Business category, Page 228
Stocks up as market faces down latest hurdle: dismal profitsVideo
TOKYO — Here comes the latest hurdle for the pandemic-defying stock market to leap with ease, investors hope: the worst quarter for profit growth in more than a decade. Stocks climbed worldwide Monday, adding to their stellar gains of recent months, as CEOs across the country prepare to tell their...
Hedge fund announces plan to buy newspaper publisher McClatchy
NEW YORK — Hedge fund Chatham Asset Management plans to buy newspaper publisher McClatchy out of bankruptcy, ending 163 years of family control. The companies did not put a price on the deal in an announcement Sunday. The agreement still needs the approval of a bankruptcy judge; a hearing is...
Shipbuilder files complaint over union threats during strike
Navy shipbuilder Bath Iron Works on Friday filed a complaint with the National Labor Relations Board, accusing its largest union of threatening workers who cross the picket line during an ongoing strike in Maine. The company accused leaders of Machinists’ Local S6 of threatening so-called scabs with fines and loss...
Reports: Amazon bars video app TikTok on workers’ phones
Amazon has told employees to delete the popular video app TikTok from phones on which they use Amazon email, citing security risks from the China-owned app, according to reports and posts by Twitter users who said they were Amazon employees. The notice said employees must delete the app by Friday...
Wall Street rallies as optimism returns to cap erratic week
NEW YORK — Optimism returned to Wall Street on Friday, and stocks rallied to cap a shaky week dogged by worries that rising coronavirus counts may halt the economy’s recent upswing. The S&P 500 climbed 1%, and the biggest gains came from cruise ship operators, airlines, banks and other companies...
Ban on evictions, foreclosures in Pa. extended until Aug. 31
Gov. Tom Wolf on Thursday extended a moratorium on evictions amid the covid-19 pandemic until Aug. 31, protecting renters and homeowners who are unable to pay their rent or mortgage from losing their homes. Wolf originally signed an executive order pausing evictions earlier this year as millions of Pennsylvanians lost...
WCCC casino dealer courses to begin in August
Westmoreland County Community College is set to offer training courses for table games dealers beginning in August. The Dealer School courses are sponsored by Live! Casino, which expects to open its new casino late this year at the former Bon-Ton location at Westmoreland Mall in Hempfield. Instruction is slated to...
Wall Street’s rally gets back on track as tech leads the wayVideo
NEW YORK — Wall Street’s rally got back on track Wednesday after more gains for big technology stocks helped pull the S&P 500 to its sixth gain in seven days. The S&P 500 drifted up and down for most of the day, before a last-hour lift sent it to a...
United will warn 36,000 workers they could be laid off
United Airlines is warning 36,000 employees - nearly half its U.S. staff - they could be furloughed in October, the clearest signal yet of how deeply the virus pandemic is hurting the airline industry. The outlook for a recovery in air travel has dimmed in just the past two weeks,...
Famed clothier Brooks Brothers files for bankruptcy
NEW YORK — The storied Manhattan clothier Brooks Brothers is filing for bankruptcy protection. The company that says it’s put 40 U.S. presidents in its suits survived two world wars and navigated through casual Fridays and a loosening of dress standards even on Wall Street, but the coronavirus pandemic pushed...
Duolingo co-founder threatens to move jobs from Pittsburgh to Toronto over immigration policies
A founder of Pittsburgh’s prized tech startup, Duolingo, indicated Monday that harsh immigration policies could force him to move the company – and its jobs – to Canada. Luis von Ahn wrote on Twitter that the Trump administration’s moves could cost Pittsburgh. “I’m proud that Duolingo, the most valuable startup...
Markets surge around the world; Nasdaq sets another recordVideo
NEW YORK — Stocks rallied worldwide Monday as investors bet that the economy can continue its dramatic turnaround despite all the challenges ahead. The S&P 500 rose 1.6%, following up on similar gains in Europe and Asia, and clawed back to within 6.1% of its record set in February. The...
The Perfect 10 Portfolio rides again
In 2015, one year before he became president, Donald Trump remarked that supermodel Heidi Klum was “sadly, no longer a 10.” Klum good-naturedly responded by wearing a T-shirt marked 9.99. What is always a 10? My Perfect 10 Portfolio. It contains 10 stocks, each of which is priced at 10...
Stores focus on cleaning to get shoppers back to spending
NEW YORK — Forget about making shopping fun. As clothing retailers and others try to stay viable during the coronavirus pandemic, they’re hoping steps like cleaning during store hours, offering hand sanitizer and other safety measures will bring in customers to spend. At the same time, they are largely leaving...
Uber buys Postmates in $2.65 billion all-stock deal
SILVER SPRING, Md. — Uber finally got its food delivery company, acquiring Postmates in a $2.65 billion all-stock deal, the ride-hailing giant confirmed Monday. Uber and its Uber Eats food-delivery division will gain ground against DoorDash, which controls about 37% of the U.S. food delivery market. That’s compared with Uber...
Duke, Dominion cancel contested Atlantic Coast Pipeline
RICHMOND, Va. — The developers of the Atlantic Coast Pipeline announced Sunday that they are canceling the multi-state natural gas project, citing delays and increasing cost uncertainty. Despite a victory last month at the United States Supreme Court over a critical permit, Dominion Energy and Duke Energy said in a...
Harley-Davidson cuts ties with dealership over racist posts
MILWAUKEE — Harley-Davidson said it is pulling its Facebook ads for the month of July and severing ties with a Tennessee dealership whose owner was accused of posting racist comments on social media disparaging Black Lives Matter protesters. The post was allegedly made on the Facebook page of Abernathy’s Cycles,...
US issues guidelines but no new rules for safe air travel
Federal officials said Thursday that airlines should consider limiting capacity on planes to promote social distancing, but they are not considering making the airlines do it. The officials also recommended — but did not move to require — that travelers wear face coverings in airports and on planes. All leading...
Greensburg to launch grant program for local businesses hurt by coronavirus
Lisa Hegedus can’t wait to apply for a grant from the Greensburg Community Development Corporation’s new Covid-19 Relief Main Street Jump-Start Program. The new program, funded through a $150,000 grant from the Richard King Mellon Foundation, is targeting small businesses in Greensburg that have suffered a financial hit from the...
American, 4 other airlines reach loan agreements with U.S.
DALLAS — American Airlines and four smaller carriers have reached agreement with the government for billions more in federal loans, a sign of the industry’s desperate fight to survive a downturn in air travel caused by the virus pandemic. The Treasury Department said Thursday that it had finalized terms of...
Massachusetts tells fireworks seller to stop ads in stateVideo
BOSTON — The Massachusetts attorney general is demanding that a fireworks retailer with stores in New Hampshire stop targeting its advertising to residents of Massachusetts, where fireworks are illegal. Attorney General Maura Healey in a cease-and-desist letter sent Wednesday to Phantom Fireworks alleges the company is violating state consumer protection...
U.S. adds 4.8 million jobs as unemployment falls to 11.1%Video
WASHINGTON — U.S. employers added a substantial 4.8 million jobs in June, and the unemployment rate fell to 11.1%, as the job market improved for a second straight month yet still remained far short of regaining the colossal losses it suffered this spring. The nation has now recovered roughly one-third...
Black-owned businesses see sales surge amid racism reckoningVideo
BOSTON — When Mahdi Hashemian was looking for a bicycle for his 7-year-old daughter Zeynab last week, the Cambridge, Mass., resident decided to skip his local cycle shops in favor of a Black-owned one a few miles away in Boston’s Dorchester neighborhood. At Spokehouse, a bike shop with “Black Lives...
Mt. Pleasant Lenox outlet to close after company cites pandemic-related struggles
The Lenox Factory Outlet store in Mt. Pleasant Township is shuttering, putting an end to a long history at the glass plant. Lenox, which sells tabletop and giftware items, announced Tuesday all outlet and warehouse stores will permanently close, citing difficulties caused by the coronavirus pandemic. A closing date was...
Stocks rise as Wall Street heads for a 3rd straight gain
Communication companies helped lift U.S. stock indexes mostly higher Wednesday afternoon, placing the market on track for its third gain in a row. The S&P 500 was up 0.6%, coming off the heels of a whiplash start to the year where its worst quarterly performance since 2008 gave way to...
