WASHINGTON — Applicants for federal government jobs will now be vetted based on their skills rather than if they have a relevant college degree after President Trump on Friday signed an executive order directing his agencies to change their hiring practices.
At a signing ceremony at the White House, the president and other administration officials said the order would create a more merit-based system and opportunities for Americans who had previously been excluded from the workforce.
“The federal government will no longer be narrowly focused on where you went to school, but the skills and the talents that you bring to the job,” Trump said during the signing which coincided with a meeting of his American Workforce Policy Advisory Board.
(CNN) — GNC has filed for bankruptcy, warning it will close up to a quarter of its stores and search for a buyer.
The 85-year-old vitamin and dietary supplement company has been saddled with nearly $1 billion of debt and has faced declining sales at its brick-and-mortar locations since before the pandemic. However, GNC said that stay-at-home orders during the Covid-19 pandemic prevented the company from accomplishing its refinancing plans because of the abrupt “dramatic negative impact” on its business.GNC will continue operating, but it will become a smaller company. It plans to close up to 20% of its 5,800 retail stores, which amounts to as many as 1,200 locations across the United States. GNC also sells its products in an additional 1,200 Rite Aid stores.
Among some of the store closures in the Pittsburgh area, are the location at the Monroeville Mall, the Cranberry Mall, Clearview Mall in Butler, and Pine Creek Center.
It obtained $130 million in fresh financing from its largest vendor, vitamin supplier IVC, to help it restructure. GNC aims to emerge from bankruptcy in the fall.
Walmart says it is an attempt to see if checkout times are faster while limiting human interaction in the age of the coronavirus.
Workers will still be available to help customers who have trouble doing the checkout themselves.
Depending on the success of the test run, Walmart could expand the program to more stores.
- “We see there’s about $10 billion worth of opportunity that’s up for grabs right now based on on what’s going on with the competitive climate,” CEO Jeff Gennette said.
- Already during the pandemic, department store chains Neiman Marcus, Stage Stores and J.C. Penney have filed for bankruptcy protection.
- Pier 1 Imports is winding down its business. Stage Stores could liquidate as well.
Asian shares were led higher by S&P 500 futures on Monday and oil prices hit a five-week peak as countries’ efforts to re-open their economies stirred hopes the world was nearer to emerging from recession.
Summer weather is enticing much of the world to emerge from coronavirus lockdowns as centres of the outbreak from New York to Italy and Spain gradually lift restrictions that have kept millions cooped up for months.
“The economies of Europe and the U.S. likely bottomed out in April and are slowly starting to come back to life,” wrote Barclays economist Christian Keller in a note.
“However, incoming data from most economies highlight the depth of the contraction, raising risks of longer-term scarring that might undermine the recovery.”
Federal Reserve Chairman Jerome Powell took a cautious line in an interview over the weekend, saying a U.S. economic recovery may stretch deep into next year and a full comeback might depend on a coronavirus vaccine.
Late Sunday, Powell outlined the likely need for three to six more months of government financial help for firms and families.
Data out on Friday showed retail sales and industrial production both plunged in April, putting the U.S. economy on track for its deepest contraction since the Great Depression.
New York (CNN Business)Okay, so if you’re a loyal reader of CNN Business (and we hope you are!) you might have seen a headline Tuesday that said “Prices are falling at an alarming rate.” Or a headline today that said producers’ prices fell by a record amount.That probably feels … off to you. And for a good reason: Every time you go to the grocery store, that number at the end of the receipt keeps getting bigger.Both things are true. Prices are falling across just about every category: Apparel, hotels, cars, car insurance, and airfare fell through the floor as people stayed home. Everyone knows gas prices are way cheaper.But American grocery store price tags are soaring. Overall, the price of groceries grew 2.6%, including seasonal adjustments, in April. That was the biggest increase from one month to the next since 1974, according to the Bureau of Labor Statistics.
PITTSBURGH (KDKA) – The restaurant industry, one of the biggest employers in the region, is now facing dire consequences.
KDKA’s Paul Martino reports many restaurant experts believe more than a third of area eateries may close for good. Experts he’s spoken with believe as many as 20, 30 of even 40 percent of area restaurants are closing for good.
The restaurant industry had been decimated by the pandemic. Restaurants that have been around for decades, like Alexander’s in Bloomfield, won’t survive the pandemic.
Thousands of servers, bartenders, chefs and more once worked at Pittsburgh-area restaurants. But not anymore. Long time restaurant owners like Ron Sofranko say many of those jobs aren’t coming back.
The other hard reality is that folks may not feel safe to go out and dine for a long time.
One other restaurant trend to watch for: many of them may be filing for bankruptcy to hold off their creditors during the pandemic.
More information on the Coronavirus pandemic:
- “Negative interest rates are inevitable in the U.S.,” said Bankrate’s Greg McBride. “It’s just a matter of when.”
- For everyday Americans, that would likely mean lower mortgage and credit card rates and even lower returns on savings, if any at all.
Opec producers and allies have agreed a record oil deal that will slash global output by about 10% after a slump in demand caused by coronavirus lockdowns.
The deal, agreed on Sunday via video conference, is the largest cut in oil production ever to have been agreed.
Opec+, made up of oil producers and allies including Russia, announced plans for the deal on 9 April, but Mexico resisted the cuts.
Opec has yet to announce the deal, but individual nations have confirmed it.
The only detail to have been confirmed so far is that 9.7 million barrels per day will be cut by Opec oil producers and allies.
A family-run Shop ’n Save in New Kensington is closing after about a decade in the city.
The grocery store in the Central City Plaza will close its doors for good April 30.
Co-owner Lauren Beter of New Kensington said the move is due to decreased sales the past few years, and not because of the covid-19 pandemic.
“It’s bittersweet because it’s not something that we necessarily wanted to do,” she said. “It wasn’t the path we started down on, but we weren’t able to make it work. Our lease is coming up, and we wrestled with renewing it for five years and couldn’t take the chance. It has nothing to do with the coronavirus. It’s just an awful coincidence.”
She said big box retailers like Walmart and other competitors have made it a very expensive challenge for mom-and-pop shops.
The New Kensington grocer was previously owned by Beter’s parents, Thomas and Elizabeth Beter of Lower Burrell.
Lauren and her brother, Elliot Beter, took ownership of it about five years ago.