Business News

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate

WASHINGTON (AP) — The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said in an upgrade from its previous estimate. The government had previously estimated that the economy expanded at a 3.2% rate last quarter. The Commerce Department’s revised measure of the nation’s gross domestic product — the total output of goods and services — confirmed that the economy decelerated from its sizzling 4.9% rate of expansion in the July-September quarter. But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software.

Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison

NEW YORK (AP) — FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for a cryptocurrency fraud that a prosecutor has described as one of the biggest financial frauds in U.S. history. Federal Judge Lewis A. Kaplan imposed the sentence Thursday in a packed Manhattan courtroom. The 32-year-old Bankman-Fried was convicted in November of fraud and conspiracy charges brought after his once-soaring cryptocurrency trading platform and related companies collapsed into bankruptcy. Bankman-Fried was extradited to the U.S. in December 2022, five years after he started his businesses with plans to revolutionize the emerging cryptocurrency industry.

US journalist marks a year in a Russian prison as courts keep extending his time behind bars

Wall Street Journal reporter Evan Gershkovich marks a year behind bars on Friday following his arrest by Russian authorities who accuse him of espionage but have offered no supporting evidence. His friends and family say he is relying on his humor and resilience to get him through the days. Gershkovich, his employer and the U.S. government deny the allegations. He has been brought to court a dozen times for hearings that have rejected his appeals for freedom and always extend his pretrial detention. The court appearances give his family and friends a chance to see him, if only for a few minutes.

Stock market today: Wall Street holds near records as it coasts to another winning month and quarter

NEW YORK (AP) — Stocks are holding relatively steady as Wall Street coasts into the close of its latest winning month and quarter. The S&P 500 was 0.1% higher Thursday after setting an all-time high the day before. It’s roared roughly 10% in the first three months of the year as the market continues a nearly unstoppable run that began last October. The Dow Jones Industrial Average rose 27 points, and the Nasdaq composite fell 0.1%. Both held close to their records. Treasury yields were holding relatively steady in the bond market. Both the U.S. bond and stock markets will be closed for Good Friday.

Home Depot buying supplier to professional contractors in a deal valued at about $18.25B

Home Depot is buying SRS Distribution, a materials provider for professionals, in a deal valued at approximately $18.25 billion. The home improvement retailer said Thursday that the acquisition will help speed up its growth with the contractors. SRS provides materials for those including professional roofers, landscapers and pool contractors.

Kroger is closing 3 of its e-commerce fulfillment facilities in Texas and Florida

NEW YORK (AP) — Kroger is shuttering three of its e-commerce fulfillment facilities in Texas and Florida. The cross-docking warehouses — located in Austin, San Antonio and Miami — will be closed at the end of May, according to a Kroger spokesperson, who added that all impacted associates had been offered other opportunities within the company. These kind of spoke facilities extend the reach of Kroger’s network with British online retailer Ocado. Ocado’s larger automated facilities assemble orders, which are then shipped to the cross-docking warehouses and placed into smaller delivery trucks. Amid rising competition in e-commerce, particularly seen during the pandemic era, Kroger and Ocado have continued to expand their partnership over recent years.

China’s latest EV is a ‘connected’ car from smart phone and electronics maker Xiaomi

BEIJING (AP) — Chinese smart consumer electronics maker Xiaomi is joining China’s booming but crowded market for electric cars with a sporty high-tech sedan. The tech company began accepting orders in China on Thursday night. Founder Lei Jun wrapped up a presentation on the car by announcing the much-awaited price range: 215,900 yuan to 299,900 yuan or about $30,000 to $40,000. Government subsides have helped make China the world’s largest market for electric vehicles and a bevy of new makers are locked in fierce competition. Xiaomi aims to capitalize on its smart technology by connecting its cars with smartphones and home appliances.

Baltimore bridge collapse: Ships carrying cars and heavy equipment need to find a new harbor

Manufacturers and shippers are scrambling to figure out where they can load or unload cargo while the main operations at the Port of Baltimore remain closed due to Tuesday’s deadly collapse of the Francis Scott Key Bridge. Supply chain experts say other ports up and down the East Coast are likely to absorb much of Baltimore’s traffic, avoiding a crisis. But not without some longer shipping times and upheaval. Baltimore is the ninth-busiest port for international cargo in the nation, but it leads U.S. ports in “roll on, roll off” cargo. That means goods with wheels, composed largely of automobiles but including construction and agricultural equipment.

US changes how it categorizes people by race and ethnicity. It’s the first revision in 27 years

ORLANDO, Fla. (AP) — For the first time in 27 years, the U.S. government is changing how it categorizes people by race and ethnicity. The goal is to more accurately count residents, including those who identify as Hispanic and of Middle Eastern and North African heritage. The revisions announced Thursday are the latest efforts to categorize and define the people of the United States. This evolving process often reflects changes in social attitudes and immigration. Under the revisions, questions about race and ethnicity that previously were asked separately will be combined into a single question. A Middle Eastern and North African category also will be created.

Applications for US unemployment benefits dip to 210,000 in strong job market

NEW YORK (AP) — The number of Americans signing up for unemployment benefits fell slightly last week, another sign that the labor market remains strong and most workers enjoy extraordinary job security. The Labor Department reported Thursday that jobless claims dipped by 2,000 to 210,000. The four-week average of claims, which smooths out week-to-week ups and downs, fell by 750 to 211,000. Overall, 1.8 million Americans were collecting unemployment benefits the week that ended March 16, up 24,000 from the week before.