Business category, Page 68
Japan’s share benchmark soars nearly 11% a day after massive sell-offs that shook Wall Street
NEW YORK — Japan’s benchmark Nikkei 225 index soared nearly 11% early Tuesday, a day after it set markets tumbling in Europe and on Wall Street. The Japanese index advanced more than 3,300 points, not quite making up for the huge loss of more than 4,400 points the day before,...
Nvidia facing antitrust probe, report says
NEW YORK — Antitrust tensions are heating up in the chipmaking industry. Rivals have accused Wall Street darling Nvidia of abusing its market dominance in selling chips that power artificial intelligence — and the U.S. Justice Department is investigating these complaints, technology news site The Information reported. According to the...
Justice Department sues TikTok, accusing the company of illegally collecting children’s data
The Justice Department sued TikTok on Friday, accusing the company of violating children’s online privacy law and running afoul of a settlement it had reached with another federal agency. The complaint, filed together with the Federal Trade Commission in a California federal court, comes as the U.S. and the prominent...
U.S. added just 114,000 jobs in July, unemployment rate hits 4.3% as interest rates take economic toll
WASHINGTON — U.S. hiring decelerated sharply last month in the face of high interest rates as employers added a weak 114,000 jobs. Friday’s Labor Department report showed a drop from the 179,000 jobs created in June. Forecasters had expected to see 175,000 jobs in July. The unemployment rate rose to...
Owner of skilled nursing facilities in Lower Burrell, Greensburg files for bankruptcy
Guardian Elder Care, the parent company of skilled nursing facilities including Belair in Lower Burrell and Oak Hill in Greensburg, filed for Chapter 11 bankruptcy protection. The Johnstown-based health care company filed the petition for relief this week. Nineteen facilities — including locations in Lower Burrell, Greensburg, Bethel Park and...
Fed Chair Powell says interest rate cut in September could be ‘on the table’ as inflation coolsVideo
WASHINGTON — Federal Reserve Chair Jerome Powell on Wednesday set the stage for the central bank’s first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy. Still, the Fed kept its key interest...
CarShield to pay $10M to settle deceptive advertising charges
CarShield will pay $10 million to settle charges that its advertisements and telemarketing for its extended auto warranty plans are deceptive and misleading, the Federal Trade Commission said. Many customers found that repair claims were often not covered despite making payments of up to $120 per month, the FTC said...
Washington, D.C., sues StubHub, saying the resale platform inflates ticket prices with deceptive fees
WASHINGTON — The attorney general for Washington, D.C., sued StubHub on Wednesday, accusing the ticket resale platform of advertising deceptively low prices and then ramping up prices with extra fees. The practice known as “drip pricing” violates consumer protection laws in the nation’s capital, Attorney General Brian Schwalb said. “StubHub...
Paychecks grew more slowly this spring, a sign inflation may keep cooling
WASHINGTON — Pay and benefits for America’s workers grew more slowly in the April-June quarter than in the first three months of the year, a trend that could keep price pressures in check and encourage the inflation-fighters at the Federal Reserve. Compensation as measured by the government’s Employment Cost Index...
Boeing names new CEO as it posts a loss of more than $1.4 billion in second quarter
Boeing lost more than $1.4 billion in the second quarter and said a longtime industry executive will take over as chief executive of the troubled aircraft manufacturer next week. Robert “Kelly” Ortberg, 64, a former CEO at Rockwell Collins, will succeed David Calhoun as CEO, the company said. Boeing’s loss...
John Dorfman: A scorecard on women as CEOs
If Kamala Harris becomes president, she will break the ultimate glass ceiling. Other glass already has been shattered. About a quarter of U.S. senators are women, as are roughly a quarter of the nation’s governors. Women sit in the chief executive’s chair at about 10% of the corporations in the...
Meta agrees to $1.4B settlement with Texas in privacy lawsuit over facial recognition
AUSTIN, Texas — Meta has agreed to a $1.4 billion settlement with Texas in a privacy lawsuit over allegations that the tech giant used biometric data of users without their permission, officials said Tuesday. Texas Attorney General Ken Paxton said the settlement is the largest secured by a single state....
Spirit Airlines is going upscale. In a break from its history, it will offer fares with extra perks
Spirit Airlines is moving farther away from its history as a fee-happy budget airline and will start selling tickets that include some of its most popular extras in bundles. The Florida-based airline said Tuesday the top ticket will be a “Go Big” package that includes priority check-in, a roomier seat,...
U.S. job openings fall slightly to 8.2 million, sign that high rates continue to cool labor market
WASHINGTON — U.S. job openings fell slightly last month, a sign that the American labor market continues to cool in the face of high interest rates. There were 8.18 million job vacancies in June, down from 8.23 million in May, the Labor Department reported Tuesday. The U.S. economy and job...
U.S. Steel marketing blitz puts pressure on government to OK sale to Nippon Steel
U.S. Steel is banking on public pressure to push through a $14.9 billion acquisition by Nippon Steel as lawmakers and regulators balk at putting the domestic icon in foreign hands. An advertising campaign launched this year touts promises by Japan’s largest steelmaker to preserve jobs, upgrade plants and sustain American...
Justice Department says TikTok collected U.S. user views on issues like abortion and gun control
WASHINGTON — In a fresh broadside against one of the world’s most popular technology companies, the Justice Department is accusing TikTok of harnessing the capability to gather bulk information on users based on views on divisive social issues like gun control, abortion and religion. Government lawyers wrote in documents filed...
6,300 University of Pittsburgh staffers gain chance to join Steelworkers union
For University of Pittsburgh staff who watched as 3,400 faculty colleagues gained collective bargaining rights a few years back, what’s coming in the mail soon represents their own moment of choice. The Pennsylvania Labor Relations Board will oversee another union election at Pitt. This time, it’s for 6,300 staff. Ballots...
California Supreme Court upholds Proposition 22, ending legal saga over status of gig drivers
The California Supreme Court on Thursday upheld Proposition 22, the voter initiative that allows Uber, Lyft and other gig economy companies to classify drivers for their ride-hailing and delivery services as independent contractors rather than as employees. In a unanimous decision released Thursday morning, the state’s top court rejected claims...
Economic growth increased last quarter to a healthy 2.8% annual rateVideo
WASHINGTON — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services —...
Workers go on strike at 5-star Paris hotel where IOC members are staying for Olympics
Workers went on strike Thursday at the five-star hotel in Paris where members of the International Olympic Committee are staying, walking out just a day before the opening ceremony of the Games. According to the major French union CGT, the IOC paid the hotel where staffers were striking, Hôtel du...
Average rate on a 30-year mortgage inches up to 6.78%, first uptick in 3 weeks
LOS ANGELES — Mortgage rates inched higher this week, keeping the average rate on a 30-year mortgage essentially flat and near the 7% range it’s been in most of this year. The rate rose to 6.78% from 6.77% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the...
Southwest Airlines plans to start assigning seats, breaking with a 50-year tradition
DALLAS — Goodbye, cattle call. Southwest Airlines said Thursday that it plans to drop the open-boarding system it has used for more than 50 years and will start assigning passengers to seats, just like all the other big airlines. The airline said it has been studying seating options, running tests...
Ford’s Q2 net income falls 4.7% as pretax profits drop at combustion engine unit
DETROIT — Ford Motor Co.’s second-quarter net income fell 4.7% from a year ago as the company’s combustion engine unit posted a pretax loss due to higher warranty costs. The Dearborn, Mich., automaker said Wednesday it made $1.83 billion from April through June, compared with $1.92 billion a year ago....
NBA says it has entered deal with Amazon, not accepting Warner Bros. Discovery’s offer
The NBA said Wednesday that it is not accepting Warner Bros. Discovery’s $1.8 billion per year offer to continue its longtime relationship with the league and therefore has entered into a deal with Amazon Prime Video, a move that would mean this coming season would end a nearly four-decade run...
Wall Street wipeout: S&P 500 falls 2% as Big Tech skids
NEW YORK — A wipeout on Wednesday sent U.S. stock indexes to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology. The S&P 500 tumbled 2.3% for its fifth drop in the past six days. The Dow...
