Wire stories category, Page 122
Ford Motor Co. posts 1st quarterly loss in 2 years
DEARBORN, Mich. — Ford Motor Co., which has struggled overseas and saw U.S. sales fall last year, reported its first quarterly net loss in two years Wednesday. The Dearborn, Mich., company said it lost $116 million, or 3 cents a share, in the fourth quarter, compared with a $2.52 billion...
Verizon cutting about 800 jobs in troubled media business
NEW YORK — Verizon is cutting about 800 jobs, or 7 percent of its media and advertising employees, as it reorganizes the troubled division. The wireless company had hoped to create an ad business that could compete with Google and Facebook. It spent about $10 billion buying up internet pioneers...
Stocks end day with meager gains
U.S. stock indexes spent Wednesday drifting and finished with small gains. While big companies continue to report strong profit growth, investors aren’t sure how much longer it will last. The S&P 500 index rallied 0.8 percent in the morning after fourth-quarter earnings reports from major companies including IBM, consumer products...
Forgoing staffers, many businesses turn to freelancers
NEW YORK — It hasn’t been lost on small business owners that Uber and other ride-sharing services are enormously successful without having employees doing the work. It’s one of the reasons why small companies are forgoing employees in favor of independent contractors. Todd Miller transformed his small business a year...
Analysis: Falling home sales not helping middle-class buyers
WASHINGTON — When home sales weaken, prices typically do, too, and buyers benefit. Not quite this time. Home purchases in many areas of the country have dipped, and price gains have slowed. Yet a rising number of middle-class Americans are finding that home ownership is unaffordable. Why? Mortgage rates are...
Erin Brockovich urges California to stop PG&E bankruptcy
SACRAMENTO, Calif. — Consumer activist Erin Brockovich, who famously took on Pacific Gas & Electric Co. in the 1990s, urged California lawmakers Tuesday not to let the utility go bankrupt because it could mean less money for wildfire victims. “I’m mad. I think we should all be mad,” Brockovich said...
Stocks sink on growth fears, possible snag in trade talks
NEW YORK — Stocks fell sharply Tuesday following new signs the global economy is weakening and reports of difficulties in trade talks between the United States and China. That broke a four-day winning streak for U.S. indexes. Major global indexes traded lower after the International Monetary Fund trimmed its economic...
Arconic no longer considering sale, shares slide
NEW YORK — Shares of Arconic are sliding at the opening bell after the aluminum maker said it’s no longer exploring a sale. The company formerly known as Alcoa had considered a sale over the past year, but said Tuesday that it didn’t receive any offers it thought was in...
Survey: CEO pessimism on economy spreads after upbeat 2018
DAVOS, Switzerland — A survey of hundreds of corporate leaders shows “a record jump in pessimism” about the world economy, with sentiment doused by trade spats, a global downturn and fading benefits from U.S. President Donald Trump’s tax cuts. Consulting firm PwC says the latest edition of its annual survey...
China grants Ivanka Trump 5 trademarks amid trade talks
SHANGHAI — The Chinese government has granted Ivanka Trump’s company preliminary approval for another five trademarks this month, as her father’s administration pushes ahead on trade negotiations with China. Four trademarks, including child care centers, sunglasses and wedding dresses, were approved on Sunday. A fifth, covering brokerage, charitable fundraising and...
Deborah Kearns: The 4 most common mortgage and real estate scams and how to stop them
The last thing consumers should have to worry about is being scammed when they buy or rent a home, or consider refinancing options. Unfortunately, criminals are getting more creative in how they target their victims, leading to major financial headaches for their unsuspecting victims. In 2017 alone, 9,645 victims reported...
World Economic Forum warns of impact of global tensions
LONDON — International tensions and nationalist politics can further weigh on the global economy this year and hinder efforts to deal with big issues such as climate change, the organizers of this week’s Davos forum warned last weekWednesday. In its annual Global Risks Report, the World Economic Forum said the...
On road to make an affordable car, Tesla cuts jobs
Tesla, recognizing as imperative its ability to produce a cheaper electric car, told employees Friday that it must cut 7 percent of its workforce. Tesla’s cheapest model right now is the $44,000 Model 3, and it needs to broaden its customer base to survive. “Looking ahead at our mission of...
Nissan to cut up to 700 contract workers in Mississippi
JACKSON, Miss. — Nissan Motor Co. says it’s cutting up to 700 contract workers at its Mississippi assembly plant, citing slow sales for Titan pickup trucks and vans. The company employs 6,400 employees and contractors in Canton, Miss. The move follows Nissan’s December announcement that it’s cutting 1,000 jobs at...
Microsoft pledges $500M to tackle Seattle housing crisis
SEATTLE — Microsoft pledged $500 million to address homelessness and develop affordable housing in response to the Seattle region’s widening affordability gap. Most of the money will be aimed at increasing housing options in the Puget Sound region for low- and middle-income workers at a time when they’re being priced...
Sears staves off liquidation, stores to remain open
NEW YORK — Sears will live on— at least for now. The company’s chairman and largest shareholder, Eddie Lampert, won a bankruptcy auction for Sears, averting liquidation of the iconic chain, according to a source familiar with the negotiations. The person agreed to speak on condition of anonymity because they...
PG&E bankruptcy looms, CEO to exit as fire costs dwarf cash
PG&E Corp. said it will file for bankruptcy in California after the cost of wildfires left it with potential liabilities of $30 billion or more, gutting its share price and prompting the departure of its chief executive officer. The San Francisco-based company said it intends to reorganize under Chapter 11...
Netflix raising prices for 58M U.S. subscribers as costs rise
SAN FRANCISCO — Netflix is raising its U.S. prices by 13 percent to 18 percent, its biggest increase since the company launched its streaming service 12 years ago. Its most popular plan will see the largest hike, to $13 per month from $11. That option offers high-definition streaming on up...
Airbnb says it made a profit again in 2018
Airbnb Inc. said it made money for a second straight year, based on a common measure that excludes some expenses, as the online home-rental service prepares for an initial public offering. Airbnb said in a memo that it generated earnings before interest, tax, depreciation and amortization in 2018. A spokesperson...
Texas recyclers face challenges of weak demand, low prices
HOUSTON — Oceans choked with discarded plastics. Beached whales found with hundreds of pieces of plastics in their stomachs. Soil contaminated by tiny fragments of plastics. The Houston Chronicle reports as environmentalists, corporations and the public increasingly focus on the mass of plastics discarded every day, they are running into...
Volkswagen to build electric vehicles at Tennessee plant
German automaker Volkswagen said Monday its factory in Tennessee will be the focus of an $800 million investment in the company’s manufacturing of electric vehicles in North America. Volkswagen made a couple of announcements that will expand its plant in Chattanooga and create 1,000 jobs there as the factory gears...
Citigroup adjusted profits rise by 9 percent, beats estimate
NEW YORK — Citigroup is reporting its profits rose by 9 percent on an adjusted basis from a year earlier, helped by a lower tax rate and a reduction in expenses. Citi said Monday it earned $4.31 billion in the last three months of 2018, or a profit of $1.64...
Ford and Cadillac SUVs, Toyota sports car star at Detroit auto show
DETROIT — SUVs and a big pickup truck will get top billing at Detroit’s auto show this year, but there are some surprise sports cars and electric vehicles on the agenda. Press days for the show begin Monday, although there are a couple of unveils set for before the show...
PG&E, facing colossal liability, seeks bankruptcy protection
SAN FRANCISCO — Facing potentially colossal liabilities over deadly California wildfires, PG&E will file for bankruptcy protection. The announcement Monday follows the resignation of the power company’s chief executive a day earlier. Shares plunged by 50 percent before the opening bell. PG&E said Monday that it’s given the required 15-day...
USA Today publisher targeted for buyout
DENVER — The publisher of USA Today has received a $1.36 billion buyout bid from a media group with a history of taking over struggling newspapers and slashing jobs. MNG Enterprises, better known as Digital First Media, said in a letter to Gannett Co. Monday that its leadership team has...
