Business category, Page 220
Subway bread isn’t bread, Irish court says
Ireland’s Supreme Court has ruled that bread sold by the fast food chain Subway contains so much sugar that it cannot be legally defined as bread. The ruling came in a tax dispute brought by Bookfinders Ltd., an Irish Subway franchisee, which argued that some of its takeaway products -...
FAA chief tests changes to Boeing’s grounded 737 MaxVideo
The head of the Federal Aviation Administration began a test flight of Boeing’s revamped 737 Max jetliner on Wednesday as his agency considers whether to allow the plane to return to flight after two deadly crashes. FAA Administrator Stephen Dickson, a pilot who flew for the military and Delta Air...
Economy plunged 31.4% in spring but big rebound expected
WASHINGTON — The U.S. economy plunged at a record rate in the spring but is poised to swing to a record increase in the quarter that just ended. The Commerce Department reported Wednesday that the gross domestic product, the economy’s total output of goods and services, fell at a rate...
JPMorgan to pay $920M for manipulating bond, metals markets
NEW YORK — JPMorgan Chase admitted Tuesday to manipulating the markets for precious metals and U.S. Treasuries, agreeing to pay $920 million in fines and penalties for the illegal behavior. U.S. financial regulators and the Department of Justice said traders at JPMorgan used a tactic known as “spoofing” over an...
Ethane cracker plant in Beaver County about 70% complete, Shell executive says
Construction of a multibillion-dollar ethane cracker plant in Beaver County is about 70% complete, a Shell Global executive said Tuesday during the Shale Insight conference. Hilary Mercer, Shell Global’s vice president of Pennsylvania Chemicals, spent about a half-hour during the virtual conference describing the development of the facility, work on...
Shale Insight conference focuses on fossil fuels’ impact on economy, tech and election
U.S. Sen. Pat Toomey, R-Lehigh Valley, on Tuesday lauded President Trump’s support of the fossil fuel industry during the opening day of the annual Shale Insight conference, being held virtually this year because of the covid-19 pandemic. “Everyone in the room knows that President Trump, Vice President Pence and Republicans...
Disney to lay off 28,000 at its parks in California, Florida
ORLANDO, Fla. — Squeezed by limits on attendance at its theme parks and other restrictions due to the pandemic, The Walt Disney Co. said Tuesday it planned to lay off 28,000 workers in its parks division in California and Florida. Two-thirds of the planned layoffs involve part-time workers but they...
Pittsburgh area jobless rates drops to 10.2%
The seven-county Pittsburgh area unemployment rate continued to fall in August, dropping 2.3 percentage points to 10.5%. But the decrease is deceiving because almost 13,000 people dropped out of the labor force last month, the state said Tuesday. The jobless rate for the region — Allegheny, Armstrong, Beaver, Butler, Fayette,...
Coca-Cola, Molson Coors teaming up on hard seltzer
SILVER SPRING, Md. — With the help of Molson Coors, Coca-Cola will start selling the “hard stuff” — hard seltzer, that is. The companies said the new alcoholic beverage will come in the form of Topo Chico Hard Seltzer, which they hope to have on store shelves in the first...
Unfriendly skies: Airline workers brace for mass layoffs
DETROIT — The worries are growing for United Airlines flight attendant Jordy Comeaux. In a few days, he’ll be among roughly 40,000 airline workers whose jobs are likely to evaporate in an industry decimated by the coronavirus pandemic. Unless Congress acts to help for a second time, United will furlough...
Amazon sees its palm recognition tech in stadiums, offices
SEATTLE — Amazon has introduced new palm recognition technology in a pair of Seattle stores and sees a broader potential audience in stadiums, offices and other gated or secured locations. Customers at the stores near Amazon’s campus in Washington can flash a palm for entry into secured areas and buy...
Wall Street claws back some of its losses from SeptemberVideo
Stocks notched solid gains Monday as Wall Street clawed back some of its sharp and sudden September losses. The S&P 500 rose 1.6%, it’s third straight gain. The benchmark index was coming off its first four-week losing streak in more than a year and is on track to close out...
Feds target predatory lenders to small business, but Pennsylvania remains a haven for the industry
Last summer, Philadelphia lawyer Shane Heskin told Congress that Pennsylvania has robust laws to prevent consumers from being gouged on loans — but none protecting business owners. “Consumers have laws protecting them from usurious interest rates,” he said. “But for small businesses, those protection laws don’t apply at all.” Heskin...
Federal judge postpones Trump ban on popular app TikTok
NEW YORK — A federal judge on Sunday postponed a Trump administration order that would have banned the popular video sharing app TikTok from U.S. smartphone app stores around midnight. A more comprehensive ban remains scheduled for November, about a week after the presidential election. The judge, Carl Nichols of...
Wall Street gains, but S&P 500 still faces 4th weekly loss
NEW YORK — Stocks are solidly higher after shaking off an early stumble Friday, though the S&P 500 is still heading for a fourth straight week of losses amid Wall Street’s September swoon. The S&P 500 rose 1.6% after flip-flopping between small gains and losses a few times in the...
Jobless claims rise to 870,000 as backlogs cloud data
WASHINGTON — The number of people seeking U.S. unemployment aid rose slightly last week to 870,000, a historically high figure that shows that the viral pandemic is still squeezing restaurants, airlines, hotels and many other businesses six months after it first erupted. The figure coincides with evidence that some newly...
Wells Fargo CEO Charles Scharf apologizes for comments about diversity
NEW YORK — Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. The...
California moves to end sales of new gas-powered cars by 2035Video
SACRAMENTO — California will outlaw sales of new gasoline-powered passenger cars and trucks by 2035, Gov. Gavin Newsom announced Wednesday, a move he says will cut greenhouse gas emissions by 35% in the nation’s most populous state. His plan would not ban people from owning gas-powered cars or selling them...
U.S. cruises vow 100% coronavirus testing in plan for resuming sailingVideo
Major cruise lines say they will test all passengers and crew for covid-19 prior to boarding as part of their plan for resuming sailing in the Americas. The Cruise Lines International Association, a trade group that represents 95% of global ocean-going cruise capacity, said Monday that its members will also...
U.S. household wealth hits record even as economy struggles
WASHINGTON — Americans’ household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in March. Yet the gains flowed mainly to the most affluent households even as tens of millions of people endured job losses and shrunken incomes. The Federal Reserve...
Lufthansa pulls more big jets, issues gloomy outlook
German airline Lufthansa, already bailed out by the government, says it will have to make more staff cuts and mothball more jumbo jets than originally planned because the outlook for air travel is worse than the company first predicted. The company said Monday it would have to drop more than...
Wall Street joins global tumble, S&P 500 down more than 2%Video
Stocks are falling sharply on Wall Street Monday, joining a global tumble for markets as the S&P 500 sinks more than 2%. Losses began in Asia as soon as trading opened for the week, and they accelerated in Europe on worries about the possibility of tougher restrictions there to stem...
Founder of GM electric truck partner quits amid allegations
FRANKFURT, Germany — Shares in electric- and hydrogen-powered truck startup Nikola plunged on Monday after the company’s founder resigned amid allegations of fraud — just two weeks after signing a $2 billion partnership with General Motors. The company said late Sunday that Trevor Milton resigned and the departing executive chairman...
Judge agrees to delay U.S. government restrictions on WeChat
NEW YORK — A judge has approved a request from a group of U.S. WeChat users to delay looming federal government restrictions that could effectively make the popular app nearly impossible to use. In a ruling dated Saturday, Magistrate Judge Laurel Beeler in California said the government’s actions would affect...
Trump backs proposed TikTok deal with Oracle, Walmart
WASHINGTON — President Donald Trump said Saturday he’s given his “blessing” to a proposed deal between Oracle and Walmart for the U.S. operations of TikTok, the Chinese-owned app he’s targeted for national security and data privacy concerns. Trump said the proposed deal will result in a new company likely to...
