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The Chinese dream of home ownership is crumbling. The economy could go with it

Business / Business News /

TAIPEI, Taiwan — Last November, hundreds of angry homeowners in Nanchang, the capital of China's Jiangxi province, gathered on the roof of an unfinished apartment building. From their perch, they unfurled red and white banners along the outer walls and chanted demands for completion of the homes they had already partially paid for. On the dirt...Read more

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T-Mobile surprises as tech winner in tough stock market

Business / Business News /

With everything from once-high-flying software companies to behemoths such as Alphabet Inc. mired in losses this year, investors looking to make money in technology-related stocks have found a surprising winner — T-Mobile US Inc.

The mobile-phone carrier has jumped 26% and is flirting with an all-time high. It’s the only tech, media or ...Read more

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TV station owner Nexstar acquires a controlling stake in CW Network

Business / Business News /

LOS ANGELES — Nexstar Media Group, the country's largest TV station owner, has acquired a controlling stake in the CW Network from its co-owners Paramount Global and Warner Bros. Discovery.

The Irving, Texas-based company announced the deal Monday, giving it control of a national broadcast service already carried by 37 of its stations ...Read more

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Mohamed A. El-Erian: Fed needs to resist opting again for quick and easy

Business / Business News /

Over the last 18 months or so, the quick and easy interpretation of inflation data has turned out to be incorrect. Will it be different going forward? Markets sure hope so. Federal Reserve officials seem more cautious, and rightly so. The markets’ latest narrative pivot is not the right one for the world’s most powerful central bank.

When ...Read more

UPS pilots ratify two-year labor contract extension

Business / Business News /

UPS pilots have voted to ratify a two-year extension of their labor contract.

The Independent Pilots Association, which represents more than 3,300 pilots at UPS, reached the deal with management in June for an extension including wage increases and pension improvements.

The union said nearly 91% of UPS pilots voted in favor of the agreement. ...Read more

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Food pantry for Disney employees still fights hunger as donations fall

Business / Business News /

Hit with a hefty dental bill, a Disney employee faced the choice of paying it or buying groceries.

Another Disney worker’s infant son was diagnosed with food allergies and needed a specific, pricey formula when formula shortages were intensifying nationwide. The family found the bulk of their grocery budget was going toward feeding him.

Both...Read more

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California could lend PG&E $1.4 billion to save Diablo Canyon nuclear plant

Business / Business News /

A last-minute proposal from Gov. Gavin Newsom could keep the Diablo Canyon nuclear plant open through 2035, a decade beyond its current closure date — in part by giving owner Pacific Gas & Electric Co. a $1.4-billion forgivable loan.

The proposal is part of draft legislative language distributed to state lawmakers late Thursday night. The ...Read more

Appeals court dismisses GM's 2019 suit against FCA

Business / Business News /

The U.S. 6th Circuit Court of Appeals has affirmed a federal judge's earlier decision to throw out a racketeering lawsuit by General Motors Co. against Fiat Chrysler Automobiles, now known as Stellantis NV.

GM sued its crosstown rival in 2019 alleging FCA's late CEO Sergio Marchionne orchestrated a multimillion-dollar racketeering conspiracy ...Read more

A young crypto billionaire's political agenda goes well beyond pandemic preparedness

Business / Business News /

In May, an eccentric 30-year-old cryptocurrency billionaire named Sam Bankman-Fried made a startling proclamation. In a podcast interview, Bankman-Fried said he would spend as much as $1 billion of his estimated $12.8-billion fortune on American politics by the 2024 election, joining the ranks of megadonors such as George Soros and the Koch ...Read more

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Insurance rates climb from fires, COVID, inflation, worker shortage

Business / Business News /

Inflation, a labor shortage, effects from the lingering COVID pandemic and increasingly devastating fires are boosting the cost of insurance for homes, cars and businesses.

“Everything,” said Sunnyvale, California, insurance agent Steve Nelson, “has gone up.”

The pandemic and high costs of living, especially in the Bay Area, have ...Read more

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Auto review: A retro futurist groove distinguishes Hyundai's fun 2022 Ioniq 5 EV

Business / Business News /

It was 1974 when the econobox reached American shores in the form of the Volkswagen Golf, sold then as the Volkswagen Rabbit. It ushered in any number of competitors with a similar Bauhaus-like design efficiency that flew in the face of Detroit’s fixation on baroque brougham designs. Americans did embrace efficient, sensibly sized hatchbacks ...Read more

GM/GM/TNS

Henry Payne: 'High and wide' GMC Canyon gets remake, rugged AT4X model

Business / Business News /

The GMC Canyon is hitting the trail in fresh duds for 2023.

General Motors' premium midsize truck gains a longer wheelbase, new engine and more rugged attitude with an all-new, AT4X off-road trim. The upgrades mirror those found on its twin Chevy Colorado pickup (with which the Canyon shares a ladder-frame platform), but the Canyon steps up the...Read more

Nissan/Nissan/TNS

Auto review: A Nissan Z worthy of the letter

Business / Business News /

One of the first sports cars I rode shotgun in as a kid was the 1970 Datsun 240Z. On a race track. Red. Fat tires. Manual shifter. Inline 6-cylinder engine. Bubble headlights. Two-door fastback. Hood that went on forever. Ooooh, I loved that car. No generation of Z has measured up since.

Until now.

The redesigned seventh-generation Z sitting ...Read more

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The Week Ahead: Can housing cool off without hurting confidence?

Business / Business News /

Few industries are as sensitive to interest rate changes as housing. As borrowing costs rise, purchasing power declines. That creates a drag on accelerating home prices, which can stimulate more owners to put their homes up for sale in hopes of cashing in before prices fall.

Supply increases as demand drops — threatening a wicked cycle for ...Read more

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Michael Hiltzik: Shame, suicide attempts, 'financial death' -- the devastating toll of a crypto firm's failure

Business / Business News /

In September last year, Alex Mashinsky was riding high.

Appearing on a panel sponsored by Johns Hopkins University to talk about bitcoin and other cryptocurrencies, Mashinsky, the chief executive of the crypto banking firm Celsius, exuded confidence about the future of crypto and disdain for traditional banks and traditional currencies.

"The ...Read more

Amazon, Oracle shrug off lawmaker fears of abortion data sales

Business / Business News /

Amazon.com Inc., Oracle Corp. and other data providers pressed by a group of U.S. lawmakers about how they sell mobile phone location data offered assurances that the information couldn’t be used to track individuals seeking abortion services.

U.S. Representative Lori Trahan, one of the House members questioning the companies, said she wasn�...Read more

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Putin's war hurls his economy back four years in one quarter

Business / Business News /

President Vladimir Putin’s invasion of Ukraine set Russia’s economy back four years in the first full quarter after the attack, putting it on track for one of the longest downturns on record even if less sharply than initially feared.

In a bleak tally of the war for Russia, an economy that was picking up speed at the start of 2022 swung ...Read more

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Rivian now has nearly 200,000 orders for its EV trucks and delivery vans. It's produced 8,000

Business / Business News /

Startup electric truck manufacturer Rivian continues to see robust demand for its inaugural products, with nearly 200,000 orders in hand, and a long way to go to fill them.

Rivian announced during a second quarter earnings call Thursday it had more than 98,000 orders for its R1T pickup and R1S SUV as of June 30. Amazon, an early investor in ...Read more

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J&J to halt talc baby powder implicated in cancer litigation

Business / Business News /

Johnson & Johnson announced today that it will transition to an all cornstarch-based baby powder portfolio, and will globally discontinue talc-based powder in 2023.

“We continuously evaluate and optimize our portfolio to best position the business for long-term growth,” the company said in a statement. “This transition will help simplify...Read more

The short-term rental market took off during the pandemic's real estate boom, but at what cost?

Business / Business News /

Needing places to either work from temporarily or vacation as they escaped pandemic restrictions, COVID fleers made South Florida one of their top destinations.

And with them came an increased need for short-term housing, or vacation rentals.

“It appears mostly in the Sunbelt states, particularly in Florida, in South Carolina, where we have ...Read more