Business

A multibillion-dollar federal effort to modernize the Internal Revenue Service has not yet solved the agency’s struggles to answer customers’ calls, ameliorate identity theft or process amended tax returns, the agency’s watchdog wrote on Wednesday in a report to Congress.The annual report by the Office of the National Taxpayer Advocate comes as the agency faces a steep cut to the new funding that was intended to help it resolve longstanding issues, including backlogs of tax returns and lackluster customer service.A spending agreement in Congress to fund the federal government would claw back about $20 billion of the $80 billion the I.R.S. received from the Inflation Reduction Act of 2022. Republican lawmakers are eager to rescind even more money from the agency, even as it tries to focus i...

U.S. Steel is an iconic example of the lost manufacturing muscle that President Biden says his economic policies will bring back to the United States.But last month, the storied-but-diminished company announced plans to be acquired by a Japanese competitor. That development has put Mr. Biden in an awkward bind as he tries to balance attempts to revitalize the nation’s industrial sector with his efforts to rebuild international alliances.Mr. Biden’s administration has expressed some discomfort with the deal and is reviewing the proposed $14.1 billion takeover bid by Japan’s Nippon Steel. The company is offering a hefty premium for U.S. Steel, which has struggled to compete against a flood of cheap foreign metal and has been weighing takeover offers for several months.The proposal has quickl...

The Federal Aviation Administration on Saturday ordered U.S. airlines to stop using some Boeing 737 Max 9 planes until they are inspected, less than a day after one of those planes lost a chunk of its body in midair “with an extremely loud pop,” terrifying passengers before the jet safely returned to ground.Those on board Alaska Airlines Flight 1282 described an unnerving experience during the 20 minutes of the flight, which was destined for Ontario, Calif., but returned to Portland International Airport in Oregon on Friday night. As yellow oxygen masks dangled above their heads, a powerful wind tore through a gaping hole that showed the night sky and the city lights below. No one aboard the plane was seriously injured.A passenger, Vi Nguyen of Portland, said that she woke up to a loud sou...

The Biden administration on Thursday announced plans to provide $162 million in federal grants to Microchip Technology, an Arizona-based semiconductor company that supplies the automotive, defense and other industries.The agreement is the second award announced under a new program intended to help ensure that American companies that rely on semiconductors have a stable supply. Last month, the Biden administration announced a $35 million grant for BAE Systems, a defense contractor.The investment will enable Microchip to increase its production of semiconductors that are used in cars, airplanes, appliances, medical devices and military products. The administration said it expected the award to create more than 700 jobs in construction and manufacturing.“Today’s announcement with Microchip is...

Federal labor officials accused the rocket company SpaceX on Wednesday of illegally firing eight employees for circulating a letter critical of the company’s founder and chief executive, Elon Musk.According to a complaint issued by a regional office of the National Labor Relations Board, the company fired the employees in 2022 for calling on SpaceX to distance itself from social media comments by Mr. Musk, including one in which he mocked sexual harassment accusations against him.The letter circulated by the employees also called on SpaceX, which has more than 13,000 employees, to clarify its harassment policies and enforce them consistently.The labor board complaint said the company’s president and chief operating officer, Gwynne Shotwell, had illegally restricted employees from circulati...

When Patrick Pacious, the chief executive of a large portfolio of hotel brands, promoted a blockbuster attempt to acquire a competitor in October, he said the proposed merger would lower costs and attract more customers for the families and small businesses that own most of the company’s locations.“Our franchisees instantly grasped the strategic benefit this would bring to their hotels,” Mr. Pacious, who leads Choice Hotels, said on CNBC.As the weeks have passed, however, the reaction has not been positive. Wyndham Hotels and Resorts, the target of the proposed deal, rejected the offer from Choice, which is now pursuing a hostile takeover. And in early December, an association representing the majority of hoteliers who own Choice and Wyndham-branded properties came out strongly against it....