Business

Why Are Americans Wary While the Economy Is Healthy? Look at Nevada.
Business

Why Are Americans Wary While the Economy Is Healthy? Look at Nevada.

Toni Irizarry recognizes that the economy has improved. Compared with the first wave of the pandemic, when Las Vegas went dark, and joblessness soared to levels not seen since the Great Depression, these are days of relative normalcy.Ms. Irizarry, 64, oversees a cafe at the Orleans Hotel and Casino, a property just off the Las Vegas Strip that caters mostly to locals. Guests have returned, filling the blackjack and roulette tables amid the cacophony of jingling slot machines — the sound of money.She started in the hospitality industry busing tables when she was only 16. Her paychecks have allowed her to purchase a home, raise three children and buy each of them their first car. But as she contemplates the future, she cannot shake a sense of foreboding.The outlook of people like Ms. Irizarr...
President of Powerful Service Workers Union Will Step Down
Business

President of Powerful Service Workers Union Will Step Down

Mary Kay Henry, the president of the Service Employees International Union, one of the nation’s largest and most politically powerful labor unions, announced Tuesday that she would step down after 14 years in her position.Ms. Henry was the first woman elected to lead the union, which represents nearly two million workers like janitors and home health aides in both the public and private sectors.Under her leadership, it launched a major initiative known as the Fight for $15, which sought to organize fast-food workers and push for a $15 minimum wage. Winning over skeptics in the ranks, Ms. Henry argued that the union could make gains through a broad-based campaign that targeted the industry as a whole rather than individual employers.Labor experts and industry officials cite the campaign as ...
A City Built on Steel Tries to Reverse Its Decline
Business

A City Built on Steel Tries to Reverse Its Decline

Gary, Ind., was once a symbol of American innovation. The home of U.S. Steel’s largest mill, Gary churned out the product that built America’s bridges, tunnels and skyscrapers. The city reaped the rewards, with a prosperous downtown and vibrant neighborhoods.Gary’s smokestacks are still prominent along Lake Michigan’s sandy shore, starkly juxtaposed between the eroding dunes and Chicago’s towering silhouette to the northwest. But now they represent a city looking for a fresh start.More than 10,000 buildings sit abandoned, and the population of 180,000 in the 1960s has dropped by more than half. Poverty, crime and an ignoble moniker — “Scary Gary” — deter private investors and prospective homeowners.As U.S. Steel stands at a crossroads — a planned acquisition would put it under foreign cont...
Sean Wang Lives His ‘Fairy Tale’ at Sundance
Business

Sean Wang Lives His ‘Fairy Tale’ at Sundance

“I feel like I’m in a fairy tale,” Sean Wang said to the sold-out crowd gathered at the Ray Theater in Park City, Utah, last month for his Sundance Film Festival debut.Mr. Wang, a 29-year-old filmmaker, was dressed in a black suit and white Vans (a nod to his skateboarding roots). He grabbed his chest in a show of how fast his heart was beating as he introduced his film, “Dìdi.” It is a coming-of-age story about an angsty, insecure 13-year-old Taiwanese American boy trying to find his place in the world.“I’m just going to take a few seconds to take this all in,” he said before snapping a photograph of the audience. The warm crowd included Mr. Wang’s family and friends, the film’s cast and crew, and a handful of potential buyers who have the power to transform his station in life from aspir...
Walmart to Add 150 U.S. Stores in Five-Year Expansion Drive
Business

Walmart to Add 150 U.S. Stores in Five-Year Expansion Drive

Walmart will add 150 stores in the United States over the next five years, a major expansion drive for the retail giant.The company said the move, which it announced in a statement on Wednesday, would involve millions of dollars in investment. Walmart employs roughly 1.6 million people in the United States, and said it hires hundreds of people each time it opens a new store.Walmart had just over 4,600 stores nationwide at the end of October, down from more than 4,700 a year earlier. The company has not opened a new U.S. store since late 2021.Most of the stores that Walmart plans to open will be newly built, while others will be conversions of existing locations to new formats. The first two new stores will open in the spring, in Florida and Georgia, and the company is completing constructi...
Boeing Balances Safety and Profits Amid 737 Max Crisis
Business

Boeing Balances Safety and Profits Amid 737 Max Crisis

Less than four weeks after a hole blew open on a Boeing 737 Max 9 jet during a flight, company executives face a thorny question: Should they emphasize safety or financial performance?The issue is looming as Boeing prepares to report its fourth-quarter earnings on Wednesday amid its most significant safety crisis in years. With the Jan. 5 incident on a Max 9 flight still under investigation, executives are grappling with how much to discuss quality control while also reassuring shareholders that the company is protecting their investment, according to two people with knowledge of the matter.The National Transportation Safety Board is expected in the coming days to release a preliminary report on the incident, which occurred on an Alaska Airlines flight. The report could shed more light on ...
Private Equity Is Starting to Share With Workers, Without Taking a Financial Hit
Business

Private Equity Is Starting to Share With Workers, Without Taking a Financial Hit

In 2018, Anna-Lisa Miller was working with agricultural cooperatives in Hawaii, helping them reinvest in their communities through shared ownership.Ms. Miller, who had gone to law school and had planned to do civil rights litigation, loved the principle of workers partaking in the financial success of their employers, and the next year joined Project Equity, a nonprofit that helps small businesses transition to worker ownership. But it was slow going, with each transaction requiring customized assistance.Then she came across an investor presentation from a different universe: KKR, one of the world’s largest private equity firms. In it, a KKR executive, Pete Stavros, discussed a model he had been developing to provide employees with an equity stake in companies it purchased, so the workers ...
China Says It Has Imprisoned Ian Stones, a British Businessman, on Spy Charges
Business

China Says It Has Imprisoned Ian Stones, a British Businessman, on Spy Charges

A British businessman who disappeared from public view in China in 2018 was sentenced to five years in prison in 2022, China’s Foreign Ministry said on Friday, in its first public acknowledgment of the case.The businessman, Ian J. Stones, had lived in China since the 1970s, working for companies like General Motors and Pfizer. For years after he vanished, there was no public information about his whereabouts, though some in the business community privately discussed his secret detention.A spokesman for the Foreign Ministry said that Mr. Stones had been convicted in 2022 of “buying and unlawfully supplying intelligence for an organization or individual outside China.” Mr. Stones’s appeal of the verdict was rejected in September 2023, said the spokesman, Wang Wenbin.Mr. Wang was responding t...
U.S. Economy Grew at 3.3% Rate in Latest Quarter
Business

U.S. Economy Grew at 3.3% Rate in Latest Quarter

The U.S. economy continued to grow at a healthy pace at the end of 2023, capping a year in which unemployment remained low, inflation cooled and a widely predicted recession never materialized.Gross domestic product, adjusted for inflation, grew at a 3.3 percent annual rate in the fourth quarter, the Commerce Department said on Thursday. That was down from the 4.9 percent rate in the third quarter but easily topped forecasters’ expectations and showed the resilience of the recovery from the pandemic’s economic upheaval.The latest reading is preliminary and may be revised in the months ahead.Forecasters entered 2023 expecting the Federal Reserve’s aggressive campaign of interest-rate increases to push the economy into reverse. Instead, growth accelerated: For the full year, measured from th...
Delta Air Lines Boeing 757 Lost Nose Wheel Before Takeoff, F.A.A. Says
Business

Delta Air Lines Boeing 757 Lost Nose Wheel Before Takeoff, F.A.A. Says

A Boeing 757 plane operated by Delta Air Lines lost a nose wheel as it prepared to take off from Atlanta’s main airport on Saturday, according to the Federal Aviation Administration. It was the latest troubling episode involving one of the manufacturer’s aircraft.Delta Air Lines Flight 982 was preparing to take off from Hartsfield-Jackson Atlanta International Airport for a trip to Bogotá, Colombia, at about 11:15 a.m. Saturday when a “nose wheel came off and rolled down the hill,” the agency said in a preliminary report.More than 170 passengers who were aboard had to deplane, but no one was hurt, the report said.A Delta spokesman said the passengers were put on a replacement flight.A Boeing spokesman declined to comment and directed questions to Delta.The F.A.A. said that it was continuin...