Amanda Hoover of Wired is reporting that thousands of Airbnbs and short-term rentals are about to be wiped off the map in New York City. She writes: Local Law 18, which came into force Tuesday, is so strict it doesn’t just limit how Airbnb operates in the city—it almost bans it entirely for many guests and hosts. From now on, all short-term rental hosts in New York must register with the city, and only those who live in the place they’re renting—and are present when someone is staying—can qualify. And people can only have two guests. Gone are the days of sleek downtown apartments outfitted … [Read more...]
Coalition Forces Ready to Strike Houthi Rebels
Michael R. Gordon, Gordon Lubold, and Nancy A. Youssef of The Wall Street Journal are reporting that the American military is readying options to strike the Iran-backed Houthi rebel group in response to its attacks on ships in the Red Sea. They write: The U.S., Britain and key allies issued what officials described as a final warning to the Houthi Yemeni rebel group Wednesday to cease its attacks on international shipping in the Red Sea or bear the consequences. “Ongoing Houthi attacks in the Red Sea are illegal, unacceptable, and profoundly destabilizing,” says the statement issued by … [Read more...]
Tesla Falls Behind China’s BYD in Quarterly Sales
Rebecca Elliott of The Wall Street Journal tells her readers that Tesla delivered about 1.81 million vehicles worldwide in 2023, hitting its full-year target, but its growth rate slowed slightly. She writes: Chinese automaker BYD for the first time topped Tesla as the world’s largest seller of electric vehicles on a quarterly basis, a sign of China’s emerging strength in the global market for battery-powered cars. BYD reported selling more than 526,000 fully electric vehicles in the fourth quarter of 2023, compared with Tesla’s sales of nearly 485,000 for the same period. Tesla … [Read more...]
The Quest to Lead in Manufacturing Again
David Harrison of The Wall Street Journal is reporting that government incentives are driving factory construction as rates and inventories are weighing on sales and employment. He writes: U.S. manufacturing is entering a golden age, with government subsidies sparking a boom in factory construction. Yet the industry is also mired in the longest slump in more than two decades. Activity has weakened for 13 straight months, the longest stretch since 2002, according to surveys of purchasing managers by the Institute for Supply Management. Behind that split-screen image: U.S. manufacturing … [Read more...]
2024 Job Market Forecast
Jeffrey Sparshott and Gabriel T. Rubin of The Wall Street Journal are reporting that forecasters expect unemployment to edge higher and hiring to slow in 2024. They write: Employers slowed hiring and handed out smaller raises in recent months, signs of fading momentum in the job market that have some forecasters expecting unemployment to rise in 2024. And that might be OK. The key for American workers and Federal Reserve policymakers is to have the labor market cool without collapsing. That would support household incomes while helping inflation drift lower, putting the economy on a glide … [Read more...]
2024 Supply Chain Hang Over
Paul Berger of The Wall Street Journal is reporting that companies looking to establish resilience in the wake of the Covid-19 pandemic are already putting rebuilt sourcing and logistics strategies to work thanks to geopolitical tensions and disruptions. He writes: Companies that assembled new supply chain strategies in the wake of the Covid-19 pandemic are having to put those plans into practice far faster than they may have thought possible. Global supply chains are entering 2024 roiled by disruptions at two of the world’s crucial trade corridors—the Panama Canal and the Suez Canal—even … [Read more...]
Amazon’s Betting on Online Car Sales
Sebastian Herrera of The Wall Street Journal tells his readers that Amazon aims to make online car purchases as seamless as getting everyday essentials. He writes: Willie Hall loves to browse and buy cars online, but he wants more options. Soon, he may turn to Amazon.com. “I’m already a Prime member,” said Hall, who lives in Colorado and bought a used Fiat 500 Abarth on Carvana in 2021. “I’ve been with Amazon for God knows how long and know the way they operate.” Amazon is eager to see just how many Willie Halls there are in the U.S. The company last month said shoppers next year … [Read more...]
Shale Driller Tries to Produce ‘Guilt-Free’ Gas
Phred Dvorak of The Wall Street Journal is reporting how a natural gas producer will bury enough carbon dioxide to offset emissions generated in making and burning its gas. She writes: A shale driller is out to prove that it is possible to go completely green—while still producing natural gas. Denver-based BKV says that by the 2030s it will store millions of tons of climate-warming carbon dioxide in wells deep underground to eliminate or offset all of the emissions generated from manufacturing and using its gas. The idea is that consumers can buy that gas and use it without … [Read more...]
U.S. Steel Sale: Potential Impact on National Security and Supply Chain
Tarini Parti and Katy Stech Ferek of The Wall Street Journal are reporting the sale of one of America’s most storied industrial enterprises, U.S. Steel. The buyer is Japan’s Nippon Steel, and it has the potential impact on national security and supply chains. The Biden administration’s top economic adviser said Thursday the $14.1 billion deal to acquire U.S. Steel by Japan’s Nippon Steel deserved “serious scrutiny” regarding its potential impact on national security and supply chains. “This looks like the type of transaction that the interagency committee on foreign investment Congress … [Read more...]
Court Pauses Apple Watch Ban in U.S.
Aaron Tilley of The Wall Street Journal reports that Apple has won a temporary reprieve as U.S. court pauses watch ban. Apple AAPL won a temporary reprieve for its $18 billion smartwatch business after a U.S. appeals court on Wednesday paused a federal agency’s import ban on most of its watch models. The ruling will allow sales to resume in the coming weeks while the court weighs Apple’s request to pause the ban pending its appeal of an October decision by the U.S. International Trade Commission. The commission banned the import into the U.S. of some versions of the Apple Watch over … [Read more...]
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