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Money & Markets

Airbnb details years of losses ahead of planned IPO

Airbnb was losing money even before the pandemic struck and cut its revenue by almost a third, the home-sharing company revealed in documents filed Monday ahead of a planned initial public offering of its stock. The San Francisco-based company has yet to set a date for the IPO but it is ...

New device puts music in your head — no headphones required

LONDON — Imagine a world where you move around in your own personal sound bubble. You listen to your favorite tunes, play loud computer games, watch a movie or get navigation directions in your car — all without disturbing those around you. That’s the possibility presented by “sound ...

Bidenomics: More stimulus, tougher regulation, and gridlock

WASHINGTON — President-elect Joe Biden will inherit a vulnerable economic recovery under threat from a resurgent virus, likely with a divided Congress that will hinder his ability to address the challenges. Yet despite the obstacles, the former vice president and senator will pursue a ...

Much at stake as Supreme Court weighs future of ‘Obamacare’

WASHINGTON — When the Supreme Court weighs the fate of “Obamacare” on Tuesday, arguments will revolve around arcane points of law like severability — whether the justices can surgically snip out part of the law and leave the rest. But what’s at stake has real-world consequences for ...

Fed signals readiness to do more for economy

WASHINGTON — The Federal Reserve kept its benchmark interest rate at a record low near zero Thursday and signaled its readiness to do more if needed to support an economy under threat from a worsening coronavirus pandemic. The Fed announced no new actions after its latest policy meeting but ...

Jackpot! Expansion of gambling in the US wins big at polls

ATLANTIC CITY, N.J. — The U.S. gambling industry won big at the polls Tuesday, with three states authorizing legal sports betting and three others either approving or expanding casino gambling. Maryland, South Dakota and Louisiana approved sports betting. That sets up a situation in which ...

Cruise industry throws in the towel on 2020

SILVER SPRING, Md. — The cruise industry has jettisoned hopes of restarting operations this year. Days after both Carnival and Norwegian extended a halt on cruises through the end of the year, the group that represents cruise lines with 95% of global ocean-going capacity said Tuesday that ...

Surge in virus threatens to reverse global economic rebounds

WASHINGTON — The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect of having to hunker down once again. Growing fear of an economic reversal ...

Fed survey finds tepid growth as US economy battles pandemic

WASHINGTON — A Federal Reserve survey of business conditions around the country found that the U.S. economy grew at a “slight to modest” pace in September and early October, but also documented many areas of economic activity hobbled by the coronavirus pandemic. The Fed report made ...

Justice Dept. files landmark antitrust case against Google

WASHINGTON — The Justice Department on Tuesday sued Google for abusing its dominance in online search and advertising — the government’s most significant attempt to protect competition since its groundbreaking case against Microsoft more than 20 years ago. And it could just be an ...

Deadline looms, but COVID relief deal may be far off

WASHINGTON — House Speaker Nancy Pelosi reported some progress in advance of a Tuesday deadline for reaching a pre-election deal with President Donald Trump on a new coronavirus relief package, but the same core problems bedeviling the effort remain in place despite optimistic talk from the ...

US jobless claims rise to 898,000 with layoffs still high

WASHINGTON — The number of Americans seeking unemployment benefits rose last week by the most in two months, to 898,000, a historically high number and evidence that layoffs remain a hindrance to the economy’s recovery from the pandemic recession. Thursday’s report from the Labor ...

Census whiplashed by changing deadlines, accuracy concerns

Shortly after the Supreme Court ruled that the Trump administration can end the 2020 census, a text message went out to field supervisors in Northern California telling them to start collecting the iPhones their census takers use for gathering household information during their ...

Used vehicle prices up as supply sinks, but relief is coming

DETROIT — It cost a whole lot more to buy a used SUV, car, truck or van last month than it did before the coronavirus hit, and that almost singlehandedly caused September’s modest consumer price increase. Blame it on the pandemic, which knocked supply and demand way out of whack, causing ...

Microsoft attempts takedown of global criminal botnet

Microsoft announced legal action Monday seeking to disrupt a major cybercrime digital network that uses more than 1 million zombie computers to loot bank accounts and spread ransomware, which experts consider a major threat to the U.S. presidential election. The operation to knock offline ...

Business council paints rosier picture on Iowa economy

Executives of Iowa’s 22 largest companies are more bullish on the next six months after the beginning of the year saw the worst economic darkness since the Great Recession. The Iowa Business Council’s quarterly outlook survey found its members expecting to hire at a greater clip in the ...

Democrats call for Congress to rein in, break up Big Tech

WASHINGTON — Democratic lawmakers are calling for Congress to rein in Big Tech, possibly forcing Facebook, Google, Amazon and Apple to break up their businesses, while making it harder for them to acquire others and imposing new rules to safeguard competition. The proposals in a report ...

Pandemic pushes start of holiday shopping earlier than ever

NEW YORK — Add last-minute holiday shopping to the list of time-honored traditions being upended by the coronavirus pandemic. Retailers are kicking off the holiday season earlier than ever this year in hopes of avoiding big in-store crowds and shipping bottlenecks in November and ...

Amazon: Nearly 20,000 workers tested positive for COVID-19

NEW YORK — Amazon said Thursday that nearly 20,000 of its front-line U.S. workers have tested positive or been presumed positive for the virus that causes COVID-19. But the online retail behemoth, revealing the data for the first time, said that the infection rate of its employees was well ...

Pelosi and Mnuchin have ‘extensive’ talks on COVID relief

WASHINGTON — House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin held an “extensive conversation” Wednesday on a huge COVID-19 rescue package, meeting face to face for the first time in more than a month in a last-ditch effort to seal a tentative accord on an additional round ...