Author: News Room

Eight members of the OPEC Plus oil cartel, led by Saudi Arabia, said Thursday that they would accelerate their previously planned schedule to gradually add about 2.2 million barrels a day to the oil market.The producers, including Russia, will add a combined 411,000 barrels a day in May, equivalent to three monthly increases, they said in a news release. They had already agreed in March to begin producing more oil this month.Oil prices fell sharply on Thursday, weighed down by both the fear that increasing trade frictions would torpedo global growth and the prospect of increased supplies of oil. Brent…

On Thursday morning, Tim Cook, Apple’s chief executive, woke up to the worst day for his company’s stock in five years.Apple shares fell more than 9 percent in response to President Trump’s plan to put steep tariffs on products made abroad. The declines at the world’s most valuable company led a sharp sell-off in tech stocks as the Nasdaq composite index, which is loaded with technology companies, sank nearly 6 percent.Collectively, the largest tech companies, which have been at the forefront of the U.S. economy over the past decade, lost nearly $1 trillion in the day of trading. The declines…

Share prices fell sharply for a second day on Friday in Asia, and futures market trading indicated that American share prices might soon tumble further as well, as worries spread about the economic effect of President Trump’s broad tariffs.The Nikkei 225 Index in Japan was down 3.8 percent. That followed a 2.8 percent drop on Thursday after Mr. Trump announced a far-reaching revision of American tariffs that included an extra 24 percent on goods from Japan.In South Korea, the Kospi Index fell 1.7 percent on Friday after dipping 0.8 percent the prior day. President Trump this week put a 26…

Volkswagen, the German automaker, has told its car dealers that it plans to add an import fee later this month to the price of imported cars sold in the United States.The company’s move is one of the first and clearest examples of automakers using price increases to deal with the 25 percent tariffs President Trump imposed on car and auto parts imports. The tariffs on vehicles went into effect on Thursday and the levies on parts will become effective on May 3.In an April 1 memo to dealers, Volkswagen said that the exact fees would be determined by the middle…

President Trump’s imposition of tariffs on a scale unseen in nearly a century is more than a shot across the bow at U.S. trading partners. If kept in place, the import taxes will also launch an economic project of defiant nostalgia: an attempt to reclaim America’s place as a dominant manufacturing power.In the postwar heyday of American manufacturing, which endured into the 1970s, nearly 20 million people once made their living from manufacturing. The United States was a leading producer of motor vehicles, aircraft and steel, and manufacturing accounted for more than a quarter of total employment.By the end of…

The New Civil Liberties Alliance — a nonprofit group that describes itself as battling “violations by the administrative state” — sued the federal government on Thursday over the means by which it imposed steep new levies on Chinese imports earlier this year.The new filing, which the group said was the first such lawsuit to challenge the Trump administration over its tariffs, set the stage for what may become a closely watched legal battle. It comes on the heels of President Trump’s separate announcement on Wednesday of broader, more extensive tariffs targeting many U.S. trading partners around the world.At issue are…

European Union regulators are preparing major penalties against Elon Musk’s social media platform X for breaking a landmark law to combat illicit content and disinformation, said four people with knowledge of the plans, a move that is likely to ratchet up tensions with the United States by targeting one of President Trump’s closest advisers.The penalties are set to include a fine and demands for product changes, said the people, who declined to be identified discussing an ongoing investigation. These are expected to be announced this summer and will be the first issued under a new E.U. law intended to force…

Grocery shoppers are likely to feel the impact of the Trump administration’s sweeping new tariffs before April is over. And the first place they’ll feel it is in parts of the store where the inventory has to move fast.In the produce aisle, food analysts said Thursday, expect small price increases on everyday purchases like bananas from Guatemala and grapes from Peru, countries whose exports to the United States will incur 10 percent tariffs when the new fees go into effect on Saturday. A separate round of reciprocal tariffs on 57 countries will follow on Wednesday.The seafood counter may hold even…

A striking and headline-making fraud case resulted in a conviction last Friday, when Charlie Javice was found guilty in federal court of conning JPMorgan Chase out of $175 million. The bank has also sued Ms. Javice, a 32-year-old entrepreneur who once made the Forbes 30 Under 30 list, for elaborately falsifying her student-finance start-up’s customer list.But in a Manhattan courthouse hearing this week, the deliberations about Ms. Javice’s bail terms turned into an absurdist episode, as her legal team argued that an order for her to wear an ankle monitor would hinder her ability to teach Pilates.Her lawyer, Ronald Sullivan,…

John Thornton, a financier who leveraged his wealth and influence to embark on the seemingly quixotic mission of reviving local journalism in a time of crisis, by founding The Texas Tribune, a seminal regional nonprofit news organization, and the American Journalism Project, which supports local digital newsrooms around the country, died on Saturday in Austin, Texas. He was 59.His death, by suicide, followed a long mental health struggle, a spokesman for the American Journalism Project said.Mr. Thornton helped change the financial model for sustainable local journalism when, in 2009, he founded The Texas Tribune, a member-supported, digital-only, nonpartisan media organization.…