Business category, Page 78
Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’
WASHINGTON — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Still, officials warn that policy changes are needed lest the programs become unable to...
All 5 rue21 stores in Western Pa. to close their doors after latest bankruptcy filing
Teen clothing retailer rue21, which is based in Warrendale, filed for bankruptcy last week and appears to be closing all of its stores. Employees at the Warrendale headquarters were seen Friday carrying boxes to their vehicles after being informed they were losing their jobs during a virtual meeting Thursday, TribLive...
Profit drops at Warren Buffett’s firm but thousands still want to hear from the investing guru
OMAHA, Neb. — Warren Buffett’s company reported a steep drop in earnings Saturday because the paper value of its investments fell, but the tens of thousands of shareholders filling an Omaha arena to hear Buffett answer questions at the annual meeting later can take heart that Berkshire Hathaway’s many businesses...
Democratic officials criticize Meta ad policy, saying it amplifies lies about 2020 election
ATLANTA — Several Democrats serving as their state’s top election officials have sent a letter to the parent company of Facebook, asking it to stop allowing ads that claim the 2020 presidential election was stolen. In the letter addressed to Meta CEO Mark Zuckerberg, the secretaries of state from Colorado,...
Nippon Steel delays closing of acquisition of U.S. Steel until late this year after U.S. DOJ request
TOKYO — Nippon Steel said Friday it has postponed the expected closing of its $14.1 billion takeover of U.S. Steel by three months after the U.S. Department of Justice requested more documentation related to the deal. Tokyo-based Nippon Steel Corp. said the deal, already approved by U.S. Steel’s shareholders, is...
U.S. loosens some electric vehicle battery rules, potentially making more EVs eligible for tax credits
DETROIT — The U.S. government has loosened some rules governing electric vehicle tax credits a bit, potentially making more EVs eligible for credits of up to $7,500. The Treasury Department announced final regulations for the credits under the 2022 Inflation Reduction Act on Friday, giving automakers more time to comply...
U.S. employers scaled back hiring in April but still added 175,000 jobs in the face of higher rates
WASHINGTON — The nation’s employers pulled back on their hiring in April but still added a decent 175,000 jobs in a sign that persistently high interest rates may be starting to slow the robust U.S. job market. Friday’s government report showed that last month’s hiring gain was down sharply from...
Penn State trustees advance proposed property sales involving Behrend, Harrisburg campuses
Property zoned for college housing at Penn State University’s Behrend campus near Erie may gain new life as a church, while a Penn State Harrisburg building could be going to that city’s school district. A panel of Penn State trustees endorsed both real estate divestitures Thursday as board members began...
Walmart recalls more than 8 tons of ground beef over E. coli fears
Food manufacturing giant Cargill has recalled more than eight tons of ground beef sold at Walmart stores over potential E. coli contamination. The manufacturer this week recalled ” approximately 16,243 pounds of raw ground beef products that may be contaminated with E. coli O157:H7,” according to a media release from...
Dallas executive Kimberly Fields to take reins at ATI
ATI will have new leadership July 1. Kimberly Fields will assume the role of CEO to replace Robert Wetherbee, head of the specialty metals company since 2018. Fields of Dallas has served the past two years as chief operating officer and was named president in 2023. “I’m honored to succeed...
The Fed indicated rates will remain higher for longer. What does that mean for you?
NEW YORK — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases...
Number of Americans applying for jobless claims remains historically low
The number of Americans applying for unemployment benefits was unchanged last week and remains historically low as the labor market continues to show resiliency in the face of high interest rates and elevated inflation. The Labor Department reported Thursday that unemployment claims for the week ending April 27 was 208,000,...
4 new businesses to check out in downtown Greensburg
Downtown Greensburg has some new neighbors. Four businesses have opened along South Pennsylvania Avenue and Otterman Street in recent months, selling gift items, wellness services, baked goods and upscale bar food. The Greensburg Community Development Corporation — a nonprofit focused on revitalizing the city — received 15 occupancy permits from...
Federal Reserve says interest rates will stay at 2-decade high until inflation further coolsVideo
WASHINGTON — The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target. The Fed issued its decision in a statement after...
Snyder Mansion-turned-workplace a hit with employees on Pittsburgh’s North Side
It’s not every day a job interview takes place in a historic mansion. But for Logann Woodley of Franklin Park, interviewing inside a sprawling brownstone built for the late Pittsburgh steel and iron magnate William Penn Snyder sealed the deal. Today, it’s the headquarters of Babb, Inc., an insurance broker....
Wall Street holds steady after the Federal Reserve says it will keep rates high
NEW YORK — U.S. stocks are holding relatively steady after the Federal Reserve said Wednesday it would keep its main interest rate at the highest level since 2001, just as markets expected. The S&P 500 was down 0.1% in afternoon trading, roughly where it was before the Fed’s announcement. The...
U.S. job openings fall to 8.5 million in March, the lowest level in over 3 years
WASHINGTON — U.S. jobs openings slid in March to the lowest level in more than three years, but stayed at historically high levels in a sign that the job market remains resilient in the face of higher interest rates. The Labor Department reported Wednesday that employers posted 8.5 million vacancies...
Trump awarded 36 million more Trump Media shares worth $1.8 billion after hitting price benchmarks
WASHINGTON — Former President Donald Trump has secured an additional $1.8 billion worth of shares in Trump Media, according to a regulatory filing this week. Based on the company’s stock hitting certain price benchmarks, Trump was awarded an additional 36 million shares in the company that owns his social media...
Workers, activists around the world hold May Day rallies urging greater rights, more pay
ISTANBUL — Workers, activists and others around the world took to the streets on Wednesday to mark May Day with protests over the pressure of rising prices and calls for greater labor rights. Pro-Palestinian sentiments were also on display. Police in Istanbul used tear gas and fired rubber bullets to...
Ford recalls Maverick pickups in U.S. because tail lights can go dark
DEARBORN, Mich. — Ford is recalling nearly 243,000 Maverick small pickup trucks in the U.S. because the tail lights may not illuminate. The company says a computer can falsely detect too much current on one or both of the tail lamps, causing them to stay dark while the trucks are...
John Dorfman: Checking in with top investors
The website Gurufocus.com tracks the stock picks and performance of a few dozen famous investors. In the past five years, half a dozen of them had annual returns exceeding 17%. Ron Baron leads the parade. His Baron Partners Fund had a 31.2% annual return. In today’s column, we’ll take a...
US challenges ‘bogus’ patents on Ozempic, other drugs in effort to spur competition
WASHINGTON — Federal regulators are challenging patents on 20 brand-name drugs, including the blockbuster weight-loss injection Ozempic, in the latest effort by the Biden administration targeting pharmaceutical industry practices that drive up prices. The Federal Trade Commission on Tuesday sent warning letters to 10 drugmakers, taking issue with patents on...
Walmart launches store-label food brand as it seeks to appeal to younger shoppers
NEW YORK — Walmart is launching the U.S. retailer’s biggest store-label food brand in 20 years in terms of the breadth of items, seeking to appeal to younger customers who are not loyal to grocery brands and want chef-inspired foods that are more affordably priced. The brand, called Bettergoods, is...
Lawmakers, advocates make last-ditch push to extend affordable internet subsidy
WASHINGTON — Twenty-three million families in the United States will have bigger internet bills starting in May. That’s because a federal broadband subsidy program they’re enrolled in is nearly out of money. Dozens of people joined Biden administration officials, advocates and U.S. Sen. Peter Welch, a Democrat from Vermont, at...
8 U.S. newspapers sue ChatGPT-maker OpenAI, Microsoft for copyright infringement
NEW YORK — A group of eight U.S. newspapers is suing ChatGPT-maker OpenAI and Microsoft, alleging that the technology companies have been “purloining millions” of copyrighted news articles without permission or payment to train their artificial intelligence chatbots. The New York Daily News, Chicago Tribune, Denver Post and other papers...
