Investments and Business

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…

India is quietly grabbing from China more manufacturing of Apple’s iPhones and other electronics gear.It is happening in South Indian industrial areas on muddy plots that were once farmland.In Sriperumbudur, people call Apple “the customer,” not daring to say the name of a company that prizes its secrets.But some things are too big to hide. Two gigantic dormitory complexes are springing up from the earth. Once finished, each will be a tight block of 13 buildings with 24 rooms per floor around an L-shaped hallway. Every one of those pink-painted rooms will have beds for six workers, all women. The…

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 2023, 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…

Philips Respironics announced on Monday that it would halt sales of all of its breathing machines in the United States after reaching a settlement with the Food and Drug Administration over continuing problems with the devices.Millions of the company’s ventilators and CPAP machines, used to ease breathing at night, were recalled after reports that they blew bits of foam and potentially toxic gases into consumers’ airways.Under the settlement, Philips said it would have to meet a list of standards in a “multiyear” plan before it could resume business in the United States. The company said further details would be disclosed…

The recession America was expecting never showed up.Many economists spent early 2023 predicting a painful downturn, a view so widely held that some commentators started to treat it as a given. Inflation had spiked to the highest level in decades, and a range of forecasters thought that it would take a drop in demand and a prolonged jump in unemployment to wrestle it down.Instead, the economy grew 3.1 percent last year, up from less than 1 percent in 2022 and faster than the average for the five years leading up to the pandemic. Inflation has retreated substantially. Unemployment remains at…

A measure of inflation closely watched by the Federal Reserve continued to cool in December, the latest sign that price increases are coming back under control even as growth remains solid and the labor market healthy. In particularly positive news, a key gauge of price increases dipped below 3 percent for the first time since early 2021.The Personal Consumption Expenditures price index picked up 2.6 percent last month compared to a year earlier. That was in line with what economists had forecast and matched the November reading.But after stripping out food and fuel costs, which can move around from month…