Busy Beaver will move into former AMC Theatre in Salem Township | TribLIVE.com

The home improvement retailer officially announced plans to open at the Hollywood Squares shopping plaza off Route 22 with a target date of next May . At 55,000 square feet, it will be one of the chain’s largest stores among its locations throughout Western Pennsylvania, eastern Ohio and northern West Virginia.

“The Delmont (Salem) location is a great fit for us in terms of demographics and geography,” CEO Joe Kallen said. “It’s a high-visibility location and easily accessible on the Route 22 corridor. The building itself is an ideal fit for us, since there aren’t too many big-box structures in the area.”

The company plans to hire between 40 and 50 full- and part-time employees, Kallen said. Plans for the store include a lumber yard, pet and farm departments, a designated contractor service center and an expanded outdoor garden center.

Busy Beaver was founded in 1962 with lumber yards in Verona, Clairton and Carnegie. Today, the company operates 24 stores with more than 550 employees.

Anyone interested in applying for a job can visit BusyBeaver.com/careers.

Source: Busy Beaver will move into former AMC Theatre in Salem Township | TribLIVE.com

Wolf won’t extend state’s eviction moratorium, office says | Pittsburgh Post-Gazette

By Marc Levy

Gov. Tom Wolf’s administration reiterated that he will not extend his executive order halting evictions and foreclosures in Pennsylvania because of legal limits that prevent him from taking further action.

In a statement, Mr. Wolf’s office said it had explored the possibility that it could build off of the Federal Housing Administration’s Thursday extension of its national foreclosure and eviction moratorium through December.

“But after a thorough legal review, we have determined that the governor cannot extend the executive order to reach additional Pennsylvanians who are not benefiting from the federal extensions and a legislative fix is necessary in order to protect homeowners and renters from eviction,” Mr. Wolf’s office said.

The Federal Housing Administration’s moratorium protects homeowners with FHA-insured single family mortgages.

Source: Wolf won’t extend state’s eviction moratorium, office says | Pittsburgh Post-Gazette

Former Jeannette hemp processor leaves behind empty building, unpaid fine, jilted workers | TribLIVE.com

 

Patriot Shield started operating in the warehouse in September without getting an occupancy permit or building inspection from the city. Farmers brought their hemp crop there to be dried into smokable hemp flowers, which taste like marijuana but lack the THC necessary to get users high.

Neighbors complained about the odor that emanated from the warehouse for weeks. It brought up to 200 jobs, but many workers started protesting outside of the building after not receiving paychecks.

That issue still has not been rectified, two former employees told the Tribune-Review. The state Department of Labor and Industry’s Bureau of Labor Law Compliance performed an audit of the company, according to a letter obtained by the Trib. The department did not respond to a request for comment about the pay situation.

Source: Former Jeannette hemp processor leaves behind empty building, unpaid fine, jilted workers | TribLIVE.com

Payroll Tax Delay May Mean Problems For Workers, Employers And Social Security : NPR

President Trump has directed the Treasury Department to stop collecting payroll taxes this fall in an effort to boost workers’ paychecks. But the move is temporary, and could spark headaches in 2021.

Source: Payroll Tax Delay May Mean Problems For Workers, Employers And Social Security : NPR

Asia shares follow S&P 500 higher, oil and gold jump

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.

Source: Asia shares follow S&P 500 higher, oil and gold jump

Grocery prices are soaring. Here’s what’s getting more expensive – CNN

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.

Source: Grocery prices are soaring. Here’s what’s getting more expensive – CNN

Coronavirus In Pittsburgh: Experts Believe More Than One-Third Of Restaurants May Never Reopen – CBS Pittsburgh

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.

(Photo Credit: Alexander’s Italian Bistro)

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:

Source: Coronavirus In Pittsburgh: Experts Believe More Than One-Third Of Restaurants May Never Reopen – CBS Pittsburgh

What negative interest rates would mean for your wallet

As the economy craters, here’s a look at what cutting interest rates below zero would mean for everyday Americans.

  • “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.

Source: What negative interest rates would mean for your wallet

Record deal to cut oil output ends price war – BBC News

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.

Source: Record deal to cut oil output ends price war – BBC News

New Kensington Shop ‘n Save to close at the end of April | TribLIVE.com

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.

Source: New Kensington Shop ‘n Save to close at the end of April | TribLIVE.com