Business category, Page 52
Upper Burrell data center to be company’s ‘U.S. flagship,’ founder says
A new data center in Upper Burrell could hold 3 gigawatts of power — about three times more than the Three Mile Island nuclear power plant can generate — and employ hundreds if plans come to fruition at the vacant portion of the Alcoa Technical Center. TECfusions, a Florida-based data...
Philip Morris boss sees no easy way to keep minors from nicotine
Just a year after he became chief executive officer of Philip Morris International Inc., Jacek Olczak swooped on rival nicotine pouch maker Swedish Match in a $16 billion deal. Olczak wanted the company’s vast U.S. distribution network and popular Zyn nicotine pouches, which are about the size of a chiclet...
The Federal Reserve expects to cut rates more slowly in 2025, here’s what that could mean for you
NEW YORK — The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. But with inflation pressures still elevated and with concern that President-elect Donald Trump’s policies could fuel inflation, the...
Stocks fall sharply, Dow tumbles 1,100 points after Fed hints at just 2 rate cuts for 2025
NEW YORK — Stocks tumbled to one of their worst days of the year after the Federal Reserve hinted Wednesday it may deliver fewer shots of adrenaline for the U.S. economy in 2025 than earlier thought. The S&P 500 fell 2.9%, just shy of its biggest loss for the year,...
Supreme Court to hear arguments over law that could ban TikTok in the U.S. if it’s not sold
WASHINGTON — The Supreme Court on Wednesday said it will hear arguments next month over the constitutionality of the federal law that could ban TikTok in the United States if its Chinese parent company doesn’t sell it. The justices will hear arguments Jan. 10 about whether the law impermissibly restricts...
Federal Reserve cuts key rate by a quarter-point but envisions fewer reductions next yearVideo
WASHINGTON — The Federal Reserve cut its key interest rate Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, mostly because of still-elevated inflation. The Fed’s 19 policymakers projected that they...
How to avoid financial stress during the holiday season
NEW YORK — The holidays are meant to be a time of celebration with family and friends. But they can also bring pressure to spend money on gifts, gatherings and plane tickets home, exacerbated by brand emails, social media influencers and family expectations. With credit card debt rising and prices...
Nissan, Honda confirm talks on closer collaboration but say there’s been no decision on a merger
BANGKOK — Japanese automakers Nissan Motor Corp. and Honda Motor Co. confirmed Wednesday that they are discussing closer collaboration but denied reports they have decided on a merger. Nissan’s share price soared more than 22% in Tokyo after reports citing unnamed sources said it might merge with Honda to form...
Late surge will lift 2024 auto sales to 5-year high, Cox projects
Analysts at Cox Automotive, an automotive services company, expect new vehicle sales in the United States for 2024 will come in at just over 15.8 million, beating a previous forecast and marking the best year since 2019. After a strong fourth quarter, automakers are expected to post sales of 15.85...
Concert promoters, hotels and lodging sites soon will have to disclose extra fees up front
The Federal Trade Commission on Tuesday said it will soon require hotels, vacation rental platforms and live event promoters to disclose any fees up front when they list prices. The FTC said consumers often see advertised prices for hotel rooms, short-term rentals, and tickets to sporting events and concerts only...
Biden calls for ban on congressional stock trading
WASHINGTON — President Joe Biden endorsed a ban on congressional stock trading in an interview that’s being released this week, belatedly weighing in on an issue that has been debated on Capitol Hill for years. “Nobody in the Congress should be able to make money in the stock market while...
Retail sales rose at healthy pace last month in latest sign of U.S. economy’s health
WASHINGTON — Consumers stepped up their spending at retail stores last month, providing a boost to the economy in the early phases of the winter holiday shopping season. Retail sales rose 0.7% in November, the Commerce Department said Tuesday, a solid increase and higher than October’s 0.5% gain. Sales jumped...
Monroeville Mall owner puts shopping complex up for sale
The Monroeville Mall could have a new owner soon. Tennessee-based owner CBL Properties is marketing the two-level shopping complex and surrounding storefronts for sale through real estate company JLL without naming a price. The 187-acre property includes the main building, an adjacent strip mall, the streetscape expansion near the front...
Rosendahl’s owner looking for options as Irwin leaders defend eviction to make way for renovations
A week after he was told Irwin chose not to renew its lease of the Main Street building where the borough’s offices are on the second floor, Rosendahl’s Appliance Center owner Gary Proctor said he’s still trying to figure out what he’s going to do. Rosendahl’s is a fixture in...
TikTok asks Supreme Court for an emergency order to block U.S. ban unless it’s sold
WASHINGTON — TikTok on Monday asked the Supreme Court to step in on an emergency basis to block the federal law that would ban the popular platform in the United States unless its China-based parent company agreed to sell it. Lawyers for the company and China-based ByteDance urged the justices...
Small businesses say cautious shoppers are seeking ‘cozy’ and ‘festive’ this holiday season
After the busy Black Friday holiday weekend, Kristen Tarnol, owner of Emerald City Gifts in Studio City, California, is already asking her supplier to send more more fuzzy alpaca scarves and warm slippers that were best sellers over the weekend. “Even though it’s Los Angeles … I think people are...
Musk says U.S. is demanding he pay penalty over disclosures of his Twitter stock purchases
DETROIT — Elon Musk says the Securities and Exchange Commission wants him to pay a penalty or face charges involving what he disclosed — or failed to disclose — about his purchases of Twitter stock before he bought the social media platform in 2022. In a letter posted by Musk...
Canadian government asks labor board to intervene in Canada Post strike as Christmas nears
OTTAWA, Ontario — Canada’s labor minister announced Friday he is asking the Canada Industrial Relations Board to order about 55,000 striking Canada Post employees back to work after a four week work stoppage that disrupted mail service during the busy holiday season. Labor Minister Steven MacKinnon said if the board...
Bank groups sue the Consumer Financial Protection Bureau over a proposed cap on overdraft fees
Some banks and banking trade groups are suing the Consumer Financial Protection Bureau over a finalized rule that limits overdraft fees banks can charge. The rule is part of President Joe Biden administration’s campaign to reduce junk fees that hit consumers on everyday purchases, including banking services. But banks argue...
Amazon to contribute $1 million to Trump’s inauguration fund. Meta is also donating $1M
NEW YORK — Amazon is planning to donate $1 million to President-elect Donald Trump’s inauguration fund, a move that comes as major tech companies seek to improve their relationship with the incoming president. A company spokesperson confirmed Thursday evening that the e-commerce giant will also stream Trump’s inauguration on its...
U.S. appeals court rejects Nasdaq’s diversity rules for company boards
An appeals court in Louisiana has ruled that Nasdaq can’t require diversity on the boards of companies that list on the exchange. The decision comes more than three years after the Securities and Exchange Commission approved Nasdaq’s proposal to boost the number of women, racial minorities and LGBTQ people on...
Trump named Time’s Person of the Year, rings New York Stock Exchange’s opening bell
NEW YORK — President-elect Donald Trump has been recognized for the second time by Time magazine as its Person of the Year. To mark the event, Trump rang the opening bell Thursday at the New York Stock Exchange. The honors for the businessman-turned-politician are a measure of Trump’s remarkable comeback...
U.S. inflation ticked up last month but price pressures remain far below their peak
WASHINGTON — Fueled by pricier used cars, hotel rooms and auto insurance, inflation in the United States moved slightly higher last month while remaining far below its peak of two years ago. Consumer prices rose 2.7% in November from a year earlier, up from a yearly figure of 2.6% in...
Biden set to block U.S. Steel-Nippon sale, say reports
President Joe Biden is on the verge of blocking a proposed $14.9 billion sale of U.S. Steel to Japan’s Nippon Steel Co., according to reports from multiple outlets. Bloomberg and Reuters reported Tuesday evening the president plans to kill the deal because of national security concerns. A Financial Times story,...
Boeing is building new 737 Max planes for the first time since workers went on strike
Boeing is resuming production of its bestselling plane, the 737 Max, for the first time since 33,000 workers began a seven-week strike that ended in early November. The company said Tuesday that plane-building resumed at its plant in Renton, Washington, after going through a process of training workers and identifying...
