Stocks rally, wobble, then end lower as turbulence continues
NEW YORK (AP) — US stock indexes finish mostly lower after a morning rally faded away. Technology companies including Apple fell, and energy companies dropped along with oil prices. Industrial companies climbed and banks made small gains along with interest rates. That followed three days of turmoil on markets that knocked stocks off their recent highs. Wynn Resorts jumped after Steve Wynn stepped down as CEO following allegations of sexual misconduct.
Tax cut, bonuses for workers? Many businesses not sure yet
NEW YORK (AP) — While some big corporations are giving employees cash bonuses because of the new tax law, staffers at many small and mid-sized companies are waiting to see if their bosses get a big enough break to pass on. Big companies can award bonuses because they already know their top tax rate is dropping. But with many regulations still to be written, many small business owners have less certainty. Big companies also have billion-dollar cash cushions and credit lines, unlike their smaller counterparts.
Los Angeles Times sold to local billionaire for $500 million
LOS ANGELES (AP) — A biotech billionaire has struck a $500 million deal to buy the Los Angeles Times, ending the paper’s quarrelsome relationship with its Chicago-based owners. The announcement Wednesday means that for the first time in 18 years the Times will be under local ownership. The agreement between Dr. Patrick Soon-Shiong (soon-shong) and Tronc Inc. marks the latest instance of a rich, civic-minded individual buying a newspaper from a big corporation.
Company says it will cut 500 jobs at Iowa City plant
IOWA CITY, Iowa (AP) — Procter & Gamble has announced it plans to cut 500 jobs over about two years at an Iowa plant as it shifts production to a new factory in West Virginia.
The Press-Citizen reports that the Iowa City plant’s production of shampoos, conditioners and body washes will be transferred to the new plant in Tabler Station, West Virginia, by late 2020. Production of mouthwashes and toothbrushes will remain in Iowa City.
The company says about 700 workers will remain in Iowa City, where P&G operates three facilities.
The company says it’s also closing its plant in Kansas City, Kansas, as part of the production change. That plant produces dishwashing detergents and related chemicals.