Business category, Page 86
Reddit is preparing to sell shares to the public. Here’s what you need to know
SAN FRANCISCO — Reddit, that vast, lively and sometimes chaotic repository of internet discussion, is expected to carry a valuation up to $6.4 billion when it conducts its initial public offering on the stock market. The offering also makes Reddit one of the first online companies to offer shares to...
Rules that helped set real estate agent commissions are changing. Here’s what you need to know
The cost of hiring a real estate agent to buy or sell a home may soon change, along with decades-old rules that have helped determine broker commissions. The policy changes could help spur price competition for agents’ services and lower the cost for sellers who now typically cover the commission...
Crafts retailer Joann files for Chapter 11 bankruptcy as consumers cut back on pandemic-era hobbies
NEW YORK — Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending and some pandemic-era hobbies. In a Monday statement, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of...
Want to feel special? Stores and restaurants with paid memberships are betting on it
NEW YORK — How much does it cost to feel special? At Chuck E- Cheese, the family entertainment and pizza chain, the price is $7.99, $11.99 or $29.99 per month. At the other end of the spectrum, the founder of a shopping app called Long Story Short wants to charge...
TikTok creators warn of economic impact if app sees ban, call it a vital space for the marginalized
Alex Pearlman shut the door on dreams of a standup comedy career almost a decade ago, pivoting from the stage to an office cubicle where he worked a customer service job. Then he started posting random jokes and commentary about pop culture and politics on TikTok. Just over 2.5 million...
Boeing plane found to have missing panel after flight from California to Oregon
PORTLAND, Ore. — A Boeing 737-800 was found to have a missing panel after a United Airlines flight arrived at its destination in southern Oregon on Friday, airport officials said. United Flight 433 left San Francisco at 10:20 a.m. and landed at Rogue Valley International-Medford Airport in Medford shortly before...
Two ex-Pittsburghers plead guilty to ‘Rent-A-Vet’ fraud scheme
Two former Pittsburgh men have pleaded guilty in federal court for claiming their companies were owned by disabled veterans so they could obtain special government contracts for their construction businesses. Edward Kessler, 68, of Myrtle Beach, entered his plea Wednesday before U.S. District Judge William S. Stickman IV. Edward DiGorio...
Home sellers cutting list prices as spring buying season starts with higher mortgage rates
LOS ANGELES — More homeowners eager to sell their home are lowering their initial asking price in a bid to entice prospective buyers as the spring homebuying season gets going. Some 14.6% of U.S. homes listed for sale last month had their price lowered, according to Realtor.com. That’s up from...
Across the U.S., batteries and green energies like wind and solar combine for major climate solution
In the Arizona desert, a Danish company is building a massive solar farm that includes batteries that charge when the sun is shining and supply energy back to the electric grid when it’s not. Combining batteries with green energy is a fast-growing climate solution. “Solar farms only produce when the...
McDonald’s system outages have been reported worldwide; chain says they’re getting fixed
LONDON — System failures at McDonald’s were reported worldwide Friday, shuttering some restaurants for hours and leading to social media complaints from customers, in what the fast food chain called a “technology outage” that was being fixed. Chicago-based McDonald’s Corp. said the problems were not related to a cybersecurity issue....
Kennametal CEO to retire; replacement named
Kennametal Inc.’s top officer will retire and the president of its metal cutting segment will take charge of the global corporation that generated almost $2.1 billion in sales in its 2023 fiscal year, the Pittsburgh-based company said. Sanjay Chowbey, a Kennametal vice president, will succeed Christopher Rossi, who decided to...
February retail sales up 0.6%, but some cracks emerge in what has been a driving force for economy
NEW YORK — Shoppers picked up their spending a bit in February after a pullback the previous month, reflecting the mixed feelings Americans have in an economy where prices are up, but jobs are plentiful. Retail sales rose 0.6% last month after falling a revised 1.1% in January, dragged down...
Biden opposes plan to sell US Steel to a Japanese firm, citing the need for ‘American steel workers’
WASHINGTON — President Joe Biden came out in opposition to the planned sale of U.S. Steel to Nippon Steel of Japan, saying Thursday the U.S. needs to “maintain strong American steel companies powered by American steel workers.” In a statement, Biden added: “U.S. Steel has been an iconic American steel...
Dollar Tree to close nearly 1,000 stores, posts surprise 4th quarter loss
Dollar Tree swung to a surprise fourth-quarter loss and will close nearly 1,000 stores after the discount retailer slashed the value of a rival chain it acquired almost a decade ago. Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year and 370...
What to know about the bill that could ban TikTok
WASHINGTON — TikTok once again finds itself in a precarious position as lawmakers in Washington move forward with a bill that could lead to a nationwide ban on the platform. The House on Wednesday passed legislation that would ban TikTok if its China-based owner ByteDance doesn’t sell its stakes in...
Elon Musk visits a Tesla plant near Berlin as production resumes after a suspected arson attack
GRUENHEIDE, Germany — Tesla CEO Elon Musk visited the electric car maker’s first European plant Wednesday as production resumed at the factory just outside Berlin about a week after a suspected arson attack cut its power supply. Musk was expected at a “team huddle” with employees at the plant in...
TikTok won’t be banned if it finds new owner, lawmakers say. But that’s easier said than done.
U.S. lawmakers are threatening to ban TikTok but also say they are giving its Chinese parent company a chance to keep it running. The premise of a bipartisan bill headed for a vote in the U.S. House of Representatives is that TikTok fans in the U.S. can keep scrolling through...
Most automated driving systems are lousy at making sure drivers pay attention, insurance group says
DETROIT — Most electronic systems that take on some driving tasks for humans don’t adequately make sure drivers are paying attention, and they don’t issue strong enough warnings or take other actions to make drivers behave, according to an insurance industry study published Tuesday. Only one of 14 partially automated...
U.S. inflation up again in February in latest sign that price pressures remain elevated
WASHINGTON — Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Joe Biden’s re-election campaign, both of which are counting on a steady easing of price pressures this year. Prices rose 0.4% from January...
Boeing to face ‘enormous’ scrutiny after mishaps, Transportation Secretary Pete Buttigieg says
U.S. Transportation Secretary Pete Buttigieg said the Federal Aviation Administration will rigorously assess The Boeing Co. after the blowout of a fuselage section on an Alaska Airlines flight in January. To maintain airline safety, “that means an enormous amount of rigor in dealing with Boeing, in dealing with any regulatory...
What to know about the SAVE plan, the income-driven plan to repay student loans
NEW YORK — More than 75 million student loan borrowers have enrolled in the U.S. government’s newest repayment plan since it launched in August. President Joe Biden recently announced that he was canceling federal student loans for nearly 153,000 borrowers enrolled in the plan, known as the SAVE plan. Forgiveness...
What to know about Shapiro’s proposed $10.3M agriculture innovation program
This story was produced by the State College regional bureau of Spotlight PA, an independent, nonpartisan newsroom dedicated to investigative and public-service journalism for Pennsylvania. Sign up for our north-central Pa. newsletter, Talk of the Town, at spotlightpa.org/newsletters/talkofthetown. BELLEFONTE — An open-ended pitch by Democratic Gov. Josh Shapiro to give...
U.S. employers add a surprisingly strong 275,000 jobs in sign of continued economic strength
WASHINGTON — America’s employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the U.S. economy’s resilience in the face of high interest rates. Last month’s job growth marked an increase from a revised gain of 229,000 jobs in January. At the same...
Century III Mall owners joust with Allegheny County DA over razing blighted property
The owners of the blighted Century III Mall said in court papers filed this week that they have contracted with a company to raze the property, but they claim that the Allegheny County District Attorney’s office is interfering with their ability to carry out the demolition. A hearing on the...
Community group criticizes developer’s decision to bring Starbucks to Lawrenceville
A new Starbucks is coming to Pittsburgh’s Lawrenceville neighborhood, and some in the community are complaining about it. Dave Breingan, director of community group Lawrenceville United, said the Arsenal 201 mixed-use development recently agreed to a lease with Starbucks at one of its vacant storefront locations on Butler Street between...
