Business

This Arctic Circle Town Expected a Green Energy Boom. Then Came Bidenomics.
Business

This Arctic Circle Town Expected a Green Energy Boom. Then Came Bidenomics.

In Mo i Rana, a small Norwegian industrial town on the cusp of the Arctic Circle, a cavernous gray factory sits empty and unfinished in the snowy twilight — a monument to unfulfilled economic hope.The electric battery company Freyr was partway through constructing this hulking facility when the Biden administration’s sweeping climate bill passed in 2022. Perhaps the most significant climate legislation in history, the Inflation Reduction Act promised an estimated $369 billion in tax breaks and grants for clean energy technology over the next decade. Its incentives for battery production within the United States were so generous that they eventually helped prod Freyr to pause its Norway facility and focus on setting up shop in Georgia.The start-up is still raising funds to build the factory...
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...
The New N.F.L. Owners?
Business

The New N.F.L. Owners?

As team valuations skyrocket, the league is weighing whether to relax ownership rules that prohibit investment from private equity funds. More information
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 supported Beijing’s military. That includes companies that the U.S. government has said provide ch...
Adam Neumann Wants to Take Over WeWork
Business

Adam Neumann Wants to Take Over WeWork

WeWork’s founder is trying to buy it Adam Neumann shot to fame by turning WeWork into a cultural and business phenomenon, before being ousted from the work space operator in dramatic fashion.But for the past several months, he has been trying to buy the now-bankrupt business — with the help of the hedge fund mogul Dan Loeb, DealBook is the first to report.Neumann’s new real estate company Flow Global is pushing WeWork to consider its takeover approach, according to a letter his lawyers sent to WeWork’s advisers on Monday. Flow which has already raised $350 million from the venture capital firm Andreessen Horowitz, disclosed in the letter that Loeb’s Third Point would help finance a transaction. (Read the letter.)Flow has sought to buy WeWork or its assets, as well as provide bankruptcy fin...
How Nevada Is Pushing to Generate Jobs Beyond the Casinos
Business

How Nevada Is Pushing to Generate Jobs Beyond the Casinos

Before the pandemic brought everyday life to a halt, Joe Kiele supported himself through the industry that dominates Nevada’s economy. He waited tables at a steakhouse inside a casino in Reno.Four years later, Mr. Kiele, 49, remains in Reno, yet he now spends his workday inside a factory. In place of worrying about the doneness of a customer’s rib-eye, he trains people on the proper handling of industrial chemicals.His employer, Redwood Materials, is constructing an enormous complex across a lonely stretch of desert. There, the company has begun recycling batteries harvested from discarded smartphones and other electronics. It extracts critical minerals like nickel, lithium, copper and cobalt, and uses them to manufacture components for electric vehicle batteries.Not coincidentally, the pl...
Biden to Sit Out Super Bowl Interview for Second Year in a Row
Business

Biden to Sit Out Super Bowl Interview for Second Year in a Row

President Biden is sitting out the Super Bowl for the second year in a row.CBS said on Saturday that the White House had turned down a request for Mr. Biden to participate in a televised interview with its news division, which would have aired in the highly rated hours ahead of the big game on Feb. 11.In a tradition dating to 2009, presidents have recorded an interview with the network that broadcasts the Super Bowl, although there have been exceptions. Donald J. Trump did not appear on NBC in 2018. Last year, Mr. Biden declined to appear on Fox, home of cable hosts like Sean Hannity who are sharply hostile toward him.But the White House has been receptive to CBS News in the past. The president was interviewed by the “CBS Evening News” anchor Norah O’Donnell ahead of the 2021 Super Bowl, a...
Biden Takes Aim at Grocery Chains Over Food Prices
Business

Biden Takes Aim at Grocery Chains Over Food Prices

President Biden, whose approval rating has suffered amid high inflation, is beginning to pressure large grocery chains to slash food prices for American consumers, accusing the stores of reaping excess profits and ripping off shoppers.“There are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” Mr. Biden said last week in South Carolina. Aides say those comments are a preview of more pressure to come against grocery chains and other companies that are maintaining higher-than-usual profit margins after a period of rapid price growth.Mr. Biden’s public offensive reflects the political reality that, while inflation is moderating, voters are angry about how much they are paying at the grocery store and that is weighing on Mr. Bid...
Meta, TikTok and Others to Testify in Senate Child Safety Hearing: Watch and Follow Live
Business

Meta, TikTok and Others to Testify in Senate Child Safety Hearing: Watch and Follow Live

Hours before Mark Zuckerberg, the chief executive of Meta, was set to testify on Wednesday about child safety online, lawmakers released internal documents showing how his company had rejected calls to bulk up on resources to combat the problem.In 90 pages of internal emails from fall 2021, top officials at Meta, which owns Instagram and Facebook, debated the addition of dozens of engineers and other employees to focus on children’s well-being and safety. One proposal to Mr. Zuckerberg for 45 new staff members was declined.The documents, which are being released in full for the first time, were cited in a lawsuit last year by 33 state attorneys general who accused Meta of getting young users hooked on its apps. They contradict statements from company executives, including the head of globa...
Walmart Offers Store Managers Company Stock to Make Them Feel Like ‘Owners’
Business

Walmart Offers Store Managers Company Stock to Make Them Feel Like ‘Owners’

Walmart, the nation’s largest private employer, is raising salaries and benefits for store managers as it looks for ways to retain them.Walmart said on Monday that managers of its U.S. stores would be eligible for grants of up to $20,000 in company stock every year. The stock will vest over a three-year period, with a percentage vested each quarter.Earlier this month, Walmart said it would increase the average salary for store managers to $128,000 from $117,000. The big-box retailer also said bonuses for store managers could reach up to 200 percent of base salary, with a store’s profitability becoming a bigger factor in the calculation.Store managers are crucial in driving sales and profitability within their stores and keeping morale high in a dynamic business. The managers are also seen ...