Economy

Economy

Marathon Speedway station a welcome addition to Oakwood I-74 exit

Questions? Ask them here

OAKWOOD — On the heels of celebrating a $15 million investment in the newly-opened Love's Travel Stop along Interstate 74 in Oakwood, local officials are eagerly anticipating yet another development this year in that area.

Tesla to cut 7 percent of workforce while trying to reduce prices

Tesla will cut 7 percent of its workforce as it tries to lower prices and break out of the niche-car market to produce an electric vehicle that more people can afford.

Tesla's cheapest model right now is the $44,000 Model 3, and it needs to broaden its customer base to survive.

55 more homes sold in 2018 over 2017 in Champaign County; average price holds steady

CHAMPAIGN — Fifty-five more homes were sold in 2018 than the year before in Champaign County, with a total of 2,938 sold, according to a year-end report from the local Realtors group.

And sale prices remained level, with the 2018 average at $174,453, virtually the same as the 2017 average of $174,570.

Walmart, CVS Health hammer out new deal

BENTONVILLE, Ark. (AP) — Walmart will continue to participate in CVS Health's prescription drug network for customers with private health insurance and Medicaid coverage.

Shares of CVS rose nearly 3 percent before the opening bell Friday. The stock had been under pressure since Tuesday, when it said it could not come to an agreement with Walmart on pricing.

Manufacturing surge pushes industrial production up 0.3%

WASHINGTON (AP) — U.S. industrial production increased 0.3 percent in December, led by the biggest surge in manufacturing in ten months.

The Federal Reserve said Friday that that manufacturing output jumped 1.1 percent last month, the largest gain since February 2018. Automakers drove much of the growth with a 4.7 percent jump in production.

May's foes gather as Britain's Brexit stalemate drags on

LONDON (AP) — Talks to end Britain's Brexit stalemate appeared deadlocked Friday, with neither Prime Minister Theresa May nor the main opposition leader shifting from their entrenched positions.

May has been meeting with politicians from several parties in a bid to find a way forward after her European Union divorce deal was rejected by Parliament this week.

Illinois unemployment up slightly; so is jobs growth

SPRINGFIELD (AP) — Illinois officials say the state's unemployment rate rose to 4.3 percent in December.

The Illinois Department of Employment Security also announced Thursday that nonfarm payrolls increased by nearly 14,000 jobs based on preliminary data.

Pelosi cancels Afghanistan trip, cites Trump 'leak'

WASHINGTON (AP) — House Speaker Nancy Pelosi on Friday canceled her plans to travel by commercial plane to visit U.S. troops in Afghanistan, saying President Donald Trump had caused a security risk by talking about the trip.

Morgan Stanley misses forecasts, hurt by trading

NEW YORK (AP) — Investment bank Morgan Stanley on Thursday reported fourth-quarter results that came up short of analysts' expectations, hurt by difficulties in trading that impacted other Wall Street firms.

The New York-based firm said it earned $1.53 billion, or 80 cents a share, up from a profit of $643 million, or 26 cents a share a year earlier.

Number of federal workers seeking jobless aid doubles

WASHINGTON (AP) — The number of furloughed federal employees seeking unemployment benefits jumped in the first two weeks of the shutdown, topping 10,000 during the week of Jan. 5.

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