Business category, Page 58
Stellantis will cut 1,100 jobs at Toledo’s Jeep Gladiator plant
Stellantis NV said Wednesday it plans to cut a shift at its Toledo plant that builds Jeep Gladiator pickups, which will result in about 1,100 indefinite layoffs by early next year. The move from two to one shifts does not come as a surprise, with Gladiator sales slowing this year...
Trump win ignites crypto frenzy that sends bitcoin to a record high
LONDON — The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record...
Tesla shares soar 13% as Trump win sets stage for Elon Musk’s electric vehicle company
NEW YORK — Shares of Tesla soared Wednesday following an election that will send Donald Trump back to the White House, an outcome that had been strongly backed by CEO Elon Musk in the closing months of the race. Tesla stands to make significant gains under a Trump administration with...
Inflation explained: Utility costs driven by war, climate change and regulatory incentives
Pennsylvanians, who live in one of America’s most productive states for natural gas extraction, have seen their utility bills climb despite that ample supply. Experts say the fault lies in the trio of international energy demand, infrastructure investment and the jump in inflation during and after the covid pandemic. “Natural...
Stocks, bitcoin jump after Trump’s victory. So do worries about inflation as Dow surges 1,500
NEW YORK — The U.S. stock market, Elon Musk’s Tesla, banks and bitcoin all stormed higher Wednesday as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world. Among the losers the market sees: the renewable-energy industry and potentially anyone...
Bernie Marcus, Home Depot co-founder and billionaire philanthropist, dies at 95
NEW YORK — Bernard “Bernie” Marcus, the co-founder of The Home Depot, the world’s largest home improvement chain, a billionaire philanthropist, and a big Republican donor, has died. He was 95. Marcus died Monday in Boca Raton, Florida, surrounded by family, according to a Home Depot spokesperson. Marcus was Home...
Boeing factory workers vote to accept contract and end more than 7-week strike
SEATTLE — Unionized machinists at Boeing voted Monday to accept a contract offer and end their strike after more than seven weeks, clearing the way for the aerospace giant to resume production of its bestselling airliner and generate much-needed cash. Leaders of the International Association of Machinists and Aerospace Workers...
Many retailers offer ‘returnless refunds.’ Just don’t expect them to talk much about it
It’s one of the most under-publicized policies of some of the biggest U.S. retailers: sometimes they give customers full refunds and let them keep unwanted items too. Returnless refunds are a tool that more retailers are using to keep online shoppers happy and to reduce shipping fees, processing time and...
TGI Fridays files for bankruptcy protection as sit-down restaurant struggles continue
Restaurant chain TGI Fridays filed for bankruptcy protection Saturday, saying it is looking for ways to “ensure the long-term viability” of the casual dining brand after closing many of its branches this year. The Dallas-based company’s Chapter 11 filing in a Texas federal court accelerates a gradual decline for an...
Wendy’s closing 140 more restaurants as part of push to update its locations
Wendy’s plans to close 140 U.S. restaurants before the end of this year on top of the 100 it said it would close in May. But in a conference call with investors Thursday, the company said those closures will be offset by new restaurant openings. Wendy’s said it plans to...
Downtown Pittsburgh’s Carl W. Herrmann Furs to close
The final week of October, despite temperatures in the mid to high 70s, customers were waiting outside of Carl W. Herrmann Furs. They wanted to say goodbye to a long-standing business in Downtown Pittsburgh. “The store wasn’t even open yet but they were here,” said Carl “Guy” W. Herrmann IV,...
U.S. employers added just 12,000 jobs last month as hurricanes and strikes sharply reduce payrolls
WASHINGTON — America’s employers added just 12,000 jobs in October, a total that economists say was held down by the effects of strikes and hurricanes that left many workers temporarily off payrolls. The report provided a somewhat blurry view of the job market at the end of a presidential race...
Autonomous truck company Aurora delays hauling freight without human drivers until April
Autonomous truck company Aurora Innovation says it won’t start hauling freight without humans on board until April of next year, a delay from previous statements that commercial service would begin by the end of 2024. The Pittsburgh company on Wednesday said the April launch of driverless semis traveling from Dallas...
McDonald’s E. coli case count rises as federal officials inspect an onion grower
WASHINGTON — Federal officials on Wednesday reported more cases of E. coli poisoning among people who ate at McDonald’s, as government investigators seeking the outbreak’s source identified an “onion grower of interest” in Washington state. The Food and Drug Administration said 90 people across 13 states have fallen ill in...
PepsiCo closing 4 bottling plants and cutting nearly 400 jobs as it streamlines operations
PepsiCo said Wednesday it plans to close four U.S. bottling plants and lay off nearly 400 workers as part of its efforts to streamline its operations. The company said the closures will impact 136 workers in Cincinnati; 131 in Chicago; 127 in Harrisburg, Pa.; and fewer than 50 in Atlanta....
John Dorfman: These 5 stocks are hedge-fund faves
Many of this country’s most talented stock pickers choose to work at hedge funds, where salaries and bonuses often are more attractive than at bank trust departments or mutual funds. Gurufocus.com publishes a screen of stocks that are popular with leading hedge funds. For this column, I took that screen...
U.S. job openings fell in September to a 3½-year low
WASHINGTON — U.S. job openings tumbled last month to their lowest level since January 2021, a sign that the labor market is losing some momentum. Still, openings remain well above pre-pandemic levels. The Labor Department reported Tuesday that the number of job openings dropped to 7.4 million in September from...
American consumers feeling much more confident as Election Day nears
WASHINGTON — American consumers are feeling quite a bit more confident this month as Election Day approaches, a business research group says. The Conference Board said Tuesday that its consumer confidence index jumped to 108.7 in October from 99.2 in September. It was the biggest monthly gain since March of...
Allegheny Technologies posts 3rd quarter net income of $82.7M
DALLAS — Allegheny Technologies Inc. (ATI) on Tuesday reported third-quarter net income of $82.7 million. The Dallas-based company said it had net income of 57 cents per share. Earnings, adjusted for restructuring costs, came to 60 cents per share. The results fell short of Wall Street expectations. The average estimate...
Vinyl thrives at United Record Pressing as nation’s oldest record maker plays a familiar tune
NASHVILLE, Tenn. — During the six decades since United Record Pressing stamped out the Beatles’ first U.S. single, the country’s oldest vinyl record maker has survived 8-tracks, cassettes, CDs, Napster, iPods and streaming services. Now, the Nashville-based company has rebounded so dramatically that some of its equipment and technology has...
McDonald’s value meals turn around U.S. sales in 3rd quarter with customers hungry for deals
Value meals helped turn around McDonald’s U.S. sales in the third quarter with customers smarting from higher prices all over, but that recovery could be dented in the final months of the year by an E. coli outbreak tied to the company’s Quarter Pounder hamburgers. U.S. same-store sales — or...
Who is better for economy, Trump or Harris? Here’s how their policies compare
Editor’s note: This is part of an occasional series examining where presidential candidates Kamala Harris and Donald Trump stand on the biggest issues. Today’s segment focuses on the economy. Former President Donald Trump, never shy to borrow from Ronald Reagan, asked supporters at a recent rally in Unity a simple...
Owner Jeff Bezos defends Washington Post’s decision not to endorse as the right, ‘principled’ one
NEW YORK — Billionaire Washington Post owner Jeff Bezos on Monday defended the newspaper’s decision not to endorse a presidential candidate as “right” and “principled” and pushed back against any notion that he ordered it up to protect his business interests. That decision, announced Friday, has reportedly led to tens...
Volkswagen’s employee council says the automaker plans to close at least 3 German plants
BERLIN — Volkswagen has informed employee representatives that it wants to close at least three plants in Germany, the head of the company’s works council said Monday. Employee council chief Daniela Cavallo said at a meeting with Volkswagen workers at the company’s Wolfsburg headquarters that management also plans cuts at...
Switching jobs? There’s more to do with your 401(k) than just rolling it over
Job hopping is one of the best ways workers have to increase their pay, and a surprisingly solid job market means they still have opportunities. That’s great news for workers, but remember: Make sure you’re setting aside as much into your new 401(k) plan as your old one. When a...
