Author: News Room

Treasury Secretary Janet L. Yellen said on Tuesday that she had personally urged Prime Minister Benjamin Netanyahu of Israel to increase commercial engagement with the West Bank, contending that doing so was important for the economic welfare of both Israelis and Palestinians.Ms. Yellen’s plea was outlined in a letter that she sent to Mr. Netanyahu on Sunday. It represented her most explicit public expression of concern about the economic consequences of the war between Israel and Hamas. In the letter, Ms. Yellen said, she warned about the consequences of the erosion of basic services in the West Bank and called…

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Macy’s said on Tuesday that it would vastly reshape its strategy and retail footprint, closing about 150 Macy’s stores over the next three years while expanding its upscale Bloomingdale’s and Bluemercury chains.The moves put the stamp of the company’s new chief executive, Tony Spring, on an effort to keep the largest department store operator in the United States profitable and stave off a pending takeover bid.It is the second major downsizing of the Macy’s chain since 2020 and will leave the company with 350 stores, slightly more than half the number it had before the pandemic.The overhaul is intended to…

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An independent federal agency has become one of the most reliable executors of President Biden’s attempts to fight inflation, at a time when the White House has few weapons of its own to quickly bring down stubbornly high prices of consumer staples like groceries.The Federal Trade Commission filed a lawsuit on Monday, joined by several state attorneys general, to challenge a merger between the supermarket giants Kroger and Albertsons. The agency’s rationale in many ways echoed Mr. Biden’s renewed attempts to blame corporate greed for rising prices and shrinking portions in grocery aisles.“If allowed, this merger would substantially lessen competition,…

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The New Mexico attorney general, who last year sued Meta alleging that it did not protect children from sexual predators and had made false claims about its platforms’ safety, announced Monday that his office would examine how the company’s paid-subscription services attract predators.Attorney General Raúl Torrez said he had formally requested documentation from the social media company about subscriptions on Facebook and Instagram, which are frequently available on children’s accounts run by parents.Instagram does not allow users under 13, but accounts that focus entirely on children are permitted as long as they are managed by an adult. The New York…

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A cyberattack on a unit affiliated with UnitedHealthcare, the nation’s largest insurer, has disrupted drug prescription orders at thousands of pharmacies for nearly a week.The assault on the unit, Change Healthcare, a division of United’s Optum, was discovered last Wednesday. The attack appeared to be by a foreign country, according to two senior federal law enforcement officials, who expressed alarm at the extent of the disruption on Monday.UnitedHealth Group, the conglomerate, said in a federal filing that it had been forced to disconnect some of Change Healthcare’s vast digital network from its clients, and as of Monday, had not been…

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Sean Bailey, the longtime president of Walt Disney Studios Motion Picture Production, resigned Monday amid a leadership shuffling at Disney’s film division, which has been under attack by some investors for disappointing results at the box office.“The time is right for a new chapter,” Mr. Bailey said in a statement.Disney named David Greenbaum, a co-president of Disney’s art film division, Searchlight Pictures, as Mr. Bailey’s successor. Mr. Greenbaum, however, was given a bigger job, overseeing both Mr. Bailey’s slate of live-action remakes of animated classics and 20th Century Studios, a Disney film division that manages the “Avatar” and “Planet of…

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Companies that produce the most advanced semiconductors have requested more than $70 billion in federal subsidies, roughly twice the amount of funding that is available, Commerce Secretary Gina Raimondo said on Monday.In an effort to revitalize domestic manufacturing of semiconductors, the federal government is distributing $39 billion in subsidies as an incentive for companies to produce more of the tiny chips that power everything from smartphones to cars and fighter jets. The funding is meant to strengthen the U.S. supply chain and reduce the country’s reliance on foreign sources of chips. Currently, just 12 percent of chips are made in…

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On Super Bowl Sunday, the White House released a short video in which a smiling President Biden, sitting next to a table stocked with chips, cookies and sports drinks, slammed companies for reducing the package size and portions of popular foods without an accompanying reduction in price.“I’ve had enough of what they call shrinkflation,” Mr. Biden declared.The video lit up social media and delighted a consumer advocate named Edgar Dworsky, who has studied “shrinkflation” trends for more than a decade. He has twice briefed Mr. Biden’s economic aides, first in early 2023 and again a few days before the video…

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The Supreme Court seemed skeptical on Monday of laws in Florida and Texas that bar major social media companies from making editorial judgments about which messages to allow.The laws were enacted in an effort to shield conservative voices on the sites, but a decision by the court, expected by June, will almost certainly be its most important statement on the scope of the First Amendment in the internet era, with broad political and economic implications.A ruling that tech platforms have no editorial discretion to decide which posts to allow would expose users to a greater variety of viewpoints but almost…

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Boeing’s safety culture remains flawed, despite improvements made after two fatal crashes involving the 737 Max 8 jet in 2018 and 2019, a Federal Aviation Administration report released on Monday found.The report, written by a group of experts convened a year ago at Congress’s behest, found that there was a “disconnect” between senior management and other employees at Boeing, which makes commercial airplanes as well military aircraft and technology. The company, the panel found, has at times been “inadequate and confusing” in the way it has administered its safety culture.In a statement, the F.A.A. said it would “immediately begin a…

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