Business category, Page 263
Dow plunges as bond market flashes recession warning for first time since 2007Video
NEW YORK —The threat of a recession doesn’t seem so remote anymore for investors in financial markets. The yield on the closely watched 10-year Treasury fell so low Wednesday that, for the first time since 2007, it briefly crossed a threshold that has correctly predicted many past recessions. Weak economic...
Facebook paid contractors to transcribe users’ audio clips
NEW YORK — Facebook has paid contractors to transcribe audio clips from users of its Messenger service. The practice raises privacy concerns, as users aren’t typically aware that humans are reviewing audio. Facebook and other tech companies say the practice helps improve their services. Facebook said that audio snippets were...
Amazon says its facial software can recognize fear
With Halloween just months away, Amazon’s timing seems perfect. The tech company announced in a blog post this week that it’s facial recognition software — Rekognition — now has the ability to recognize fear. Amazon Rekognition has “improved accuracy for emotion detection (for all 7 emotions: ‘Happy’, ‘Sad’, ‘Angry’, ‘Surprised’,...
Treasury yields invert, signaling possibility of recession
NEW YORK — An economic alarm bell has sounded in the United States, sending warnings of a possible recession ahead. Yields on 2-year and 10-year Treasury notes inverted early Wednesday, a market phenomenon that shows investors want more in return for short-term government bonds than they are for long-term bonds....
U.S. delays tariffs on some Chinese goods, drops others
WASHINGTON — The United States is delaying tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether in a move that triggered a rally on Wall Street. The Office of the U.S. Trade Representative said Tuesday that it is still planning...
U.S. budget deficit already exceeds last year’s total figure
WASHINGTON — The U.S. fiscal deficit has already exceeded the full-year figure for last year, as spending growth outpaces revenue. The gap grew to $866.8 billion in the first 10 months of the fiscal year, up 27% from the same period a year earlier, the Treasury Department said in an...
Verizon sells early social-media darling Tumblr
NEW YORK — Verizon is selling Tumblr, a darling of early social media, to the owner of blogging platform WordPress. Tumblr is known for its devoted fan base and has been home to angry posts from celebrities such as Taylor Swift. It angered many users last year when it banned...
Karma catches up with ketchup swiper; now Heinz is helping the thief
A condiment thief was so overcome with guilt that she returned two new bottles to the scene of the crime. Someone tried to shake off some bad luck by buying two fresh bottles of ketchup at Walmart and leaving them outside a Perkins Restaurant & Bakery in Lacey Township, New...
Major U.S. stock indexes cap turbulent week
Stocks capped a turbulent week with another decline Friday as investors worry that a resolution in the U.S.-China trade dispute is a long way off. Escalating tension over trade between the world’s two biggest economies was the catalyst for big swings in the market this week. President Donald Trump indicated...
U.K. economy shrinks for first time since 2012 as Brexit bites
LONDON — The British economy shrank in the second quarter for the first time since 2012 as Brexit uncertainties weighed on business investment and firms reduced their stockpiling after Britain was granted an extension to its departure from the European Union, official figures showed Friday. The decline is set to...
U.S.-China trade war weakening demand for oil
PARIS — The International Energy Agency says the U.S.-China trade war and a decline in world economic growth are weakening the demand for oil. The Paris-based agency, which advises many developed countries on energy policies, cut its forecast for oil demand growth this year and next by 0.1 million barrels...
Technology companies power broad rally for U.S. stocks
Technology companies powered stocks broadly higher on Wall Street on Thursday, driving the S&P 500 to its best day in more than two months and erasing its losses for the week. The rally, which pushed the Dow Jones Industrial Average up by more than 370 points, followed an early rise...
Kraft Heinz takes another $1 billion hit, shares plunge
Kraft Heinz released its second quarter earnings report delayed by accounting problems and revealed continued fall-out related to those issues on top of weak sales. The company that makes Oscar Mayer hot dogs, Kool-Aid, Heinz ketchup and Velveeta took charges in excess of $1 billion in the first half due...
Pizza Hut may shutter as many as 500 dine-in locations
Food Business News is reporting that as many as 500 older dine-in Pizza Hut restaurants in the country could close as the chain increases its focus on delivery/carryout. The chain has not announced which restaurants will close. “We are leaning in to accelerate the transition of our Pizza Hut U.S....
With AI and other tech, researcher focuses on helping people with disabilities
SEATTLE — While walking beneath a canopy of trees on the winding Burke Gilman trail, artificial intelligence researcher Anat Caspi pointed to the evenness of the terrain along the University of Washington campus periphery. “A lot of times we don’t want the shortest path,” Caspi said over the din of...
How to keep your razors from contributing to landfill waste
NEW YORK — How bad is your disposable razor for the environment? The question is gaining attention among consumers amid a growing global campaign against plastic waste, with cities and countries introducing bans on single-use plastic bags and straws. Don’t worry, there’s no talk of banning your razor, which isn’t...
Walgreens to shut 200 U.S. stores as part of cost-cutting plan
NEW YORK — Pharmacy chain Walgreens plans to close 200 stores in the United States as it seeks to cut costs. The company said in a regulatory filing Tuesday the closings are part of its previously announced plan to trim costs by $1.5 billion in a few years. In May,...
U.S. stocks notch solid gains as China stabilizes currency
Stocks closed broadly higher Tuesday as Wall Street regained its footing a day after the market had its biggest decline in a year. The bounce pushed the Dow Jones Industrial Average more than 300 points higher and snapped a six-day losing streak for the market, though the benchmark S&P 500...
Top Trump economic adviser Kudlow sees ‘no signs’ of recession amid trade war
WASHINGTON — Lawrence Kudlow, President Trump’s chief economic adviser, predicted Tuesday that “calmer heads” will prevail in an escalating trade confrontation between the U.S. and China even as he offered few concrete signposts for progress. The former CNBC analyst’s comments come as U.S. and global markets are slumping over worries...
Trump’s tariffs could blot out positive economic story
WASHINGTON — Just last week, solid economic numbers appeared to be helping President Trump’s reelection prospects. The United States had achieved its longest economic expansion. Stock prices were climbing. Job gains were steady. Consumers had scaled up spending. Growth was sturdy enough to presage a second term for a conventional...
Amazon’s self-driving delivery robots head to California
Amazon’s self-driving robots will be roaming the streets of another neighborhood. The online shopping giant said Tuesday that the six-wheeled robots, about the size of a smaller cooler, will begin delivering packages to customers in Irvine, California. It comes after Amazon began testing them in a suburb of Seattle at...
The Apple credit card is here
NEW YORK — The Apple credit card designed primarily for mobile use is here. Some iPhone users who requested a notification about Apple Card will get invites Tuesday to apply through Apple’s Wallet app. The company plans to expand sign-ups more broadly in coming weeks. The card, announced in March...
GateHouse, Gannett to merge for $1.4B, build newspaper giant
NEW YORK — Two of the largest U.S. newspaper companies have agreed to combine for roughly $1.4 billion, creating a new industry giant that hopes to manage the crisis of print’s decline through sheer size. GateHouse Media, a fast-growing chain backed by an investment firm, is buying USA Today owner...
Kennametal says ‘softening markets’ hurt quarterly sales, earnings
Kennametal Inc. saw sales, net income and earnings per share drop as a result of softening of its markets during the fourth quarter that ended June 30 compared to a year ago, but it still posted increases in sales, net income and earnings for the 2019 fiscal year, the company...
Bid from New Kensington company awarded to rehabilitate I-70 bridges in West VirginiaVideo
WHEELING, W.Va. — West Virginia Gov. Jim Justice has awarded a nearly $215 million bid to improve bridges on Interstate 70. News outlets report the selection of the lowest bid for the project was announced Monday in Wheeling. New Kensington-based Swank Construction won the project to rehabilitate or replace more...
