Business - Portland Press Herald

Wall Street tumbles on fears for economy as more rates rise

by STAN CHOE Associated Press June 16, 2022June 16, 2022

It fell with stocks across Europe after central banks there followed up on the Federal Reserve’s big interest-rate hike on Wednesday.

Business, Nation & World

Musk aims to ease concerns in address to Twitter workers

by BARBARA ORTUTAY Associated Press June 16, 2022June 16, 2022

The Tesla CEO, according to multiple news reports, also addressed possible layoffs at the social platform, saying that, right now, ‘costs exceed revenue. That’s not a great situation.’

Business, Nation & World

Fed’s aggressive rate hikes raise likelihood of a recession

by PAUL WISEMAN Associated Press June 16, 2022June 16, 2022

Economic history suggests that growth-killing rate hikes could be necessary to finally control inflation, and typically, that is a prescription for a recession.

Business, Nation & World, News

Production at bedeviled baby formula factory halted by storm

by TOM MURPHY and LAURA UNGAR Associated Press June 16, 2022June 16, 2022

Abbott says it needs to assess damage and re-sanitize the factory after severe thunderstorms and heavy rains swept through southwestern Michigan late Monday.

Business, News

Revlon, beauty icon in crowded market, files for bankruptcy

by ANNE D'INNOCENZIO AP Retail Writer June 16, 2022June 16, 2022

The global supply chain disruptions that are hobbling hundreds of international companies in recent months were too much for Revlon.

Business, Nation & World, News

Average U.S. mortgage rates jump by most in 35 years

by MATT OTT associated press June 16, 2022June 16, 2022

The brisk rise in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.

Business, People on the Move

Maine Farmland Trust promotes Ellen Stern Griswold to VP, deputy director

by Staff Report June 16, 2022January 8, 2026

NEW HIRES Camden National Bank has hired Christopher Hutchinson as senior vice president, corporate controller. Hutchinson will oversee the finance and accounting departments at the bank. Previously, Hutchinson served as the director of corporate accounting at Wex Inc. MMG Insurance Co. has hired Kendra Coates as senior vice president, deputy chief financial officer. Coates brings […]