Business category, Page 172
A plunge in Facebook’s parent company weighs on tech stocksVideo
A historic plunge in the stock price of Facebook’s parent company helped yank other tech stocks lower on Wall Street Thursday, abruptly ending a four-day winning streak for the market. The 26.4% wipeout in Meta Platforms, as Facebook’s owner is now known, erased more than $230 billion in market value,...
Tesla recalls over 800K vehicles for seat belt chime problem
DETROIT — Tesla is recalling more than 817,000 vehicles in the U.S. because the seat belt reminder chimes may not sound when the vehicles are started and the driver hasn’t buckled up. The recall covers the 2021 and 2022 Model S sedan and Model X SUV, as well as the...
Bank of England hikes interest rates again as prices surge
LONDON — The Bank of England raised interest rates for the second time in three months on Thursday, putting the United Kingdom far ahead of the rest of Europe and the U.S. in moving to tame surging inflation that is squeezing consumers and businesses. The bank’s monetary policy committee voted...
Stocks rise on Wall Street, extending their weekly gainsVideo
Another wobbly day of trading on Wall Street ended with more gains for stocks Wednesday, as the latest batch of company earnings reports kept investors in a buying mood. The S&P 500 rose 0.9% after having briefly dipped into the red in the early going. The Dow Jones Industrial Average...
As omicron peak passes, airfares surge for spring, summer travel
The covid-19 era of cheap flights is swiftly coming to an end, and travel firms are seeing signs that airfares likely will reach 2019 pre-pandemic levels as soon as April. With the worst of the omicron variant waning across the country, airlines struggling to ramp up flight schedules are set...
As omicron peak passes, airfares surging for spring and summer travel
The covid-19 era of cheap flights is swiftly coming to an end, and travel firms are seeing signs that airfares will likely reach 2019 pre-pandemic levels as soon as April. With the wost of the omicron variant waning across the country, airlines struggling to ramp up flight schedules are set...
Michigan plans 1st U.S. electric vehicle charging road by 2023
Electric vehicles driving in Detroit could increase their charge by using an in-road charging system by 2023, Michigan Gov. Gretchen Whitmer’s office announced Tuesday. In 2021, Whitmer announced the state’s plan to build the first electric vehicle charging road in the U.S. The contract to build it was awarded to...
Why more musicians haven’t joined Neil Young’s Spotify boycott over Joe Rogan
For those following certain parts of Twitter during the last week, it would have been easy to come away with the impression that Spotify was facing a mass exodus of artists protesting covid-19 vaccine misinformation on Joe Rogan’s immensely popular podcast. When Neil Young pulled his music from the Swedish...
John Dorfman: Catching falling knives: Jim Cramer’s picks and my own
Jim Cramer is one of the most controversial stock-market pundits and one of the most widely followed. He hosts the “Mad Money” segment on CNBC television and founded The Street.com, a popular financial website. On Jan. 28, Cramer recommended a few stocks that have fallen sharply in this year’s stock-market...
New York Times buys viral word game Wordle
NEW YORK — The New York Times said on Monday that it has bought Wordle, the free online word game that has exploded in popularity and, for some, become a daily obsession. It listed the purchase price as being in the “low-seven figures,” but did not disclose specifics. The Times,...
EPA restores rule to limit power-plant mercury emissions
WASHINGTON — In a reversal of a Trump-era action, the Environmental Protection Agency said Monday it will resume enforcement of a rule that limits power plant emissions of mercury and other hazardous pollutants. The EPA action restores a rule imposed under President Barack Obama and continues a practice in which...
Trib Total Media CEO to testify before Senate subcommittee on newspaper industry challenges
Trib Total Media President and CEO Jennifer Bertetto will testify Wednesday before a U.S. Senate Judiciary subcommittee on challenges facing the newspaper industry. Bertetto will address the Subcommittee on Competition Policy, Antitrust and Consumer Rights, headed by U.S. Sen. Amy Klobuchar, D-Minn. The hearing is related to proposed legislation aiming...
Stocks end higher, still log worst month since March 2020
NEW YORK — Stocks notched broad gains Monday, but still posted their worst monthly loss since the early days of the pandemic, as Wall Street closes a tumultuous January wracked by worries that imminent interest-rate hikes will make everything in markets more challenging. The S&P 500 came back from an...
Spotify to add advisories to podcasts discussing covid-19
NEW YORK — As a result of protests of Spotify kicked off by Neil Young over the spread of covid-19 vaccine misinformation, the music streaming service said that it will add content advisories before podcasts discussing the virus. In a post Sunday, Spotify chief executive Daniel Ek laid out more...
Prince Harry, Meghan express ‘concerns’ over covid-19 misinformation on Spotify
The Duke and Duchess of Sussex have “concerns” about how Spotify has allowed and promoted the spread of covid-19 misinformation on its platform. Prince Harry and Meghan, who inked an exclusive multiyear partnership with the service in December 2020, said Sunday that they are pressing Spotify to take more care...
Economy grew 5.7% in 2021 in rebound from 2020 recessionVideo
WASHINGTON — The U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020’s brief but devastating coronavirus recession. The nation’s gross domestic product — its total output of goods and services — expanded 5.7% in 2021. It was the strongest calendar-year...
Hot streak: Nevada casinos win record $13.4 billion in 2021
LAS VEGAS — Nevada casinos continued a hot streak in December, tallying a 10th straight month of $1 billion or more in house winnings and propelling end-of-year figures to a record $13.4 billion. A Nevada Gaming Control Board report released Thursday provided more evidence that gambling recovered last year after...
Pa. to spend $225M to retain, recruit hospital nurses, provide loan debt relief
Local hospital and nursing school officials hope $225 million in federal money being allocated to retain and recruit nursing staff in Pennsylvania, as well as provide debt relief to nursing students, is a step toward reducing a critical shortage in the profession. “Over the past year, we have been providing...
Southwest posts $68 million 4Q profit, expects higher costs
DALLAS — Southwest Airlines posted a narrow $68 million profit for the fourth quarter, aided by full flights during the holidays, but the airline warned Thursday that it expects to lose money in the first three months of 2022. The rise of the omicron variant of covid-19, along with a...
Stocks fall, yields rise after Fed signals rate hike ‘soon’
An early rally on Wall Street gave way to a broad slide for stocks and a surge in bond yields Wednesday after the Federal Reserve signaled it plans to begin raising interest rates “soon” to fight a spike in inflation that the central bank says is probably getting worse. The...
Traded cryptocurrency in 2021? Here’s how to approach taxes
Professionals have a major piece of advice for those who traded cryptocurrency for the first time last year: Take your tax prep seriously. The IRS has been zooming in on cryptocurrency reporting with increasing interest in recent years. And the last thing you want is to lose money and time...
U.S. new home sales jump in December as prices fall
Sales of new single family homes in December rose to their highest level in 10 months as buyers took advantage of lower prices in anticipation of higher interest rates. The increase put the seasonally adjusted annual sales pace to 811,000 for the month, according to the Commerce Department, an 11.9%...
Nissan recalls 793,000 Rogues; wiring trouble raises fire risk
DETROIT — Nissan is recalling more than 793,000 small SUVs in the U.S. and Canada because water can get into wiring and in rare cases could start a fire. The recall covers Nissan Rogue SUVs from the 2014 through 2016 model years. The Rogue is Nissan’s top-selling vehicle in the...
John Dorfman: January’s slide doesn’t mean stock market doomed for 2022
“As January goes, so goes the year” in the stock market. Thus runs a common belief among traders. If you believe it, you’re probably scared right now, as the Standard & Poor’s 500 Total Return Index was down 7.66% in the first three weeks of this year. Take heart. The...
Microsoft profits up 21%, giving cushion for gaming push
REDMOND, Wash. — Demand for Microsoft’s cloud-computing services and work software helped boost its quarterly profits by 21% as the pandemic continued to keep many office workers at home. The Redmond, Wash., company on Tuesday reported fiscal second-quarter profit of $18.8 billion. It posted revenue of $51.7 billion for the...
