Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Crude prices rose sharply in early 2022 with Russia’s invasion of Ukraine and are hovering around $90 per ...
NEW YORK (AP) — Wall Street fell Thursday as it faces the prospect of a 5% yield on the 10-year Treasury for the first time since 2007. The S&P 500 lost 36.60 points, or 0.8%, to 4,278.00 following a mixed set of profit reports from Tesla and other influential companies The Dow Jones Industrial Average dropped 250.91, or 0.7%, to 33,414.17, and the Nasdaq composite sank 128.13, or 1%, to 13,186.18. Stocks felt pressure from the bond market, where rapidly rising yields have been squeezing Wall Street since the summer. The yield on the 10-year Treasury touched 4.99%, up from 4.91% ...
(AP) — Rite Aid filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits. The company said Rite Aid stores will continue to fill prescriptions, and customers will still be able to visit its locations or shop online while it goes through its voluntary Chapter 11 process. But that process also will allow it to speed up its plan to close underperforming stores. Going through Chapter 11 will help “significantly reduce the company’s debt” while helping to “resolve litigation claims ...
DETROIT (AP) — A top Ford executive says the company has reached the limit of how much money it will spend to get a contract agreement with the striking United Auto Workers union. Kumar Galhotra, president of Ford Blue, the company’s internal combustion engine business, told reporters Thursday that Ford stretched to get to the offer it now has on the table. His comments are starkly different from those made by UAW President Shawn Fain Wednesday when he announced an escalation of the union’s strike by walking out at Ford’s largest and most profitable factory. The apparently ...
DETROIT (AP) — The United Auto Workers union significantly escalated its strikes against Detroit Three automakers Wednesday by going on strike against a major Ford truck plant in Louisville, Kentucky. In a surprise move, the 8,700 members left their jobs at about 6:30 p.m. at the plant, which makes profitable heavy-duty F-Series pickup trucks and large SUVs. UAW President Shawn Fain said in a statement that the union has waited long enough “but Ford hasn’t gotten the message” to bargain for a fair contract. Ford called the strike expansion “grossly irresponsible” but said ...
WAYNE, Mich. (AP) — On the picket lines at a Ford factory west of Detroit, many striking workers don’t think the electric vehicle revolution is coming for their jobs — at least not in the near future. But just in case, they’re backing United Auto Workers President Shawn Fain’s quest to unionize EV battery factories at Ford and Jeep maker Stellantis, matching a breakthrough concession made by General Motors last week. So far, neither Ford nor Stellantis has agreed to the change, which would pull employees at all 10 U.S. battery factories proposed by Detroit automakers into ...
