Business category, Page 3
Striking workers from Springdale’s Greco Steel Products push for improved safety, benefits
Worries about safety and his poor life insurance policy pushed Jerry Harris to go on strike from Springdale-based Greco Steel Products. Harris, 35, of Jeannette recalled watching a co-worker fall through a roof and die on the job in June 2023. Several of Harris’ striking colleagues pointed to that moment...
U.S. applications for jobless benefits fall for 5th straight week, hitting lowest level since April
WASHINGTON — The number of Americans filing for unemployment benefits fell last week to the lowest level in three months, a sign that the U.S. labor market remains sturdy despite fears over the impact of widespread U.S. tariffs. The Labor Department reported Thursday that jobless claims for the week ending...
Retail sales up a surprising 0.6% in June after a May pullback by consumers
WASHINGTON — After an earlier pullback, consumers picked up their spending in June despite anxiety over tariffs and the state of the U.S. economy. Retail sales rose a better-than-expected 0.6% in June after declining 0.9% in May, the Commerce Department said Thursday. Sales in April fell 0.1%, pulled down by...
Affordable housing builder expands in Allegheny County with $2.4M investment, creating 58 jobs
A modular home builder constructing a trio of affordable townhomes in Etna will be expanding its operations in Allegheny County. Gov. Josh Shapiro recently announced that his administration secured a $2.4 million investment from Module Design, which will create 58 jobs while retaining eight existing positions. Module received a $762,000...
Trump says Coca-Cola will use real sugar in its U.S. flagship drink. The company isn’t confirming that
WASHINGTON — Make American Coke Great Again? President Donald Trump said Wednesday that Coca-Cola has agreed to use real cane sugar in its flagship soft drink in the U.S. at his suggestion — though the company didn’t confirm such a move. Any switch from high-fructose corn syrup in Coke sold...
Meta CEO Mark Zuckerberg expected to testify in $8 billion Facebook privacy lawsuit
An $8 billion class action investors’ lawsuit against Meta CEO Mark Zuckerberg and company leaders — current and former — begins Wednesday, with claims stemming from the 2018 privacy scandal involving the Cambridge Analytica political consulting firm. Investors allege in their lawsuit that Meta did not fully disclose the risks...
U.S. stocks swing as Trump says he ‘talked about the concept’ of firing the Federal Reserve’s chair
NEW YORK — U.S. stocks are shaky on Wednesday after President Donald Trump said he had “talked about the concept of firing” the head of the Federal Reserve. Such a move could help Wall Street get the lower interest rates that it loves but would also risk a weakened Fed...
Photos: Pennsylvania Energy and Innovation Summit
Some of the nation’s top energy companies joined President Donald Trump and leading state officials Tuesday at the Pennsylvania Energy and Innovation Summit, held at Carnegie Mellon University. U.S. Sen. Dave McCormick said the summit could pave the way for tens of thousands of new jobs in the Commonwealth across...
U.S. producer prices unchanged with wholesale inflation remaining under control
WASHINGTON — U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher for goods before they reach consumers. The Labor Department reported Wednesday that its producer price index — which tracks inflation before it hits consumers — was unchanged last month from May...
Trump joins McCormick at CMU to tout $90B energy and AI investment wave
As the Pennsylvania Energy and Innovation Summit drew to a close Tuesday at Carnegie Mellon University, event organizer U.S. Sen. Dave McCormick said the day could wind up being remembered as the start of an “economic renaissance” in Pennsylvania. That prediction came on the heels of nearly two dozen companies...
John Dorfman: Perfect 10 Portfolio has averaged 18% return
Darn! Missed by a whisker. My Perfect 10 Portfolio returned 14.6% in the past year, a hair behind the Standard & Poor’s 500 Total Return Index at 14.7%. That doesn’t damper my enthusiasm for this portfolio. In 22 years, it has averaged more than an 18% return, while the index...
Here are the blockbuster deals unveiled at the Pa. Energy and Innovation Summit
U.S. Sen. Dave McCormick said Tuesday during the Pennsylvania Energy and Innovation Summit in Pittsburgh that companies are planning to invest more than $90 billion in data centers, energy and power infrastructure, and workforce and AI training projects across Pennsylvania. Fifteen of the companies plan to invest at least $1...
Pittsburgh’s Astrobotic snags NASA contract for solar array as it shoots again for moon landing
A leaky valve in January 2024 may have scuttled a Pittsburgh-based space company’s mission to become the first private enterprise to complete a lunar landing. But Astrobotic’s leaders made the most of its Peregrine mission despite the equipment failure. “So, we had a day that wasn’t quite what we wanted....
John Dorfman: CVS, Archer-Daniels look good on this ratio
There are many ways companies can manipulate their reported profits. Fudging sales (also known as revenue) is more difficult. That’s one reason why I always check the price-to-sales ratio when I’m considering a stock. It’s simply the stock’s price divided by sales per share. For example, CVS Health Corp. (CVS)...
Trump touts $90B in energy, AI deals announced during Pittsburgh summit
Tech and energy investors announced a flurry of multibillion-dollar development deals across the state Tuesday during the Pennsylvania Energy and Innovation Summit at Carnegie Mellon University. U.S. Sen. Dave McCormick, serving as host of the inaugural summit, said the deals — totaling more than $90 billion combined — will create...
Hong Kong plans to regulate Uber and other online ride-hailing services
HONG KONG — The Hong Kong government on Tuesday unveiled proposals to regulate online ride-hailing services provided by tech companies like Uber, requiring platforms, cars and drivers to be licensed before hitting the road. In a document sent to the legislature, transport officials said those companies applying for a license...
The tariff-driven inflation that economists feared begins to emerge
WASHINGTON — Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of everything from groceries and clothes to furniture and appliances. Consumer prices rose 2.7% in June from a year earlier, the Labor Department said Tuesday, up from an...
‘A superpower for energy’: Homer City power station developers to present site plans
Developers will present plans Wednesday for a $10 billion, 3,200-acre, natural-gas power plant in Indiana County. The former Homer City Generating Station, once a coal-fired plant, is being proposed to provide the electricity required for artificial intelligence and high-performance computing. Members of Homer City Redevelopment Group will host an open...
U.S. home prices are losing steam with most big markets below peak
The U.S. housing market is close to stalling out, with prices in more than half the country’s top 100 housing markets now below their peak, according to the latest data from Intercontinental Exchange. The annual nationwide price increase slowed to 1.3% in June, the slowest pace in two years and...
Mark Zuckerberg says Meta will build gigawatt-size data centers
Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company is building several massive data centers to power its artificial intelligence efforts with the first one expected to come online next year. “We’re calling the first one Prometheus and it’s coming online in ‘26,” Zuckerberg said in a post...
Huntington acquires Dallas bank Veritex in deal valued at nearly $2 billion
The stock of Veritex Holdings soared 20% on Monday, after the Dallas-based bank agreed to a nearly $2 billion buyout by Huntington Bancshares, a Midwest regional banking powerhouse with ambitions to deepen its Texas footprint. Veritex has over 30 branches across Texas, including Dallas-Fort Worth and Houston. Columbus, Ohio-based Huntington...
U.S. imposes 17% duty on fresh Mexican tomatoes
The U.S. government said Monday it is placing a 17% duty on most fresh Mexican tomatoes after negotiations ended without an agreement to avert the tariff. Proponents said the import tax will help rebuild the shrinking U.S. tomato industry and ensure that produce eaten in the U.S. is also grown...
Trump, McCormick to tout $70B in energy, AI investments across Pa. in CMU event
More than $70 billion worth of investments into Pennsylvania’s energy and artificial intelligence sectors will be highlighted during a summit Tuesday at Carnegie Mellon University, with industry leaders and politicians including President Donald Trump and Gov. Josh Shapiro participating. U.S. Sen. Dave McCormick, a lead organizer for the inaugural Pennsylvania...
European trade ministers pledge unity after Trump’s surprise 30% tariffs
BRUSSELS — European trade ministers were hopeful Monday for a negotiated trade deal after President Donald Trump announced 30% tariffs on the European Union, but also expressed resolve in preparing countermeasures if talks break down. The ministers met Monday in Brussels following Trump’s surprise announcement of such hefty tariffs, which...
Trump announces 30% tariffs against EU, Mexico to begin Aug. 1
BRIDGEWATER, N.J. — President Donald Trump on Saturday announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1, a move that could cause massive upheaval between the United States and two of its biggest trade partners. Trump detailed the planned tariffs in letters posted to...
