Author: News Room

The strategy is an old one for Republicans: Cut taxes for a few years, avoiding the need to account for their cost over the long term, and bet that the reductions become popular enough that Congress will later vote to continue them.The tax bill that Republicans are now putting together on Capitol Hill takes the gambit to a whole new level.Almost all of the new tax cuts that Republicans have included in the bill, which could evolve over the coming weeks, will last only until the end of 2028, just days before President Trump is set to leave office. That…

Newark Liberty International Airport has faced many disruptions in recent weeks. Technology outages, air traffic controller shortages and runway construction at the busy hub have led to scores of canceled and delayed flights.The Federal Aviation Administration says it’s trying to improve the situation, including with software and hardware upgrades. On Wednesday, it met with airline executives to discuss how to run things smoothly by reducing the number of flights at the airport on any given hour.In a Senate hearing on aviation safety on Wednesday, Senator Ted Cruz, Republican of Texas, said the agency has had a “multiyear failure to keep…

Before the sun could rise over Los Angeles International Airport on a recent Tuesday, hundreds of Uber and Lyft drivers had formed a queue nearby, stretching around the block. It was 5 a.m., and the waiting game was about to begin.In a few minutes, the line of cars would file into a fenced-off parking lot, a mile from the arrival terminals. It is known officially as the Transportation Network Company Staging Area, but drivers call it the “pen,” where they wait to be matched with passengers getting off flights.The spot used to be a prime place to catch rides and…

“A lot of checks”Business leaders who had high hopes for the second Trump administration hadn’t signed up for the turmoil of his trade war. President Trump’s deals-focused visit to Saudi Arabia is more of what they had in mind.Leaving aside questions of how many of the multibillion-dollar agreements the administration announced on Tuesday were actually new, the first leg of Trump’s trip to the Middle East underscores that his transactional instincts are what corporate leaders have been betting on.Here are highlights of what was announced on Tuesday:A nearly $142 billion defense agreement involving over a dozen American companies and covering…

It’s not Max. It’s HBO Max — again.In a surprise pivot, Warner Bros. Discovery executives announced Wednesday morning that the streaming service Max would be renamed HBO Max, reinstating the app’s old name and abandoning a contentious change that the company introduced two years ago.The reason for the change, executives explained, was straightforward.People who subscribe and pay $17 a month for the streaming service wind up watching HBO content like “The White Lotus” and “The Last of Us,” as well as new movies, documentaries and not a whole lot more.“It really is a reaction to being in the marketplace for…

Sales of electric vehicles have been rising in recent years, partly because of a $7,500 tax credit from the federal government that helps lower the cost of buying one.But a budget bill that House Republicans released on Monday would end that tax credit. Their proposal would also put new restrictions on other tax breaks that have encouraged automakers to invest tens of billions of dollars in new battery plants in the United States.By next year, the bill would do away with the $7,500 tax credit for buyers of new electric vehicles and a $4,000 credit that can be applied to…

The chief executive of UnitedHealth Group, Andrew Witty, stepped down from his post for “personal reasons,” the company said in a statement on Tuesday.The company also scrapped its financial forecast for this year because of higher than expected medical costs, saying only that it expected the company to “return to growth in 2026.”After the announcement on Tuesday, UnitedHealth Group’s stock fell by more than 17 percent. Combined with a steep drop in April after its quarterly earnings came up short of expectations, the company’s stock has lost nearly half of its value over the past month.Stephen Hemsley, the chairman of…

Burberry, the British fashion brand known for its trench coats and signature checkered print, said on Wednesday that it would slash up to 1,700 jobs in a bid to cut costs as it tries to return to profit after a period of poor sales in an increasingly volatile luxury sector.The job cuts, which represent 18 percent of the company’s global work force, are part of larger organizational changes that are expected to save the company 60 million pounds (about $80 million). The measures come amid global uncertainty that increased after President Trump imposed tariffs on America’s top trading partners.“The current…

This is a customs form that companies must file to import goods into the United States. In recent days, these forms have become living documents that show how President Trump’s tariffs are squeezing businesses.In this example, Leslie Jordan Inc., a company that sells activewear for special events, imported a shipment of women’s T-shirts from China at the end of April. That was after Mr. Trump aggressively escalated levies on Chinese imports, but before officials from both countries agreed on a temporary reprieve — an example of how companies have struggled to plan for their purchases as tariff levels continually shift.The…

Earlier this month, President Trump closed a longstanding loophole that had allowed a flood of inexpensive Chinese goods to be mailed to the United States without any tariffs.Starting on May 2, those packages faced a tariff of 120 percent or a $100 flat fee.After the United States and China agreed this week to a temporary truce in trade tensions, that tariff is now 54 percent. The changes, which took effect on Wednesday, were described in a White House executive order and guidance from Customs and Border Protection.For the past decade, a tax loophole known as the de minimis exemption allowed…