• Alex Jones' success has inspired a new generation of conspiracy theorists, even after his defamation trial, The Shift columnist @kevinroose writes. "Whether or not Mr. Jones remains personally enriched by his lies, his shtick is everywhere these days." Link
    NYT Business Sun 07 Aug 2022 12:33
    Alex Jones outside the Travis County courthouse in Austin, Texas, this week. The jury in his defamation suit ordered him to pay more than $45.2 million in damages.Credit...Pool photo by Briana Sanchez
  • To understand the strange, conflicting signals being sent by the U.S. economy right now, it helps to look at Williston, N.D., in about 2010. Link
    NYT Business Sun 07 Aug 2022 12:03
    Housing was so scarce in Williston, N.D., in 2010 that workers flocking to the area for jobs during the oil boom resorted to living in campers on the edge of town.Credit...Todd Heisler/The New York Times
  • New regulations in Indonesia show that strict online controls are no longer confined to autocratic countries like China, writes @shiraovide in On Tech. Link
    NYT Business Sun 07 Aug 2022 11:28

    I want us to consider the implications of this new reality: In three of the four most populous countries in the world, governments have now given themselves the power to order that the internet be wiped of citizens’ posts that the authorities don’t like.

    Indonesia — the world’s fourth-most populous country, and a democracy — is in the process of implementing what civil rights organizations say are overly broad regulations to demand removal of online speech that officials consider a disturbance to society or public order. Most major internet companies, including Google, Meta, Netflix, TikTok, Apple and Twitter have effectively agreed to go along with the rules, for now.

    Indonesia’s regulations are another sign that strict online controls are no longer confined to autocratic countries like China, Iran, North Korea and Myanmar. They are also increasingly the realm of democracies that want to use the law and the internet to shape citizens’ discussions and beliefs.

  • After the governor of Indiana signed into law a near-total abortion ban, the pharmaceutical company Eli Lilly, along with other major Indiana employers, says the company will have to look outside the state for employment growth.  Link
    NYT Business Sun 07 Aug 2022 11:08

    The drug company Eli Lilly said it “will be forced” to look outside the state for employment growth. The engine maker Cummins said the law will “impede our ability to attract and retain top talent.”

  • Tales of Jacques Pépin’s early life in France are peppered with automotive memories. Link
    NYT Business Sun 07 Aug 2022 06:01

    While the French famously obsess about the dilution of their culture at home, it is not unfair to say that their great nation’s cultural sway appears to have dwindled in the larger world as well. To give two examples that touch me where I live, the primacy of French cuisine — once regarded as the world’s best — is finis. No longer is the cozy French bistro a staple of every American city.

    And though little remarked upon, so, too, can be seen the declining fortune of the French automobile, a device whose invention traces to Nicolas-Joseph Cugnot, who in 1769 went forth from the Void-Vacon commune in northeastern France with the world’s first self-propelled vehicle, a steam-powered tricycle built like a wagon.

    While still dominant in their home market, French cars claim only a small, if loyal, following in the United States. They haven’t been sold here since the early 1990s, despite their significant role in Stellantis, the name given to Fiat Chrysler Automobiles and...

  • Plug-in hybrid cars are getting a second look from some buyers because of high gasoline prices. Link
    NYT Business Sun 07 Aug 2022 05:06

    In late 2010, General Motors sought to seize the high ground from Toyota’s successful Prius hybrid with the Volt plug-in hybrid — a car that could drive short distances on only electricity and fire up a gasoline engine for long trips.

    But the Volt and other cars like it struggled to win over drivers as many early adopters opted for fully electric cars like Tesla’s Model S and the Nissan Leaf. G.M. quietly did away with the Volt in 2019 as it trained its sights on all-electric cars.

    But a funny thing happened on the way to obsolescence: Plug-in hybrid sales are climbing in the United States, in part because of the recent surge in gasoline prices. Automakers sold a record 176,000 such cars last year, according to Wards Intelligence, up from 69,000 in 2020. This year, sales of plug-in hybrids could reach 180,000, analysts said, even as the overall new-car market drops to 14.4 million from 15.3 million a year earlier, according to Cox Automotive.

  • Amtrak’s top executives received six-figure bonuses in 2021, their biggest payouts in years, despite the service’s lackluster financial performance and weak ridership caused by the pandemic, according to data obtained by The New York Times. Link
    NYT Business Sun 07 Aug 2022 04:06

    Amtrak’s top executives received six-figure incentive bonuses in 2021, their biggest payouts in years, despite the service’s lackluster financial performance and weak ridership caused by the pandemic, according to data obtained by The New York Times.

    The compensation data, obtained through the Freedom of Information Act, showed that annual incentive payouts made to Amtrak’s senior leaders have grown significantly in recent years. Nine top executives received bonuses exceeding $200,000 in the 2021 fiscal year, up from six executives in 2019. Far smaller bonuses were awarded in 2016, 2017 and 2018, and none were given in 2015 or 2020.

    Last year’s payouts came as the federal government made its largest investment in passenger rail since Amtrak started operating in 1971. As part of the $1 trillion infrastructure bill that passed in November, Congress set aside $66 billion for the rail sector, a third of it specifically for Amtrak, which has for years called for...

  • Alex Jones' success has inspired a new generation of conspiracy theorists, even after his defamation trial, The Shift columnist @kevinroose writes. "Whether or not Mr. Jones remains personally enriched by his lies, his shtick is everywhere these days." Link
    NYT Business Sun 07 Aug 2022 03:06
    Alex Jones outside the Travis County courthouse in Austin, Texas, this week. The jury in his defamation suit ordered him to pay more than $45.2 million in damages.Credit...Pool photo by Briana Sanchez
  • The jobs report defied President Biden’s optimistic expectations — and appeared to contradict the administration’s theory of where the economy is headed, @jeannasmialek and @jimtankersley write. Link
    NYT Business Sun 07 Aug 2022 02:05

    The strong jobs report was welcome news for President Biden, who has insisted in recent weeks that the United States is not in recession, even though it has suffered two consecutive quarters of economic contraction.

    But the report also defied even the president’s own optimistic expectations about the state of the labor market — and appeared to contradict the administration’s theory of where the economy is headed.

    Mr. Biden celebrated the report on Friday morning. “Today, the unemployment rate matches the lowest it’s been in more than 50 years: 3.5 percent,” he said in a statement. “More people are working than at any point in American history.”

  • Coinbase’s fumbled start in India, a largely untapped market for crypto, was emblematic of failures that have unsettled employees and sent the company’s stock price spiraling. Link
    NYT Business Sun 07 Aug 2022 01:05

    Brian Armstrong, the chief executive of the largest cryptocurrency exchange in the United States, traveled across the world to make an announcement in early April: Coinbase was bringing crypto to India.

    In an auditorium in Bangalore, Mr. Armstrong, wearing a type of loose buttoned shirt popular in India, said Coinbase planned to set up a hub of 1,000 employees there by the end of 2022. The company was investing in Indian start-ups and allowing local customers to buy and sell digital currencies on its exchange. For Coinbase, it was a chance to transform finance in a country of more than one billion people and lure new customers from across Asia.

    “Namaste,” Mr. Armstrong declared. “We come with humility and respect.”

    But that week, Coinbase got some bad news. A government-backed group issued a statement suggesting that the company would be unable to use a crucial payments platform — a system that was supposed to allow Coinbase customers to convert their rupees...

  • New regulations in Indonesia show that strict online controls are no longer confined to autocratic countries like China, writes @shiraovide in On Tech. Link
    NYT Business Sun 07 Aug 2022 00:35

    I want us to consider the implications of this new reality: In three of the four most populous countries in the world, governments have now given themselves the power to order that the internet be wiped of citizens’ posts that the authorities don’t like.

    Indonesia — the world’s fourth-most populous country, and a democracy — is in the process of implementing what civil rights organizations say are overly broad regulations to demand removal of online speech that officials consider a disturbance to society or public order. Most major internet companies, including Google, Meta, Netflix, TikTok, Apple and Twitter have effectively agreed to go along with the rules, for now.

    Indonesia’s regulations are another sign that strict online controls are no longer confined to autocratic countries like China, Iran, North Korea and Myanmar. They are also increasingly the realm of democracies that want to use the law and the internet to shape citizens’ discussions and beliefs.

  • Many Chinese social media users were disappointed that Beijing didn’t stop Nancy Pelosi from visiting Taiwan. “Don’t put on a show of power if you don’t have the power,” one wrote. “What a loss of face!” Link
    NYT Business Sun 07 Aug 2022 00:05

    It doesn’t often happen that ordinary Chinese say publicly that they’re disappointed with their government. That they’re ashamed of their government. That they want to renounce their Communist Party memberships. And that they think the People’s Liberation Army is a waste of taxpayers’ money.

    It’s even rarer that such angry comments come from the kind of nationalists who usually support whatever their leaders demand of them.

    For much of Monday and Tuesday, many Chinese applauded the tough rhetoric from government, military and media personalities who were attempting to thwart Speaker Nancy Pelosi’s visit to Taiwan. Then, as Ms. Pelosi’s plane was touching down in Taiwan late Tuesday night, some social media users commented on how disappointed they were with Beijing’s lame response.

  • A cottage industry is persuading people to spend thousands to create video businesses on YouTube. Like many promises of quickly made internet fortunes, it can be a money pit for aspiring entrepreneurs and a magnet for poseurs selling unhelpful services. Link
    NYT Business Sat 06 Aug 2022 23:29

    Scott Mitchell became convinced YouTube would make him rich.

    Mr. Mitchell, 33, got the idea last year from videos that promoted courses on how to build so-called cash cow channels, which are often created through a process called YouTube automation.

    So he bought one course, then another and another. He also paid for mentorship services. Mr. Mitchell spent around $15,000 on his YouTube venture, encountering stumbling blocks at every stage — courses that taught him little, freelancers who stole content and audience-growth tactics that got him into trouble with YouTube.

    “I’ve tried three courses and one expert on the side, and the only thing I got out of it was an empty wallet,” Mr. Mitchell said.

  • Dee Hock, a banker with a junior college degree who shaped the Visa credit card into a global financial behemoth, has died at 93. Link
    NYT Business Sat 06 Aug 2022 23:04

    Dee Hock, a banker with a junior college degree who shaped the Visa credit card into a global financial behemoth, died on July 16 at his home in Olympia, Wash. He was 93.

    His son David confirmed the death.

    The credit card business was in an early, rocky stage of development in 1967, when Mr. Hock was named to run the credit card department of National Bank of Commerce in Seattle, which was licensed by Bank of America to issue its BankAmericard.

    At the time, the business was beset by bad debts and fraud, and the cards themselves were primitive: They lacked the magnetic stripes that would later encode customer information; transactions that required bank authorizations took a long time; and the embossed information on them — customer name, card number, expiration date — was awkwardly copied onto receipts with a heavy imprinter.

  • Amazon announced on Friday that it had reached an agreement to buy iRobot Corp., the maker of the Roomba robotic vacuum, for $1.7 billion, adding to its growing roster of smart home products. Link
    NYT Business Sat 06 Aug 2022 22:39

    The Roomba and iRobot’s other cleaning devices, including robotic mops and air purifiers, join a portfolio of Amazon-owned smart home devices that includes Ring doorbells and Alexa, Amazon’s virtual assistant and speaker. iRobot also makes an educational robot called Root that allows children to experiment with coding.

  • Carmen Giménez, Graywolf’s new publisher, wants to expand the search for writers to where ever “people are talking or thinking, or being creative or having a voice.” Link
    NYT Business Sat 06 Aug 2022 22:09
    Carmen Giménez says that an independent press can give attention to ideas “that might need a little bit more development.” That allows editors to work with writers who may not have a book yet.Credit...Jenn Ackerman for The New York Times
  • “We’re very unlikely to be falling into a recession in the near term,” the head of U.S. economics research at Bank of America said. “But I’d also say that numbers like this raise the risk of a sharper landing farther down the road.” Link
    NYT Business Sat 06 Aug 2022 21:39

    America’s job market is remarkably strong, a report on Friday made clear, with unemployment at the lowest rate in half a century, wages rising fast and companies hiring at a breakneck pace.

    But the good news now could become a problem for President Biden later.

    Mr. Biden and his aides pointed to the hiring spree as evidence that the United States is not in a recession and celebrated the report, which showed that employers added 528,000 jobs in July and that pay picked up by 5.2 percent from a year earlier. But the still-blistering pace of hiring and wage growth means the Federal Reserve may need to act more decisively to restrain the economy as it seeks to wrestle inflation under control.

    Fed officials have been waiting for signs that the economy, and particularly the job market, is slowing. They hope that employers’ voracious need for workers will come into balance with the supply of available applicants, because that would take pressure off wages, in turn...

  • The Volcker era was disastrous for anyone who traded actively and bet wrong on the directions of the markets. But, our @jeffsommer says, it was wonderful for those with the patience and resources to ride it out with long-term bets on stocks and bonds. Link
    NYT Business Sat 06 Aug 2022 21:04

    The cost of living is sky-high, and the chair of the Federal Reserve says that battling it is his highest priority. Financial markets don’t know quite how to react.

    That, in a nutshell, is the situation now, with Jerome H. Powell, the Fed chair, raising interest rates to damp down inflation that hasn’t been this high in 40 years.

    Something similar happened the last time inflation was out of control. Paul A. Volcker was the Fed chair then. He wrung inflation out of the economy, but at a great cost — hurling the nation into not just one recession, but two, in rapid succession. Unemployment soared, stocks fell repeatedly, interest rates oscillated and, for a while, bonds looked shaky, too.

  • RT @jeannasmialek: “It was chaotic." What the 2010 North Dakota oil boom teaches us about the 2022 economy, from @bencasselman https://t.…
    NYT Business Sat 06 Aug 2022 20:34
  • As countries across the world try to cope with rising prices, there is perhaps no major economy that understands how to live with inflation better than Argentina. Inflation once hit 3,000% in the late 1980s, and it has exceeded 30% every year since 2018. Link
    NYT Business Sat 06 Aug 2022 20:04

    BUENOS AIRES — Eduardo Rabuffetti is an Argentine who has been to the United States once, his 1999 honeymoon in Miami. Yet he probably knows the $100 bill better than most Americans.

    He says he can pick out a counterfeit by touch. He can tell you exactly what $100,000 looks like. (Ten half-inch stacks, small enough to hold in one hand.) And on numerous occasions, he has walked down the streets of Buenos Aires with tens of thousands of U.S. dollars tucked into his jacket.

    That is because Mr. Rabuffetti, a property developer who has built two office towers and a house here, bought the land for each of those buildings in $100 bills.

  • Alex Jones' success has inspired a new generation of conspiracy theorists, even after his defamation trial, The Shift columnist @kevinroose writes. "Whether or not Mr. Jones remains personally enriched by his lies, his shtick is everywhere these days." Link
    NYT Business Sat 06 Aug 2022 19:59
    Alex Jones outside the Travis County courthouse in Austin, Texas, this week. The jury in his defamation suit ordered him to pay more than $45.2 million in damages.Credit...Pool photo by Briana Sanchez
  • “At this stage, things are OK,” said James Knightley, the chief international economist at ING. “Say, December or the early part of next year, that’s where we could see much softer numbers.” Link
    NYT Business Sat 06 Aug 2022 19:59

    U.S. job growth accelerated in July across nearly all industries, restoring nationwide employment to its prepandemic level, despite widespread expectations of a slowdown as the Federal Reserve raises interest rates to fight inflation.

    Employers added 528,000 jobs on a seasonally adjusted basis, the Labor Department said on Friday, more than doubling what forecasters had projected. The unemployment rate ticked down to 3.5 percent, equaling the figure in February 2020, which was a 50-year low.

    The robust job growth is welcome news for the Biden administration in a year when red-hot inflation and fears of recession have been recurring economic themes. “Today’s jobs report shows we are making significant progress for working families,” President Biden declared.

  • You might see two very different kinds of internets in the future. Here's what to expect. Link
    NYT Business Thu 16 Sep 2021 15:31

    The internet is changing, including how much we pay for content and the ads and brands we see.

    That’s because Apple and Google, two hugely influential tech companies, are rolling out privacy protections that hinder marketers from gaining access to our data when they show us ads. The changes have major repercussions for online advertising, which are a business foundation for the free apps and websites that many of us use, like Facebook, TikTok and the Weather Channel. Those sites and apps now have to come up with new ways to show ads or make money.

    Here’s what that means for you.

  • Proponents of synthetic biology say the field could reprogram biology to increase food production, fight disease, generate energy and purify water. The realization of that potential lies decades in the future, if at all. Link
    NYT Business Thu 16 Sep 2021 15:01

    BOSTON — Two white-coated lab technicians, seated at work stations in a corner, are vastly outnumbered by the machines. Robotic arms calibrate liquids in microdrops. Small trays, with 96 tiny wells each, shuttle around the lab on magnetic tracks. Centrifuges whir. Gene sequencers hum.

    The highly mechanized lab — operated by Ginkgo Bioworks, a fast-growing start-up in Boston — is an engine room of synthetic biology, an emerging field that applies the tools of engineering and computing to make entirely new organisms or genetically turbocharge existing ones.

    Proponents of synthetic biology say the field could reprogram biology to increase food production, fight disease, generate energy and purify water. The realization of that potential lies decades in the future, if at all. But it is no longer the stuff of pure science fiction because of advances in recent years in biology, computing, automation and artificial intelligence.

    Money is pouring into the field....

  • RT @GregoryNYC: Good morning! M&S blames supply chain problems caused by Brexit as it closes some stores in France, and retail sales rose i…
    NYT Business Thu 16 Sep 2021 14:41
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