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Qualcomm posts weaker results amid sluggish global smartphone demand

Business / Business News /

Global economic headwinds that began late last year continue to batter Qualcomm's financial results, with weak demand for smartphones and bloated inventories at manufacturers expected to linger at least through the first half of this calendar year.

While the wireless technology firm reported solid financial results Thursday for its fiscal first...Read more

Elizabeth Flores/Minneapolis Star Tribune/TNS

New Cargill CEO on role in global food chain: 'Food can't be weaponized'

Business / Business News /

With a Texan drawl and his V-neck sweater zipped up, Cargill's new CEO might seem uncomfortable with the plaster of white snow and hoar-frosted trees behind him outside the windows of the pyramid-shaped executive offices on the Wayzata campus of the global grain giant.

But Brian Sikes, former chief operating officer and head of protein who was ...Read more

Jerry Holt/Minneapolis Star Tribune/TNS

Outdoor shopping centers are hot, even in the cold

Business / Business News /

Strip malls and other outdoor shopping centers throughout the Twin Cities suburbs are busier than ever.

Demand from retailers has driven nationwide shopping center occupancy to its highest level since 2007, when commercial real estate firm Cushman & Wakefield first started collecting the retail data.

Local real estate brokers and property ...Read more

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Amazon reports net loss of $2.7 billion for 2022

Business / Business News /

In a year that ended with drastic cost-cutting measures — from ending experimental projects to cutting 18,000 jobs — Amazon reported a net loss of $2.7 billion.

That’s compared with a net income of $33.4 billion in 2021.

Amazon has attributed losses to its investment in Rivian, an electric vehicle startup that has struggled with ...Read more

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Ford posts $2 billion loss in 2022

Business / Business News /

Ford Motor Co. posted a $2 billion net loss last year, down from 2021's $17.9 billion in profits that had been bolstered by gains on the automaker's investment in electric-vehicle startup Rivian Automotive Inc.

The Dearborn automaker's 2022 earnings were hit by a $7.4 billion mark-to-market net loss in Rivian and a $2.7 billion impairment from ...Read more

Ford hourly workers to get $9K in profit sharing despite headwinds

Business / Business News /

Ford Motor Co. will pay profit-sharing bonuses of up to $9,176 to hourly autoworkers in the U.S. for 2022, the automaker said Thursday.

The Dearborn automaker employs about 56,000 hourly workers in the U.S. Profit-sharing checks to eligible workers will be distributed in early March.

Under the automaker's contract with the United Auto Workers,...Read more

Sheetz is dropping its controversial 'smile policy' after employees spoke up

Business / Business News /

Sheetz, the Pennsylvania-born convenience store chain, is getting rid of an appearance rule governing employees' dental health.

Known as the "smile policy," the now-scrapped rule stated that "applicants with obvious missing, broken, or badly discolored teeth (unrelated to a disability) are not qualified for employment with Sheetz." It had also ...Read more

U.S. Bankrpuptcy Court records/TNS/TNS

US steel mills threatened as hot metal piles up in private-equity recycler's 'chaos' bankruptcy

Business / Business News /

Phoenix Services, a Radnor, Pennsylvania, company that keeps the largest U.S. steel mills running by recycling their molten slag, is in its sixth month of bankruptcy reorganization, as tons of waste pile up at its clients' plants.

But why? Was Phoenix forced to seek Chapter 11 protection by inflation, Fed rate hikes, the Ukraine war and other ...Read more

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GOP attorneys general sue Labor Department over ESG rule

Business / Business News /

A group of 25 Republican attorneys general sued Labor Secretary Marty Walsh and the Labor Department over a Biden administration regulation that gives retirement plan sponsors more freedom to consider environmental, social and governance factors when selecting investments.

The final rule, which went into effect this week, remains in force ...Read more

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Meta Shares Soar Most Since 2013 on Zuckerberg's Vision

Business / Business News /

Meta Platforms Inc. is headed for its biggest single-day gain in almost a decade after Chief Executive Officer Mark Zuckerberg laid out plans to make the social media giant leaner, more efficient and more decisive.

Zuckerberg, who has spent the past year promising a faraway future in a digital world called the metaverse, was more focused in a ...Read more

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More millennials are leaving the nest to form their own households

Business / Business News /

From 2016 to 2021, nearly every state saw a spike in the number of young adults between the ages of 25 and 44 forming new households, a development with far-reaching implications for state populations, economic growth and infrastructure.

For many millennials, the economic fallout of the Great Recession a decade and a half ago postponed what for...Read more

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PayPal chops hundreds of Bay Area jobs in fresh jolt to tech sector

Business / Business News /

SAN JOSE, California — PayPal has revealed plans for a fresh round of job cuts in San Jose, a staffing reduction that serves as a disquieting sign that the Bay Area’s tech layoffs have yet to run their course.

The digital payments giant intends to eliminate more than 300 jobs at the tech company’s head offices in north San Jose, according...Read more

Mortgage rates in the US slip for a fourth week, hitting 6.09%

Business / Business News /

Mortgage rates in the U.S. fell for a fourth straight week.

The average for a 30-year, fixed loan was 6.09%, down from 6.13% last week, Freddie Mac said in a statement Thursday.

Mortgage costs have come down almost a full percentage point from their recent high, giving hope to some would-be homebuyers looking for a way into a deal. The ...Read more

Real estate Q&A: Do I have to pay special assessment for project I think is a waste of money?

Business / Business News /

Q: Our condo recently passed a special assessment to make us pay for some improvements to the pool area that are a waste of money. What happens if I refuse to pay since I disagree with how the money will be used? — Alfie

A: Community associations, including homeowners, condominium, and cooperative associations, have the power to pass “...Read more

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Here's how much profit sellers made on Florida homes last year

Business / Business News /

Home sellers in South Florida made record profits last year, even with the housing market slowing down in the later half.

In South Florida, home sellers made about $159,300 profit on the typical sale, a 51% increase from the year before, according to a year-end report released by ATTOM Data, a nationwide provider of property data.

It ...Read more

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High-end RV resorts grow popular amid the housing crunch. Some deem it an 'affordable luxury'

Business / Business News /

Overlooking the New River in Fort Lauderdale not far from million-dollar homes situated across the waterway lies a well-kept secret: a luxury RV resort.

It offers what many think of when they visit South Florida: gorgeous waterfront views, lush greenery and million-dollar yachts floating by, but with a twist.

Instead of condos or sky-high ...Read more

Stefani Reynolds/AFP/Getty Images North America/TNS

Tech giants broke their spending records on lobbying last year

Business / Business News /

Amazon.com Inc., Apple Inc. and Microsoft Corp. broke their lobbying spending records last year as they fended off heightened scrutiny of their business models and power over the U.S. economy.

Meta Platforms Inc. and Alphabet Inc.’s Google spent slightly less than previous years, but they both still landed among the top 10 spenders in ...Read more

Glen Stubbe/Minneapolis Star Tribune/TNS

New job training program at Summit Academy addresses labor shortage in food manufacturing

Business / Business News /

Summit Academy OIC has teamed up with a nonprofit and some of the region's largest food companies to offer a new pilot program that will train workers to help fill the labor shortage in food manufacturing.

At the same time, the program's leaders hope to expose more Summit students — who are often low income and people of color facing various ...Read more

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REI lays off 8% of HQ workers to hedge against 'increasing uncertainty'

Business / Business News /

REI has laid off 167 people from its headquarters, citing "increasing uncertainty" and a need to get back to profitability.

The layoffs affected 8% of the co-op's headquarters workforce and less than 1% of its total head count, President and CEO Eric Artz said in a letter to employees on Tuesday.

REI shifted to remote work in 2020, meaning ...Read more

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Meta shares soar as Zuckerberg ushers in 'year of efficiency'

Business / Business News /

Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg struck a new tone with investors Wednesday: The social media giant will be leaner, more efficient and more decisive, with a big assist from artificial intelligence.

The company’s shares gained more than 20% in late trading on fourth-quarter revenue that beat expectations. Zuckerberg,...Read more