Investments and Business

Even before a snowstorm brought Des Moines to a near standstill on Friday, the city felt decidedly more subdued than it usually does around the Iowa caucuses: quiet restaurants, empty streets, bartenders with little to do.The numbers confirm it: The 2024 caucuses are expected to bring less than 40 percent of the direct economic impact to the capital that the 2020 contest provided — an estimated $4.2 million, down from $11.3 million four years ago. Direct economic impact measures what visitors do, like sleeping, driving, eating and drinking.It is a striking decline that reflects, among other things, diminished media engagement…

The Supreme Court agreed on Friday to hear a case brought by Starbucks challenging a federal judge’s order to reinstate seven employees who were fired at a store in Memphis amid a union campaign there.Starbucks argued that the criteria for such intervention by judges in labor cases, which can also include measures like reopening shuttered stores, vary across regions of the country because federal appeals courts may adhere to different standards.A regional director for the National Labor Relations Board, the company’s opponent in the case, argued that the apparent differences in criteria among appeals courts were semantic rather than substantive,…

Two Democratic lawmakers on Tuesday expressed concerns about ex-Wall Street financiers overseeing the Commerce Department’s distribution of $39 billion in grants to the semiconductor industry, saying the staffing raised questions about the creation and abuse of a revolving door between government and industry.In a letter to the Commerce Department, Senator Elizabeth Warren of Massachusetts and Representative Pramila Jayapal of Washington criticized the department’s decision to staff a new office overseeing grants to the chip industry with former employees of Blackstone, Goldman Sachs, KKR and McKinsey & Company.The lawmakers said the staffing decisions risked an outcome where staff members could favor…

The global economy is at risk of a “wasted” decade and the weakest stretch of growth in 30 years, the World Bank warned on Tuesday, saying a sluggish recovery from the pandemic and crippling wars in Ukraine and the Middle East are expected to weigh heavily on output.In its semiannual Global Economic Prospects report, the World Bank projected that the growth in world output will slow further in 2024, declining to 2.4 percent from 2.6 percent. Although the global economy has been surprisingly resilient, the report warned that its forecasts were subject to heightened uncertainty because of the two wars,…

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,…

The Chinese government announced on Friday that Tesla would recall practically all of the cars it has sold in the country to adjust their assisted-driving systems, less than a month after a similar recall in the United States.To address the problems, Tesla will transmit updated computer software to its 1.6 million cars in China, the State Administration for Market Regulation said.The updated software involves “adding additional automatic assisted steering control,” the regulator said. It also said that Tesla would remind customers to pay attention to their driving and follow all regulations even if they use the so-called Autopilot capabilities.Three weeks…