Author: News Room

Frederick Celani was more than a decade into a rollicking, relentless career as a con man when he bamboozled city officials and employees in Springfield, Ill., into believing that he would make the city the hub of an overnight package delivery service.It was 1983. Unemployment was high in Springfield, which needed the economic boost that Mr. Celani was promising. In a whirlwind few months, he hired 100 workers, including pilots; leased cars; and rented office space and an airplane hangar.On March 1, about 1,000 people gathered at the hangar to celebrate Kayport Package Express’s first day in business. Champagne was…

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Denny Walsh, a Pulitzer Prize-winning investigative reporter who was a consummate nuisance to mobsters, corrupt politicians and his editors, especially at The New York Times, which fired him, died on March 29 at his home in Antelope, Calif., a suburb of Sacramento. He was 88.His daughter, Colleen Bartow, confirmed the death. She said he had been suffering from several respiratory ailments.Mr. Walsh began his career in 1961 at The St. Louis Globe-Democrat, where he hot-dogged around the newsroom smoking cigars and used the floor as his ashtray.“Walsh had the tenacity of a pit bull and seemed to be developing some…

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The Federal Aviation Administration said on Friday that it was taking significant steps to mitigate the risks posed by exhaustion among air traffic controllers, after a series of close calls last year raised alarms about the safety of the U.S. air travel system.Mike Whitaker, the F.A.A. administrator, issued a directive increasing the number of hours that controllers are required to rest between shifts from nine hours to 10, and 12 hours before a midnight shift. He said he hoped to put the changes in place within 90 days.The announcement came as the air safety regulator released a 114-page report from…

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Another start-up founder is going to prison for overstating his company’s performance to investors.Manish Lachwani, who last year pleaded guilty to three counts of defrauding investors at his software start-up, HeadSpin, was sentenced to one and a half years in prison on Friday. He will also pay a fine of $1 million.Government prosecutors said Mr. Lachwani, 48, deceived investors by inflating HeadSpin’s revenue nearly fourfold, making false claims about its customers and creating fake invoices to cover it up. His misrepresentations allowed him to raise $117 million in funding from top investment firms, valuing his start-up at $1.1 billion.When HeadSpin’s…

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For months, the shelves of Carrefour, France’s biggest supermarket chain, have been dotted with bright orange signs placed in front of Pepsi bottles, Lays potato chips and a variety of other foods whose packages are suspiciously smaller than they used to be.“Shrinkflation,” the signs say. “This product has seen its volume decrease and the price charged by our supplier increase.”On Friday, the French government took steps to require every food retailer in the country to follow suit. By July 1, stores will have to plaster warnings in front of all products that have been reduced in size without a corresponding…

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Michael Abramowitz will be the next director of the federally funded broadcaster Voice of America, its parent, the U.S. Agency for Global Media, announced on Friday.Mr. Abramowitz, 60, is currently the president of Freedom House, a pro-democracy nonprofit organization, a role he has held since 2017. He was previously a director at the U.S. Holocaust Memorial Museum and spent 24 years as a reporter and editor for The Washington Post.Voice of America, which was founded in 1942, aims to offer unbiased news to audiences around the world. Mr. Abramowitz said he is drawn to the outlet’s global reach and its…

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The markets are mercurial but their tone has thoroughly changed — from the sky-is-the-limit bullishness that dominated only a month ago to a mood of heightened uncertainty and measured self-restraint.Big shifts have taken place this month. Bonds have taken a beating but are becoming increasingly attractive. Stocks are no longer rocketing straight to the heavens. The dollar has strengthened and there are new reasons to worry about a steep increase in the price of oil.Behind many of these changes are two familiar culprits: inflation and interest rates. Lurking in the background are heightened geopolitical risks. The possibility of a widening…

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Less than a year ago, CubicPV, which manufactures components for solar panels, announced that it had secured more than $100 million in financing to build a $1.4 billion factory in the United States. The company planned to produce silicon wafers, a critical part of the technology that allows solar panels to turn sunlight into electrical energy.The Massachusetts-based company called the investment a “direct result of the long-term industrial policy contained within the Inflation Reduction Act,” the 2022 law that directed billions of dollars to develop America’s domestic clean energy sectors. CubicPV was considering locations in Texas, where it would employ…

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Tesla has agreed to recall nearly 4,000 of its Cybertruck pickups to fix an accelerator pedal that can get stuck, raising the risk of crashes, a federal safety agency said on Friday.The defect could cause the vehicle to accelerate unintentionally, the National Highway Traffic Safety Administration said in a notice posted on its website. Tesla started selling the Cybertruck, its first pickup truck, in November after many delays.The recall is yet another setback for Tesla, the largest electric vehicle manufacturer in the United States. The company has been losing market share to emerging competitors and reported this month that its…

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Stocks are on course for their longest losing streak in many months, as geopolitical turmoil rattles Wall Street and investors slash their bets on the Federal Reserve cutting interest rates any time soon.The S&P 500, one of the most widely followed stock indexes in the world, recorded a fifth consecutive decline on Thursday. Premarket trading on Friday was flat; a sixth straight day of losses would be the worst run since October 2022.The slide has dragged the S&P 500 down by more than 2 percent for the week, setting it up for a fourth straight weekly decline. By that measure,…

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