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NYT > Business Day

Last Build Date: Thu, 18 Jan 2018 02:35:23 GMT

Copyright: Copyright 2018 The New York Times Company

He Leaked a Photo of Rick Perry Hugging a Coal Executive. Then He Lost His Job.

Wed, 17 Jan 2018 23:53:42 GMT

Simon Edelman leaked photographs of Energy Secretary Rick Perry meeting privately with a major energy industry donor to President Trump.An Energy Department photographer says he was fired for exposing the coal industry’s influence with the Energy secretary.

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Apple, Capitalizing on New Tax Law, Plans to Bring Billions in Cash Back to U.S.

Thu, 18 Jan 2018 01:56:36 GMT

Inside a building at Apple’s new headquarters in Cupertino, Calif. The company said Wednesday that it planned a $350 billion contribution to the American economy over the next five years.Less than four weeks after President Trump signed a new tax bill, Apple plans to repatriate the vast majority of its $252 billion in cash held abroad.

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Goldman Sachs Once Looked Invincible. Now It’s Losing Money.

Wed, 17 Jan 2018 21:51:13 GMT

Revenue in Goldman’s business of buying and selling bonds, commodities and currencies — historically an engine of the bank’s results — sank to $1 billion in the fourth quarter, half of what it was during the same period in 2016.The bank reported its first quarterly loss since 2011, because of a one-time hit from the tax law and plunging revenue from trading bonds and other products.

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IBM May Finally Stop Shrinking. But Is It a Turnaround?

Thu, 18 Jan 2018 02:33:01 GMT

An IBM Watson display at the International CES electronics trade show this month. Watson, the company’s A.I. technology, has been retooled as dozens of different services.For five and half years IBM has reported a steady erosion of revenue, a losing streak that analysts predict will end on Thursday.

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Trump Hands Out ‘Fake News Awards,’ Sans the Red Carpet

Thu, 18 Jan 2018 02:30:24 GMT

A Times Square billboard that “The Late Show With Stephen Colbert” bought to nominate itself for President Trump’s “Fake News Awards.”President Trump made good on his promise to honor the media’s “most corrupt & biased,” delivering his awards in a blog post.

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Apple’s Big Plans: DealBook Briefing

Wed, 17 Jan 2018 23:58:12 GMT

The iPhone maker plans to make a $350 billion contribution to the American economy over the next five years as it capitalizes on the new tax law.

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State of the Art: It’s Time for Apple to Build a Less Addictive iPhone

Wed, 17 Jan 2018 10:00:23 GMT

Apple gave us the modern smartphone. Now, it can create a new take on the device by encouraging us to use it more deliberately — and a lot less.

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‘Fire and Fury’ May Be Coming to a Screen Near You

Wed, 17 Jan 2018 21:45:45 GMT

Since its publication less than two weeks ago, “Fire and Fury” has raised questions about President Trump’s fitness for office and helped lead to the banishment of Stephen K. Bannon from the president’s inner circle.Endeavor Content has acquired the rights to Michael Wolff’s No. 1 best-selling book. But no TV network or film studio is attached to the project.

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Google Sells A.I. for Building A.I. (Novices Welcome)

Wed, 17 Jan 2018 14:00:26 GMT

The Google booth at the CES electronics trade show in Las Vegas this month. “You don’t need a Ph.D. in machine learning,” said Diane Greene, who oversees Google’s cloud computing group. “But you can still build a highly accurate machine learning model.”With a new cloud-computing service, businesses can build their own artificial intelligence algorithms, even if they have little experience with the technology.

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TEST RUN: Want to Relax in a Nice Hotel for 15 Minutes? An App Can Make That Happen

Wed, 17 Jan 2018 21:00:15 GMT

The Pierre hotel in New York.Recharge lets you rent a room by the minute at luxury properties. We put it to the test.

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Facebook to Take Broader Look at Possible Russian Role in Brexit Vote

Wed, 17 Jan 2018 23:16:44 GMT

Pro-European demonstrators on Tuesday outside Parliament. Lawmakers had complained that Facebook’s research was inadequate.The company said its previous investigation had been too narrow, centering on accounts already identified by American intelligence agencies.

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Beyoncé Is Bonkers for This Woman’s Lace Jewelry

Wed, 17 Jan 2018 19:20:16 GMT

The jewelry maker Monika Knutsson in her apartment and studio in New York.Monika Knutsson salvages delicate heirloom material, plunges pieces of it into silver or gold, and sells the results to an eager clientele.

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Weeks After Matt Lauer Is Ousted, ‘Today’ Changes Show’s Top Producer

Wed, 17 Jan 2018 17:30:19 GMT

Don Nash, right, took over as the executive producer of “Today” in 2012 and had a close working relationship with Matt Lauer, center.Don Nash, the show’s executive producer since 2012, will be succeeded by Libby Leist, a veteran producer with deep ties to Washington.

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9 Points to Guide Your Investments in 2018

Wed, 17 Jan 2018 17:26:56 GMT

Stocks have risen for so long and with such steadiness that Wall Street is becoming nervous. What’s an investor to do? For insight, check out our quarterly report on investing.

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Tech We’re Using: How Technology Is (and Isn’t) Changing Our Reading Habits

Wed, 17 Jan 2018 15:19:59 GMT

When Alexandra Alter, a reporter who covers the books industry, doesn’t want to lose herself in what she’s reading, or lose her balance on the subway, she reaches for her Kindle.Alexandra Alter, who covers books for The Times, discussed the limits to how tech has transformed the industry.

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Meet Your Art Twin: A 400-Year-Old With an Oily Complexion

Wed, 17 Jan 2018 15:15:41 GMT

Ross W. Duffin stumbled upon his art twin, a warrior from a 17th-century Jan van Bijlert painting. Many people intentionally set out in museums to find their doppelgängers.Art museum selfies are getting more personal as visitors seek their doppelgängers in paintings and sculptures. A new feature in a Google app has made the trend explode.

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Carillion Collapse Could Lead to Thousands of Job Losses in U.K.

Wed, 17 Jan 2018 15:33:29 GMT

The building site of a hospital in Smethwick, England, this month, one of Carillion’s construction projects.The company’s demise leaves a vast web of subcontractors unsure what to expect. The government says Carillion’s public-sector work will continue.

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Citing ‘Inexcusable’ Treatment, Advisers Quit National Parks Panel

Wed, 17 Jan 2018 04:12:11 GMT

Interior Secretary Ryan Zinke in Washington in June. The joint resignation letter said he “appears to have no interest in continuing the agenda of science.”The majority of members of the National Parks System Advisory Board have jointly resigned in protest of Trump administration policies.

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The Awl and The Hairpin, Eccentric Showcases for Writers, Are Shutting Down

Wed, 17 Jan 2018 03:27:15 GMT

Screen shot of The Awl’s home page.The Awl’s publisher said “a steady decline in direct sales” was to blame. For years, the websites featured intelligent writing on eclectic subjects.

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Breakingviews: Why Breaking Up General Electric May Be Hard to Do

Wed, 17 Jan 2018 00:53:42 GMT

General Electric’s Global Operations Center in downtown Cincinnati.A fresh $6.2 billion post-tax charge provides another reason for the conglomerate to consider a breakup. But the value of G.E.’s businesses may make it hard to do.

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At Retail Trade Show, Technology Is the Star

Wed, 17 Jan 2018 01:42:08 GMT

Shoppers at Valley View Mall in Roanoke, Va. The National Retail Federation said that holiday sales reached $691.9 billion as shoppers stepped up their spending in the wake of a stronger economy.The National Retail Federation expo resembles the electronics trade show CES, fixating on artificial intelligence, big data and automation.

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Poll Finds Upturn in Sentiment on Tax Overhaul and Economy

Wed, 17 Jan 2018 00:22:02 GMT

The tax bill that President Trump signed last month remains relatively unpopular, although support for it has grown, according to a new survey conducted for The New York Times.The finding could be good news for Republicans looking to the midterm elections, but less comfort for President Trump, who was given little credit.

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G.M. Chief Cautions Trump Administration on Upending Nafta

Wed, 17 Jan 2018 00:45:35 GMT

The leadership team of General Motors discussed the company’s prospects at an investor conference in Detroit on Tuesday. From left, Mary T. Barra, chief executive; Dan Ammann, president; and Chuck Stevens, chief financial officer.Mary Barra said that the United States should not scrap the trade pact and that any changes should account for the interests of American automakers and workers.

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Breakingviews: Citigroup Steers Into Recovery, With Others’ Hands on the Wheel

Tue, 16 Jan 2018 21:35:30 GMT

Customers, personal bankers and tellers at a Citi Private Bank location in Manhattan.The snag with Citigroup’s decade-long climb back from the financial brink is that it’s largely driven by forces it doesn’t control. But that’s not always a bad thing.

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Square Feet: A Push to Make Washington’s Downtown More Livable

Wed, 17 Jan 2018 00:29:14 GMT

Rowhouses on Jefferson Place, at left, are among the few residential units in downtown Washington’s business district.To encourage conversions of old office buildings into condos, the district council is considering a bill that would enable a “Manhattanizing of the District of Columbia.”

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Ditching Spike in Favor of Kevin Costner and Some Mean Teens

Tue, 16 Jan 2018 21:15:25 GMT

The new version of “Heathers” veers wildly from the movie, including different identities for the clique (from left, Melanie Field, Brendan Scannell and Jasmine Mathews) that controls high school social life.Paramount Network replaces the former home of “Baywatch” reruns with shows that have cinematic roots, like “Heathers” and “Yellowstone.”

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Recent Commercial Real Estate Transactions

Wed, 17 Jan 2018 04:56:58 GMT

Two five-story mixed-use walk-ups at 186 and 188 First Avenue (center) in the East Village sold for $14.25 million.Recent commercial real estate transactions in New York.

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White Collar Watch: RICO Lawsuits Are Tempting, but Tread Lightly

Tue, 16 Jan 2018 19:37:11 GMT

The financier Lynn Tilton arriving for a hearing in 2015 at the federal courthouse in New York. Last month, a judge dismissed the racketeering claim against her.A case against Harvey Weinstein shows how broadly the racketeering law can be applied, but the recent rejection of a separate suit illustrates some of its limitations.

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Economic Scene: Making Medicaid a Tool for Moral Education May Let Some Die

Tue, 16 Jan 2018 20:21:19 GMT

A medical examination at the Family Health Center in Louisville. Kentucky is the first state in the country to impose a work requirement on recipients of Medicaid.There is a precedent for letting states impose work requirements on the poor for medical coverage. It bodes ill for public health.

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Banks Are Big Winners From Tax Cut

Tue, 16 Jan 2018 23:32:50 GMT

Big banks like J.P. Morgan are reporting short-term losses as a result of the tax bill but see long-term benefits, including stronger profits, from the overhaul.Financial firms are benefiting from the $1.5 trillion tax cut and make up the majority of companies so far handing out raises and bonuses as a result of the law.

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Citigroup Takes a $22 Billion Tax Hit, but Sees Higher Profits Ahead

Tue, 16 Jan 2018 14:47:51 GMT

Citigroup reported a quarterly net loss of $18.3 billion on Tuesday, attributable to a one-time charge tied to the new tax law.Citigroup reported a one-time charge of $22 billion on Tuesday to adjust for the new tax law, but said it expected earnings to rise in the future.

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At G.E., $6.2 Billion Charge for Finance Unit Hurts C.E.O.’s Turnaround Push

Tue, 16 Jan 2018 23:51:52 GMT

The General Electric logo at the New York Stock Exchange. G.E. said it would take a $6.2 billion charge related to its GE Capital unit, which is being wound down as the company focuses on its industrial roots.The charge, which was primarily tied to long-term care insurance reinsured as part of the GE Capital unit’s portfolio, was a blow to John Flannery’s turnaround campaign.

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A Wall Street Giant Makes a $75 Million Bet on Academic Philosophy

Wed, 17 Jan 2018 16:47:00 GMT

Bill Miller’s $75 million gift to Johns Hopkins University appears to the largest by far to a philosophy department anywhere in the world.Bill Miller, the legendary value investor (and former philosophy student), has given the largest gift ever to a philosophy department, at Johns Hopkins University.

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G.E. Weighs Changes, but Investors Hear ‘Breakup’: DealBook Briefing

Wed, 17 Jan 2018 08:50:25 GMT

The conglomerate’s C.E.O., John Flannery, said that he was continuing to consider shifts in the company’s structure. That may not mean a big split.

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BP to Take $1.7 Billion Charge Over Deepwater Horizon Spill

Wed, 17 Jan 2018 04:56:36 GMT

A controlled burn of spilled oil that was conducted after the Deepwater Horizon oil rig explosion in 2010 in the Gulf of Mexico.The oil giant said that it anticipated cash payments related to the 2010 disaster would be about $3 billion in 2018, up from an earlier estimate.

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Oil Price Briefly Reaches $70 as Buoyant Global Economy Bolsters Demand

Wed, 17 Jan 2018 00:53:15 GMT

Rig platforms stacked ready for scrapping in the Cromarty Firth, Scotland, this month.Tensions in Iran, record-breaking cold weather in the United States and a year of production cuts have contributed to higher prices, and they could go higher still.

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Huge Oil Spill Spreads in East China Sea, Stirring Environmental Fears

Wed, 17 Jan 2018 00:17:15 GMT

A collision involving the Sanchi — shown being doused at right before it sank — created what appeared to be the largest tanker oil spill since 1991. Environmentalists and marine experts are concerned about the oil slick’s threat to sea and bird life in the East China Sea.The disaster could be the worst oil spill in decades, and Greenpeace calls it a threat to “an important spawning ground” for fish and several whale species.

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DealBook: BlackRock’s Message: Contribute to Society, or Risk Losing Our Support

Tue, 16 Jan 2018 12:54:22 GMT

Laurence D. Fink, the chief executive of BlackRock, will tell companies they need to contribute to society to receive his firm’s support.Laurence Fink, the chief executive of BlackRock, the $6 trillion investment firm, plans to tell C.E.O.s in a letter that businesses must serve a social purpose.

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A Look Behind the Scenes at the Detroit Auto Show

Tue, 16 Jan 2018 02:43:18 GMT

A Dodge display at the North American International Auto Show in Detroit.The cars get all the attention, but it takes a lot of muscle to make one of the world’s biggest car shows happen.

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Raine Takes a Stake in ‘Planet of the Apps’ Creator

Tue, 16 Jan 2018 01:30:16 GMT

From left, Jessica Alba, Gary Vaynerchuk,, Gwyneth Paltrow, and Zane Lowe, stars of “Planet of the Apps.”The investment in Propagate, which created the first original series for Apple and Twitter, is a bet on new content for a changing media landscape.

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Chinese Carmaker May Use Fiat Chrysler for Foothold in United States

Tue, 16 Jan 2018 01:22:08 GMT

The Enverge electric concept vehicle made by GAC, a Chinese auto company. The company said it planned to sell cars in the United States beginning in 2019.GAC Motor said it planned to bring an S.U.V. to the United States in 2019. It may use Fiat Chrysler dealerships hungry for new models.

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Democrats Add Momentum to G.O.P. Push to Loosen Banking Rules

Wed, 17 Jan 2018 15:26:46 GMT

Senator Elizabeth Warren, left, with Senator Heidi Heitkamp, said a bipartisan deregulation bill increases the risk of another taxpayer bailout of major financial institutions.The Senate is poised to approve significant changes to the post-crisis financial law. Some moderate Democrats are supporting the effort, even as their progressive colleagues warn that it’s too risky.

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Workplace Raids Signal Shifting Tactics in Immigration Fight

Wed, 17 Jan 2018 22:38:43 GMT

Immigration and Customs Enforcement agents at a 7-Eleven store in Los Angeles last week, part of a coordinated set of raids across the country.The Trump administration says its actions show the price of employing workers illegally, a message being felt keenly among the workers themselves.

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Greece Adopts New Austerity Measures to Placate Creditors

Mon, 15 Jan 2018 23:51:34 GMT

Prime Minister Alexis Tsipras of Greece addressed lawmakers before a vote on new austerity measures to placate the country’s creditors on Monday. The legislation was approved.The measures were demanded by international creditors and included cuts to benefits for large families and restrictions on trade unions.

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Tech Tip: Keeping Up With the Meltdown and Spectre Bugs

Mon, 15 Jan 2018 21:23:55 GMT

Companies have rushed to create patches for Meltdown and Spectre — two new major security vulnerabilities — but not everything has gone smoothly.

Collapse of U.K. Construction Giant Rattles the Government

Tue, 16 Jan 2018 04:15:26 GMT

Carillion construction cranes at a building site in London on Sunday. Carillion, a construction company that helped the government run day-to-day operations, filed for bankruptcy.The contractor, Carillion, worked hand in glove with the government, raising questions about the outsourcing of public services to private companies.

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‘The Greatest Showman’ Soundtrack Repeats at No. 1

Mon, 15 Jan 2018 20:10:36 GMT

The soundtrack to "The Greatest Showman," starring Hugh Jackman, had the equivalent of 104,000 sales last week.The album got a boost from the Golden Globes, where the film won an award for best original song. Ed Sheeran’s “÷” holds at No. 2.

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