Business

Biden Faces More Pressure From Environmentalists to Block Steel Merger
Business

Biden Faces More Pressure From Environmentalists to Block Steel Merger

In interviews, environmental activists working to reduce greenhouse gas emissions say the merger would bring together two steel giants that are laggards on transitioning away from fossil fuels.Researchers at Industrious Labs, a nonprofit pushing to decarbonize steel and other heavy industries, drew on both companies’ public disclosures to calculate that Nippon and U.S. Steel are relatively high emitters of heat-trapping gases from steel production. Both companies rely heavily on coal-powered blast furnaces and are on a slower path to transition to cleaner fuels than some international competitors. Three U.S. Steel facilities — in Pennsylvania, Indiana and Illinois — combine to emit more greenhouse gases in a year than a comparable number of coal-fired power plants, the researchers estimate...
Three Lessons From a Surprisingly Resilient Job Market
Business

Three Lessons From a Surprisingly Resilient Job Market

The pandemic created an economic crisis unlike any recession on record. So perhaps it shouldn’t be surprising that the aftermath, too, has played out in a way that almost no economists expected.When unemployment soared in the first weeks of the pandemic, many feared a repeat of the long, slow rebound from the Great Recession: years of joblessness that left many workers permanently scarred. Instead, the recovery in the labor market has been, by many measures, the strongest on record.In early 2021, some economists foresaw a surge in inflation. Others were skeptical: Similar predictions in recent years — in some cases from the same forecasters — had failed to come true. This time, however, they were right.And when the Federal Reserve began trying to tamp down inflation, there were warnings th...
January CPI Report Live Updates: Prices Cool Less Than Expected
Business

January CPI Report Live Updates: Prices Cool Less Than Expected

Inflation cooled less than expected in January and showed worrying staying power after stripping out volatile food and fuel costs — a reminder that bringing price increases under control remains a bumpy process.The overall Consumer Price Index was up 3.1 percent from a year earlier, which was down from 3.4 percent in December but more than the 2.9 percent that economists had forecast. That figure is down from the latest peak of 9.1 percent in the summer of 2022.But after stripping out food and fuel, which bounce around in price from month to month, “core” prices held roughly steady on an annual basis, climbing 3.9 percent from a year earlier. The measure climbed by the most in eight months on a monthly basis.Federal Reserve officials had welcomed a recent moderation in inflation, and will ...
Pro Sports in Las Vegas Aren’t Cheered by Everyone
Business

Pro Sports in Las Vegas Aren’t Cheered by Everyone

The history of Las Vegas has been marked by a relentless churn of hotels, casinos, theaters and restaurants. But only recently has the city’s landscape included major professional sports teams.The Golden Knights of the National Hockey League were the first to start play here in 2017. The Aces of the Women’s National Basketball Association started in 2018, and the National Football League’s Raiders arrived from Oakland in 2020. Last year, Major League Baseball’s Athletics were given the go-ahead to make the same Oakland-to-Las Vegas move, and the National Basketball Association is expected to add a team in the coming years.Las Vegas’s transformation into a pro sports town reflects not just the leagues’ interest in the city and their general embrace of sports betting, but also the power of t...
Tucker Carlson Urges Putin to Release American Journalist
Business

Tucker Carlson Urges Putin to Release American Journalist

In an interview released on Thursday, Tucker Carlson urged President Vladimir V. Putin of Russia to release an American reporter for The Wall Street Journal who has been held in a notorious Moscow prison for nearly a year.Mr. Carlson’s appeal on behalf of the reporter, Evan Gershkovich, was only the second time that Mr. Putin directly addressed a case that has galvanized press freedom groups and strained diplomatic relations with the United States.Large portions of the two-hour interview were taken up by Mr. Putin’s recounting hundreds of years of Russian history. But in the final minutes, Mr. Carlson asked, “as a sign of your decency,” if he “would be willing to release him to us and we’ll bring him back to the United States.” Mr. Carlson added: “This guy’s obviously not a spy. He’s a kid...
American Firms Invested $1 Billion in Chinese Chips, Lawmakers Find
Business

American Firms Invested $1 Billion in Chinese Chips, Lawmakers Find

A congressional investigation has determined that five American venture capital firms invested more than $1 billion in China’s semiconductor industry since 2001, fueling the growth of a sector that the United States government now regards as a national security threat.Funds supplied by the five firms — GGV Capital, GSR Ventures, Qualcomm Ventures, Sequoia Capital and Walden International — went to more than 150 Chinese companies, according to the report, which was released Thursday by both Republicans and Democrats on the House Select Committee on the Chinese Communist Party.The investments included roughly $180 million that went to Chinese firms that the committee said directly or indirectly support Beijing’s military. That includes companies that the U.S. government has said provide chip...
Alaska Airlines 737 May Have Left Boeing Factory Missing Bolts, N.T.S.B. Says
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Alaska Airlines 737 May Have Left Boeing Factory Missing Bolts, N.T.S.B. Says

Four bolts used to secure the panel that ultimately blew off an Alaska Airlines plane during a flight last month were removed — and appear not to have been replaced — at Boeing’s factory in Renton, Wash., according to a preliminary report released Tuesday by the National Transportation Safety Board.The panel, known as a door plug, was opened to repair damaged rivets on the plane’s fuselage, according to Boeing’s records. The report did not say who removed the bolts keeping the door plug in place. But the safety board said it appeared that not all the bolts were put back once the door was reinstalled on the plane after the rivets had been repaired.As evidence, the N.T.S.B. provided a photograph of the door plug after it was reinstalled but before the interior was restored. In the image, thr...
Fed Chair Powell Says Officials Need More ‘Good’ Data Before Cutting Rates
Business

Fed Chair Powell Says Officials Need More ‘Good’ Data Before Cutting Rates

Jerome H. Powell, the chair of the Federal Reserve, made clear during a “60 Minutes” interview aired on Sunday night that the central bank is moving toward cutting interest rates as inflation recedes, but that policymakers need to see continued progress toward cooler price increases to make the first move.Mr. Powell was interviewed on Thursday, after the Fed’s meeting last week but before Friday’s blockbuster jobs report. He reiterated his message that lower borrowing costs are coming. But he also said that the Fed’s next meeting in March is probably too early for policymakers to feel sure enough that inflation is coming under control to reduce rates.“We think we can be careful in approaching this decision just because of the strength that we’re seeing in the economy,” Mr. Powell said duri...
What Happens to FTX Clawback Cases if the Company Repays Its Creditors?
Business

What Happens to FTX Clawback Cases if the Company Repays Its Creditors?

When the cryptocurrency exchange FTX declared bankruptcy about 15 months ago, it seemed few customers would recover much money or crypto from the platform. As John Ray III, who took over as chief executive during the bankruptcy, put it, “At the end of the day, we’re not going to be able to recover all the losses here.” He was countering Sam Bankman-Fried’s repeated claims that he could get every customer their money back.Well, it turns out, FTX lawyers told a bankruptcy judge this week that they expected to pay creditors in full, though they said it was not a guarantee and had not yet revealed their strategy.The surprise turn of events is raising serious questions about what happens next. Among them: What does this mean for the lawsuits FTX has filed in an attempt to claw back billions in ...
Walmart to Add 150 U.S. Stores in Five-Year Expansion Drive
Business

Walmart to Add 150 U.S. Stores in Five-Year Expansion Drive

Walmart will add 150 stores in the United States over the next five years, a major expansion drive for the retail giant.The company said the move, which it announced in a statement on Wednesday, would involve millions of dollars in investment. Walmart employs roughly 1.6 million people in the United States, and said it hires hundreds of people each time it opens a new store.Walmart had just over 4,600 stores nationwide at the end of October, down from more than 4,700 a year earlier. The company has not opened a new U.S. store since late 2021.Most of the stores that Walmart plans to open will be newly built, while others will be conversions of existing locations to new formats. The first two new stores will open in the spring, in Florida and Georgia, and the company is completing constructi...