Business category, Page 218
An electric Hummer? Battery-powered trucks head to showrooms
DETROIT — Seven auto companies have plans to roll out new battery-powered pickup trucks over the next two years, aiming to cash in on a popular and lucrative market for expensive vehicles. General Motors is among them, and on Tuesday its GMC brand introduced a new electric Hummer pickup, with...
Tennessee factory to become GM’s 3rd electric vehicle plant
General Motors plans to spend $2 billion to convert its Spring Hill, Tennessee, assembly plant into a third U.S. site to build future electric vehicles. The Detroit automaker also says it will spend another $153 million to upgrade five Michigan factories for future vehicles. The company will build the Cadillac...
Justice Department files landmark antitrust case against Google
WASHINGTON — The Justice Department on Tuesday sued Google for antitrust violations, alleging that it abused its dominance in online search and advertising to stifle competition and harm consumers. The lawsuit marks the government’s most significant attempt to protect competition since its groundbreaking case against Microsoft more than 20 years...
John Dorfman: Does stolen fruit taste better? Check out my purloined portfolio
Major League Baseball punished the Houston Astros for the way they stole opponents’ signs. But there’s no penalty for an investment manager stealing ideas from another manager. In fact, I think one would be foolish not to. I peek from time to time at the holdings of other managers I...
Amazon fake reviews reach holiday season levels during pandemic
Fake reviews on Amazon.com during the pandemic have reached levels typically seen during the holiday shopping season. About 42% of 720 million Amazon reviews assessed by the monitoring service Fakespot from March through September were unreliable, up from about 36% for the same period last year. The rise in fake...
U.S. air passengers exceed 1 million, first time since March
The virus-ravaged airline industry reached a milestone Sunday, carrying more than 1 million passengers for the first time in seven months. U.S. airport security checkpoints processed 1,031,505 people, or 39.6% of the equivalent day in 2019, according to a tally by the Transportation Security Administration. Several of the busiest days...
U.S. stocks head higher at the end of another bumpy week
Stocks are broadly higher in afternoon trading Friday, placing the market on track to close out a choppy week on Wall Street with modest gains. The S&P 500 was up 0.6%, clawing back all its losses from a day earlier. If the gains hold, the benchmark index would mark its...
U.S. retail sales grow for 5th month in a row
NEW YORK — Retail sales rose in September for the fifth month in a row, as Americans spent more on clothing, cars and sporting goods. The U.S. Commerce Department said Friday that retail sales grew 1.9% last month. That’s up from August’s increase of 0.6%. Retail sales have been recovering...
Stocks fall on Wall Street as coronavirus spreads in Europe
Stocks are falling on Wall Street in afternoon trading Thursday, extending the market’s pullback this week as optimism that Congress will deliver another round of stimulus for the economy wanes and new data show another weekly surge in the number of Americans seeking unemployment aid. The S&P 500 was down...
Stocks fall on Wall Street as hopes fade for stimulus dealVideo
Stocks gave up early gains and closed lower Wednesday, adding to Wall Street’s losses from a day earlier. The S&P 500 fell 0.7% after spending the morning swaying between small gains and losses. Companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the...
Cottonelle issues recall on flushable wipes because of possible bacteria contamination
Kimberly-Clark has issued a recall of its Cottonelle Flushable Wipes and Cottonelle GentlePlus Flushable Wipes because they may be contaminated with bacteria. The wipes were made between Feb. 7 and Sept. 14. According to the Cottonelle website, the wipes may be contaminated with “a bacterium (Pluralibacter gergoviae) which naturally occurs...
A taste for travel? Finnair to sell plane food in shops
HELSINKI — Finnish carrier Finnair will start selling business class airplane food in supermarkets in a move to keep its catering staff employed and to offer a taste of the airline experience to those missing flying in the covid-19 times. The state-controlled airline said that in a pilot scheme the...
Brazilian meatpacker fined $256 million in U.S. for bribes
MEDELLIN, Colombia — An owner of the world’s largest meatpackers, with major investments in the U.S., has pleaded guilty in U.S. federal court to paying more than $150 million in bribes for over a decade to high-level government officials in Brazil. Sao Paulo-based J&F Investimentos made the plea in a...
Delta posts $5.4 billion 3Q loss as pandemic hammers travelVideo
The summer travel season was even worse than expected for Delta Air Lines, which said Tuesday that it lost $5.4 billion in the third quarter as people hunkered down at home during the pandemic. Delta officials pushed back their timetable for breaking even, from year-end to next spring, as their...
Amazon pandemic Prime Day steals rivals’ Black Friday spotlightVideo
Amazon.com Inc.’s two-day Prime Day sale kicked off on Tuesday and is expected to give the world’s largest e-commerce company an early advantage over brick-and-mortar rivals still contending with pandemic-spooked consumers wary of battling Black Friday crowds. With Prime Day delayed to October from July this year, Amazon single-handedly could...
Consumer prices rise 0.2% in September, used vehicles spike
SILVER SPRING, Md. — U.S. consumer prices rose slightly in September, led again by sharp increases in the index for used vehicles. The consumer price index rose 0.2% last month, after gaining 0.4% in August, the Labor Department reported Tuesday. Prices for used cars and trucks rose 6.7% in September...
U.S. investigates fire reports in Chevy Bolt electric vehicles
DETROIT — The U.S. government’s road safety agency is investigating complaints that the Chevrolet Bolt electric vehicle can catch fire. The probe by the National Highway Traffic Safety Administration covers nearly 78,000 Bolts made by General Motors from the 2017 through 2020 model years. The agency says in documents posted...
Germany, France call for U.K. concessions in EU-U.K. trade talks
BRUSSELS — Germany and France on Tuesday pressured the United Kingdom to make concessions in three key areas of Brexit trade negotiations or face a no-deal situation as of Jan. 1 which would hit hard a U.K. economy already hurt by the pandemic. EU negotiator Michel Barnier left negotiations in...
Disney to overhaul its entertainment business with focus on streamingVideo
Disney said Monday that it is reorganizing its business units to focus even more on streaming. The company said in August that its Disney Plus service has more than 60 million subscribers, and subscribers to its main combination of streaming services — Disney Plus, ESPN Plus and Hulu — top...
John Dorfman: It’s been a horrible year for dividend investing
The past year was horrible for dividend investing. Many investors these days are indifferent to dividends. They want a story, fast growth, momentum and a whiff of technology. No one buys Netflix (NFLX) or Tesla Inc. (TSLA) for the dividends — and, by the way, there aren’t any. Beginning in...
Stocks are soaring, and most Black people are missing out
Americans who own stocks are pulling further away from those who don’t, as Wall Street roars back to record heights while much of the economy struggles. And Black households are much more likely to be in that not-as-fortunate group that isn’t in the stock market. Only 33.5% of Black households...
Strong gains for technology stocks send Wall Street higher
Stocks marched higher again on Monday, as Wall Street extended its gains from last week’s rally, the market’s best in three months. The S&P 500 rose 1.6%, following up on strengthening in stock markets around the world. Big Tech stocks, including Apple and Microsoft, powered much of the gains. Their...
Facebook bans Holocaust denial, distortion postsVideo
Facebook is banning posts that deny or distort the Holocaust and will start directing people to authoritative sources if they search for information about the Nazi genocide. Facebook CEO Mark Zuckerberg announced the new policy Monday, the latest attempt by the company to take action against conspiracy theories and misinformation...
2 Stanford economists win Nobel prize for auction theory
STOCKHOLM — Two American economists won the Nobel Prize on Monday for improving the theory of how auctions work and inventing new and better auction formats that are now woven into many parts of the economy. The discoveries of Paul R. Milgrom and Robert B. Wilson “have benefitted sellers, buyers...
North Huntingdon Kenny Ross dealership sold
An automotive dealership that has been a fixture along Route 30 in North Huntingdon since the early 1950s was purchased by the owner of two Chevrolet dealerships in Southwestern Pennsylvania. The Kenny Ross Chevrolet Buick GMC was sold recently to Riverview Automotive Group and the name changed to Riverview Chevrolet,...
