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Wire stories category, Page 91

Pope Francis, first Latin American pontiff, dies at 88
Stocks sink, bonds soar on fears virus will stunt economy 
Stocks slumped again Tuesday on Wall Street, piling on losses a day after the market’s biggest drop in two years as fears spread that the growing virus outbreak will put the brakes on the global economy. Nervous investors snapped up low-risk U.S. government bonds, sending the yield on the 10-year...
Drugmaker Mallinckrodt reaches $1.6B opioid settlement
The generic drugmaker Mallinckrodt has a tentative $1.6 billion deal to settle lawsuits over its role in the U.S. opioid crisis, it announced Tuesday. The deal is intended to end hundreds of lawsuits faced by the company over opioids. The company said that it had an agreement with a key...
China’s Huawei debuts latest version of folding phone
LONDON — China’s Huawei unveiled its latest folding smartphone Monday and its first such device to be available internationally, competing in a niche category with new models from Samsung and Motorola. The company took the wraps off the new Mate Xs by video instead of a press launch, as the...
Dow drops more than 1,000 as outbreak threatens the economy
NEW YORK — The Dow Jones Industrial Average slumped more than 1,000 points Monday in the worst day for the stock market in two years as investors worry that the spread of a viral outbreak that began in China will weaken global economic growth. Traders sought safety in U.S. government...
Wells Fargo to pay $3B to resolve probes into fake accounts
NEW YORK — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal came to light in 2016, Wells has paid out...
Morgan Stanley to buy E-Trade for $13 billion 
NEW YORK — Morgan Stanley, the investment bank for millionaires, big business and megamergers, is buying E-Trade Financial, the online brokerage that encouraged waves of regular investors to get into the market with ads featuring its talking spokesbaby. The roughly $13 billion, all-stock deal would be one of the biggest...
Report: Work to reduce wildfire risks has economic benefits
ALBUQUERQUE, N.M. — Projects to reduce the risk of wildfires and protect water sources in the U.S. West have created jobs and infused more money in local economies, researchers say, and they were funded by a partnership between governments and businesses that has become a model in other countries. A...
GM gets tax break for new plant in Lordstown next to factory it closed
LORDSTOWN, Ohio — General Motors Co. will receive a tax break to build a new electric battery cell factory in Ohio next to the site of a much larger assembly plant it shut down last year. Village leaders in Lordstown approved a 75% tax abatement that will extend over 15...
Misguided virus fears hitting Asian American businesses
NEW YORK — In Arizona, a burgeoning Asian American community fields xenophobic calls about a planned night market featuring Asian street foods. In New York, a dim sum restaurant owner worries he won’t make rent. In the San Francisco Bay Area, a local Asian American-owned restaurant chain is mulling temporarily...
GM plans to pull out of Australia, New Zealand and Thailand
DETROIT — General Motors decision to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don’t produce adequate returns on investments raised dismay Monday from officials concerned over job losses. The company said in a statement Sunday that plans to wind down...
United and American push back expected return of Boeing Max
CHICAGO — United Airlines and American Airlines said Friday they are removing the grounded Boeing 737 Max from their schedules longer than previously planned, which means thousands more flights will be canceled during the peak summer travel season. The reduction in flights could mean slightly higher fares. United said it...
Trump Fed nominee Judy Shelton faces skepticism at Senate hearing 
WASHINGTON — One of President Donald Trump’s nominees for the Federal Reserve came under sharp questioning Thursday from senators over her unorthodox economic views, including from two Republicans whose doubts about her nomination could imperil it. The nominee, Judy Shelton, sought to make her unconventional views an asset by promising...
401(k)s hit records as workers sock away more, stocks jump
NEW YORK — How’s your 401(k) doing? President Trump likes to ask that question around the country, sometimes throwing out big gains like 90% or 95%. The average 401(k) did indeed hit a record last year, although its growth was considerably less than that. The average 401(k) balance rose 17%...
U.S. brings new charges against Chinese tech giant Huawei
WASHINGTON — The Justice Department has added new criminal charges against Chinese tech giant Huawei and two of its U.S. subsidiaries, accusing the company in a plot to steal trade secrets from competitors in America, federal prosecutors announced Thursday. The case comes as the Trump administration is raising national security...
Solid earnings send stock indexes higher on Wall Street
Stocks closed broadly higher on Wall Street on Wednesday, driving the S&P 500 and Nasdaq indexes to more record highs. Technology stocks powered much of the rally as investors focused on the latest batch of mostly solid company earnings reports. The latest gains came as worries about the economic impact...
More U.S. firms boosting faith-based support for employees
NEW YORK — It has become standard practice for U.S. corporations to assure employees of support regardless of their race, gender or sexual orientation. There’s now an intensifying push to ensure that companies are similarly supportive and inclusive when it comes to employees’ religious beliefs. One barometer: More than 20%...
Powell: Economy looks resilient despite risk of China virus
WASHINGTON — Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economy appears durable, with steady growth and unemployment near a half-century low, but faces risks from the broadening viral outbreak that began in China. Powell also said that the Fed is content with where interest rates are, suggesting...
What college grads should know about the job search
College students about to graduate this spring already have a lot going for them. Armed with degrees, they will enter the workforce at a time of historically low unemployment when companies are desperately vying for talent. Still, career experts say there are steps that recent graduates should take to ensure...
Trump budget targets loan program that could help Lordstown
DETROIT — The Trump administration’s budget proposal scraps a loan program that could help an upstart electric vehicle company’s plans to reuse the now-closed General Motors factory in Lordstown, Ohio. In a summary of the budget for the coming fiscal year, the administration said Monday it wants to eliminate the...
Online mattress pioneer Casper soars in debut trading 
NEW YORK — Shares of online mattress pioneer Casper Sleep Inc. popped in their debut trading Thursday on the New York Stock Exchange. But the New York-based company still faces challenges ahead to prove to investors it can profitably sell mattresses as it becomes a bigger name in the so-called...
Asia stocks surge after Trump acquitted, China virus aid
Asian stock markets surged Thursday after President Donald Trump was acquitted in an impeachment trial and China promised tax cuts and other help to businesses reeling from a virus outbreak. Tokyo’s market benchmark rose more than 2% and indexes in Shanghai, Seoul and Hong Kong also advanced. Oil prices gained....
Disney Plus streamer hits nearly 29 million subscribers in 3 months
NEW YORK — Disney said its Disney Plus streaming service reached nearly 29 million paid subscribers in less than three months, an impressive start for what the company has positioned as its future as more people drop cable subscriptions. But as expected, starting up a new service comes with huge...
Macy’s to close 125 stores, shed 2,000 corporate jobs
NEW YORK — Macy’s said Tuesday it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping. The store closures represent about one fifth of Macy’s current total. They include about 30...
Sales were up during holidays, but 1K more stores about to go under
The 10,800 stores closed by retailers last year wasn’t enough: just one month into 2020, they have announced plans to close 1,000 more. “It’s sad, there are a lot of things closing,” said Patti Maher, 57, of Orland Park, Ill., browsing liquidation sales at Papyrus in Chicago. The greeting card...
Stocks sink on fears virus outbreak will dent the economy
Stocks fell sharply on Wall Street Friday as fears spread through the markets that a virus outbreak emanating from China will dent global growth. The Dow Jones Industrial Average skidded more than 600 points and the S&P 500 index erased its gains for January. Technology companies, which do a lot...


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