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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

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Taxi drivers don't want to give up their prime airport pickup spots to Uber and Lyft

Business / Business News /

Taxi drivers may soon have to pick up passengers at the airport in a different area, farther from the airport doors, as the city plans to swap out the taxi zone and the rideshare zone. The Taxi Workers Alliance of Pennsylvania is suing the city in an attempt to prevent the zone change.

The proposed change would move taxi pickup from Zone 5, ...Read more

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Meta soars after sales beat, rosy forecast as Facebook grows

Business / Business News /

Meta Platforms Inc. posted quarterly sales that topped estimates, gave a rosy revenue forecast and indicated Facebook and Instagram still have room to grow, signaling it’s on course for a turnaround after its most difficult year.

The company’s shares jumped more than 18% in extended trading after a fourth-quarter sales beat that was fueled ...Read more

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Duke Health draws transparency criticism over patient data deal with tech company

Business / Business News /

For each of Duke Health’s hundreds of thousands of patients, the institution keeps an exhaustive record of valuable health data.

Every medication they’ve been prescribed, every blood pressure reading or temperature recorded, every diagnosis given, every doctor’s note and images from every MRI or X-ray are all cataloged in Duke’s ...Read more

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Commentary: In defense of Tom Brady's reluctant retirement

Business / Business News /

So, Tom Brady is finally retiring. The longtime National Football League quarterback has, of course, made such announcements before. Maybe this time it’s for real? We’ll see.

It’s understandable that it’s so hard to say goodbye. Plenty of people with less-glamorous jobs have trouble retiring. And about half of Americans actually don’t...Read more

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Delta's free WiFi, Sync platform point to more connected future

Business / Business News /

DETROIT and LAS VEGAS — Delta Air Lines Inc. on Wednesday launched free WiFi on 75% of its domestic mainline aircraft, an early step toward its overhaul of in-flight entertainment in favor of personalization and free services like Paramount+ streaming, New York Times puzzles and more.

Expectations around the transportation experience are ...Read more

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Fed slows rate hikes even as Powell says there's more work to do

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Federal Reserve Chair Jerome Powell said policymakers expect to deliver a “couple” more interest-rate increases before putting their aggressive tightening campaign on hold, even as they slowed their drive to curb inflation.

Powell and his colleagues lifted the Fed’s target for its benchmark rate by a quarter percentage point to a range of...Read more

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Colorado's record number of new business filings a sign confidence in economy still strong

Business / Business News /

Leaving multiple unfilled jobs openings behind them and ignoring the economic storm clouds ahead of them, Coloradans filed to create a record number of new businesses last quarter, according to a report Monday from the Colorado Secretary of State Jena Griswold and the University of Colorado Boulder’s Leeds Business Research Division.

Time ...Read more

Why the Fed raised interest rates by the smallest amount since it began its epic inflation fight

Business / Business News /

The Federal Reserve’s policy-setting committee lifted interest rates on Feb. 1, 2023, by a quarter of a percentage point to a range of 4.5% to 4.75%. The increase, the smallest since the Fed began an aggressive campaign of rate hikes in March 2022, came amid signs the fastest pace of inflation in decades is cooling. But the Fed also ...Read more

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Fed slows rate hikes, signals further increases are coming

Business / Business News /

The Federal Reserve slowed its drive to rein in inflation and said further interest-rate hikes are in store as officials debate when to end their most aggressive tightening of credit in four decades.

Chair Jerome Powell and fellow policymakers lifted the Fed’s target for its benchmark rate by a quarter percentage point to a range of 4.5% to 4...Read more

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Rivian laying off 6% of its workforce as EV manufacturer aims to cut costs

Business / Business News /

Startup electric truck manufacturer Rivian said Wednesday it is laying off 6% of its workforce, including a small number of nonmanufacturing employees at its downstate Normal assembly plant.

California-based Rivian has about 7,000 employees at its assembly plant and 14,000 across the company, meaning about 840 total positions are being ...Read more

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US job openings surge past 11 million as Fed zeros in on labor

Business / Business News /

Vacancies at U.S. employers unexpectedly increased at the end of 2022, illustrating a solid appetite for labor that the Federal Reserve sees as one of the last hurdles to bring down inflation.

The number of available positions climbed to a five-month high of just over 11 million in December from 10.4 million a month earlier, the Labor ...Read more

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Nurse practitioner tops list of next decade's fastest growing jobs

Business / Business News /

The U.S. Bureau of Labor Statistics has released a report that reveals the 20 jobs with the highest projected percentage change in employment between 2021 and 2031. The list of fastest growing occupations for the next decade is topped by one of the health care industry’s most crucial positions — nurse practitioner.

With a median pay of $120...Read more

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Michael Hiltzik: Barnes & Noble saved itself by putting books first. Imagine that

Business / Business News /

It wasn't long ago that Barnes & Noble seemed to be on the glide path to extinction.

At the end of 2018, the giant bookselling chain reported its seventh quarterly loss in a row, red ink of $27.3 million on sales of $117.2 million. Its management was in turmoil: That summer, Barnes & Noble fired its fourth chief executive in four years. Over ...Read more

I helped balance the federal budget in the 1990s – here's just how hard it will be for the GOP to achieve that same rare feat

Business / Business News /

Kevin McCarthy reportedly promised many things to Republican hardliners en route to clinching his job as speaker of the U.S. House of Representatives. One of them was a “balanced budget” in 10 years.

As part of that plan, Republicans are demanding substantial spending cuts and budget reforms in exchange for lifting the debt ...Read more

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Post Consumer Brands in trademark battle with band OK Go over new cereal name

Business / Business News /

Post Consumer Brands has launched a new type of cereal called OK GO! — but the band with the same name says OK, no.

Post is asking a federal judge to resolve the months-old dispute and remove "the constant threat of unfounded future litigation" the company says it faces over the trademark, according to a suit filed earlier this month.

...Read more

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How Big Tech is using mass layoffs to bring workers to heel

Business / Business News /

by Brian Merchant

In Silicon Valley, the new year began as the last one ended — with tens of thousands of tech workers losing their jobs. Just a few days into 2023, Amazon Chief Executive Andrew Jassy announced that there would be 18,000 layoffs across the company. Within weeks, Microsoft revealed it was slashing its head count by 10,...Read more

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How 'crunch' time and low pay are fueling a union drive among video game workers

Business / Business News /

For months, Andrés Vásquez’s days working on the first-person shooter game “Doom” blended into one another.

A quality assurance tester for id Software in Texas, he spent 10 hours a day sitting at a desk and “crunching” on the game with his colleagues, repeatedly playing through its map creation mode and running through multiplayer ...Read more

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After a brief pandemic reprieve, rural workers return to life without paid leave

Business / Business News /

ELKO, Nevada — When Ruby B. Sutton found out she was pregnant in late 2021, it was hard to envision how her full-time job would fit with having a newborn at home. She faced a three-hour round-trip commute to the mine site where she worked as an environmental engineer, 12-plus-hour workdays, expensive child care, and her desire to be present ...Read more