Author: News Room

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…

Help Wanted. Looking for American researchers.As President Trump cuts billions of federal dollars from science institutes and universities, restricts what can be studied and pushes out immigrants, rival nations are hoping to pick up talent that has been cast aside or become disenchanted.For decades, trying to compete with American institutions and companies has been difficult. The United States was a magnet for top researchers, scientists and academics. In general, budgets were bigger, pay was bigger, labs and equipment were bigger. So were ambitions.In 2024, the United States spent nearly $1 trillion — roughly 3.5 percent of total economic output —…

Elizabeth Pochoda, a journalist who widely traversed the media landscape of New York during her 50-year career, editing and writing for publications as diverse as The Nation, Vogue and The Daily News in New York, died on May 8 at her home in Brooklyn. She was 83.Her death, from complications of amyotrophic lateral sclerosis, or A.L.S., was confirmed by her daughter, the novelist Ivy Pochoda.Ms. Pochoda (pronounced pah-CO-da), who was known as Betsy, worked at fashion magazines (Mirabella and Vogue) and shelter magazines (House & Garden). She worked at general-interest publications (she was part of the team that relaunched Vanity…

CNN is getting ready to launch a streaming service. Again.Three years after CNN’s parent company killed the hotly anticipated (and very expensive) CNN+ service shortly after it was released, the news network will introduce a new streaming product this fall that packages live and on-demand programming.Mark Thompson, the company’s chief executive, told employees about the service in a meeting on Tuesday afternoon. Some of the details about the service remain unclear, including pricing and an exact release date. But Mr. Thompson said the new service would be tied to the company’s recently introduced subscription product, which gives paying members unlimited…

Elon Musk’s Department of Government Efficiency is no longer claiming credit for killing dozens of federal contracts after The New York Times reported last week that they had already been reinstated.The Times had identified 44 revived contracts, and 43 of them were still featured on the group’s online “Wall of Receipts” as of last week. Then, late Sunday, Mr. Musk’s group deleted those claims for 31 of the contracts from its website, eliminating $122 million of the savings it claimed to have achieved by cutting federal contracts.Those savings had actually disappeared days or weeks before, when federal agencies reversed cancellations…

The stock market is now higher than before President Trump’s broad and steep tariffs sent share prices into a tailspin. The 10-year government bond yield is now largely in line with where it started the year. On Tuesday, a widely watched measure of inflation nudged lower.Judging from a snapshot of today’s financial markets, it would be easy to conclude that very little had happened over the last four and a half months.As the administration has dialed down its trade offensive, delaying the worst of the tariffs announced on April 2 and promoting a long list of trade deals in the…