Investments and Business

The hack of a social media account used by the Securities and Exchange Commission is prompting both internal and external investigations into how the security breach occurred and whether anyone tried to profit from it, said the commission and several legal experts.The S.E.C. said in a statement on Wednesday that it was coordinating an investigation into the hack that occurred the prior day “with appropriate law enforcement entities, including the S.E.C.’s Office of the Inspector General and the F.B.I.”John Reed Stark, a former S.E.C. enforcement lawyer and regulatory consultant on cybersecurity, said the commission’s inspector general would need to investigate…

U.S. Steel is an iconic example of the lost manufacturing muscle that President Biden says his economic policies will bring back to the United States.But last month, the storied-but-diminished company announced plans to be acquired by a Japanese competitor. That development has put Mr. Biden in an awkward bind as he tries to balance attempts to revitalize the nation’s industrial sector with his efforts to rebuild international alliances.Mr. Biden’s administration has expressed some discomfort with the deal and is reviewing the proposed $14.1 billion takeover bid by Japan’s Nippon Steel. The company is offering a hefty premium for U.S. Steel,…

A harrowing flight over the weekend is again forcing Boeing to confront concerns over its planes, particularly the 737 Max, already one of the most scrutinized jets in history.No one was seriously injured in the episode on an Alaska Airlines flight Friday night in which a portion of a 737 Max 9 fuselage blew out in midair, exposing passengers to howling wind. The plane landed safely, but the event, on a flight from Portland, Ore., to Ontario, Calif., has spooked travelers and prompted immediate safety inspections on similar planes.Federal authorities focused attention on a mid-cabin door plug, which is used…

The Biden administration on Thursday announced plans to provide $162 million in federal grants to Microchip Technology, an Arizona-based semiconductor company that supplies the automotive, defense and other industries.The agreement is the second award announced under a new program intended to help ensure that American companies that rely on semiconductors have a stable supply. Last month, the Biden administration announced a $35 million grant for BAE Systems, a defense contractor.The investment will enable Microchip to increase its production of semiconductors that are used in cars, airplanes, appliances, medical devices and military products. The administration said it expected the award to…

Xerox said on Wednesday that it was cutting 15 percent of its work force as part of a restructuring, the company’s latest effort to shift focus to its business-services offerings and away from its iconic photocopiers.In a news release, the company said it would reduce its global staff, which included roughly 23,000 employees in 2022, and name a new leadership team. The layoffs are expected to take place in the first quarter of 2024.The company’s shares fell more than 12 percent after the layoff news was announced. Its share price had been steadily rising over the past year, in part…

“Buy now, pay later” loans are helping to fuel a record-setting holiday shopping season. Economists worry they could also be masking and exacerbating cracks in Americans’ financial well-being.The loans, which allow consumers to pay for purchases in installments, often interest-free, have soared in popularity because of high prices and interest rates. Retailers have used them to attract customers and to get people to spend more.But such loans may be encouraging younger and lower-income Americans to take on too much debt, according to consumer groups and some lawmakers. And because such loans aren’t routinely reported to credit bureaus or captured in…

It has been a confusing year for the economy and markets. At the start of 2023, economists largely predicted a global recession, and Wall Street was bearish on stocks, with many analysts expecting the S&P 500 to finish the year just a touch higher than where it started. Fast-forward 12 months: No recession (yet) and the S&P 500 is tantalizingly close to a record high.Here are 11 charts that help explain how we got here.Inflation and its ripple effectsCentral bankers around the world continued an aggressive campaign of interest rate increases in 2023, raising policy rates in an effort to…