Business

/

ArcaMax

China's economic activity collapses under Xi's COVID Zero policy

Business / Business News /

China’s economy is paying the price for the nation’s COVID Zero policy, with industrial output and consumer spending sliding to the worst levels since the pandemic began and analysts warning of no quick recovery.

Industrial output unexpectedly fell 2.9% in April from a year ago, while retail sales contracted 11.1% in the period, weaker than...Read more

Nelvin C. Cepeda/The San Diego Union-Tribune/TNS

Dismantlement efforts at San Onofre nuclear facility ramp back up

Business / Business News /

One month after a worker fell and suffered a shoulder injury on the job, just about all work has resumed in the dismantlement efforts at the San Onofre Nuclear Generating Station.

Officials at Southern California Edison, the operators of the now-shuttered power plant called SONGS, said Friday an enhanced training program has been implemented in...Read more

John J. Kim/Chicago Tribune/TNS

Grand Rapids Starbucks store becomes first in Michigan to unionize

Business / Business News /

A Starbucks store in Grand Rapids, Michigan has become the first location in Michigan to unionize amid a broader unionization movement within the Seattle-based coffee chain.

Workers at a Starbucks store at 2480 Burton St. SE won a union election administered by the National Labor Relations Board with 15 votes in favor of unionizing and three ...Read more

Michael M. Santiago/Getty Images North America/TNS

Michael Hiltzik: Bitcoin, NFTs, SPACs, meme stocks -- all those pandemic investment darlings are crashing

Business / Business News /

The finance world, which is constantly on the lookout for rules and laws it can break in the interest of making more money, may have come up against the one law that can't be broken: the law of gravity.

Over the last few weeks and months, almost every financial asset has come hurtling back to Earth after high-altitude flights.

That includes ...Read more

Luis Sinco/Los Angeles Times/TNS

If Elon Musk's Twitter plan goes poof, it wouldn't be the first time

Business / Business News /

Elon Musk may not be delivering on the Twitter acquisition he promised after all.

It’s not the first time he’s fallen short, backed out or abruptly changed course after making a big, showy promise of innovation. In fact, it’s not even the first time he’s done that in the last six weeks, during this specific set of negotiations with ...Read more

Angela Weiss/AFP/Getty Images North America/TNS

Elon Musk sows doubt over his $44 billion Twitter takeover

Business / Business News /

Elon Musk sowed new chaos into the market over his takeover bid for Twitter Inc. on Friday, first claiming his offer was “temporarily on hold” and then maintaining he is “still committed” to the deal, sending the social media giant into a tailspin.

The billionaire initially sent an early tweet saying the $44 billion deal is pending ...Read more

Dreamstime/Dallas Morning News/TNS

Crypto's $270 billion meltdown gives way to an uneasy calm

Business / Business News /

Even by the white-knuckle standards of the cryptocurrency universe, it was a standout week.

An algorithmic stablecoin called TerraUSD crashed from its dollar peg when the complex mechanism designed to ensure the link suddenly turned against it, sucking even the biggest digital assets into a vortex of panicked selling. Terms like “death ...Read more

Timothy A. Clary/AFP/Getty Images North America/TNS

Stocks roar back at end of nerve-racking week: Markets wrap

Business / Business News /

Stocks rallied at the end of a chaotic week in financial markets, with a little help from Federal Reserve Chair Jerome Powell’s reassurance that bigger rate hikes would be off the table for now even after the hot inflation readings of the past few days.

For a market plagued by fears that more aggressive monetary tightening could tip the ...Read more

Dreamstime/Dreamstime/TNS

Travelers can expect Alaska Airlines to keep canceling flights at high level for weeks

Business / Business News /

In a message to Alaska Airlines employees Thursday evening, CEO Ben Minicucci said the high level of flight cancellations since April will continue through this month but added that stability should return to the schedule in June.

"Of the 1,200 flights that we operate every day, we've been canceling about 50 of them, roughly 4%. This is coming ...Read more

John McCall/South Florida Sun-Sentinel/TNS

Auto insurance costs Floridians more than nearly everywhere else in the US, study finds

Business / Business News /

Floridians on average pay the second-highest share of their incomes on auto insurance premiums, according to a tally of data from price comparison website Bankrate.com.

The tally, based on the website’s True Cost of Auto Insurance in 2022 annual report, compared what 40-year-old drivers with clean driving records and good credit pay across ...Read more

Dreamstime/Dreamstime/TNS

After baby formula recall, Abbott says it can restart production at Michigan site within 2 weeks of FDA approval

Business / Business News /

Abbott Laboratories said it could have some of its recalled infant formulas back on store shelves within eight to 10 weeks after the U.S. Food and Drug Administration gives its approval, though it’s unclear when that approval may come.

For months, parents and babies have endured a nationwide shortage of infant formulas, partly linked to ...Read more

Angela Weiss/AFP/Getty Images North America/TNS

Elon Musk sows doubt over his $44 billion Twitter takeover

Business / Business News /

Elon Musk sowed new chaos into the market over his takeover bid for Twitter Inc. on Friday, first claiming his offer was “temporarily on hold” and then maintaining he is “still committed” to the deal, sending the social media giant into a tailspin.

The billionaire initially sent an early tweet saying the $44 billion deal is pending ...Read more

Elon Musk sows doubt over his $44 billion Twitter takeover

Business / Business News /

Elon Musk caused chaos over his takeover bid for Twitter Inc, first claiming his bid was was “temporarily on hold,” then maintained he is “still committed” to the deal, sending the social media giant into a tailspin.

The billionaire initially sent an early tweet saying the $44 billion deal is pending until he receives more information ...Read more

Henry Payne/The Detroit News/TNS

Auto review: Cadillac Escalade Diesel is a vessel fit for a king

Business / Business News /

CHARLEVOIX, Michigan — Like a Great Lakes passenger ship, the bow of my Cadillac Escalade cut through the fog of an April snow shower. Sure-footed, diesel-powered, on autopilot to our port of call.

On a long round trip Up North to scope out my son’s summer wedding venue at Castle Farms, the Escalade showed why it is the King of Mega-utes. ...Read more

Saul Loeb/AFP/Getty Images North America/TNS

Shareholder: Amazon's 'astronomical' misuse of customer data could ruin company

Business / Business News /

Taking a new approach to bringing attention to how Amazon uses individuals' data, a shareholder is suing Jeff Bezos, Andy Jassy and 17 other Amazon leaders he claims knowingly allowed the company to violate state laws.

Amazon has already come under fire for how its uses biometric data, things like fingerprints and facial images. It's been ...Read more

Lexus/Lexus/TNS

Auto review: Thinking outside the box in the 2022 Lexus LC 500 Convertible

Business / Business News /

Let’s stop our hyperkinetic lives for a second.

Let’s shut off the mobile phone and close the laptop. Let’s power down the tablet and turn off the television. Let’s ignore the political extremists who populate both sides of the aisle along with talentless, self-absorbed “celebrities.” Let’s ponder what makes us happy and consider ...Read more

Michael M. Santiago/Getty Images North America/TNS

The Week Ahead: Draining the proverbial punch bowl for investors

Business / Business News /

It was a heckuva party and now the hangover has set in. The S&P 500 stock index is down about 20 percent from its pandemic high. The NASDAQ Composite has shrunk by almost a third from its high in November.

Investors have realized the Federal Reserve will not be rescuing them from this downdraft in equity and fixed income prices. In fact, some ...Read more

Brian Cassella/Chicago Tribune/TNS

Rivian recalls 500 EV pickup trucks due to front passenger seat air bag defect

Business / Business News /

Rivian issued a voluntary recall this week for 500 of its R1T pickup trucks for a sensor defect that could cause air bags to improperly deploy when a child is in the front passenger seat.

Rivian has built 5,000 EVs to date and is on track to produce 25,000 vehicles this year. The startup electric truck manufacturer, which has struggled to keep...Read more

Hyoung Chang/The Denver Post/TNS

Possible new tariffs dimming outlook for Colorado's solar industry

Business / Business News /

A federal investigation into whether China is getting around tariffs on solar panels has Colorado’s expanding solar energy industry warning of layoffs, soaring prices and lights out for new projects.

In January, industry representatives and the U.S. Energy Information Administration were predicting 2022 would be a busy year for new solar ...Read more

Dreamstime/TNS/TNS

Ford shareholders quiz execs on stock performance, EV strategy and supply-chain woes

Business / Business News /

Ford Motor Co. executives fielded questions from investors at the company's annual shareholder meeting on Thursday about the automaker's electrification strategy, its faltering stock performance, and how it's navigating complex supply-chain issues.

Shareholders also approved the reappointment of 14 board members and again rejected a proposal ...Read more