Wire stories category, Page 52
Broadcom to buy VMware for $61 billion in record chip deal
Broadcom Inc. agreed to buy cloud-computing company VMware Inc. for about $61 billion, sealing one of the largest technology deals in history and advancing the chipmaker’s quest to become a force in corporate software. VMware shareholders can choose to receive either $142.50 in cash or 0.2520 shares of Broadcom stock...
Housing supply squeeze finally begins to ease
During the record-breaking housing boom of the past two years, a drastic under-supply of homes for sale has bedeviled buyers and delighted sellers. Now, the squeeze is slowly easing — a shift that could mark the start of a much-anticipated cooling of the white-hot housing market. The abnormal conditions of...
Fed officials signal rates may head to ‘restrictive’ levels
WASHINGTON — Federal Reserve officials agreed when they met earlier this month that they might have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which has reached a four-decade high. At the same time, many of the policymakers also...
Student loan forgiveness unlikely to boost the economy
The Biden administration has been considering a plan to cancel at least $10,000 of federal student-loan debt. President Biden promised something of the sort during the 2020 presidential campaign. And with about 45 million current and former students carrying $1.76 trillion in debt, some sort of debt forgiveness is appealing...
Wall Street ends higher following 7 straight weeks of losses
NEW YORK — Stocks closed broadly higher Monday, an upbeat start to the week on Wall Street after seven weeks of declines that nearly ended the bull market that began in March 2020. The S&P 500 rose 1.9%, with technology and financial sector stocks doing much of the heavy lifting...
Starbucks leaving Russian market, shutting 130 stores
Starbucks is pulling out of the Russian market. In a memo to employees Monday, the Seattle coffee giant said it decided to close its 130 stores and no longer have a brand presence in Russia. Starbucks said it will continue to pay its nearly 2,000 Russian employees for six months...
Wall Street nears bear market at the end of a bruising week
Another drop for stocks on Friday has pushed the S&P 500 index 20% below its peak set early this year. The benchmark index was down 2% for the day in early afternoon trading and on pace for its seventh straight losing week. Rising interest rates, high inflation, the war in...
Home sales tumble again as mortgage rates surge
Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared to new highs. Existing home sales fell 2.4% last month from March to a seasonally adjusted annual rate of 5.61 million,...
Abbott says agreement reached to reopen baby formula plant
WASHINGTON — Baby formula maker Abbott said Monday it has reached an agreement with U.S. health regulators to restart production at its largest domestic factory, though it will be well over a month before any new products ship from the site to help alleviate the national shortage facing parents. Abbott...
Stocks rally on Wall Street but still face 6th weekly loss
Stocks rallied on Wall Street Friday, but not enough to claw back all the losses the market has taken in this volatile week of trading. The S&P 500 rose 2.4% as of 12:01 p.m. Eastern. The benchmark index is still on track for its 6th straight losing week, something that...
Parents swap, sell baby formula amid nationwide shortage
WASHINGTON — A baby formula shortage in the United States is driving parents to swap, sell and offer leftover supplies to each other, while President Joe Biden plans to speak with manufacturers and retailers Thursday about the plight facing families. The problem is the result of supply chain disruptions and...
Coinbase loses half its value in a week as crypto slumps
SILVER SPRING, Md. — Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop 5o date on Wednesday as the famously volatile crypto market weathers yet another slump. Coinbase reported a $430 million net loss in the first quarter, or $1.98 per...
How to avoid ‘rug pulls,’ the latest cryptocurrency scam
A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.” The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with...
Parents hunting for baby formula as shortage spans the countryVideo
WASHINGTON — Parents across the United States are scrambling to find baby formula because supply disruptions and a massive safety recall have swept many leading brands off store shelves. Months of spot shortages at pharmacies and supermarkets have been exacerbated by the recall at Abbott, which was forced to shutter...
Pfizer to spend $11.6B on migraine treatment maker Biohaven
Pfizer is spending $11.6 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own. The New York drugmaker said Tuesday it will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has another...
West Virginia’s Tudor’s Biscuit World faces labor complaint from feds
CHARLESTON, W.Va. — A well-known West Virginia restaurant chain is facing a complaint from the National Labor Relations Board after an investigation found evidence the company unlawfully disciplined and threatened employees who tried to form a union. Tudor’s Biscuit World managers are accused of violating federal labor laws when they...
Wall Street’s losses worsen as markets tumble worldwide
NEW YORK — Stocks racked up more losses Monday on Wall Street, leaving the S&P 500 at its lowest point in more than a year. The sell-off came as renewed worries about China’s economy piled on top of global financial markets already battered by rising interest rates. The S&P 500...
Tourism, economic agencies join forces to market Orlando
ORLANDO, Fla. — It’s an idea that almost seems as compatible as Mickey and Minnie. Take the tens of millions of tourists who are thinking about visiting central Florida’s theme parks each year and sell them on the virtues of moving their companies or businesses to the region. In the...
Less immigrant labor in U.S. contributing to price hikes
Just 10 miles from the Rio Grande, Mike Helle’s farm is so short of immigrant workers that he’s replaced 450 acres of labor-intensive leafy greens with crops that can be harvested by machinery. In Houston, Al Flores increased the price of his BBQ restaurant’s brisket plate because the cost of...
Stocks end rocky week with their 5th straight weekly decline
NEW YORK — The stock market ended an unusually turbulent week with its fifth straight weekly decline. The bumpy and mostly lower ride came as investors worry that the Federal Reserve may not succeed in engineering a smooth cooldown of the economy without letting inflation get out of hand. The...
Boeing will move its headquarters to D.C. area from Chicago
Boeing Co. said Thursday it will move its headquarters from Chicago to the Washington, D.C., area, where company executives would be closer to key federal government officials. The company said it will use its campus in Arlington, Va., as the new headquarters, and it plans to develop a research and...
Stocks slump 3% as worries grow over higher interest ratesVideo
NEW YORK — A sharp sell-off left the Dow Jones Industrial Average more than 1,000 points lower Thursday, wiping out the gains from Wall Street’s biggest rally in two years, as worries grow that the higher interest rates the Federal Reserve is using in its fight against inflation will derail...
Markets cheer after Jerome Powell downplays even larger rate hikes
NEW YORK — The Dow Jones Industrial Average surged more than 900 points and the S&P 500 had its biggest gain in two years Wednesday after Federal Reserve Chair Jerome Powell downplayed the likelihood of an even larger interest rate hike after announcing the sharpest rate increase since 2000. The...
Fed raises key rate by a half-point in bid to tame inflationVideo
The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed’s key rate raised it...
Intuit to pay $141M settlement over ‘free’ TurboTax ads
The company behind the TurboTax tax-filing program will pay $141 million to customers across the United States who were deceived by misleading promises of free tax-filing services, New York’s attorney general announced Wednesday. Under the terms of a settlement signed by the attorneys general of all 50 states, Mountain View,...
