Wire stories category, Page 12
Considering a mortgage refi? Lower rates are just 1 factor when refinancing a home loan
LOS ANGELES — Mortgage rates haven’t been this attractive in more than a year, good news for homeowners eager to refinance. Many homeowners have already jumped at the opportunity to lower their monthly payment, spurring a surge in mortgage refinancing applications. And that was before the average rate on a...
Delta facing class action lawsuit over tech outage; customers seeking refunds
Delta Air Lines is facing a class action lawsuit, which claims the airline refused to give refunds following a global technology outage last month. Among airlines, Delta was by far the hardest hit hard by the outage, having to cancel thousands of flights, because key systems were crippled by the...
What are carry trades and how did they contribute to this week’s global market mayhem?
BANGKOK — The mayhem that swept across world markets this week was partly caused by a market strategy known as the “carry trade.” Japan’s benchmark Nikkei 225 plunged 12.4% on Monday and markets in Europe and North America suffered outsized losses as traders sold stocks to help cover rising risks...
The Fed’s high rates spur fear of slowdown, yet recession signals have so far proved wrong
WASHINGTON — The turmoil shaking global financial markets reflects a sudden fear that the Federal Reserve may have held its key interest rate too high for too long, heightening the risk of a U.S. recession. Economists and Wall Street traders now expect the Fed to cut its benchmark rate, which...
Nvidia facing antitrust probe, report says
NEW YORK — Antitrust tensions are heating up in the chipmaking industry. Rivals have accused Wall Street darling Nvidia of abusing its market dominance in selling chips that power artificial intelligence — and the U.S. Justice Department is investigating these complaints, technology news site The Information reported. According to the...
Fed Chair Powell says interest rate cut in September could be ‘on the table’ as inflation cools
WASHINGTON — Federal Reserve Chair Jerome Powell on Wednesday set the stage for the central bank’s first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy. Still, the Fed kept its key interest...
California Supreme Court upholds Proposition 22, ending legal saga over status of gig drivers
The California Supreme Court on Thursday upheld Proposition 22, the voter initiative that allows Uber, Lyft and other gig economy companies to classify drivers for their ride-hailing and delivery services as independent contractors rather than as employees. In a unanimous decision released Thursday morning, the state’s top court rejected claims...
Economic growth increased last quarter to a healthy 2.8% annual rate
WASHINGTON — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services —...
Southwest Airlines plans to start assigning seats, breaking with a 50-year tradition
DALLAS — Goodbye, cattle call. Southwest Airlines said Thursday that it plans to drop the open-boarding system it has used for more than 50 years and will start assigning passengers to seats, just like all the other big airlines. The airline said it has been studying seating options, running tests...
Ford’s Q2 net income falls 4.7% as pretax profits drop at combustion engine unit
DETROIT — Ford Motor Co.’s second-quarter net income fell 4.7% from a year ago as the company’s combustion engine unit posted a pretax loss due to higher warranty costs. The Dearborn, Mich., automaker said Wednesday it made $1.83 billion from April through June, compared with $1.92 billion a year ago....
Wall Street wipeout: S&P 500 falls 2% as Big Tech skids
NEW YORK — A wipeout on Wednesday sent U.S. stock indexes to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology. The S&P 500 tumbled 2.3% for its fifth drop in the past six days. The Dow...
With U.S. vehicle prices averaging near $50K, General Motors sees 2nd-quarter profits rise 15%
DETROIT — U.S. customers who bought a new General Motors vehicle last quarter paid an average of just under $49,900, a price that helped push the company’s net income 15% above a year ago. And GM Chief Financial Officer Paul Jacobson said he doesn’t see his company cutting prices very...
Cleveland-Cliffs will make electrical transformers at shuttered West Virginia tin plant
CHARLESTON, W.Va. — Cleveland-Cliffs announced Monday it will produce electrical transformers in a $150 million investment at a West Virginia facility that closed earlier this year. The company hopes to reopen the Weirton facility in early 2026 and “address the critical shortage of distribution transformers that is stifling economic growth...
CrowdStrike CEO called to testify to Congress over cybersecurity’s firm role in global tech outage
AUSTIN, Tex. — U.S. House leaders are calling on CrowdStrike CEO George Kurtz to testify to Congress about the cybersecurity company’s role in sparking the widespread tech outage that grounded flights, knocked banks and hospital systems offline and affected services around the world. CrowdStrike said this week a “significant number”...
The last cards have been dealt as the iconic Mirage closes its doors on the Las Vegas Strip
LAS VEGAS — A final blast from The Mirage’s signature volcano marked the passage Wednesday of an aging Las Vegas resort that wowed crowds when it opened in 1989 and went on to revolutionize the casino resort industry and reshape Las Vegas as a tourist destination. “What would The Mirage...
Amtrak raises prices on Northeast Corridor multi-ride tickets
Owen Sahnow, who works at the Delaware Theatre Company, wonders how he’ll commute in the future from Philadelphia to Wilmington now that Amtrak is raising the price of his monthly pass by nearly 70%. He moved to Philadelphia last year for his partner’s work and has been taking a trolley...
NASA cancels Pittsburgh company’s moon rover mission, citing cost overruns and launch delays
WASHINGTON — NASA said Wednesday it’s canceling its water-seeking moon rover, citing cost overruns and launch delays. The Viper rover was supposed to launch in late 2023 aboard a lander provided by Astrobotic Technology, but extra testing and increased costs kept delaying the mission, threatening other projects, the space agency...
United Airlines Q2 profit rises to $1.32B as travel demand offsets rising costs
United Airlines on Wednesday reported that its second-quarter profit rose 23% to $1.32 billion, as record crowds at U.S. airports helped the carrier overcome sharply rising costs for fuel and labor. However, United warned that third-quarter results will fall short of Wall Street expectations. Like rival Delta Air Lines, United...
John Deere ends support of ‘social or cultural awareness’ events, distances from DEI
NEW YORK — Farm equipment maker John Deere says it will no longer sponsor “social or cultural awareness” events, becoming the latest major U.S. company to distance itself from diversity and inclusion measures after being targeted by conservative backlash. In a statement posted Tuesday to social media platform X, John...
Amazon Prime Day a big event for scammers, experts warn
NEW YORK — Amazon Prime Day is here, and experts are reminding consumers to be wary of scams. Deceptions such as phony emails from people impersonating online retailers like Amazon are nothing new. But phishing attempts increase amid the heavy spending seen during significant sales events, whether it’s Black Friday...
5 years into Amazon’s Climate Pledge, workers challenge its progress
Five years after Amazon committed to an ambitious climate goal, the company says it is making progress on reducing emissions, but critics allege those calculations are misleading. In its annual sustainability report, released this month, Amazon said carbon emissions dropped 3% last year, largely because of its sizable investment in...
Average rate on a 30-year mortgage falls slightly, easing borrowing costs for home shoppers
LOS ANGELES — The average rate on a 30-year mortgage fell slightly this week, providing modest relief for home shoppers facing record-high home prices. Mortgage buyer Freddie Mac said Thursday that the rate fell to 6.89% from 6.95% last week. A year ago, it averaged 6.96%. The average rate has...
Costco raises annual membership fees for the 1st time since 2017, boosting them an additional $5 to $10
ISSAQUAH, Wash. — Costco bargain hunters are going to have to pay an additional $5 to $10 annually as the popular warehouse chain prepares to raise its membership fees for the first time in seven years. The Issaquah, Washington, company disclosed the forthcoming 8% increase in the fee to gain...
S&P 500 tops 5,600 as Wall Street’s record-breaking rally keeps rolling
NEW YORK — Wall Street’s blistering rally stretched into a seventh day Wednesday and vaulted the U.S. stock market to more all-time highs. The S&P 500 jumped 1% and topped the 5,600 level for the first time. The Nasdaq composite also rallied to a seventh straight gain and added 1.2%...
Archegos Capital founder Bill Hwang convicted of securities fraud
NEW YORK — The founder of Archegos Capital Management, a hedge fund that collapsed in 2021, was convicted Wednesday of securities fraud in a scheme that prosecutors said cost global investment banks billions of dollars. Bill Hwang looked straight ahead as the verdict was read, taking several sips of water...
