Business category, Page 235
Bank of England: U.K. economy to shrink by most since 1706Video
LONDON — The Bank of England warned Thursday that the British economy could suffer its deepest annual contraction in more than three centuries as a result of the coronavirus pandemic, before bouncing back next year. In what it describes as a “plausible” scenario, the bank said the British economy will...
TV broadcaster Sinclair fined record $48 million over Tribune deal
The federal government has fined Sinclair Broadcasting Corp. $48 million, largely because of actions the TV broadcaster took in its failed attempt to acquire smaller rival Tribune Media. Sinclair in 2017 proposed a $3.9 billion deal for Tribune’s TV stations, attempting to extend its reach into new markets. The deal...
Wall Street dips to week’s first loss despite tech’s efforts
Stocks fell on Wall Street Wednesday, sending the market to its first loss in three days, after more depressing data rolled in on the devastation sweeping the global economy. The S&P 500 dropped 0.7%, and three out of four stocks in the index sank. But the market’s losses would have...
Small businesses slash more than 11 million jobs in April
NEW YORK — The nation’s small businesses slashed more than 11 million jobs in April as they were forced to close or suffered steep revenue losses amid the coronavirus outbreak. The tally from ADP counts jobs lost at the payroll provider’s business customers with under 500 workers. The smallest companies,...
With factories dark, GM profit slumps 88%; 2Q likely worseVideo
DETROIT — General Motors’ first-quarter net income fell 88%, but it still managed to make $247 million despite the arrival of the global coronavirus pandemic. U.S. automakers suspended production in much of the world in late March. For GM, that clipped revenue for the quarter by 6%, to $32.7 billion,...
Stocks end higher on Wall Street even after late-day stumble
Stocks closed broadly higher on Wall Street on Tuesday as more countries relaxed restrictions on businesses, raising hopes for a recovery from the historic plunge that is sweeping the global economy. The S&P 500 rose 0.9% after losing about half of its early gains in a late-afternoon burst of selling....
U.S. service sector shrinks for first time since recessionVideo
WASHINGTON — The U.S. service sector shrank for the first time in a decade last month as the pandemic forced shutdowns and layoffs nationwide. The Institute for Supply Management said Tuesday that its service-sector index fell to 41.8 in April, compared with a March reading of 52.5. Any reading below...
Treasury says April-June borrowing will be a record $2.99T
WASHINGTON — The economic paralysis triggered by the coronavirus pandemic is forcing the U.S. Treasury to borrow far more than it ever has before — $2.99 trillion in the current quarter alone. The amount is more than five times the government’s previous record borrowing for a quarter, $569 billion, set...
Global slowdown drops Kennametal earnings, sales
The global economic slowdown hit Kennametal Inc. hard in the quarter ending March 31, as it earned just 3 cents per share from net income that plunged to just $2.24 million on sales that dropped to $483.0 million, a 19% decline from a year ago. The Pittsburgh-based industrial toolmaker said...
Give me that old time religion: Low-debt stocks
I love low-debt stocks. Companies with little or no debt have staying power when an unexpected emergency pops up — the current pandemic, for example. They almost never have to sell a promising division because they need cash. They may be able to launch new initiatives, make acquisitions or increase...
Wall Street gives back more of April’s leap, led by airlinesVideo
NEW YORK — Stocks are falling in early trading on Wall Street Monday, as the market gives back a bit more of the gargantuan gains made during its best month in decades. Airline stocks had some the market’s sharpest losses after famed investor Warren Buffett said he’d dumped all his...
J.Crew files for Chapter 11 as pandemic chokes retailVideo
NEW YORK — The owner of J.Crew is filing for bankruptcy protection, the first major retailer to do so since the pandemic forced the closing of most stores in the United States. More retail bankruptcies are expected in coming weeks with the doors of thousands of stores still locked, though...
Back to work, owners make changes so workers feel safe
NEW YORK — Before the coronavirus outbreak, furniture deliveries at Sunnyland Outdoor Living meant two employees sitting side-by-side in a truck. Now, one will be driving the truck while the second follows in a car. And when Sunnyland’s workers reach a customer’s home, “we’ll deliver outside — we won’t go...
Stocks slide as Amazon, other companies detail coronavirus fallout
Stocks closed broadly lower on Wall Street on Friday after Amazon and other big companies reported disappointing results, the latest evidence of how the coronavirus pandemic is hobbling the economy and hurting corporate earnings. A day after closing out its best month since 1987, the S&P 500 fell 2.8%. The...
Exxon profits drop as most of world stays home, forgoes fuelVideo
NEW YORK — Profits fell at Exxon Mobil during the first quarter as the global pandemic began to erode oil demand. The Irving, Texas oil giant lost $610 million in the first quarter, down 126% from the same time last year, the company said Friday. Revenue was $56.16 billion, down...
Major U.S. airlines to require passengers to wear face masksVideo
DALLAS — American Airlines, Delta Air Lines and United Airlines said Thursday they will soon require passengers to cover their faces during flights, following the lead of JetBlue Airways. The move comes as airlines big and small contemplate how to comply with social-distancing recommendations in the midst of the coronavirus...
Trib ups grant fund to $1 million
It was a million dollar moment for businesses throughout the region Thursday when Trib Total Media expanded its advertising grant program from $250,000 to $1 million, meeting an overwhelming first-day demand for funds aimed at helping companies regain their footing amid the covid-19 crisis. Just seven hours after the application...
U.S. Steel expects to lay off 2,700 workers
One of the biggest U.S. steelmakers is signaling how the coronavirus pandemic is set to inflict pain on blue-collar America. U.S. Steel Corp. expects to lay off about 2,700 employees as the virus forces the company to idle most of its blast furnaces. Even before lockdowns hit the economy, producers...
Sheetz to extend pay increase for employees during pandemic
Sheetz announced Thursday it is extending its extra pay for employees until June 4. When the $3 an hour increase was announced March 25, it was set to run through April 23, for all employees working during the pandemic. “This extension is to express our continued gratitude for our hardworking...
Workers must risk infection or losing unemployment payments
ATLANTA — Some of the millions of American workers laid off because of the coronavirus are beginning to face a tough choice — return to work and risk infection, or stay home and risk losing unemployment payments. The decision is most pressing in states where governors have started allowing businesses...
Pennsylvania auditor general will look into how state handled business waivers
State Auditor General Eugene DePasquale will audit how the state managed the waiver process used to give businesses exemptions to Gov. Tom Wolf’s shutdown order. “Some business owners complained that the department’s waiver process was too slow and not transparent enough,” DePasquale said. The announcement came a day after Senate...
You can skip mortgage payments for 6 months. But many fear what comes after that
In March, like millions of others, Thomas Taylor saw his income plummet. The global pandemic left the 42-year old furloughed from his two bartending jobs and staring down a $2,600 monthly mortgage payment on his condo in Laguna Niguel, Calif. Taylor reached out to his mortgage company for help but...
Wall Street pulls back as dismal economic data piles higher
Stocks are falling on Wall Street Thursday after more reports made clear the worldwide devastation the coronavirus outbreak is causing for the economy. The dour figures helped drive most U.S. stocks to losses, and the S&P 500 was down 1.4% in afternoon trading. Treasury yields also sank, while European stocks...
Census surveys could help small businesses post-pandemic
Greg Cammerata, a Hempfield restaurant owner, is hopeful a new survey rolled out by the U.S. Census Bureau will bring additional aid to small businesses amid the coronavirus pandemic. “We’re not a corporate place,” said Cammerata, who owns IronRock Tap House. “We’re local people that did this restaurant. We don’t...
30 million have sought U.S. unemployment aid since virus hitVideo
WASHINGTON — More than 3.8 million laid-off workers applied for unemployment benefits last week as the U.S. economy slid further into a crisis that is becoming the most devastating since the 1930s. Roughly 30.3 million people have now filed for jobless aid in the six weeks since the coronavirus outbreak...
