Business category, Page 14
U.S., China reach a framework deal for the ownership of TikTok
A framework deal has been reached between China and the U.S. for the ownership of popular social video platform TikTok, U.S. Treasury Secretary Scott Bessent said after trade talks this weekend in Spain. Bessent said in a press conference after the latest round of trade talks between the world’s two...
The Fed faces economic uncertainty and political pressure as it decides whether to cut rates
WASHINGTON — In a sign of how unusual this week’s Federal Reserve meeting is, the decision it will make on interest rates — usually the main event — is just one of the key unknowns to be resolved when officials gather Tuesday and Wednesday. For now, it’s not even clear...
FAA seeks $3.1 million in fines from Boeing over safety violations, 2024 midair panel blowout
The Federal Aviation Administration is seeking $3.1 million in fines from Boeing over safety violations, including ones related to an Alaska Airlines jetliner losing a door plug panel on its fuselage in midflight. The proposed penalty is for safety violations that occurred from September 2023 through February 2024, the FAA...
Boeing workers reject their latest contract offer, extending strike at 3 Midwest plants
Another contract proposal has been rejected by Boeing workers who now have been on strike for nearly six weeks from three Midwest plants where military aircraft and weapons are developed. The vote on Friday refusing the latest proposal sends the workers back to the picket lines, according to the union...
BNY AI lab coming to Carnegie Mellon as $10M investment in on-campus research
Bank of New York Mellon is creating an artificial intelligence lab at Carnegie Mellon University as part of a $10 million investment into research and recruiting at the school. The partnership was unveiled Thursday just before the start of Pittsburgh’s AI Horizons Summit, a two-day event for government and industry...
Warner Bros. Discovery stock jumps 29% following Ellison takeover report
Warner Bros. Discovery stock jumped more than 25% on Thursday after a report that the Larry Ellison-backed Paramount was preparing a cash bid to buy the company that owns HBO, CNN and the Warner Bros. studio. The Ellison family and RedBird Capital Partners acquired Paramount last month, and has signaled...
Trump administration requests emergency ruling to remove Lisa Cook from Fed board
WASHINGTON — The Trump administration has asked an appeals court to remove Lisa Cook from the Federal Reserve’s board of governors by Monday, before the central bank’s next vote on interest rates. The request represents an extraordinary effort by the White House to shape the board before the Fed’s interest...
Rising inflation and a deteriorating job market puts the Fed and Americans in a difficult spot
WASHINGTON — Inflation rose last month as the price of gas, groceries and airfares jumped while new data showed applications for unemployment aid soared, putting the Federal Reserve in an increasingly tough spot as it prepares to cut rates at its meeting next week despite persistent price pressures. Consumer prices...
Inflation likely rose last month as Trump’s sweeping tariffs boost goods prices
WASHINGTON — U.S. inflation likely ticked higher last month as the Trump administration’s import taxes have lifted the price of goods, potentially putting the Federal Reserve in a tough spot when it meets next week. Economists forecast that consumer prices rose 2.9% in August from a year earlier, according to...
South Korea says charter plane carrying South Korean workers will leave Atlanta on Thursday
FOLKSTON, Ga. — A South Korean charter plane arrived in Atlanta on Wednesday to take home Korean workers detained in an immigration raid in Georgia last week. Its planned return the same day was canceled, and South Korea’s Foreign Ministry later said the flight would take place at noon Thursday,...
Musk loses crown as world’s richest to software giant Larry Ellison in new Bloomberg ranking
NEW YORK — Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday, according to wealth tracker Bloomberg, as stock in his software giant rocketed more than a third in a stunning few minutes of trading. A college dropout, the 81-year-old...
U.S. supply chain prices unexpectedly fell 0.1% in August
WASHINGTON — U.S. producer prices fell unexpectedly last month, dropping 0.1% from July. The Labor Department reported Wednesday that its producer price index — which captures inflation in the supply chain before it hits consumers — showed that wholesale inflation decelerated in August after advancing 0.7% in July. Wholesale services...
Westmoreland airport authority ‘strong about Spirit’ while staying in touch with other carriers
Westmoreland County Airport Authority officials say they’ll stick with Spirit for commercial flights at Arnold Palmer Regional Airport although the budget carrier is headed into cloudy skies with its second bankruptcy declaration in less than a year. Spirit initially sought bankruptcy protection in November and emerged from Chapter 11 in...
Court rules Lisa Cook can remain a Fed governor for now while fighting Trump’s attempt to fire her
WASHINGTON — A federal court ruled Tuesday that embattled Federal Reserve Governor Lisa Cook can remain in her position while she fights President Donald Trump’s efforts to fire her. The ruling, which will almost certainly be appealed, is a blow to the Trump administration’s efforts to assert more control over...
U.S. Steel to end steel production at Illinois plant but no layoffs
HARRISBURG — U.S. Steel will stop processing steel slabs at its Granite City Works plant in Illinois, three months after Nippon Steel sealed a deal with President Donald Trump to buy the iconic American steelmaker by giving the government a say over decisions that affect domestic steel production. U.S. Steel...
U.S. household income rose slightly last year, roughly matching 2019 level
WASHINGTON — The income for the typical U.S. household barely rose last year and essentially matched its 2019 peak, the Census Bureau said Tuesday, a stark illustration of the impact that the pandemic inflation spike had on Americans’ finances. The report also showed that the highest-earning households received healthy inflation-adjusted...
Dick’s Sporting Goods takes over Foot Locker in $2.4B deal
Dick’s Sporting Goods has officially bought Foot Locker for $2.4 billion. Already one of the largest sporting goods retailers in the U.S., the Findlay-based company has gone global by adding about 2,400 Foot Locker locations in 20 countries. The deal was unveiled in May and finalized Monday. Foot Locker and...
New data shows job market was much weaker than thought in 2024, and this year as wellVideo
WASHINGTON — The U.S. job market was much weaker in 2024 and early this year than originally reported, adding to concerns about the health of the nation’s economy. Employers added 911,000 fewer jobs than originally reported in the year that ended in March 2025, the Labor Department reported Tuesday. The...
Apple’s iPhone 17 line-up includes new ultra-thin model and $100 price hike for Pro model
Apple on Tuesday rolled out its next generation of iPhones that includes a new ultra-thin model and a slight price hike for one of its high-end models, while the company feels the squeeze of a global trade war. The iPhone 17 line-up includes a new slimmed-down model that will adopt...
John Dorfman: Adobe, Applied Materials stand out for fat profit margins
High profits are the engine that can drive pleasant returns for shareholders. Beyond that, on a societal level, profits provide the signals that make the capitalist system work. These signals are the reason capitalist economies have fewer gluts and shortages than centrally planned (Communist) economies. High profits lure new competitors,...
Rivian lays off hundreds of employees ahead of the end of EV tax credits
Rivian has laid off about 200 employees as the electric vehicle maker prepares for a U.S. economy with fewer incentives to go green. The electric truck and sport-utility vehicle manufacturer is preparing for a challenging year in which it plans to launch a more affordable model even as it gets...
Rupert Murdoch’s family reaches deal on who will control media empire after his death
Rupert Murdoch’s family has reached a deal on control of the 94-year-old mogul’s media empire after his death, ensuring no change in direction at Fox News, the most popular network for President Donald Trump and conservatives. The deal creates a trust establishing control of the Fox Corp. for Lachlan Murdoch,...
Chief justice lets Trump remove member of Federal Trade Commission for now
WASHINGTON — Chief Justice John Roberts on Monday let President Donald Trump remove a member of the Federal Trade Commission, the latest in a string of high-profile firings allowed for now by Supreme Court. Trump first moved to fire Rebecca Slaughter in the spring, but she sued and lower courts...
PNC to acquire FirstBank for $4.1B, adding branches in Ariz., Colo.
Pittsburgh-based PNC Bank is buying a competitor in Arizona and Colorado for $4.1 billion. The bank announced Monday morning it’s absorbing 95 FirstBank branches and $27 billion in assets. FirstBank has a “leading” market position in Colorado and a “substantial presence” in Arizona, according to PNC. The number of PNC...
Shortage of homebuyers forces many sellers to lower prices or walk away as sales slump drags on
LOS ANGELES — Skyrocketing housing values and a shortage of homes on the market gave homeowners the upper hand for years when it came time to sell. That’s no longer a given. Across the country, it’s getting tougher for sellers to drive a hard bargain. A dearth of home shoppers...
