Business category, Page 74
Future of Elon Musk and Tesla are on the line this week as shareholders vote on massive pay package
DETROIT — If Tesla shareholders vote against restoring Elon Musk’s $44.9 billion pay package Thursday, the CEO could deliver on threats to take artificial intelligence research to one of this other companies. Or he could even could walk away. If they approve the all-stock compensation package that was thrown out...
Apple leaps into AI with an array of upcoming iPhone features and a ChatGPT deal to smarten up Siri
CUPERTINO, Calif. — Apple has jumped into the race to bring generative artificial intelligence to the masses, spotlighting a slew of features Monday designed to soup up the iPhone, iPad and Mac. And in a move befitting a company known for its marketing prowess, the AI technology coming as part...
Alzheimer’s drug that can slow disease gets backing from FDA advisers
WASHINGTON — A closely watched Alzheimer’s drug from Eli Lilly won the backing of federal health advisers on Monday, setting the stage for the treatment’s expected approval for people with mild dementia caused by the brain-robbing disease. A panel of Food and Drug Administration advisers voted unanimously that the drug’s...
Chrysler recalls more than 211,000 SUVs and pickup trucks due to software malfunction
Stellantis-owned Chrysler is recalling more than 211,000 SUVs and pickup trucks in the U.S., due to a software malfunction that could disable the cars’ electronic stability control systems. The recall covers certain model year 2022 Dodge Durango, Ram 2500 and Ram 3500 vehicles. According to documents published by the National...
John Dorfman: Graco and A.O. Smith boast high profit, low debt
Two qualities of outstanding companies are high profitability and low debt. Let’s look at a handful of companies that can boast both. Among the largest 2,000 U.S. companies, about 27% have high profitability, as gauged by a return on stockholders’ equity of 20% or more. About 15% of companies have...
Credit card delinquencies are rising. Here’s what to do if you’re at risk
NEW YORK — Seriously overdue credit card debt is at the highest level in more than a decade, and people 35 and under are struggling more than other age groups to pay their bills. The share of credit card debt that’s severely delinquent, defined as being more than 90 days...
Kia recalls nearly 463,000 Telluride SUVs due to fire risk, urges consumers to park outside
NEW YORK — Kia America is recalling nearly 463,000 Telluride SUVs — and urging owners to park their cars outside and away from other structures until an issue posing a fire hazard is fixed. The front power seat motor on the affected Tellurides from the 2020-2024 model years might overheat...
U.S. employers added a robust 272,000 jobs in May in a sign of sustained economic health
WASHINGTON — America’s employers added a strong 272,000 jobs in May, accelerating from April and a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates. Last month’s sizable job gain suggests that the economy is still growing steadily, propelled by consumer...
Zombies: Ranks of world’s most debt-hobbled companies are soaring, and not all will survive
NEW YORK — They are called zombies, companies so laden with debt that they are just stumbling by on the brink of survival, barely able to pay even the interest on their loans and often just a bad business hit away from dying off for good. An Associated Press analysis...
Paid family leave draws bipartisan support as good for the economy, but some oppose cost, lost control
This story first appeared in How We Care, a weekly newsletter by Spotlight PA featuring original reporting and perspectives on how we care for one another at all stages of life. Alana Griffin was employed and on maternity leave when she and her infant son moved into a Tampa, Florida,...
Kentucky Democratic governor pushes back against Trump-led attacks on electric vehicles
FRANKFORT, Ky. — Electric vehicles have built up enough momentum from job growth and investments to steer past any roadblocks from Donald Trump and other critics, Kentucky Gov. Andy Beshear said Thursday. The Democratic governor said the thousands of EV-related jobs springing up across the country, including in rural GOP...
Markets surge to record highs as Nvidia tops $3 trillion in total valueVideo
NEW YORK — Wall Street barreled to records Wednesday as its frenzy around artificial-intelligence technology keeps sending stocks higher. The rally sent the total market value of Nvidia, which has become the poster child of the AI boom, above $3 trillion for the first time. The S&P 500 climbed 1.2%...
What will become of The Epoch Times with its chief financial officer accused of money laundering?
NEW YORK — The arrest of an executive at The Epoch Times in a money-laundering scheme this week has drawn attention to a media outlet that has lived largely in the shadows since its founding in 2000 and a transformation during the Trump administration. Federal prosecutors in New York charged...
Walmart offers new perks for workers, from a new bonus plan to opportunities in skilled trade jobs
NEW YORK — Walmart is offering new perks for its hourly U.S. workers, ranging from a new bonus plan to opportunities to move into skilled trade jobs within the company. The perks program announced Wednesday comes as the nation’s largest private employer says it’s seeing a decline in worker turnover....
Dollar Tree looking at options for Family Dollar, including possible sale of the segment
Discount retailer Dollar Tree says it’s looking at strategic options for the Family Dollar stores that it owns, including a possible sale of the segment. Dollar Tree said Wednesday that alternatives also include a spinoff or other disposition of the business. Dollar Tree acquired Family Dollar nearly a decade ago...
Epoch Times CFO arrested, accused of role in $67M multinational money laundering scheme
NEW YORK — The chief financial officer of The Epoch Times, a conservative multinational media company, is accused of taking part in a multi-year scheme to launder tens of millions of dollars in fraudulently obtained unemployment benefits and other funds, according to an indictment unsealed. Arrested on Sunday, Weidong “Bill”...
John Dorfman: 4 CEOs who bought their own stock in May
Defying bad news, several chief executive officers bought their own companies’ stock last month. Here are four cases that caught my eye. Skyworks Solutions CEO Liam Griffin spent just over $1 million to buy 11,142 shares at Skyworks Solutions Inc. (SWKS). That brings his total holding to 153,431 shares, worth...
Sandy Hook families ask bankruptcy judge to liquidate Alex Jones’ media company
Relatives of victims of the Sandy Hook Elementary School shooting are asking a bankruptcy judge to liquidate conspiracy theorist Alex Jones’ media company, including Infowars, instead of allowing him to reorganize his business as they seek to collect on $1.5 billion in lawsuit verdicts against him. Lawyers for the families...
CEOs got hefty pay raises in 2023, widening the gap with the workers they oversee
NEW YORK — The typical compensation package for chief executives who run companies in the S&P 500 jumped nearly 13% last year, easily surpassing the gains for workers at a time when inflation was putting considerable pressure on Americans’ budgets. The median pay package for CEOs rose to $16.3 million,...
Oil producers led by Saudis extended supply cuts amid slack prices
FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members...
Republicans make Biden’s EV push an election-year issue as Democrats take a more nuanced approach
TOLEDO, Ohio — Donald Trump says the Biden administration’s policy to promote electric vehicles is a “radical plan” that would kill the economy in automaking states. Republican allies in the petroleum industry have spent millions on ads that say President Joe Biden’s tax credit for EV buyers will cost Americans...
Has Ligonier Country Market gotten too big?
The Ligonier Country Market has been a popular fixture in the Ligonier community for nearly 50 years, drawing visitors from throughout the area to shop for everything from fresh produce and baked goods to handwoven rugs and wood crafts. But Ligonier Township officials are wondering whether the seasonal Saturday morning...
State reaches agreement on UPMC acquisition of Washington Hospital
UPMC has moved a step closer to buying Washington Hospital by reaching an agreement with the state Attorney General that is designed to ensure patients with health insurance other than the UPMC Health Plan will have the opportunity to have in-network benefits to the hospital’s services. The voluntary compliance agreement...
U.S. Steel-Nippon merger receives foreign regulatory approval
All regulatory approvals outside of the U.S. related to the proposed merger of U.S. Steel and Japan’s Nippon Steel have been approved, the companies announced Thursday. The $14.9 billion merger deal was approved by 99% of U.S. Steel’s voting shareholders on April 12. The companies said the regulatory approvals were...
Supreme Court gives homeowners another chance in escrow dispute with Bank of America
WASHINGTON — The Supreme Court on Thursday gave homeowners another chance to force Bank of America and other large banks to pay interest on mortgage escrow accounts. The court unanimously threw out an appeals court ruling in favor of Bank of America, which has refused to pay interest on money...
