Business category, Page 245
Teens love the video app TikTok. Do they love it too much?
From the perspective of teens, TikTok is a major new outlet for self-expression, one proudly home to the silly, the loud and the weird. To others, the Chinese-owned online video service is an unnerving black box that could be sharing information with the Chinese government, facilitating espionage or just promoting...
Virus’ effect on world economy grows more alarming
TOKYO — Concerns about the coronavirus outbreak’s threat to the world economy grew Saturday as authorities in the U.S. reported its first domestic death from the virus and President Donald Trump denounced criticism of his response to the threat as a “hoax” cooked up by his enemies. China’s manufacturing plunged...
Wall Street has worst week since 2008
Stocks sank around the globe again Friday as investors braced for more economic pain from the coronavirus outbreak, sending U.S. markets to their worst weekly finish since the 2008 financial crisis. The damage from the week of relentless selling was eye-popping: The Dow Jones Industrial Average fell 3,583 points, or...
FCC proposes fines for phone companies that shared user data
NEW YORK — The Federal Communications Commission has proposed roughly $200 million in fines combined for the four major U.S. phone companies for improperly disclosing customers’ real-time location. FCC Chairman Ajit Pai said during a news conference Friday that the fines amounted to $91 million for T-Mobile, $57 million for...
Amazon bans 1 million products because of coronavirus claims
Amazon has pulled more than 1 million items from its digital shelves due to claims that the products could either cure or help prevent the spread of coronavirus. The move comes during the same week that Facebook said it would ban advertisements on its platform for products purporting to cure...
General Motors to add 1,200 workers at 2 Michigan factories
DETROIT — General Motors is adding 1,200 jobs at two Michigan factories to build midsize SUVs and two new luxury sedans. GM said Friday that its Lansing Delta Township plant will get a third shift and 800 more workers to build the Chevrolet Traverse and Buick Enclave SUVs, which have...
Stock market rout deepens on virus worries; indexes lose 4%
The Dow Jones Industrial Average sank nearly 1,200 points Thursday, deepening a weeklong global market rout caused by worries that the coronavirus outbreak will wreak havoc on the global economy. Bond prices soared again, sending the yield on the 10-year Treasury to another record low. When yields fall it’s a...
Regulators challenge merger of Philadelphia health networks
The Federal Trade Commission said Thursday it is taking action to block the planned merger of two major Philadelphia-area health systems, saying it would reduce competition and harm patients. The FTC issued an administrative complaint and said it is also filing a complaint in federal court to prevent the merger...
Walmart confirms it will launch a rival to Amazon’s Prime
NEW YORK — Walmart is confirming that it’s developing a competitor to Amazon’s juggernaut Prime membership program. The company declined on Thursday to offer details, but a spokeswoman said it will be called Walmart+. News website Vox first reported the news about Walmart’s new membership program earlier Thursday and said...
Kia recalls over 193K vehicles; fuel leaks can cause fires
DETROIT — Kia is recalling more than 193,000 cars and minvans in yet another move to fix nagging problems that could cause engine fires. The largest of two U.S. recalls released by the government Thursday covers nearly 142,000 2013 and 2014 Optima midsize cars. They have 2.4-liter direct fuel injection...
Delivery giant DoorDash takes step toward public offering
NEW YORK — Food delivery giant DoorDash has taken a first formal step toward a stock market debut. The San Francisco-based company said Thursday that it had filed paperwork with the Securities Exchange Commission outlining its proposed public stock offering. There was no proposed date for an initial offering, which...
Coffee shop features Oval Office scene, Trump cutout, Fox News
A conservative-themed coffee shop that opened last weekend in Florida features an Oval Office scene with a cutout of President Trump, televisions blaring Fox News and a “wall of honor” with veterans’ and police officers’ signatures. Conservative Grounds, the newest business in a Largo strip mall that includes an LGBTQ...
Order online or drive to the store? The climate savvy pick ‘clicks and bricks’
NEW YORK — Consumers could be forgiven for assuming that shopping online has a lower carbon footprint than buying in-store. For many, the online option saves them a trip in the car, and it stands to reason that logistics companies would be good at generating efficient delivery routes. There’s some...
Stocks sink, bonds soar on fears virus will stunt economyVideo
Stocks slumped again Tuesday on Wall Street, piling on losses a day after the market’s biggest drop in two years as fears spread that the growing virus outbreak will put the brakes on the global economy. Nervous investors snapped up low-risk U.S. government bonds, sending the yield on the 10-year...
Drugmaker Mallinckrodt reaches $1.6B opioid settlement
The generic drugmaker Mallinckrodt has a tentative $1.6 billion deal to settle lawsuits over its role in the U.S. opioid crisis, it announced Tuesday. The deal is intended to end hundreds of lawsuits faced by the company over opioids. The company said that it had an agreement with a key...
JPMorgan to stop lending to coal companies, arctic drillers
NEW YORK — JPMorgan Chase & Co. will no longer do business with coal companies and will restrict financing to companies that drill in the Arctic, the company announced Tuesday. The announcement came in tandem with the bank announcing it would extend $200 billion in financing to clean and renewable...
China’s Huawei debuts latest version of folding phone
LONDON — China’s Huawei unveiled its latest folding smartphone Monday and its first such device to be available internationally, competing in a niche category with new models from Samsung and Motorola. The company took the wraps off the new Mate Xs by video instead of a press launch, as the...
John Dorfman: No one wants Chinese stocks now — and that’s why you should
Sir John Templeton, one of the greatest investors of the 20th century, famously said you should invest “at the point of maximum pessimism.” At various points in his career, he did that in the United States, Japan and New Zealand. Now, I think investors have the chance to do something...
Dow drops more than 1,000 as outbreak threatens the economy
NEW YORK — The Dow Jones Industrial Average slumped more than 1,000 points Monday in the worst day for the stock market in two years as investors worry that the spread of a viral outbreak that began in China will weaken global economic growth. Traders sought safety in U.S. government...
Wells Fargo to pay $3B to resolve probes into fake accounts
NEW YORK — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal came to light in 2016, Wells has paid out...
Jägermeister’s logo is not religiously offensive, says Swiss court
It should have been quite simple: Jägermeister wanted to put its iconic logo on things other than its unique brand of liqueur. Things like cosmetics and mobile phones. But the Swiss Federal Institute of Intellectual Property wasn’t having it. According to a report in Swissinfo, an online arm of the...
Pier 1 stores in Ross, Washington among hundreds set to close
Two local Pier 1 Imports stores are among the more than 400 that will close this year, according to the retailer’s court filings this week. The locations on McKnight Road in Ross and Washington Road in Washington will close, though it was not immediately clear when, according to court documents...
Uber resumes operating in Colombia after 3-week hiatus
BOGOTA, Colombia — Uber restarted operations in Colombia on Thursday after shutting down its app for almost three weeks. In a statement, the platform said it had found “new alternatives” to work legally in the South American country. Uber said that from now on, its app will help users enter...
Struggling Victoria’s Secret is sold as women demand comfortVideo
NEW YORK — Victoria’s Secret, which once defined sexy with its leggy supermodels in their lacy bras and oversized angel wings, has a new owner. Now, the big question is whether the once sought after but now struggling brand can be reinvented for a new generation of women demanding more...
Morgan Stanley to buy E-Trade for $13 billionVideo
NEW YORK — Morgan Stanley, the investment bank for millionaires, big business and megamergers, is buying E-Trade Financial, the online brokerage that encouraged waves of regular investors to get into the market with ads featuring its talking spokesbaby. The roughly $13 billion, all-stock deal would be one of the biggest...
