Business

GM to go all-electric by 2035, phase out gas and diesel engines

General Motors plans to completely phase out vehicles using internal combustion engines by 2035, Chairman and Chief Executive Officer Mary Barra announced Thursday. The automaker will go completely carbon neutral at all facilities worldwide by 2035. Barra has frequently touted GM’s plan for “an all-electric future,” recently increasing to 30 the number of pure battery-electric […]

Business

‘Tax the rich’: Progressive lawmakers react to GameStop frenzy with push for more oversight

Progressive lawmakers are reacting to the Reddit-led surge in GameStop stock sales — and Wall Street’s response — to push for more oversight on financial institutions. “Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating […]

Business

GameStop’s ‘roller coaster’ stock whipsaws investors as online brokers restrict trades

The video game retailer GameStop’s stock saw more extreme volatility Thursday after the popular trading app Robinhood restricted transactions for it and other hot stocks whose values were boosted by a mob of online traders. In a day of wild trading, GameStop’s stock opened at $350, shot to $469, plunged to $115, then climbed and […]

Business

From theater director to cheese expert: Displaced workers in some industries switch careers to stay afloat

With close to 1 million people still filing for first-time unemployment benefits every week, displaced workers in industries like travel, hospitality and entertainment are finding that they have to reorient their professional skills — and in some cases, their entire career trajectories — to keep making money during the pandemic. If this sounds like a […]

Business

Weekly initial jobless claims fall slightly to 847,000 vs. estimates of 875,000

The number of Americans filing for first-time unemployment claims fell slightly to 847,000 last week, according to data released Thursday by the Department of Labor. Economists had predicted a total of 875,000 claims for the week ended Jan. 23. Ten months into the pandemic, the weekly figure — which is a proxy for layoffs — […]

Business

GameStop? Reddit? Explaining what’s happening in the stock market

Suddenly, Wall Street can’t stop talking about GameStop, a video game retailer whose stock price is popping far beyond what most people think it’s worth. Here’s a guide to understanding why and what the frenzy means for the stock market. Why is everyone talking about GameStop?The simplest answer is that its stock price has skyrocketed […]

Business

Fed holds rates close to zero, as economy remains ‘adversely affected’

The Federal Reserve, in its first meeting since the inauguration of President Joe Biden, who has pledged a swift fiscal response to the Covid-19 crisis, kept its benchmark borrowing rate at 0 percent to 0.25 percent, in line with economists’ expectations. In a statement, the Federal Open Market Committee, the Fed’s policymaking group, concluded Wednesday: […]