Business category, Page 75
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...
McDonald’s says $18 Big Mac meal was an ‘exception’ and news reports overstated its price increases
McDonald’s is fighting back against viral tweets and media reports that it says have exaggerated its price increases. In a post on the company’s website Wednesday, McDonald’s U.S. President Joe Erlinger said reports suggesting the price of the average Big Mac has doubled since 2019 were false. McDonald’s said the...
Inflation pressures lingering from pandemic are keeping Fed rate cuts on pause
WASHINGTON — Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation. A key reason for the delay in rate...
ConocoPhillips buying Marathon Oil for $17.1B in all-stock deal as energy prices rise
ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits. The deal is valued at $22.5 billion when including $5.4 billion in debt. Crude prices have jumped more than 12% this year and the cost...
Pa.’s fracking wastewater could be a reliable source of lithium, study says
Newly published research by a University of Pittsburgh doctorate student estimates that up to 40% of the lithium needed in the U.S. could be extracted from wastewater created by unconventional drilling operations in Pennsylvania. Most batteries used in technology — like smartwatches and electric cars — are made with lithium,...
UPMC reports $103M operating loss during 1st quarter
UPMC reported an operating loss of $103 million during the first three months of the year, up slightly from its $100 million operating loss during the same period a year ago. The Pittsburgh-based health giant’s first-quarter losses came on revenues of more than $7.1 billion, according to a financial disclosure...
U.S. consumer confidence rises in May after 3 months of declines
WASHINGTON — Consumer confidence in the U.S. rose in May after three straight months of declines, though Americans are still anxious about inflation and interest rates. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose in May to 102 from 97.5 in April. Analysts...
T-Mobile to buy almost all of U.S Cellular in deal worth $4.4 billion with debt
T-Mobile is buying U.S. Cellular’s wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry. T-Mobile would get more than 4 million new customers and control of U.S. Cellular’s wireless operations and about 30% of spectrum assets across several spectrum bands. T-Mobile...
John Dorfman: ‘Do Nothing’ stocks have averaged 14% return
Investors often chase stocks that have soared or plunged. They may overlook stocks that have simply held still. But there are sometimes real bargains in stocks that have done nothing for a while. Each May, I write about such stocks. I call them the Do Nothing Club. Over 20 years,...
Communities fear health, environmental harms as they await more info on hydrogen hub projects
Spotlight PA is an independent, nonpartisan, and nonprofit newsroom producing investigative and public-service journalism that holds power to account and drives positive change in Pennsylvania. HARRISBURG — The federal government and private developers are collecting public feedback on two major hydrogen production networks that will be partly located in Pennsylvania...
Eli Lilly beefs up plan to expand manufacturing for popular drugs Zepbound, Mounjaro
Eli Lilly will spend more than $5 billion to expand an Indiana manufacturing site and eventually make more doses of its popular weight-loss and diabetes treatments, Zepbound and Mounjaro. The drugmaker said Friday that it was more than doubling its investment in a site near its Indianapolis headquarters. But it...
Steelers extend deal with iHeartMedia for WDVE radio to broadcast games
The Pittsburgh Steelers will remain linked to their longtime radio partner. WDVE-FM 102.5 will continue as the radio network flagship for Steelers broadcasts, the team and iHeartMedia announced Friday. The agreement, which extends the partnership through the 2028 season, also includes the creation of the Steelers Audio Network, where fans...
Independent booksellers continued to expand in 2023, with more than 200 new stores opening
NEW YORK — Three years ago, Erin Decker was a middle school librarian in Kissimmee, Florida, increasingly frustrated by the state’s book bans and worried that she couldn’t make a difference remaining in her job. So, she and fellow librarian Tania Galiñanes thought of a way to fight back. “We...
Government sues Ticketmaster owner and asks court to break up company’s monopoly on live events
WASHINGTON — The Justice Department sued Ticketmaster and its parent company Thursday, accusing them of running an illegal monopoly over live events in America and asking a court to break up the system that squelches competition and drives up prices for fans. Filed in federal court in Manhattan, the sweeping...
Buy now, pay later companies must adhere to credit card standards, consumer agency says
NEW YORK — Buy now, pay later companies must provide consumers with the same legal rights and protections as credit card lenders do, the Consumer Financial Protection Bureau said Wednesday in a new rule. That includes the right to demand a refund and to dispute transactions. The agency began an...
U.S. applications for jobless benefits fall as labor market continues to thrive
The number of Americans applying for unemployment benefits fell last week as layoffs remained historically low despite the Federal Reserve’s efforts to loosen the labor market. Jobless claims for the week ending May 18 fell by 8,000 to 215,000, down from 223,000 the week before, the Labor Department reported Thursday....
Nvidia’s profit soars, underscoring dominance in chips for artificial intelligence
SAN FRANCISCO — Nvidia on Wednesday overshot Wall Street estimates as its profit skyrocketed, bolstered by the chipmaking dominance that has made the company an icon of the artificial intelligence boom. Its net income rose more than sevenfold compared to a year earlier, jumping to $14.88 billion in its first...
Shutdown of fintech middleman Synapse freezes thousands of Americans’ deposits
NEW YORK — The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts as a middleman between financial technology companies and banks. Synapse filed for Chapter 11 bankruptcy protection...
Judge signs off on $600 million Ohio train derailment settlement but residents still have questions
A federal judge has signed off on the $600 million class action settlement over last year’s disastrous Norfolk Southern derailment in eastern Ohio, but many people who live near East Palestine are still wondering how much they will end up with out of the deal. Preliminary approval for the settlement...
Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer
DETROIT — Cars, trucks and SUVs in the U.S. keep getting older, hitting a record average age of 12.6 years in 2024 as people hang on to their vehicles largely because new ones cost so much. S&P Global Mobility, which tracks state vehicle registration data nationwide, said Wednesday that the...
Using AI, Mastercard expects to find compromised cards quicker, before they get used by criminals
NEW YORK — Mastercard said Wednesday that it expects to be able to discover that your credit or debit card number has been compromised well before it ends up in the hands of a cybercriminal. In its latest software update rolling out this week, Mastercard is integrating artificial intelligence into...
OpenAI is halting use of ChatGPT voice that Scarlett Johansson says is ‘eerily similar’ to hers
NEW YORK — OpenAI on Monday said it plans to halt the use of one of its ChatGPT voices that “Her” actor Scarlett Johansson says sounds “eerily similar” to her own. In a post on the social media platform X, OpenAI said it is “working to pause” Sky — the...
Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
WASHINGTON — The Biden administration said Tuesday that it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments...
AI companies pledge to develop tech safely at AI summit, countries agree on safety institutes
SEOUL, South Korea — Leading artificial intelligence companies made a fresh pledge at a mini-summit Tuesday to develop AI safely, while world leaders agreed to build a network of publicly backed safety institutes to advance research and testing of the technology. Google, Meta and OpenAI were among the companies that...
