Business

Berkshire Hathaway Reports Profit of $97 Billion Last Year, a Record
Business

Berkshire Hathaway Reports Profit of $97 Billion Last Year, a Record

Berkshire Hathaway, the conglomerate run for decades by Warren E. Buffett, recorded its highest-ever annual profit last year. But its chief executive found reason to blame government regulation for hurting the results of some of its biggest businesses.In his letter to investors that traditionally accompanies the annual report, Mr. Buffett also paid tribute to Charlie Munger, his longtime lieutenant and Berkshire’s vice chairman until his death in November at age 99.The company — whose divisions include insurance, the BNSF railroad, an expansive power utility, Brooks running shoes, Dairy Queen and See’s candy — disclosed $97.1 billion in net earnings last year, a sharp swing from its $22 billion loss in 2022 because of investment declines.Berkshire also reported $37.4 billion in operating e...
2 Years Into Russia-Ukraine War, U.S. Campaign to Isolate Putin Shows Limits
Business

2 Years Into Russia-Ukraine War, U.S. Campaign to Isolate Putin Shows Limits

The Biden administration and European allies call President Vladimir V. Putin of Russia a tyrant and a war criminal. But he enjoys a standing invitation to the halls of power in Brazil.The president of Brazil says that Ukraine and Russia are both to blame for the war that began with the Russian military’s invasion. And his nation’s purchases of Russian energy and fertilizer have soared, pumping billions of dollars into the Russian economy.The views of the president, Luiz Inácio Lula da Silva, encapsulate the global bind in which the United States and Ukraine find themselves as the war enters its third year.When Russia launched its full-scale invasion of Ukraine on Feb. 24, 2022, the Biden administration activated a diplomatic offensive that was as important as its scramble to ship weapons ...
At 70, This Instagram Influencer Shows That It’s Never Too Late
Business

At 70, This Instagram Influencer Shows That It’s Never Too Late

“It’s Never Too Late” is a series that tells the stories of people who decide to pursue their dreams on their own terms.Lyn Slater will be the first to tell you her life has been a series of happy accidents and purposeful metamorphoses.“Because I’m constantly reinventing myself, my life is always a surprise. I’m an improvisational person. I don’t plan. I’m very in the moment,” said Ms. Slater, 70, a former professor of social work at Fordham University in New York. “That thinking has served me well. It has created endless adventures, surprises, incredible friendships and profound learning.”Indeed.In 2014, she was taking a handful of creative classes at the Fashion Institute of Technology in Manhattan. Her professor in a class on how to open a vintage clothing store suggested she start a fa...
U.S. Awards $1.5 Billion to Chipmaker GlobalFoundries
Business

U.S. Awards $1.5 Billion to Chipmaker GlobalFoundries

The Biden administration on Monday announced a $1.5 billion award to the New York-based chipmaker GlobalFoundries, one of the first sizable grants from a government program aimed at revitalizing semiconductor manufacturing in the United States.As part of the plan to bolster GlobalFoundries, the administration will also make available another $1.6 billion in federal loans. The grants are expected to triple the company’s production capacity in the state of New York over ten years.The funding represents an effort by the Biden administration and lawmakers of both parties to try to revitalize American semiconductor manufacturing. Currently, just 12 percent of chips are made in the United States, with the bulk manufactured in Asia. America’s reliance on foreign sources of chips became an issue i...
On the Ground of Biden’s Antitrust Agenda
Business

On the Ground of Biden’s Antitrust Agenda

Big deals are waiting on the tarmac as Wall Street and the business world anticipate how the presidential election will change antitrust enforcement.President Biden has taken an aggressive approach to policing deals that some have called overreaching and others have lauded as a necessary return to scrutiny on the power wielded by big business. Dealmakers say they are holding some deals back in hope of a more lenient approach in the next administration.Doha Mekki is on the ground executing the strategy. She’s worked at the Justice Department under three administrations: as a trial attorney during the Obama presidency, in the front office during the Trump presidency and now as the principal deputy assistant attorney general under Jonathan Kanter.In a recent interview at the Penn Carey Law An...
Amazon Argues National Labor Relations Board Is Unconstitutional
Business

Amazon Argues National Labor Relations Board Is Unconstitutional

In the latest sign of a growing backlash within corporate America to the 88-year-old federal agency that enforces labor rights, Amazon argued in a legal filing on Thursday that the National Labor Relations Board was unconstitutional.The move followed a similar argument by SpaceX, the rocket company founded and run by Elon Musk, in a legal complaint in January, and by Trader Joe’s during a labor board hearing a few weeks later.The labor board consists of a prosecutorial arm, which issues complaints against employers or unions deemed to have violated federally protected labor rights; administrative judges, who hear complaints; and a five-member board in Washington, to which decisions can be appealed.Amazon’s filing was part of a case before an administrative judge in which labor board prosec...
A Hot CPI Report Forces a Rethink of Chances of a Soft Landing
Business

A Hot CPI Report Forces a Rethink of Chances of a Soft Landing

“No landing” Markets are still on edge after Tuesday’s hot inflation report, as Wall Street suddenly and sharply discounted the odds of imminent interest rate cuts.It has also poured cold water on the belief among many investors that the U.S. economy will achieve a “soft landing.”Why so gloomy? The Consumer Price Index report, which came in above economists’ forecasts, is a stark reminder of the challenges that the Fed faces in bringing down inflation to its 2 percent target. Even after excluding volatile energy and food prices, inflation is holding roughly steady and is well above where the central bank feels comfortable.Shelter costs, including rents, also rose above expectations, and “supercore inflation,” a measure the Fed closely follows that includes common “services” expenditures — ...
American Firms Invested $1 Billion in Chinese Chips, Lawmakers Find
Business

American Firms Invested $1 Billion in Chinese Chips, Lawmakers Find

A congressional investigation has determined that five American venture capital firms invested more than $1 billion in China’s semiconductor industry since 2001, fueling the growth of a sector that the United States government now regards as a national security threat.Funds supplied by the five firms — GGV Capital, GSR Ventures, Qualcomm Ventures, Sequoia Capital and Walden International — went to more than 150 Chinese companies, according to the report, which was released Thursday by both Republicans and Democrats on the House Select Committee on the Chinese Communist Party.The investments included roughly $180 million that went to Chinese firms that the committee said directly or indirectly supported Beijing’s military. That includes companies that the U.S. government has said provide ch...
With NFL Deal, Kristin Juszczyk Is the Super Bowl’s Clear Winner
Business

With NFL Deal, Kristin Juszczyk Is the Super Bowl’s Clear Winner

Still, Ms. Juszczyk, whose website says she is self-taught and started her business after making Halloween costumes for herself and her husband, has more than just the endorsements of Ms. Swift and other celebrities going for her.The fact that Nike was first credited with making Ms. Swift’s jacket reflects the fact that Ms. Juszczyk has, consciously or not, positioned herself at the red hot center of a number of macro fashion trends. To wit: the buzz around upcycling; the desire for customization; the transformation of streetwear into luxury; and the increasing convergence of sports and fashion. As one of her followers posted under a photo of her work, “Finally great clothes that’s not a crew or v neck shirt.”The N.F.L., for one, has apparently recognized the opportunity. Rather than going...
Pro Sports in Las Vegas Aren’t Cheered by Everyone
Business

Pro Sports in Las Vegas Aren’t Cheered by Everyone

The history of Las Vegas has been marked by a relentless churn of hotels, casinos, theaters and restaurants. But only recently has the city’s landscape included major professional sports teams.The Golden Knights of the National Hockey League were the first to start play here in 2017. The Aces of the Women’s National Basketball Association started in 2018, and the National Football League’s Raiders arrived from Oakland in 2020. Last year, Major League Baseball’s Athletics were given the go-ahead to make the same Oakland-to-Las Vegas move, and the National Basketball Association is expected to add a team in the coming years.Las Vegas’s transformation into a pro sports town reflects not just the leagues’ interest in the city and their general embrace of sports betting, but also the power of t...