US stocks rose after Europe and China announced plans for additional stimulus to shore up their economies in the wake of a global trade war.China’s National Development and Reform Commission said Friday it would boost stimulus to shore up the country’s economy, stabilize employment and give people more disposable income. Although China didn’t elaborate on its plans, that was enough to soothe investors’ fears about the trade war’s harm to the global economy.
A new satellite casino approved to be built at a mall in Westmoreland County will give the county a boost with new jobs and revenue, but commissioners there have concerns over a name that will not reflect the community in which it will operate.
The state Gaming Control Board this week unanimously granted Stadium Casino LLC, owned by Cordish Companies of Maryland, a Category 4 satellite casino license to operate a casino in the shuttered Bon Ton space that the company will name Live! Casino Pittsburgh.
The commissioners are hopeful that some discussion with representatives from Cordish Companies could result in the selection of a more appropriate name.
The commissioners said despite the name, they are thrilled that the project is moving forward and have learned from officials at Westmoreland County Community College that the company has reached out to the college to provide training for those interested in casino dealing.
A strong U.S. retail sales report during a week many retailers are announcing earnings helped stabilize the stock market Thursday after sharp losses the day before. The Dow Jones Industrial Average(DJINDICES:^DJI) and the S&P 500 (SNPINDEX:^GSPC) seesawed between gains and losses but rallied toward the end of the session.
Today’s stock market
Index Percentage Change Point Change Dow 0.39% 99.97 S&P 500 0.25% 7.00
A solid quarter but weak outlook from Cisco
Network equipment leader Cisco Systems reported fiscal fourth-quarter results in line with expectations, but flat orders and weak guidance raised investor concerns, sending shares down 8.6%. Revenue grew 4.6% to $13.4 billion and adjusted earnings per share rose 19% to $0.83. Analysts were expecting the company to earn $0.01 less per share on revenue of $13.4 billion.
Sales in the Americas, Cisco’s most important region at 61% of revenue, grew 8.9% in Q4. But revenue from Asia-Pacific fell 3.8%, and CFO Kelly Kramer said in the conference call that the company’s business in China plunged 25%. Overall, gross margin improved 90 basis points from last quarter and 230 basis points from the period a year ago. Orders were flat year over year, and Cisco guided to Q1 revenue growth of between 0% and 2%.
Cisco’s challenges are centered on sales to service providers, especially Chinese telecoms, and orders would have been up mid-single digits if it weren’t for a 21% drop in orders to that segment. Those struggles with service providers overshadowed the company’s success in other areastoday.
Westmoreland County is planning a job fair to help fill as many as 50 positions at the courthouse, nursing home, jail and other government and human service offices.
The day-long event will be held from 9 a.m. to 7 p.m. Aug. 22 at the Ramada Inn in Hempfield.
It’s the first time the county has sponsored a job fair, Human Resources Director Amanda Bernard said.
“If we can hire 50 people, that would be great. We have a lot of vacancies, especially at the Manor where we are competing with local hospitals,” Bernard said.
In a news conference, chief executive Hiroto Saikawa said the job cuts would account for a “big portion” of the savings it was trying to make.
Of the 12,500 job losses, 6,400 have already been implemented at eight locations, he said.
Nissan plans to shed another 6,100 jobs between the 2020 and 2022 financial years at six locations.
He did not specify which models would be targeted for production cuts, but said they would be likely to affect “compact cars and its Datsun range”.
The cuts will fall on unprofitable models, Mr Saikawa added
The United Auto Workers union is set to start bargaining new contracts covering 150,000 workers at Detroit’s Big Three on Monday in what could be the most contentious negotiations the auto industry has seen in years.
The union will be looking to make significant gains over the most recent four-year contracts with the companies, ratified in 2015. Automakers are looking to cut labor costs relative to foreign competitors building cars and trucks inside the U.S. with lower-earning workers. Industry-watchers believe the starkly different expectations create the possibility of a major strike.
London (CNN Business)Europe signaled Tuesday that it could return to printing money to boost its flagging economy, a potential reversal of policy that drew an immediate rebuke from President Donald Trump.European Central Bank President Mario Draghi said in a speech that he was open to boosting monetary stimulus if economic conditions in Europe don’t improve.He said that the ECB stands ready to use all tools at its disposal, which could include interest rate cuts and the revival of quantitative easing, which involves creating new money to buy assets such as government bonds.“In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required,” he said in Sintra, Portugal.
- Amazon responded to Democratic Congresswoman Alexandria Ocasio-Cortez’s claim that it pays warehouse workers “starvation wages” in a tweet that says it pays workers $15 an hour plus full benefits.
- Amazon tweeted at Ocasio-Cortez, saying: “Amazon is a leader on pay at $15 min wage + full benefits from day one. We also lobby to raise federal min wage.”
SOUTH FAYETTE — The South Fayette Township Board of Commissionners opened four bids Wednesday from developers competing for the site along Route 50 where the Star City movie house once stood.
All four of the bids came in over the minimum purchase price of $3 million. The highest bid, from Cleveland-based apartment developer NRP Group, was for $4 million. The other bids were $3.5 million, $3.2 million and $3.1 million. The bids and proposals will be reviewed over the next month, and the board will consider them at its July 17 meeting.
An escalating trade war between the US and China threw the stock market into chaos early Monday.
The Dow Jones industrial average plunged more than 600 points after China said it will hike tariffs on $60 billion worth of US goods — a tit-for-tat response to President Donald Trump’s hike of tariffs on $200 billion in Chinese goods last week.
China said it will impose tariffs on its US imports of to up to 25 percent on June 1. Many of the items, which had been subject to 10 percent tariffs, affected the US agricultural industry.
The Dow was recently off 632.62 points, or 2.4 percent, at 25,309.75. Market indexes were all down sharply as of 11:38 am ET, with the S&P 500 and tech-weighted Nasdaq plunging 2.4 percent and 3.2 percent, respectively.
AUGUSTA (Sun Journal) — Welcome to the start of tick season. May is Lyme Disease Awareness Month in the United States, and the Maine Center for Disease Control and Prevention has issued a reminder that everyone be “tick aware and tick alert,” especially as the days get warmer. Maine game wardens are definitely seeing ticks, according to spokesman John MacDonald. Ticks like damp, wet grass and woods. The National Weather Service said Tuesday that Maine in April received 5.
Brent crude futures were at $74.16 per barrel at 0223 GMT, down 19 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $64.83 per barrel, down 38 cents, or 0.6 percent, from their previous settleme
The average cost of a public four-year university is significantly less than that of a private 4-year school. College Board reports that for the 2015-2016 school year, public institutions averaged $9,410 in in-state tuition, compared to $32,405 at private institutions.
When you factor in room and board and other fees, many private schools reach upwards of $60,000 a year, compared to Pitt’s $17,292 — the 2015-16 in-state tuition for the Dietrich School of Arts and Sciences.
Pitt’s tuition is still lofty, to be sure. In 2014 U.S. News named the University of Pittsburgh the most expensive in-state tuition in the country. But compared to so many other schools, it’s an incredible value.