Business

Apple Kills Its Electric Car Project
Business

Apple Kills Its Electric Car Project

Associated media - Related media Though Apple had not unveiled its car to consumers, the product had for many years been one of Silicon Valley’s worst-kept secrets because it was being tested on public roads. The cancellation is a rare move by Apple, which typically doesn’t shelve such public and high-profile projects. The company has struggled in recent years to find new avenues for growth as its all-important iPhone has saturated the market and people are upgrading their phones less frequently than they used to. Tim Cook, Apple’s chief executive, has publicly hinted that Apple was interested in entering the car space. The company had also been testing hundreds of vehicles equipped with autonomous driving technology in public for many years. The car, internally code-named Titan and ...
The Apple Car is Dead, But the Innovation Behind It Lives on
Business

The Apple Car is Dead, But the Innovation Behind It Lives on

Related media - Connected media Innovation on wheels Has Apple really crashed the car? The tech giant has killed its electric vehicle project as it pivots to artificial intelligence, prompting many observers to declare the venture a major failure for the company. Here’s a contrarian thought: That critique misses a wider point about how Apple innovates, because the company has used the project to power a whole ecosystem of products and services that have been unmitigated successes. Apple invested billions to build a self-driving car. Reports emerged about the secret effort, code-named Project Titan, in 2014, and the company has never publicly acknowledged its existence. That said, it told staff on Tuesday that many of them would be redeployed. There had been an wider internal debate ...
How 33-Year-Olds, the Peak Millennials, Are Shaping the U.S. Economy
Business

How 33-Year-Olds, the Peak Millennials, Are Shaping the U.S. Economy

I have covered economics for 11 years now, and in that time, I have come to the realization that I am a statistic. Every time I make a major life choice, I promptly watch it become the thing that everyone is doing that year.I started college in 2009, in the era of all-time-high matriculation rates. When I moved to a big coastal city after graduation, so did a huge crowd of people: It was the age of millennial urbanization. When I lived in a walk-in closet so that I could pay off my student loans (“The yellow paint makes it cheerful!”, Craigslist promised), student debt had recently overtaken auto loans and credit cards as the biggest source of borrowing outside of housing in America.My partner and I bought a house in 2021, along with (seemingly and actually) a huge chunk of the rest of the...
The I.R.S.’s Taxpayer Experience Officer Says Open Your Mail Already
Business

The I.R.S.’s Taxpayer Experience Officer Says Open Your Mail Already

The Internal Revenue Service is on a charm offensive, as long as you don’t earn too much money.After a multiyear pandemic pause, the agency is rebooting its collection efforts, hammering home its intent to chase down high earners who owe the most. On Thursday, the I.R.S. said it was sending letters to over 25,000 people with more than $1 million in income who had not filed tax returns since 2017.Everyone else, the agency insists, is going to benefit from the $80 billion that the agency won via the Inflation Reduction Act, which was passed in 2022. The year before that, the I.R.S. appointed Ken Corbin as its first chief taxpayer experience officer.So what does he do all day? I went to the agency’s headquarters in Washington to find out, which was an experience unto itself.First, the securit...
California’s Economy Pinched by Unemployment
Business

California’s Economy Pinched by Unemployment

For decades, California’s behemoth economy has outpaced those of most nations, holding an outsize role in shaping global trends in tech, entertainment and agriculture.While that reputation remains, the state has a less enviable distinction: one of the nation’s highest unemployment rates.Nationwide, the rate is 3.7 percent, and in January, the country added 353,000 jobs. California’s job growth has been slower than the nationwide average over the last year, and the unemployment rate remains stubbornly high — 5.1 percent in the latest data, a percentage point higher than a year earlier and outpaced only by Nevada’s 5.4 percent.With layoffs in the tech-centered Bay Area, a slow rebound in Southern California from prolonged strikes in the entertainment industry and varying demand for agricultu...
China Has Thousands of Navalnys, Hidden From the Public
Business

China Has Thousands of Navalnys, Hidden From the Public

After watching “Navalny,” the documentary about the Russian opposition leader Aleksei A. Navalny, a Chinese businesswoman messaged me, “Ren Zhiqiang is China’s Navalny.” She was talking about the retired real estate tycoon who was sentenced to 18 years in prison for criticizing China’s leader, Xi Jinping.After Mr. Navalny’s tragic death this month, a young dissident living in Berlin posted on X, “Teacher Li is closest to the Chinese version of Navalny.” He was referring to the rebel influencer known as Teacher Li, who used social media to share information about protests in China and who now fears for his life.There are others: Liu Xiaobo, a Nobel Peace Prize laureate who died in government custody in 2017, and Xu Zhiyong, the legal scholar who is serving 14 years in prison on charges of s...
Yellen Urges Israel to Restore Economic Ties to West Bank
Business

Yellen Urges Israel to Restore Economic Ties to West Bank

Treasury Secretary Janet L. Yellen said on Tuesday that she had personally urged Prime Minister Benjamin Netanyahu of Israel to increase commercial engagement with the West Bank, contending that doing so was important for the economic welfare of both Israelis and Palestinians.Ms. Yellen’s plea was outlined in a letter that she sent to Mr. Netanyahu on Sunday. It represented her most explicit public expression of concern about the economic consequences of the war between Israel and Hamas. In the letter, Ms. Yellen said, she warned about the consequences of the erosion of basic services in the West Bank and called for Israel to reinstate work permits for Palestinians and reduce barriers to commerce within the West Bank.“These actions are vital for the economic well-being of Palestinians and ...
Texas Man Pleads Guilty to Insider Trading After Overhearing Wife’s Work Calls
Business

Texas Man Pleads Guilty to Insider Trading After Overhearing Wife’s Work Calls

A Texas man pleaded guilty to insider training after he was accused of making $1.7 million in illegal profits by purchasing and selling stocks based on his wife’s work conversations, which he had overheard while she was working remotely at home, federal prosecutors said on Thursday.The man, Tyler Loudon, of Houston, bought 46,450 shares of stock in the truck stop and travel center company TravelCenters of America after he heard his wife discuss her employer’s proposed acquisition of it, according to a complaint filed in the Southern District of Texas by the U.S. Securities and Exchange Commission.Mr. Loudon’s wife, who is not named in court documents, was a mergers and acquisitions manager at BP, a British oil and gas company, the complaint said.On Feb. 16, 2023, TravelCenters of America a...
What Is Your Housing Situation? We Want to Hear From You.
Business

What Is Your Housing Situation? We Want to Hear From You.

“No society can be fully understood apart from the residences of its members.”I have that quote (from “Crabgrass Frontier,” the seminal history of America’s suburbs) taped to a wall behind my desk. It summarizes why I love covering housing for The New York Times and seem never to run out of things to write about. Housing is everything. It’s where we live and raise our families. It is most people’s largest store of wealth. Whether you own, you rent, or you sleep outside, where you hang your head defines much of your existence.Over the past few decades, and especially since the pandemic, housing has gone from a symbol of American strength to an everyday crisis. Aspiring homeowners are becoming forever renters. People live in increasingly crowded households, the supply of illegal housing has ...
Nvidia Is a Must-Buy. Or Is It?
Business

Nvidia Is a Must-Buy. Or Is It?

In 2002, after the dot-com bubble burst and Sun Microsystems swooned, the company’s co-founder Scott McNealy highlighted the folly of Wall Street analysts who favored one particular financial metric to gauge a stock’s worth: its price relative to the company’s sales.Mr. McNealy was musing about the “price to sales” ratio — an important measure of a company’s value relative to how much cash it generates. A high ratio can be justified if investors think a company has room to grow; a low ratio typically signals that investors think the company is accurately valued.Using that metric, analysts had gambled that Sun’s stock was undervalued even when it was trading at more than 10 times its revenue — a value its business couldn’t ultimately sustain. Even if Sun passed on every dollar it was making...