Business category, Page 134
The price of a stamp is going up again, starting Sunday
It’s going to be more expensive to send that birthday card, letter or bill in the mail, starting Sunday. The United States Postal Service will raise the price of a first-class Forever stamp from 60 cents to 63 cents in a move announced in October. This will be the third...
Party City, amid rising prices, seeks bankruptcy protection
NEW YORK — Party City has filed for Chapter 11 bankruptcy protection after struggling with rising prices and a pullback in customer spending. The company, based in Woodcliff Lake, New Jersey, said that its franchise stores, subsidiaries outside of the U.S. and its foil balloons Anagram business are not part...
Wall Street has biggest pullback of the year, led by techVideo
NEW YORK — Wall Street had its biggest pullback of the year Wednesday after a broad slide for stocks wiped out much of the benchmark S&P 500 index’s gains from last week. The S&P 500 fell 1.6% after having been up as much as 0.6% in the early going. The...
Microsoft cuts 10,000 jobs, about 5% of global workforce
Microsoft is cutting 10,000 workers, almost 5% of its workforce, joining other tech companies that have scaled back their pandemic-era expansions. The company said in a regulatory filing Wednesday that the layoffs were a response to “macroeconomic conditions and changing customer priorities.” The Redmond, Washington-based software giant said it will...
U.S., Chinese officials discuss climate, economy, relationship
ZURICH — U.S. Treasury Secretary Janet Yellen met Wednesday with her Chinese counterpart and pledged an effort to manage differences and “prevent competition from becoming anything ever near conflict” as the two nations try to thaw relations. Yellen’s first face-to-face meeting with Vice Premier Liu He in Zurich is the...
Wholesale inflation in U.S. slowed further in December to 6.2%
WASHINGTON — Wholesale prices in the U.S. rose 6.2% in December from a year earlier, a sixth straight monthly slowdown and a hopeful sign that inflation pressures will continue to cool. The latest year-over-year figure was down from 7.3% in November and from a recent peak of 11.7% in March....
John Dorfman: Mosaic, Resideo new to Casualty List
Get ’em while they’re down. Buying stocks on bad news that is real but temporary is a time-honored technique, used in the past by investment masters such as Jonathan Neff and Sir John Templeton. It’s the idea behind my quarterly Casualty List, containing stocks that have been knocked down in...
Explainer: How ominous is the debt limit problem?
WASHINGTON — On the brink of hitting the nation’s legal borrowing limit on Thursday, the government is resorting to “extraordinary measures” to avoid a default. Sounds ominous, right? But — take a breath — the phrase technically refers to a bunch of accounting workarounds. Yes, accounting. Because the debt cap...
BNY Mellon plans to lay off around 1,500 workers
Bank of New York Mellon is planning to lay off 3% of its workforce, or about 1,500 jobs. The New York-based financial firm that employs thousands in the Pittsburgh region, did not specify where those jobs would be located or what categories would be impacted. “We continue to optimize our...
Fastest Corvette ever is all-wheel-drive gas-electric hybridVideo
The fastest Corvette ever made comes out later this year, and it’s not powered soley by a howling V8. The E-Ray is a gas electric hybrid, the first all-wheel-drive version of Chevrolet’s storied sports car with the front wheels running on an electric motor the traditional 6.2-liter V8 powering the...
Elon Musk drama shifts from Twitter to tweets about Tesla
SAN FRANCISCO — While still grappling with the fallout from a company he did take private, beleaguered billionaire Elon Musk is now facing a trial over a company he didn’t. Long before Musk purchased Twitter for $44 billion in October, he had set his sights on Tesla, the electric automaker...
Millennial Money: 4 expenses for parents to rethink in 2023
When inflation rises, child care expenses do, too. If you’re a parent, you may be hoping to get a little financial relief during the upcoming tax season through deductions or credits. But since there have been recent reductions to both of the child tax credits, you may not get as...
Kimberly Palmer: How to tackle holiday debt in January
After years of being in debt, Rachel Kramer Bussel came to a realization: “If I don’t become proactive about it, I will be in debt for the rest of my life.” For Bussel, a freelance writer near Atlantic City, New Jersey, that meant scaling back spending and putting any available...
Gas vs. electric? It’s not just as simple as a stove
Chris Galarza remembers working as a chef in restaurants where the thermometer in his pocket easily would reach 135 degrees. Sometimes, it would get so hot in the kitchen, as the gas burners fired away, that it made the staff nauseous. Gas stoves are not only common but often preferred...
Dorfman: Amazon and other analysts’ favorite stocks face-planted in 2022
When 2022 began, Amazon.com Inc. (AMZN) was Wall Street analysts’ favorite stock. Thirty-one analysts said to buy it, with nary a “hold” or “sell” to be heard. The stock fell nearly 50% last year. This is not an anomaly. The other stocks the analytical corps adored when the year began...
Apple CEO Tim Cook to take more than 40% pay cut
Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation partly based on a recommendation from Cook himself. Apple Inc. said in a regulatory filing late Thursday that Cook’s target total compensation is...
Trump Organization fined $1.6 million for tax fraud
NEW YORK — Donald Trump’s company was fined $1.6 million Friday for a scheme in which the former president’s top executives dodged personal income taxes on lavish job perks — a symbolic, hardly crippling blow for an enterprise boasting billions of dollars in assets. A fine was the only penalty...
Tesla cuts vehicle prices in bid to boost flagging demand
DETROIT — With its sales slowing and its stock price tumbling, Tesla Inc. slashed prices dramatically Friday on several versions of its electric vehicles, making some of its models eligible for a new federal tax credit that could help spur buyer interest. The company dropped prices nearly 20% in the...
Pittsburgh ‘angel investment’ group delivers $300K to software company
An Oakland business incubator closed its initial investment — over $300,000 — in one of its first cohort of companies through its ‘angel investment’ program. Idea Foundry’s program, IF Ventures, said the company that received the infusion was one of five presented to a group of investors in September. Idea...
ExxonMobil publicly denied global warming for years but quietly predicted it
In perhaps one of the most cynically ironic twists in the field of climate science, new research suggests ExxonMobil may have had keener insight into the impending dangers of global warming than even NASA scientists but still waged a decades-long campaign to discredit research into climate change and its connection...
Wall Street ticks higher as hot U.S. inflation cools furtherVideo
NEW YORK — Wall Street closed higher Thursday after a report showed inflation slowed again last month, bolstering hopes the Federal Reserve may take it easier on the economy through smaller hikes to interest rates. While the report on U.S. inflation was clearly encouraging, stocks had already rallied earlier this...
UPMC to raise its minimum wage to $18 an hour
Health care giant UPMC announced it is raising minimum wage for entry-level positions to $18 an hour by 2025 for workers in Pittsburgh, Harrisburg and Williamsport. Starting wages at UPMC’s other sites in Western Pennsylvania, western Maryland and southwest New York will reach $18 an hour by 2026. “This is...
Carnegie Mellon administrator Rick Siger nominated by Gov.-elect Shapiro for cabinet post
A Carnegie Mellon University administrator and former Obama administration official is Gov.-elect Josh Shapiro’s pick to serve as secretary of the state Department of Community and Economic Development. Rick Siger, chief of staff and senior adviser to the president at Carnegie Mellon, will begin the job next Tuesday after Shapiro...
Wall Street wobbles following run-up into inflation report
NEW YORK — Wall Street is wobbling Thursday as it digests a report showing inflation slowed again last month, bolstering hopes the Federal Reserve may take it easier on the economy through smaller hikes to interest rates. The S&P 500 was 0.2% lower after flipping between small gains and losses...
U.S. consumer inflation eased again to 6.5% in December
WASHINGTON — Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Inflation declined to 6.5% in December compared with a year earlier, the government...
