Thursday, October 22

Business

Unemployment Claims Expected to Remain High: Live Updates
Business

Unemployment Claims Expected to Remain High: Live Updates

Here’s what you need to know:American Airlines said it lost $2.4 billion in the three months to September.Credit...Don Emmert/Agence France-Presse — Getty ImagesAmerican Airlines, Southwest Airlines and Alaska Airlines said their operating revenues were down about 70 percent in the three months through September compared to the same period last year, as the industry braces for a slow holiday season. American lost $2.4 billion over the quarter, while Southwest lost more than $1.1 billion and Alaska lost more than $430 million.Air travel has improved somewhat steadily since early summer and reached a symbolic milestone on Sunday, when more than 1 million people were screened at federal airport checkpoints for the first time since March. But passenger volumes across major U.S. airlines are
Trump Records Shed New Light on Chinese Business Pursuits
Business

Trump Records Shed New Light on Chinese Business Pursuits

Follow our live coverage of the Biden vs. Trump 2020 election here.President Trump and his allies have tried to paint the Democratic nominee, Joseph R. Biden Jr., as soft on China, in part by pointing to his son’s business dealings there.Senate Republicans produced a report asserting, among other things, that Mr. Biden’s son Hunter “opened a bank account” with a Chinese businessman, part of what it said were his numerous connections to “foreign nationals and foreign governments across the globe.”But Mr. Trump’s own business history is filled with overseas financial deals, and some have involved the Chinese state. He spent a decade unsuccessfully pursuing projects in China, operating an office there during his first run for president and forging a partnership with a major government-cont
Senate Bill Would Outlaw Bank Discrimination for the First Time
Business

Senate Bill Would Outlaw Bank Discrimination for the First Time

Democrats in Congress have introduced legislation that would make it illegal for banks and other financial firms to discriminate against their customers because of their race, religion, sexual orientation and other characteristics — an effort meant to close a loophole in the Civil Rights Act highlighted in a New York Times report in June.The Fair Access to Financial Services Act, introduced on Wednesday by members of the Senate Banking Committee, would explicitly outlaw discrimination against bank customers. Currently, it is legal for banks and some other businesses to treat some customers differently as long as those customers eventually receive the services they are seeking. That means, in practical terms, that banks can racially profile their customers and delay their transactions, o
Tesla Reports 5th Straight Quarterly Profit: Live Updates
Business

Tesla Reports 5th Straight Quarterly Profit: Live Updates

Here’s what you need to know:Tesla Model 3 cars at the company’s factory in Shanghai. Sales in China slipped in September, despite price cuts.Credit...Aly Song/ReutersTesla on Wednesday reported a profit for the fifth consecutive quarter, putting it on track to report its only annual profit since its founding in 2003.Tesla said it made $331 million, or 27 cents per share, in the three months that ended in September. The company reported a profit of $143 million, or 16 cents per share, in the same period a year earlier.The company delivered 139,600 cars in the third quarter. That was a roughly 50 percent increase from the second quarter, when sales and production were severely hampered by the coronavirus pandemic.But Tesla faces questions about whether that strong sales growth is taperin
Purdue Pharma Pleads Guilty to Criminal Charges for Opioid Sales
Business

Purdue Pharma Pleads Guilty to Criminal Charges for Opioid Sales

A year ago, under the weight of opioid litigation, Purdue sought protection in bankruptcy court from which it is expected to emerge at some point as a new company. Judge Robert D. Drain, who is overseeing the bankruptcy case in White Plains, N.Y., will review a long line of unsecured creditors alongside the federal penalties. But the $2 billion federal criminal forfeiture penalty stands apart and has considerably more teeth. The Justice Department said on Wednesday it would demand that Purdue directly pay just $225 million of that amount and would earmark the remainder for the municipalities, states and tribes, on condition that they allocate the money to abate local opioid crises.A second condition of the unusual government-to-government designation, however, has prompted an outcry fro...
Google Antitrust Fight Thrusts Low-Key C.E.O. Into the Line of Fire
Business

Google Antitrust Fight Thrusts Low-Key C.E.O. Into the Line of Fire

OAKLAND, Calif. — When Sundar Pichai succeeded Larry Page as the head of Google’s parent company in December, he was handed a bag of problems: Shareholders had sued the company, Alphabet, over big financial packages handed to executives accused of misconduct. An admired office culture was fraying. Most of all, antitrust regulators were circling.On Tuesday, the Justice Department accused Google of being “a monopoly gatekeeper of the internet,” one that uses anticompetitive tactics to protect and strengthen its dominant hold over web search and search advertising.Google, which has generated vast profits through a recession, a pandemic and earlier investigations by government regulators on five continents, now faces the first truly existential crisis in its 22-year history.The company’s fo
Dept. of Justice Accuses Google of Illegally Protecting Monopoly
Business

Dept. of Justice Accuses Google of Illegally Protecting Monopoly

“A significant number of entities — spanning major public corporations, small businesses and entrepreneurs — depend on Google for traffic, and no alternate search engine serves as a substitute,” the report said. The lawmakers also accused Apple, Amazon and Facebook of abusing their market power. They called for more aggressive enforcement of antitrust laws, and for Congress to consider strengthening them.The scrutiny reflects how Google has become a dominant player in communications, commerce and media over the last two decades. That business is lucrative: Last year, Google brought in $34.3 billion in search revenue in the United States, according to the research firm eMarketer. That figure is expected to grow to $42.5 billion by 2022, the firm said.In its complaint, the Justice Departm
Google Up Against Laws That Thwarted Microsoft (and Others Since 1890)
Business

Google Up Against Laws That Thwarted Microsoft (and Others Since 1890)

Others insisted that the technological shift toward the internet and away from the personal computer meant that Microsoft lost the gatekeeper power it once held. Technology, not antitrust, opened the door to competition, they said.The Justice Department, in its suit and in a briefing with reporters, was vague about what remedies the government would propose if it won the case. But at this stage, Google is so dominant in search that giving consumers the choice to select another search engine may not make much of a difference.Google is regarded not only as a search service that provides relevant results, but as a verb — what people think of as internet search. Given a choice, they might well choose Google, and the company would argue that was because it was a superior product that people
Goldman Sachs Is Said to Admit Mistakes in 1MDB Scandal
Business

Goldman Sachs Is Said to Admit Mistakes in 1MDB Scandal

An Asian subsidiary of Goldman Sachs will plead guilty to charges in the United States to resolve a foreign corruption and bribery case over the looting of billions of dollars from a Malaysian sovereign wealth fund, according to a person familiar with the agreement.The Wall Street bank’s parent company will admit mistakes, the person said, but will not itself have to enter a guilty plea as part of the deal with federal prosecutors. The bank will also avoid the appointment of an outside monitor to review its compliance procedures.The settlement, which also requires the bank to pay more than $2 billion in penalties to the Justice Department and U.S. securities and banking regulators, is scheduled to be formally announced on Thursday morning, according to two people briefed on the plans.Th
The Department of Justice Google Antitrust Lawsuit: Live Tracker
Business

The Department of Justice Google Antitrust Lawsuit: Live Tracker

Here’s what you need to know:The Justice Department accused Google of building an illegal monopoly over central parts of the internet.Credit...John Taggart for The New York TimesThe Justice Department accused Google of maintaining an illegal monopoly over search and search advertising, in the government’s most significant legal challenge to a tech company’s market power in a generation.In a lawsuit, filed in a federal court in Washington, D.C. on Tuesday, the agency accused Google, a unit of Alphabet, of using several exclusive business contracts and agreements to lock out competition.Such contracts include Google’s payment of billions of dollars to Apple to place the Google search engine as the default for iPhones. By using contracts to maintain its monopoly, the suit says, competition