Business category, Page 240
Levin Furniture rescue complicated by Art Van bankruptcy; Pa. attorney general looks to protect customers
Robert Levin’s plans to revive the family furniture chain he sold in 2017 may be on hold until complex bankruptcy proceedings in Delaware unwind, he said. Also involved in those proceedings, with a scheduled hearing on Friday, is Pennsylvania Attorney General Josh Shapiro’s office, which is representing Levin Furniture customers...
Pittsburgh-based Honeycomb Credit offers loans to small businesses during coronavirus
Small businesses are among the hardest hit economically during the coronavirus pandemic. But there are now more options for help. Pittsburgh-based Honeycomb Credit, a startup investment crowdfunding platform, announced Wednesday the launch of its first Relief Loan Campaign. It provides working capital loans to small businesses during the pandemic. Each...
Fine Wine & Good Spirits losing $6.5 million a day, restarts online sales
Record sales on the eve of Gov. Tom Wolf’s temporary closure of state-run wine and liquor stores won’t be enough to offset growing losses — which threaten to end a two-decade streak of new revenue highs, a Tribune-Review analysis shows. Fine Wine & Good Spirits stores shuttered two weeks ago,...
Stocks skid worldwide as coronavirus infections keep soaringVideo
NEW YORK — U.S. stocks joined a worldwide downdraft Wednesday as more signs piled up of the economic and physical pain being caused by the coronavirus outbreak. The S&P 500 dropped close to 3% in midday trading after President Donald Trump warned Americans to brace for “one of the roughest...
U.S. construction spending down 1.3% in FebruaryVideo
WASHINGTON — Spending on U.S. construction projects fell 1.3% in February with housing and nonresidential construction both showing weakness even before the coronavirus struck with force in the United States. The Commerce Department said Wednesday that the February decline followed a 2.8% rise in construction in January. Economists are forecasting...
What you need to do to get your government stimulus check
The IRS and the Treasury Department say Americans will start receiving their economic impact checks in the next three weeks. The payments are part of the $2.2 trillion rescue package signed into law last week by President Donald Trump aimed at combating the economic ravages of the coronavirus outbreak. Most...
Stocks fall, closing out their worst quarter since 2008Video
NEW YORK — Stocks are down in subdued trading Tuesday, as Wall Street’s wraps up its worst quarter of performance since the 2008 financial crisis. The S&P 500 is down in afternoon trading after flipping between modest losses and gains, pushing its loss for the first three months of the...
Marriott says new data breach affects 5.2 million guestsVideo
Marriott says guests’ names, loyalty account information and other personal details may have been accessed in the second major data breach to hit the company in less than two years. Marriott said Tuesday approximately 5.2 million guests worldwide may have been affected. The information taken may have included names, addresses,...
Trump administration rolls back vehicle mileage standardsVideo
WASHINGTON — The Trump administration rolled backed ambitious Obama-era vehicle mileage standards Tuesday, raising the ceiling on damaging fossil fuel emissions for years to come and gutting one of the United States’ biggest efforts against climate change. The Trump administration released a final rule Tuesday on mileage standards through 2026....
Wall Street dips, on pace for worst quarter since 2008Video
NEW YORK — Stocks fell in early trading Tuesday, as Wall Street closes in on its worst quarterly performance since the most harrowing days of the 2008 financial crisis. The S&P 500 dipped by less than 1% in the first few minutes of trading, extending its loss for the first...
John Dorfman: Now look closely at the Stock Market Casualty List
The market’s battlefield is littered with casualties. Each quarter I write about stocks that have been wounded and that I think have excellent recovery potential. I call it the Casualty List. This quarter there are many candidates: Dozens of solid stocks are down 40% or more. Blame the coronavirus and...
Macy’s to furlough majority of its 130,000 workers
Macy’s says it will stop paying tens of thousands of employees who were thrown out of work when the chain closed its stores in response to collapsing sales during the pandemic. The majority of its 130,000 employees, including stock people and sales clerks, will still collect health benefits, but the...
U.S. pending home sales trended higher before virus outbreak
BALTIMORE — Americans signed more contracts in February to buy homes, but the gains are likely relics of a moment before the coronavirus outbreak sent the U.S. economy spiraling into a likely recession. The National Association of Realtors said Monday that its pending home sales index, which measures the numbers...
Stocks inch up amid uncertainty about virus toll; oil fallsVideo
NEW YORK — U.S. stocks are shaky in early trading on Monday, as markets around the world made tentative moves amid all the uncertainty about whether global authorities can do enough to nurse the economy through the coronavirus outbreak. The S&P 500 was up close to 1% in the first...
Instacart workers seek strike as jobs get busier, riskierVideo
NEW YORK — A possible strike by Instacart workers highlights the impact of the coronavirus outbreak on the grocery delivery business, where workers are worried about their safety as they try to meet a surge in demand for online groceries. A group called the Gig Workers Collective is calling for...
New Jersey pizzeria borrows to keep workers on job, spurs donationsVideo
BELMAR, N.J. — This is a story about bosses and their workers, in the dark days of covid-19. It’s also a story about how one good turn deserves another and yet another. And this being New Jersey, it’s also a story about pizza. Bryan Morin and his brother Michael operate...
Stocks move lower on Wall Street following a big 3-day rallyVideo
Stocks are lower Friday on Wall Street, remaining little changed after Congress voted to pass a big financial rescue package aimed at cushioning ailing businesses and households from the coronavirus crisis. The selling erased some of the market’s gains after a strong three-day rally that has the major stock indexes...
Home internet jammed up? Try these steps before upgrading
With so much of the U.S. workforce — and its families — now cooped up at home to combat the spread of the novel coronavirus, it’s not a huge surprise that home internet is showing the strain. If you’ve had a business videoconference stutter while your teenagers play Call of...
Peeps production stops, but Easter is coveredVideo
No more Peeps are being hatched for at least a couple of weeks — but it shouldn’t affect Easter baskets. The Bethlehem, Pennsylvania-based Just Born confections company said its production facilities there and in Philadelphia closed Wednesday through April 7. But the company says it had already produced and shipped...
U.S. economy grew at 2.1% rate in 4th quarterVideo
WASHINGTON — The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for some time as the country endures a sharp contraction because of the impact of the coronavirus. The Commerce Department said Thursday...
U.S. unemployment claims soar to record 3.3 million as layoffs jumpVideo
WASHINGTON — Nearly 3.3 million Americans applied for unemployment benefits last week — more than quadruple the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus. The surge in weekly applications was a stunning reflection of the damage the viral outbreak is doing to...
Ford pushes for factory restart, union not so sure
DETROIT — Ford says it wants to reopen five North American assembly plants in April that were closed due to the threat of coronavirus. The three Detroit automakers suspended production at North American factories March 19 under pressure from the United Auto Workers union, which had concerns about members working...
Goldman Sachs sees U.S. oil prices ‘well below’ $20Video
NEW YORK — Goldman Sachs is warning of another sharp drop in oil prices, saying some oil producers are eventually going to have to shut some wells because of dramatic decline in demand due to the coronavirus outbreak. Goldman says demand for jet fuel and gasoline is deteriorating as governments...
Sheetz gives workers $3-per-hour raise during virus outbreak
Sheetz announced Wednesday that it is giving its workers an extra $3 per hour during the coronavirus outbreak. In a release, the company said the pay raise will run through April 23. “Our employees are the heart and soul of Sheetz and their commitment to serve our customers and communities...
Ford recalls 268K cars in North America to fix door latchesVideo
DETROIT — Ford is recalling more than 268,000 cars in North America to fix doors that could open unexpectedly or may not close. The recall covers the 2014 through 2016 Ford Fusion and Lincoln MKZ, and the 2014 and 2015 Ford Fiesta. Cars in Mexico, U.S. territories and 16 states...
