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Alden confirms interest in McClatchy, challenges Chatham's bid hours before auction

Business / Business News /

The hedge fund Alden Capital Group challenged portions of a competitor's bid for McClatchy Co. in court filings late Wednesday, a move that confirmed its rumored interest in buying the company and threatened to further delay the auction that will decide the local news company's future.

Alden, which owns the MediaNews Group chain of newspapers ...Read more

Judge dismisses GM's racketeering case against FCA

Business / Business News /

DETROIT -- A federal district court judge on Wednesday dismissed the General Motors racketeering lawsuit against Fiat Chrysler Automobiles.

The order followed a decision by the U.S. 6th Circuit Court of Appeals this week not to reassign the case at GM's request though it vacated Judge Paul Borman's earlier order that GM CEO Mary Barra and FCA ...Read more

GM announces price, features of 2021 Corvette, including two new colors

Business / Business News /

General Motors said Wednesday it will keep the price of its 2021 Chevrolet Corvette Stingray the same as the introductory 2020 model.

The 2021 Corvette, which goes on sale late in the fourth quarter, will start at $59,995, matching this year's model, which is about a $4,000 increase over the 2019 Corvette. Comparatively, the mid-engine Porsche ...Read more

T-Mobile aims first wireless broadband service at rural homes

Business / Business News /

T-Mobile US Inc., taking a first step in its long-promised assault of cable and phone companies' landline businesses, is launching wireless broadband service to homes in rural areas.

For $50 a month, customers in three western Michigan counties can sign up for internet service with speeds of about 50 megabits per second -- enough bandwidth for ...Read more

Federal agents seize more than 80 luxury cars at Port Everglades bound for Venezuela

Business / Business News /

MIAMI -- Port Everglades is looking like an auto dealership these days, with rows of high-end vehicles on display, including a Mercedes Biturbo SUV worth a whopping $150,000, and even a few low-end cars, such as a Toyota Corolla valued at a meager $20,000.

There are 81 cars lined up, with a collective retail price of $3.2 million. And the feds ...Read more

California unemployment: Nearly 2 million claims are unpaid during coronavirus-linked business shutdowns

Business / Business News /

Nearly 2 million unemployment claims filed in California over the first three months of the government-ordered business lockdowns have yet to be paid, an analysis of federal government statistics shows.

The brutal backlog is further evidence of the troubles plaguing the embattled state Employment Development Department, prompting the newly ...Read more

COVID-19: As Miami shuts down, American Airlines resumes Caribbean travel from MIA

Business / Business News /

MIAMI -- Outside the doors of Miami International Airport, life is shutting down as restaurants in Miami-Dade County prepare to close their indoor dining rooms -- once again -- in the face of spiking COVID-19 infections.

But inside the airport, things are beginning to look closer to normal. On Tuesday, anxious travelers, wearing masks and face ...Read more

Ford declares war with all-new Bronco as Jeep Wrangler demand spikes

Business / Business News /

DETROIT -- Josh Gracin texted Thad Szott in an attempt to get on a buyer list for the 2021 Ford Bronco.

But there is no list yet, not even for country music singers in Nashville.

"People are so excited to get their hands on the Bronco," said Szott, co-owner of Szott Auto Group in White Lake Township, Mich. "Every time I post something on my ...Read more

Tech Q&A: Windows 10 updates are creating new problems

Business / Business News /

One of the big differences between Windows 10 and its predecessors is that it's updated frequently. That may fix flaws, but it also creates new ones.

Last week, Anita Winkley of Winter Haven, Fla., told me she was losing Gmail messages and their attached photos. We both wondered if her e-mail filter settings were to blame.

But it turns out ...Read more

Amazon, bestselling authors allege e-book piracy in lawsuit against online bookstore

Business / Business News /

Amazon joined several bestselling authors and another book publisher Tuesday in suing an online bookstore that they say sells pirated e-books.

The lawsuit, filed in federal court in Seattle, alleges that Ukraine-based KISS Library operates sites including Kissly.net, Libly.net and Cheap-Library.com that illegally copy, distribute and sell e-...Read more

Under Armour reportedly looks to sell fitness app MyFitnessPal

Business / Business News /

BALTIMORE -- Under Armour may be looking to shed MyFitnessPal, its fitness and nutrition app and website, as it scales back during a slowdown made worse by coronavirus-related revenue losses.

A potential sale of the app was reported Tuesday by The Information, a business technology news website. The athletic apparel brand has not confirmed the ...Read more

Fintech company Sezzle's growth rockets higher as online shopping soars

Business / Business News /

Sezzle Inc., the Minneapolis fintech firm that's listed in Australia, said Tuesday its e-commerce platform soared in transaction volume and revenue during the spring months as homebound consumers shopped online more often.

Sezzle's shares jumped 25% on the news, closing at Aus$5.07, the highest level since the company went public on the ...Read more

As businesses reopen, many Americans plan to spend less

Business / Business News /

The novel coronavirus -- which has infected almost three million people and killed more than 130,000 in the U.S. alone -- has roiled the economy and brought many aspects of American social life to a halt. With many states reopening despite the recommendations of public health experts, new data show consumers may not be prepared to return to pre-...Read more

Bike shops are usually busy this time of year. Coronavirus took demand to the 'next level'

Business / Business News /

PHILADELPHIA -- It started with baby seats.

As parents turned to family bike rides to keep occupied during stay-at-home orders, they are one of the first items that went out of stock, said Monica Pasquinelli, co-owner of Firehouse Bicycles and Wolf Cycles in West Philadelphia.

Then March's lockdown stretched into warmer months, and heading ...Read more

Coronavirus retail: Levi Strauss cuts 700 corporate jobs

Business / Business News /

Levi Strauss, jolted by coronavirus-linked shutdowns of its retail stores, has decided to chop 700 corporate jobs, the legendary maker of denim jeans said Tuesday.

"The second-quarter results highlight the difficult external environment we've been navigating the last several months," Chip Bergh, Levi Strauss president and chief executive ...Read more

Wade Millward: New opportunity for some service workers — solar installation

Business / Business News /

If you're waiting for your job in services -- retail or otherwise -- to restart or to ramp back up to full hours, you might consider switching to solar installation, a fast-growing job market.

The U.S. Bureau of Labor Statistics predicts solar installer jobs will grow by 63% between 2018 and 2028, for an addition of 6,100 jobs. Annual median ...Read more

Podcast boom: SiriusXM nears deal to buy 'Freakonomics Radio' producer

Business / Business News /

New York-based SiriusXM is close to buying Stitcher, a major podcasting network, as the fast-growing industry continues to draw bigger players, sources said.

The satellite radio powerhouse is in advanced talks to buy Stitcher from E.W. Scripps Co. for about $300 million, although the amount could change because the deal has not closed, ...Read more

NBCUniversal News Group chairman wants a 50% diverse work force

Business / Business News /

Responding to the current national period of reflection on race, NBCUniversal News Group Chairman Cesar Conde has set a goal of having a 50% diverse work force across his division.

No timetable has been set for the target Conde set in an internal video sent Tuesday to employees and obtained by The Times. There are around 3,000 employees across ...Read more

Analyst: 20,000 bank branches — or more — could close after COVID-19

Business / Business News /

U.S. bank branches have been closing at the rate of more than three a day for the last 10 years, according to the Federal Deposit Insurance Corp.

They should be closing faster, some analysts say.

"Given the shelter-in-place orders, the COVID-19 pandemic has accelerated mobile adoption," with teller transactions down "30 to 40 percent" this ...Read more

Genius Brands buys rights to post-Marvel Stan Lee characters

Business / Business News /

Beverly Hills-based Genius Brands International bought the rights to a group of Stan Lee comic book characters to build a new world in kids' entertainment.

The company, which produces, markets and licenses branded children's entertainment, says it plans to build a "Stan Lee Universe," drawn from over 100 original, unexploited properties created...Read more