Author: News Room
The rule, which was scheduled to take effect May 15, permitted unlimited A.I. chip sales to 18 allies like Britain, Germany and Japan, and blocked sales to China, Iran and other adversaries. All other countries, including Saudi Arabia, the United Arab Emirates, Qatar, India, Israel and Poland, faced caps on the number of chips they could purchase, and many were not happy about it.Jim Secreto, a former deputy chief of staff for the Commerce Department, said that the rule aimed to preserve national security and shape the future of a critical technology. Without regulation, the availability of cheap energy and…
Deal or no deal? That’s what financial markets and businesses are waiting to learn.A weekend of productive trade talks in Geneva between the United States and China resulted in a “deal,” said Jamieson Greer, the United States Trade Representative and one of the main negotiators for the Trump administration. His Chinese counterpart expressed optimism, but with a less emphatic take.He Lifeng, China’s vice premier for economic policy, who led the talks for the Chinese, said the discussions had been constructive and that an “important consensus” had been reached. Without providing details, he said the two sides had agreed to establish…
On a wet Wednesday morning in April, Ashley Holroyd had a steady but slow stream of customers into his coffee shop in Barrow-in-Furness, an industrial town in northwest England. The cafe, Coffee D’Ash, had been open for only about six months, and it barely filled the cavernous space.Despite the empty storefronts on the same street, Mr. Holroyd is certain he has a prime location. BAE Systems, Britain’s largest defense company, is planning to open a training facility for hundreds of workers right next door.Mr. Holroyd, 33, jumped at the chance to expand his coffee business from a trailer into a…
President Trump will sign an executive order on Monday aimed at lowering some drug prices in the United States by aligning them with what other wealthy countries pay, he said on Truth Social on Sunday evening.The proposal he described, which alone cannot shift federal policy, is what he calls a “most favored nation” pricing model. Mr. Trump did not provide details about which type of insurance the plan would apply to or how many drugs it would target, but he indicated that the United States should pay the lowest price among its peer countries.“Our Country will finally be treated fairly,…
Stocks in Asia gained on Monday after weekend talks signaled that progress had been made in easing trade tensions between the United States and China.Benchmark indexes in Japan and South Korea edged higher in early trading on Monday morning. Futures pointed to the S&P 500 gaining more than 1 percent when trading begins in New York.Meetings in Geneva between U.S. and Chinese officials concluded on Sunday with Scott Bessent, the U.S. Treasury secretary, saying that “substantial progress” had been made. China’s vice premier, He Lifeng, called the talks “candid, in-depth and constructive.” Details are expected to be released on Monday,…
Policy changes often take years to show results. Even then, you may have to squint to see them.And then there is congestion pricing in New York.Almost immediately after the tolls went into effect Jan. 5 — charging most vehicles $9 to enter Manhattan from 60th Street south to the Battery — they began to alter traffic patterns, commuter behavior, transit service, even the sound of gridlock and the on-time arrival of school buses. Peak commute times Faster stillLocal buses Faster, less delayedTraffic outside the zone Not worseNew Jersey commutes FasterTransit ridership Up, up, upCiti Bike trips Up in and out…
Tens of thousands of Americans will soon be forced by their heath insurance to switch from one popular obesity drug to another that produces less weight loss.It is the latest example of the consequences of secret deals between drugmakers and middlemen, known as pharmacy benefit managers, that are hired by employers to oversee prescription coverage for Americans. Employers pay lower drug prices but their workers are blocked from getting competing treatments, a type of insurance denial that has grown much more common in the past decade.One of the largest benefit managers, CVS Health’s Caremark, made the decision to exclude Zepbound…
About 130,000 Igloo coolers were recalled on Thursday after consumers reported 78 fingertip injuries from the cooler’s tow handle, 26 of which led to fingertip amputations, bone fractures or cuts, according to the U.S. Consumer Product Safety Commission.This warning expands an initial recall issued in February of more than one million 90-quart Igloo Flip & Tow Rolling Coolers because the tow handle was crushing and seriously injuring people’s fingertips.“The tow handle can pinch consumers’ fingertips against the cooler, posing fingertip amputation and crushing hazard,” the recall said.In the February recall, the safety commission said that Igloo had received 12 reports…
Walking into the crowded hotel conference room, Andrew Batey looked like any other tech guy attending ETHDenver, an annual cryptocurrency conference. A venture capital investor based in Florida, Mr. Batey wore a black sweatshirt emblazoned with the logos of more than a dozen crypto companies, with names like LunarCrush and bitSmiley. He had arrived in town with some expensive footwear — a pair of Off-White Air Jordans, the type of sneaker, he said, that people usually don’t take out of the box.Mr. Batey, however, was at the conference not to network with fellow crypto enthusiasts but to fight one of…
Amid a steady stream of new trade policies in President Trump’s first three months in office, there is one that Andy Musliner, who owns a small toy business in Maryland, can get behind.That’s the ending of a duty-free loophole for cheap goods from China.Mr. Trump this month scrapped a provision that had allowed packages imported into the United States from mainland China or Hong Kong to avoid tariffs and other customs requirements if they were valued under $800. The loophole previously faced bipartisan scrutiny from lawmakers and pushback from the Biden administration, in part over concern that it was enabling…