Wire stories category, Page 17
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....
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...
With U.S. vehicle prices averaging near $50K, General Motors sees 2nd-quarter profits rise 15%
DETROIT — U.S. customers who bought a new General Motors vehicle last quarter paid an average of just under $49,900, a price that helped push the company’s net income 15% above a year ago. And GM Chief Financial Officer Paul Jacobson said he doesn’t see his company cutting prices very...
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
CHARLESTON, W.Va. — Cleveland-Cliffs announced Monday it will produce electrical transformers in a $150 million investment at a West Virginia facility that closed earlier this year. The company hopes to reopen the Weirton facility in early 2026 and “address the critical shortage of distribution transformers that is stifling economic growth...
CrowdStrike CEO called to testify to Congress over cybersecurity’s firm role in global tech outage
AUSTIN, Tex. — U.S. House leaders are calling on CrowdStrike CEO George Kurtz to testify to Congress about the cybersecurity company’s role in sparking the widespread tech outage that grounded flights, knocked banks and hospital systems offline and affected services around the world. CrowdStrike said this week a “significant number”...
The last cards have been dealt as the iconic Mirage closes its doors on the Las Vegas Strip
LAS VEGAS — A final blast from The Mirage’s signature volcano marked the passage Wednesday of an aging Las Vegas resort that wowed crowds when it opened in 1989 and went on to revolutionize the casino resort industry and reshape Las Vegas as a tourist destination. “What would The Mirage...
Amtrak raises prices on Northeast Corridor multi-ride tickets
Owen Sahnow, who works at the Delaware Theatre Company, wonders how he’ll commute in the future from Philadelphia to Wilmington now that Amtrak is raising the price of his monthly pass by nearly 70%. He moved to Philadelphia last year for his partner’s work and has been taking a trolley...
NASA cancels Pittsburgh company’s moon rover mission, citing cost overruns and launch delays
WASHINGTON — NASA said Wednesday it’s canceling its water-seeking moon rover, citing cost overruns and launch delays. The Viper rover was supposed to launch in late 2023 aboard a lander provided by Astrobotic Technology, but extra testing and increased costs kept delaying the mission, threatening other projects, the space agency...
United Airlines Q2 profit rises to $1.32B as travel demand offsets rising costs
United Airlines on Wednesday reported that its second-quarter profit rose 23% to $1.32 billion, as record crowds at U.S. airports helped the carrier overcome sharply rising costs for fuel and labor. However, United warned that third-quarter results will fall short of Wall Street expectations. Like rival Delta Air Lines, United...
John Deere ends support of ‘social or cultural awareness’ events, distances from DEI
NEW YORK — Farm equipment maker John Deere says it will no longer sponsor “social or cultural awareness” events, becoming the latest major U.S. company to distance itself from diversity and inclusion measures after being targeted by conservative backlash. In a statement posted Tuesday to social media platform X, John...
Amazon Prime Day a big event for scammers, experts warn
NEW YORK — Amazon Prime Day is here, and experts are reminding consumers to be wary of scams. Deceptions such as phony emails from people impersonating online retailers like Amazon are nothing new. But phishing attempts increase amid the heavy spending seen during significant sales events, whether it’s Black Friday...
5 years into Amazon’s Climate Pledge, workers challenge its progress
Five years after Amazon committed to an ambitious climate goal, the company says it is making progress on reducing emissions, but critics allege those calculations are misleading. In its annual sustainability report, released this month, Amazon said carbon emissions dropped 3% last year, largely because of its sizable investment in...
Average rate on a 30-year mortgage falls slightly, easing borrowing costs for home shoppers
LOS ANGELES — The average rate on a 30-year mortgage fell slightly this week, providing modest relief for home shoppers facing record-high home prices. Mortgage buyer Freddie Mac said Thursday that the rate fell to 6.89% from 6.95% last week. A year ago, it averaged 6.96%. The average rate has...
Costco raises annual membership fees for the 1st time since 2017, boosting them an additional $5 to $10
ISSAQUAH, Wash. — Costco bargain hunters are going to have to pay an additional $5 to $10 annually as the popular warehouse chain prepares to raise its membership fees for the first time in seven years. The Issaquah, Washington, company disclosed the forthcoming 8% increase in the fee to gain...
S&P 500 tops 5,600 as Wall Street’s record-breaking rally keeps rollingVideo
NEW YORK — Wall Street’s blistering rally stretched into a seventh day Wednesday and vaulted the U.S. stock market to more all-time highs. The S&P 500 jumped 1% and topped the 5,600 level for the first time. The Nasdaq composite also rallied to a seventh straight gain and added 1.2%...
Archegos Capital founder Bill Hwang convicted of securities fraud
NEW YORK — The founder of Archegos Capital Management, a hedge fund that collapsed in 2021, was convicted Wednesday of securities fraud in a scheme that prosecutors said cost global investment banks billions of dollars. Bill Hwang looked straight ahead as the verdict was read, taking several sips of water...
Fed’s Powell highlights slowing job market in signal that rate cuts may be nearing
WASHINGTON — The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony Tuesday to Congress, a shift in emphasis away from the Fed’s single-minded fight against inflation of the past two years that suggests it is moving closer to cutting...
NHTSA launches recall query into 94,000 Jeep Wranglers as loss of motive power complaints continue
NEW YORK — The U.S. government’s auto safety agency is investigating a potential “loss of motive power” in more than 94,000 Jeep Wrangler 4xe vehicles, after receiving complaints for cars outside the scope of an earlier recall involving an engine shutdown condition in the same SUV model. The National Highway...
Boeing accepts a plea deal to avoid a criminal trial over 737 Max crashes, Justice Department saysVideo
Boeing will plead guilty to a criminal fraud charge stemming from two crashes of 737 Max jetliners that killed 346 people, the Justice Department said late Sunday, after the government determined the company violated an agreement that had protected it from prosecution for more than three years. Federal prosecutors gave...
Air travel is getting worse, passengers tell government
WASHINGTON — Air travel got more miserable last year, if the number of consumer complaints filed with the U.S. government is any measure. The Transportation Department said Friday it received nearly 97,000 complaints in 2023, up from about 86,000 the year before. The department said there were so many complaints...
Parent company of Saks Fifth Avenue to buy rival Neiman Marcus
NEW YORK — The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus for $2.65 billion. The new entity would be called Saks Global, which will comprise the Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus and Bergdorf Goodman, as well...
Delta flight diverts to New York after passengers served spoiled food
NEW YORK — A Delta flight from Detroit to Amsterdam was diverted Wednesday to New York’s Kennedy Airport when passengers were served spoiled food, airline officials said. The redeye flight took off from Detroit around 11 p.m. Tuesday and landed in New York at 4 a.m. “after reports that a...
Black farmers’ association calls for Tractor Supply CEO’s resignation after company cuts DEI efforts
NEW YORK — The National Black Farmers Association called on Tractor Supply’s president and CEO to step down after the rural retailer announced that it would drop most of its corporate diversity and climate advocacy efforts. The resignation demand emerged as Tractor Supply, which sells products ranging from farming equipment...
Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts
WASHINGTON — Federal Reserve officials at their most recent meeting welcomed recent signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling. Both trends, if they continued, could lead the Fed to cut its benchmark interest rate in the coming...
Open on July 4: Retailers and airlines. Closed: Government, banks, stock market
NEW YORK — The Fourth of July holiday, also known as Independence Day, celebrates the Second Continental Congress’ unanimous adoption of the Declaration of Independence on July 4, 1776, a document announcing the colonies’ separation from Great Britain. One year later, according to the Library of Congress, a spontaneous celebration...
