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Suits accuse retail chains of flooding Ohio with painkillers

Mark Gillispie, Associated Press  |  Posted May 28th - 12:09pm

Five retail chains flooded two Ohio counties with tens of millions of prescription painkillers through their pharmacies while taking few if any steps to stop drugs from being illegally diverted, according to updated lawsuits unsealed in U.S. District Court in Cleveland.

Update on the latest business

The Associated Press  |  Posted May 28th - 11:48am

Wall Street is rallying again, extending this week’s climb built on hopes for a coming economic revival. The S&P 500 was on track for its fourth straight gain. That would be its longest winning streak since early February, before the market began to sell off on worries about the recession caused by the coronavirus pandemic.

Airlines increase job cuts as pandemic crushes air travel

David Koenig and Danica Kirka, Associated Press  |  Posted May 28th - 11:11am

about 5,100 jobs. That could include layoffs in October if there aren’t enough takers for a buyout offer.

Buzz kill: Pot shops reopen, but some fear another shutdown

Philip Marcelo, Associated Press  |  Posted May 28th - 11:05am

Marijuana shops in many states have enjoyed brisk business during the coronavirus pandemic. In New England? Not so much.

Harbor Freight recalls jack stands that can fail under load

The Associated Press  |  Posted May 28th - 11:04am

The U.S. government’s road safety agency is warning people not to use Pittsburgh Automotive jack stands sold by Harbor Freight Tools because they can collapse when holding a load.

US mortgage rates fall; 30-year loan at all-time low 3.15%

The Associated Press  |  Posted May 28th - 10:24am

Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold.

Court orders defiant Michigan barber to close his shop

Ed White, Associated Press  |  Posted May 28th - 9:36am

A Michigan court on Thursday ordered a barber to close his shop and stop defying the state's coronavirus restrictions, though he vowed to keep cutting hair.

White House won't issue economic projections this summer

Andrew Taylor, Associated Press  |  Posted May 28th - 9:32am

The White House will not release its official midyear economic update this summer, declining to put its stamp on data documenting the plunge into recession during the coronavirus pandemic and avoiding going on record with a prediction about the economy's future.

Virginia lags in implementing extended unemployment benefits

Sarah Rankin, Associated Press  |  Posted May 28th - 9:26am

When registered nurse Amanda Marsh lost her job working from her Virginia home as a health plan medical reviewer late last year, unemployment benefits helped support her family while she looked for work.

Grains mostly lower,livestock mixed.

The Associated Press  |  Posted May 28th - 9:15am

Grain futures were mostly lower Thursday in early trading on the Chicago Board of Trade. Wheat for July delivery was off 2 cents at $5.0440 a bushel; May corn was up 4.20 cents at $3.2460 a bushel; July oats lost 4.60 cents at $3.28 a bushel; while May soybeans fell 4.40 cents at 8.4120 a bushel.

Doctors sue to block FDA abortion pill rule during pandemic

Michael Kunzelman, Associated Press  |  Posted May 28th - 9:07am

Requiring patients to visit a hospital, clinic or medical office to get an abortion pill is needlessly risking their health during the COVID-19 pandemic, a group of physicians allege in a lawsuit that seeks to suspend the federal rule.

41 million jobs lost; homebound gear up to get out, way out

The Associated Press  |  Posted May 28th - 8:43am

meaning some 4,500 jobs are at risk. The British carrier resumes limited service on June 15, but estimates that it may take three years to get back to 2019 demand levels.

Pending home sales plunged 21.8% in April on a monthly basis

Josh Boak, Associated Press  |  Posted May 28th - 8:06am

April had a record collapse in Americans signing contracts to buy homes, a reflection of the broader shutdown of economic activity in response to the coronavirus outbreak.

Simon & Schuster names Jonathan Karp as new CEO

Hillel Italie, Associated Press  |  Posted May 28th - 8:02am

Jonathan Karp, who has worked with authors ranging from Sen. Edward Kennedy to Susan Orlean, has been named the new CEO of Simon & Schuster. He replaces Carolyn Reidy, who died two weeks ago.

US economy shrank at 5% annual rate in Q1

Martin Crutsinger, Associated Press  |  Posted May 28th - 6:51am

The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter.

Orders for US big-ticket factory goods drop 17.2% in April

Paul Wiseman, Associated Press  |  Posted May 28th - 6:49am

U.S. orders for big-ticket factory goods plunged for the second straight month in April as the coronavirus pandemic hammered the economy.

Here is the latest news from The Associated Press at 8:40 a.m. EDT

The Associated Press  |  Posted May 28th - 6:45am

Roughly 2.1 million people applied for U.S. unemployment benefits last week, a sign that companies are still slashing jobs in the face of a deep recession even as more businesses reopen and rehire some laid-off employees. About 41 million people have now applied for aid since the virus outbreak intensified in March, though not all of them are still unemployed. The Labor Department’s report includes a count of all the people now receiving unemployment aid: 21 million. That is a rough measure of the number of unemployed Americans.  The national jobless rate was 14.7% in April, the highest since the Great Depression.

2.1 million workers seek jobless aid, raising total layoffs since virus struck to nearly 41 million

The Associated Press  |  Posted May 28th - 6:31am

2.1 million workers seek jobless aid, raising total layoffs since virus struck to nearly 41 million.

US layoffs climb to 41 million, despite business reopenings

Christopher Rugaber, Associated Press  |  Posted May 28th - 5:08am

An estimated 2.1 million Americans applied for unemployment benefits last week despite the gradual reopening of businesses around the country.