Business category, Page 72
Fed Chair Jerome Powell: U.S. inflation is slowing again, though it isn’t yet time to cut rates
WASHINGTON — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates. After some persistently high inflation reports at the start of 2024,...
U.S. gives key approval to Atlantic Shores offshore wind farm in New Jersey
ATLANTIC CITY, N.J. — The U.S. Interior Department approved the proposed Atlantic Shores offshore wind farm in New Jersey on Tuesday, giving a major boost to a project that would be the state’s first. The project still requires an additional federal approval of its construction and operations plan, along with...
Tesla sales fall for 2nd straight quarter despite price cuts, but beat analyst expectations
DETROIT — Tesla’s global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weaking demand for the company’s products and electric vehicles overall. The Austin, Texas, company said Tuesday that it sold 436,956 vehicles from April through June, down 4.8% from 466,140...
Penn State reaches tentative deal with union days after Teamsters OK strike
Union members will vote in the coming weeks on a tentative contract agreement with management covering 2,500 employees on Penn State University branches statewide and the main University Park campus. The deal, if ratified, could offer a measure of labor peace at a time of heightened workplace anxiety across Penn...
U.S. wants Boeing to plead guilty to fraud over fatal crashes, lawyers say
The U.S. Justice Department is pushing Boeing to plead guilty to criminal fraud in connection with two deadly plane crashes involving its 737 Max jetliners, according to several people who heard federal prosecutors detail a proposed offer Sunday. Boeing will have until the end of the coming week to accept...
As AI gains a workplace foothold, states try to make sure workers don’t get left behind
HARTFORD, Conn. — With many jobs expected to eventually rely on generative artificial intelligence, states are trying to help workers beef up their tech skills before they become outdated and get outfoxed by machines that are becoming increasingly smarter. Connecticut is working to create what proponents believe will be the...
Boeing in talks with DOJ to resolve charges over safety lapses
WASHINGTON — Boeing Co. is in talks with the U.S. Justice Department to resolve potential charges stemming from two fatal crashes of its 737 Max jetliners, according to people familiar with the negotiations. The settlement could be announced as soon as next week and is expected to include imposing a...
U.S. miners’ union head: Republican effort to block silica dust rule ‘attack’ on workers
CHARLESTON, W.Va. — The head of the national mine workers’ union Friday condemned what he characterized as an effort by House Republicans to block enforcement of a long-awaited federal rule directed at curbing workers’ exposure to poisonous, deadly rock dust, calling it “a direct attack on the health and safety...
Federal Reserve’s preferred inflation gauge shows price pressures easing further
WASHINGTON — A measure of prices that is closely tracked by the Federal Reserve suggests that inflation pressures in the U.S. economy are continuing to ease. Friday’s Commerce Department report showed that consumer prices were flat from April to May, the mildest such performance in more than four years. Measured...
Supreme Court rejects nationwide opioid settlement with OxyContin maker Purdue Pharma
WASHINGTON — The Supreme Court on Thursday rejected a nationwide settlement with OxyContin maker Purdue Pharma that would have shielded members of the Sackler family who own the company from civil lawsuits over the toll of opioids but also would have provided billions of dollars to combat the opioid epidemic....
U.S. weekly jobless claims fall, but the total number collecting benefits is the most since 2021
Fewer people applied for unemployment benefits last week but the total number of Americans collecting jobless benefits rose to the highest level in more than two years. The Labor Department reported Thursday that jobless claims for the week ending June 22 fell by 6,000 to 233,000 from 239,000 the previous...
Walgreens woes continue with earnings miss; plans to shutter significant number of stores
Walgreens shares tumbled early Thursday after the drugstore chain signaled that more store closings are on the way, missed earnings expectations for its third quarter and cut its annual forecast. The company said a quarter of U.S. stores are underperforming and it plans to shutter a significant number of them...
Prospect of low-priced Chinese EVs reaching U.S. from Mexico poses threat to automakers
WASHINGTON — It’s a scenario that terrifies America’s auto industry. Chinese carmakers set up shop in Mexico to exploit North American trade rules. Once in place, they send ultra-low-priced electric vehicles streaming into the United States. As the Chinese EVs go on sale across the country, America’s homegrown EVs —...
Starting your 1st post-graduation job? Here’s how to organize your finances
NEW YORK — With graduation season over, many college grads are embarking on summer internships or their first full-time jobs. Navigating your finances when you start adult life can be challenging, from understanding your health insurance and benefits to managing a budget. Finding a job is often the first hurdle,...
Judge puts $30 billion Visa, Mastercard settlement on hold, in signal of likely rejection
NEW YORK — A federal judge said she’s not likely to approve the $30 billion settlement between the payment processing giants Visa and Mastercard and the merchants who say they’ve overpaid on swipe fees. Visa and Mastercard reached a settlement with a group of small businesses and merchants back in...
Homebuyers beat high interest rates with 1980s-era assumable mortgages
Last year, after Deb Jerikovsky’s husband died, she decided to swap the lake home where they planned to spend retirement for a house in that’s closer to family. She put that plan on hold, however, once she realized 7% mortgage rates would force her to dip too deeply into her...
John Dorfman: Pfizer and 5 other dividend-yield standouts
“Would you kindly do a piece on high-dividend stocks?” a reader asked recently. Happy to oblige. My favorite high-dividend stock at the moment is Pfizer Inc. (PFE). In my view, Pfizer saved the U.S. from the covid-19 pandemic by developing both a vaccine and a treatment for the disease. That...
Benefits are important, ‘meaningful work’ even more so for Gen Z workers
The growing numbers of Gen Z workers have mystified both employers and their older colleagues. Remote work, quiet quitting and other buzzwords have filled headlines as CEOs melt down over changing office cultures. But the youthful nuances show no signs of slowing down as the youngest generation continues to enter...
Ford recalls over 550,000 pickups because transmissions can suddenly downshift to 1st gear
DETROIT — Ford is recalling more than 550,000 pickups in the U.S. because the transmissions can unexpectedly downshift to first gear no matter how fast the trucks are going. The recall covers certain F-150 pickups from the 2014 model year. Ford’s F-Series pickups are the top-selling vehicles in the U.S....
Uber is locking out NYC drivers mid-shift to lower minimum pay
Uber Technologies Inc. has begun locking New York City drivers out of its app during periods of low demand in an attempt to fight a minimum wage rule, and Lyft Inc. is threatening to do the same. As a result, some drivers say their wages have fallen by as much...
Car dealerships in North America revert to pens and paper after cyberattacks on software provider
NEW YORK — Car dealerships in North America continue to wrestle with major disruptions that started last week with cyberattacks on a software company used widely in the auto retail sales sector. CDK Global, a company that provides software for thousands of auto dealers in the U.S. and Canada, was...
Janet Yellen announces efforts to boost housing supply as high prices create a crunch
WASHINGTON — The Biden administration is announcing new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years. Treasury Secretary Janet Yellen will promote the new investments on Monday...
Despite deaths, inquest jurors’ recommendations, whitewater in-boat rafting guides remain optional
Michele Yealy lost her only daughter to the rushing water of the Youghiogheny River. Andrea Yealy was 16 when she hopped in a two-person inflatable kayak rented by a friend’s family on Sept. 16, 2000, at Ohiopyle State Park in Fayette County. They paddled without a guide down a 7-mile...
Coach USA, parent company of Megabus, files for Chapter 11 bankruptcy protection
Coach USA, the parent company of Megabus, has voluntarily filed for Chapter 11 bankruptcy protection. The reason for the filing was to preserve jobs, ensure continued service and maximize the value of its businesses, Coach USA said in a news release. “U.S. Megabus operations will continue while the company pursues...
TikTok accuses federal agency of ‘political demagoguery’ in legal challenge against potential U.S. ban
TikTok disclosed a letter Thursday that accused the Biden administration of engaging in “political demagoguery” during high-stakes negotiations between the government and the company as it sought to relieve concerns about its presence in the United States. The letter — sent to David Newman, a top official in the Justice...
