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Wire stories category, Page 28

Pope Francis, first Latin American pontiff, dies at 88
Biden calls to revive bank regulations that Trump weakened
WASHINGTON — Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress. The public push is part of a larger effort...
Inflation is declining, but health premiums and medical costs are heading higher
WASHINGTON — During the pandemic, health care costs — usually a main driver of U.S. inflation — remained surprisingly stable, rising just about 2% annually even as prices for many goods and services soared more than three or four times that rate. But signs are emerging that medical inflation is...
Starbucks’ CEO Howard Schultz defends union stance before Senate 
Longtime Starbucks CEO Howard Schultz insisted the coffee chain hasn’t broken labor laws and is willing to bargain with unionized workers during an often testy, two-hour appearance before the Senate Health, Education, Labor and Pensions Committee. But he also was firm in his stance that the Seattle coffee giant already...
Should U.S. airlines pay passengers for delays like the EU?
Southwest Airlines spent the early part of 2023 trying to make good after a historic meltdown resulted in more than 16,700 canceled flights during the 2022 holidays. The airline reimbursed passengers for the cost of alternative travel arrangements and sent many travelers additional loyalty points. Southwest wasn’t legally required to....
Consumers more hopeful about the outlook for the economy, jobs 
Consumer confidence unexpectedly improved in March as Americans grew more optimistic about the outlook for business conditions and the labor market. The Conference Board’s index increased to 104.2 from a 103.4 reading in February, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for the...
U.S. renewable electricity surpassed coal in 2022
Electricity generated from renewables surpassed coal in the United States for the first time in 2022, the U.S. Energy Information Administration announced Monday. Renewables also surpassed nuclear generation in 2022 after first doing so last year. Growth in wind and solar significantly drove the increase in renewable energy and contributed...
U.S. opens investigation into Tesla seat belts coming loose
DETROIT — U.S. highway safety regulators have opened yet another investigation into problems with Teslas, this time tied to complaints that the seat belts may not hold people in a crash. The investigation by the National Highway Traffic Safety Administration covers an estimated 50,000 Model X SUVs from the 2022...
Chipotle agrees to pay after closing store that sought union
PORTLAND, Maine — Chipotle Mexican Grill has agreed to pay $240,000 to former employees as part of a settlement stemming from a complaint that the company violated federal law by closing a restaurant where workers wanted to unionize. Chipotle announced it was permanently closing its Augusta, Maine, location last year...
Twitter celebs balk at paying Elon Musk for blue check mark
William Shatner, Monica Lewinsky and other prolific Twitter commentators — some household names, others little-known journalists — could soon be losing the blue check marks that helped verify their identity on the social media platform. They could get the marks back by paying up to $11 a month. But some...
Twitter: Parts of its source code leaked online
NEW YORK — Some parts of Twitter’s source code — the fundamental computer code on which the social network runs — were leaked online, the social media company said in a legal filing on Sunday. According to the legal document, filed with the U.S. District Court of the Northern District...
New Starbucks CEO plans to work in stores monthly
Starbucks’ new CEO Laxman Narasimhan says he plans to work a half-day shift once a month in one of the company’s stores in an effort to stay close to the company’s culture and customers. Narasimhan, who took the reins as CEO earlier this week, said in a letter to Starbucks’...
Wall Street quiet ahead of Fed rate hike decision
Wall Street quietly drifted between small gains and losses early Wednesday ahead of a closely-watched decision by the Federal Reserve on whether to raise interest rates in the midst of a global banking crisis. Futures for the Dow Jones Industrials inched less than 0.1% higher, while futures for the S&P...
TikTok updates rules; CEO on charm offensive for U.S. hearing
LONDON — TikTok went on a counteroffensive Tuesday amid increasing Western pressure over cybersecurity and misinformation concerns, rolling out updated rules and standards for content as its CEO warned against a possible U.S. ban on the Chinese-owned video sharing app. CEO Shou Zi Chew is scheduled to appear Thursday before...
Stocks rise for first 2-day rally since banking crisis began 
NEW YORK — Stocks rallied Tuesday, led by the banks most beaten down by the industry’s crisis, and some of Wall Street’s fear washed out on hopes the U.S. government will offer more help if needed. The S&P 500 jumped 1.3% to lock in its first back-to-back gain since Silicon...
Dodge unveils last super-fast gasoline muscle car
DETROIT — The last gas-powered muscle car from Dodge isn’t leaving the road without some squeals, thunder and crazy-fast speed. The 2023 Challenger SRT Demon 170 will deliver 1,025 horsepower from its 6.2-liter supercharged V-8, and the automaker says it will be the quickest production car made. Stellantis, formed in...
Army of lobbyists helped water down banking regulations
WASHINGTON — It seemed like a good idea at the time: Red-state Democrats facing grim reelection prospects would join forces with Republicans to slash bank regulations — demonstrating a willingness to work with President Donald Trump while bucking many in their party. That unlikely coalition voted in 2018 to roll...
Stocks rise on Wall Street after bank deal, regulator moves 
NEW YORK — Stocks rose Monday on Wall Street after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry. The S&P 500 climbed 34.93 points, or 0.9%, to 3,951.57. The Dow Jones Industrial Average gained 382.60, or 1.2%, to...
Is my money safe? What you need to know about bank failures
NEW YORK — Recent turmoil in the banking industry may have you worried about your money. The recent collapses of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, were the second- and third-biggest bank failures in U.S. history. It started when too many depositors tried...
Pay transparency is spreading. Here’s what you need to know
NEW YORK — U.S. employers are increasingly posting salary ranges for job openings, even in states where it’s not required by law, according to analysts with several major job search websites. Following new legislation in New York City, California, Washington, Colorado, and elsewhere, employers across the country are becoming more...
Amazon cuts 9,000 more jobs, bringing 2023 total to 27,000
NEW YORK — Amazon plans to eliminate 9,000 more jobs in the next few weeks, CEO Andy Jassy said in a memo to staff on Monday. The job cuts would mark the second largest round of layoffs in the company’s history, adding to the 18,000 employees the tech giant said...
New York Community Bank to buy failed Signature Bank
NEW YORK — New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York...
Elizabeth Warren says she favors increasing FDIC’s deposit insurance cap 
WASHINGTON — Sen. Elizabeth Warren is calling for more U.S. deposits to be covered by federal insurance and demanding government probes into whether lax regulation fueled this month’s collapse of Silicon Valley Bank and Signature Bank. The comments this weekend from the Massachusetts Democrat, a frequent critic of the finance...
Banking giant UBS acquiring Credit Suisse to rein in turmoil
GENEVA, Switzerland — Banking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night. Berset, who did not specify a value of the deal, called the announcement “one of great breadth for...
Ford recalls 1.5M vehicles to fix brake hoses, wiper arms
DETROIT — Ford is recalling more than 1.5 million vehicles in the U.S. in two actions to fix leaky brake hoses and windshield wiper arms that can break. The largest of two recalls covers nearly 1.3 million 2013 through 2018 Ford Fusion and Lincoln MKX midsize cars. The company says...
AP sources: Banks working on rescue plan for First Republic
NEW YORK — A group of Wall Street banks is planning a rescue package of around $30 billion for First Republic Bank, sources told The Associated Press on Thursday. The rescue package comes as San Francisco-based First Republic has been battered by investors and worries have grown that the midsized...


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