Business category, Page 90
Federal Reserve signals that interest rate cuts aren’t imminent and leaves them unchanged for now
WASHINGTON — The Federal Reserve indicated Wednesday that it’s nearing a long-awaited shift toward cutting interest rates, a sign that its officials have grown confident that they’re close to fully taming inflation. But the Fed also signaled that the first rate cut is likely months away. The central bank kept...
Walmart to build or convert 150-plus stores in next 5 years. It hasn’t opened new stores in 3 years
NEW YORK — Walmart plans to build or convert more than 150 stores in the next five years, while continuing to remodel existing stores. The plan, announced Wednesday, marks a big change for the discounter. In 2016, Walmart announced it was slowing its new store opening s and instead investing...
H&M’s top leader steps down in surprise move as earnings at fashion retailer disappoint
LONDON — H&M’s top executive unexpectedly stepped down Wednesday and the company’s stock plunged as the fashion giant reported a drop in sales over the holiday shopping season. Helena Helmersson resigned after four years as CEO and 26 years at the company, saying she was proud of the work done...
Taylor Swift, Bad Bunny and others may vanish from TikTok as licensing dispute boils over
Universal Music Group, which represents artists including Taylor Swift, Drake, Adele, Bad Bunny and Billie Eilish, says that it will no longer allow its music on TikTok now that a licensing deal between the two parties has expired. UMG said that it had not agreed to terms of a new...
Bud brings back Clydesdales as early Super Bowl ad releases offer up nostalgia, humor, celebritiesVideo
NEW YORK — Budweiser is bringing back some familiar characters this year in its Super Bowl ad. The perennial Super Bowl marketer is bringing back fan-favorite characters the Clydesdales and a Labrador — a nod to the Labradors that starred in earlier commercials during advertising’s biggest night. Some advertisers are...
Elon Musk cannot keep Tesla pay package worth $55 billion, judge rules
DOVER, Del. — Elon Musk is not entitled to landmark compensation package awarded by Tesla’s board of directors that is potentially worth more than $55 billion, a Delaware judge ruled Tuesday. The ruling by Chancellor Kathaleen St. Jude McCormick comes more than five years after a shareholder lawsuit targeted Tesla...
John Dorfman: Unum, Agco, 3 more mid-cap stocks to consider
If your nose bleeds when you look at the high prices of the market’s most popular stocks, you may find some bargains in mid-sized stocks. I believe mid-capitalization stocks are poised to do well in 2024. I define mid-caps as stocks with a market value of $1 billion to $10...
GM made $10B last year despite autoworkers strike, says it will bring back plug-in hybrids to US
DETROIT — General Motors’ net income rose 12% last year despite losing more than $1 billion when many of its plants were shut down by a six-week autoworkers’ strike. The company also announced that it will bring back some plug-in gas-electric hybrids as electric vehicle sales growth slows. The Detroit...
U.S. job openings rose in December, pointing to a still-durable labor market
WASHINGTON — America’s employers posted 9 million job openings in December, an increase from November and another sign that the U.S. job market remains resilient despite the headwind of higher interest rates. The number of openings was up from November’s 8.9 million, which itself was revised up in Tuesday’s report...
UPS to cut 12,000 jobs 5 months after reaching union deal as revenue outlook for year disappoints
UPS will cut 12,000 jobs and released a revenue outlook for this year that sent its shares down sharply at the opening bell. The company also hinted that its Coyote truckload brokerage business may be put up for sale. In September, the Teamsters voted to approve a tentative contract agreement...
Norfolk Southern becomes 1st big freight railway to let workers use anonymous federal safety hotline
OMAHA, Neb. — About 1,000 engineers and conductors who work for Norfolk Southern will soon be able to report safety concerns anonymously through a federal system without any fear of discipline. Norfolk Southern is the first of the six major freight railroads to follow through on promises made in the...
With tax season underway, here are some tips to navigate it
NEW YORK — Tax season began Monday and for many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that’s often left to the last minute. But if you want to avoid the stress of the looming deadline,...
Amazon calls off bid to buy robot vacuum cleaner iRobot amid scrutiny in the U.S. and Europe
LONDON — Amazon on Monday called off its proposed acquisition of iRobot, which was facing antitrust scrutiny on both sides of the Atlantic, with the ecommerce giant blaming “undue and disproportionate regulatory hurdles.” The companies said in joint statement that they “entered into a mutual agreement to terminate their announced...
Small biz owners scale back their office space or go remote altogether. Some move to the suburbs
NEW YORK — After 46 years, Steve Replin has decided to give up his office space. Replin, who has a law practice and acts as an alternative lender in Denver, is adapting to the changing preferences of clients, who would rather conduct business online, or in a less professional setting...
Inflation has slowed. Now the Federal Reserve faces expectations for rate cuts
WASHINGTON — Chair Jerome Powell will enter this week’s Federal Reserve meeting in a much more desirable position than he likely ever expected: Inflation is getting close to the Fed’s target rate, the economy is still growing at a healthy pace, consumers keep spending and the unemployment rate is near...
X pauses Taylor Swift searches as deepfake explicit images spread
Elon Musk’s social media platform X has blocked searches for Taylor Swift as pornographic deepfake images of the singer have circulated online. Attempts to search for her name on the site resulted in an error message and a prompt for users to retry their search, which added, “Don’t fret —...
Most Americans feel they pay too much in taxes, AP-NORC poll finds
NEW YORK — A majority of taxpayers feel they pay too much in taxes, with many saying that they receive a poor value in return, according to a new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research. Two-thirds...
Alaska Airlines has begun flying Boeing Max 9 jetliners again for the first time Friday
Alaska Airlines has begun flying Boeing 737 Max 9 jetliners again for the first time since they were grounded after a panel blew out of the side of one of the airline’s planes. The airline said in a statement that it has completed its final inspection of their group of...
The Advanced Leadership Institute brings together African American executives from across Pittsburgh
It is tough to be what you don’t see, so cohort by cohort, The Advanced Leadership Institute is dismantling the idea of Black people being an anomaly in leadership and executive roles. On Friday, the leadership program welcomed 21 new members in its sixth Executive Leadership Academy Cohort, during their...
Economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilienceVideo
WASHINGTON — The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday’s report from the Commerce Department said the gross domestic product —...
Auto dealers up campaign urging Biden administration to halt EPA tailpipe emission limits regulation
DETROIT — More than 4,700 auto dealerships across the United States urged President Joe Biden in a letter Thursday to halt the Environmental Protection Agency’s efforts to enforce stricter vehicle-pollution standards. The missive comes just weeks before the agency’s expected ruling on its tailpipe-emissions proposal, which addresses both climate change...
Southwest Airlines is reporting a loss, and American expects to start new year with a loss
DALLAS — Fourth-quarter profit fell sharply at American Airlines, and the carrier predicted it would lose money in early 2024, while Southwest Airlines posted a loss, as both carriers struggled to cover rising labor costs. Southwest also said Thursday that it expects to receive fewer new planes than it expected...
Boeing 757 lost nose wheel preparing for takeoff during a very rough stretch for the plane maker
A Boeing 757 jet operated by Delta Air Lines lost a nose wheel while preparing for takeoff from Atlanta. It was an older model of plane than those made by Boeing that have raised safety concerns about Boeing, yet it occurred with an intense spotlight on one of the nation’s...
Ford to recall nearly 1.9 million Explorer SUVs to secure trim pieces that can fly off in traffic
DETROIT — Ford is recalling nearly 1.9 million Explorer SUVs in the U.S. because a trim piece can fly off and create a hazard for other drivers. The recall covers Explorers from the 2011 through 2019 model years. Documents posted Wednesday by the U.S. National Highway Traffic Safety Administration say...
Huntington gets OK to move into former Downtown Pittsburgh McDonald’s
Huntington National Bank is one step closer to moving into the site that previously housed Downtown Pittsburgh’s last McDonald’s restaurant. Last spring, the fast food spot opted not to renew its lease at the Stanwix Street location just outside Market Square. The Golden Arches had previously been at there for...
