Key West
Allegiant Air will debut nonstop flights between Pittsburgh International Airport and Key West, Fla., beginning June 3. “From the historic sights at Dry Tortugas National Park to the Ernest Hemingway Home and Museum, Pittsburgh visitors have a lot to explore in Key West,” Drew Wells, Allegiant’s senior vice president of...
Stocks end mostly lower on Wall Street, led by drops in tech
Stocks ended mostly lower on Wall Street Wednesday as losses by technology and industrial sector companies offset gains in other parts of the market. The S&P 500 edged down less than 0.1%, while the tech-heavy Nasdaq gave back 0.6%. Small-company stocks also fell. The Dow Jones Industrial Average rose thanks...
Ford to go all electric in Europe by 2030
FRANKFURT, Germany — Ford announced a major push into electric vehicles in Europe, vowing to convert its entire passenger car lineup on the continent to electrics by 2030. Ford will spend $1 billion to revamp its factory in Cologne, Germany and make it a base for production of battery powered...
U.S. retail sales jumps 5.3%, thanks to $600 stimulus checks
NEW YORK — The $600 stimulus checks got Americans shopping again. After three months of declines, retail sales soared a seasonally adjusted 5.3% in January from the month before, the U.S. Commerce Department said Wednesday. It was the biggest increase since June and much larger than the 1% rise Wall...
New York sues Amazon over worker safety during pandemic
New York is suing Amazon, claiming the company failed to provide workers with a safe environment at two warehouses in the state as covid-19 infections surged nationwide. The suit from New York Attorney General Letitia James landed just days after Amazon preemptively sued to block the suit over its coronavirus...
Watch live: Trump Plaza being imploded in Atlantic City
The former Trump Plaza in Atlantic City, shuttered in 2014 and vacant since, is set to be demolished around 9 a.m. on Wednesday, Feb. 17. Unlike the implosion of the Sands casino in 2007 — which was held on a Friday night and featured a fireworks display and drew 100,000...
Stocks end wobbly day mostly lower; natural gas prices surge
Stocks ended a tentative day of trading with mixed results as gains for energy companies and banks were offset by losses in other sectors. The S&P 500 ended down less than 0.1% Tuesday, and the Nasdaq lost 0.3%. The Dow Jones Industrial Average managed to eke out another record high...
Cost of a single Bitcoin exceeds $50,000 for first timeVideo
SILVER SPRING, Md. — The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time. The price of Bitcoin has risen almost 200% in the last three months and its volatility was on display Tuesday....
Right-wing friendly Parler announces re-launch
BOSTON — The right-wing friendly social network Parler, which was forced offline as a result of the Jan. 6 attack on the U.S. Capitol by supporters of then-President Donald Trump, says it is re-launching. The Twitter alternative has been struggling to return online since Amazon stripped it of web-hosting service...
How TikTok came back to life after Trump’s threats
Last summer, TikTok appeared to be on the ropes. The company lost its CEO. Rivals were swooping in. And the Trump administration looked determined to drive it out of business. Now, the viral video-sharing app seems to have rebounded. This month, TikTok announced an expanded partnership with Universal Music Group,...
Okonjo-Iweala becomes 1st woman, African to lead WTO
FRANKFURT, Germany — Nigerian economist Ngozi Okonjo-Iweala was appointed Monday to head the World Trade Organization, becoming the first woman and first African to take on the role amid rising protectionism and disagreement over how the body decides cases involving billions in sales and thousands of jobs. Okonjo-Iweala, 66, was...
Tesla to start making cars in India, targeting sprawling market
Tesla Inc. is closing in on an agreement to make electric vehicles in India for the first time, opening up a new growth opportunity after setting up production in China. Tesla has picked Karnataka, a southern state whose capital is Bangalore, for its first plant, the state’s chief minister said...
Luxury car brand Jaguar to go all-electric by 2025
Struggling luxury car brand Jaguar will be fully electric by 2025, the British company said Monday as it outlined a plan to phase out internal combustion engines. Jaguar Land Rover, which is owned by Indian conglomerate Tata Motors, hopes the move will help turn around the fortunes of the 86-year-old...
GM’s Chevy Bolt SUV joins parade of new U.S. electric vehicles
DETROIT — Whether people want them or not, automakers are rolling out new electric vehicle models as the industry responds to stricter pollution regulations and calls to reduce emissions to fight climate change. The latest offering comes from General Motors, which unveiled a Chevrolet Bolt compact SUV on Sunday. It...
Sign of inequality: U.S. salaries recover even as jobs haven’t
In a stark sign of the economic inequality that has marked the pandemic recession and recovery, Americans as a whole are now earning the same amount in wages and salaries that they did before the virus struck — even with nearly 9 million fewer people working. The turnaround in total...
Disney+ hits 95 million subscribers as earnings beat expectations
Walt Disney Co. said Thursday its marquee streaming service Disney+ grew to nearly 95 million subscribers during the first quarter of its fiscal year, while the pandemic continued to weigh on the entertainment giant’s finances. The Disney+ subscriber count of 94.9 million is up from the 86.8 million the company...
U.S. distances itself from Trump attempts to ban WeChat
A day after it put a hold on a proposed ban of TikTok, the Biden administration is distancing itself from attempts by former President Donald Trump to ban the Chinese messaging app WeChat. The Commerce Department is reviewing recent actions, such as the rules undermining TikTok and WeChat, to ensure...
U.S. jobless claims fall slightly to 793,000 with layoffs high
The number of Americans seeking unemployment benefits fell slightly last week to 793,000, evidence that job cuts remain high despite a substantial decline in new confirmed viral infections. Last week’s total declined from 812,000 the previous week, the Labor Department said Thursday. That figure was revised higher from the previously...
Autoworkers face dimmer future in a new era of electric cars
When General Motors boldly announced its goal last month to make only battery-powered vehicles by 2035, it didn’t just mark a break with more than a century of making internal combustion engines. It also clouded the future for 50,000 GM workers whose skills — and jobs — could become obsolete...
U.S. stocks edge lower as investors weigh caution, optimism
Stocks edged lower on Wall Street in afternoon trading Thursday as investors remain cautiously optimistic about prospects for a new round of government aid as the economic recovery seemingly stalls. Wall Street continued to digest solid corporate earnings and updates on a decline of new virus cases. The latest government...
Kraft Heinz sells Planters brand to Hormel Foods
Hormel Foods is going nuts. The Austin, Minnesota-based company, known for its meat brands like Spam and Applegate, said Thursday it is buying the Planters nut business from Kraft Heinz Co. for $3.35 billion. Included in the deal are Planters brands like Nut-rition, Cheez Balls and Corn Nuts. “The acquisition...
Jerome Powell stresses commitment to full employment, low rates
Federal Reserve Chair Jerome Powell on Wednesday underscored the Fed’s commitment to reducing unemployment to multi-decade lows, where it stood before the pandemic, while signaling little concern about the risk of potentially high inflation or financial market instability. Powell stressed in prepared remarks for a webcast to the Economic Club...
Report: TikTok sale pushed by Trump is shelved
The Biden administration has “indefinitely” shelved a proposed U.S. takeover of the popular video app TikTok, according to a Wall Street Journal report. Last year, the Trump administration brokered a deal that would have had U.S. corporations Oracle and Walmart take a large stake in the Chinese-owned app on national-security...
Millions of steel shelving units recalled because they may fail to support the weight indicated
More than 2 million Edsal Manufacturing heavy-duty steel shelving units have been recalled because they may not be able to hold the amount of weight stated on the label. According to the U.S. Consumer Product Safety Commission, the Edsal 5-Tier Muscle Rack unit “shelves can fail to support the 800-pound...
GM 2020 profit drops, but it makes $6.43B despite pandemic
DETROIT — General Motors’ profit fell 4.5% in 2020, but a strong second half more than offset the effects of pandemic-related factory closures and a costly air bag recall. The Detroit automaker said Wednesday it made $6.43 billion as demand for its vehicles surged late in a year dominated by...
