Business

Apple Kills Its Electric Car Project
Business

Apple Kills Its Electric Car Project

Connected media - Associated media Though Apple had not unveiled its car to consumers, the product had for many years been one of Silicon Valley’s worst-kept secrets because it was being tested on public roads. The cancellation is a rare move by Apple, which typically doesn’t shelve such public and high-profile projects. The company has struggled in recent years to find new avenues for growth as its all-important iPhone has saturated the market and people are upgrading their phones less frequently than they used to. Tim Cook, Apple’s chief executive, has publicly hinted that Apple was interested in entering the car space. The company had also been testing hundreds of vehicles equipped with autonomous driving technology in public for many years. The car, internally code-named Titan an...
The Apple Car is Dead, But the Innovation Behind It Lives on
Business

The Apple Car is Dead, But the Innovation Behind It Lives on

Associated media - Associated media Innovation on wheels Has Apple really crashed the car? The tech giant has killed its electric vehicle project as it pivots to artificial intelligence, prompting many observers to declare the venture a major failure for the company. Here’s a contrarian thought: That critique misses a wider point about how Apple innovates, because the company has used the project to power a whole ecosystem of products and services that have been unmitigated successes. Apple invested billions to build a self-driving car. Reports emerged about the secret effort, code-named Project Titan, in 2014, and the company has never publicly acknowledged its existence. That said, it told staff on Tuesday that many of them would be redeployed. There had been an wider internal deb...
Bank Runs Spooked Regulators. Now a Clampdown Is Coming.
Business

Bank Runs Spooked Regulators. Now a Clampdown Is Coming.

One year after a series of bank runs threatened the financial system, government officials are preparing to unveil a regulatory response aimed at preventing future meltdowns.After months of floating fixes at conferences and in quiet conversations with bank executives, the Federal Reserve and other regulators could unveil new rules this spring. At least some policymakers hope to release their proposal before a regulation-focused conference in June, according to a person familiar with the plans.The interagency clampdown would come on top of another set of proposed and potentially costly regulations that have caused tension between big banks and their regulators. Taken together, the proposed rules could further rankle the industry.The goal of the new policies would be to prevent the kind of c...
The I.R.S.’s Taxpayer Experience Officer Says Open Your Mail Already
Business

The I.R.S.’s Taxpayer Experience Officer Says Open Your Mail Already

The Internal Revenue Service is on a charm offensive, as long as you don’t earn too much money.After a multiyear pandemic pause, the agency is rebooting its collection efforts, hammering home its intent to chase down high earners who owe the most. On Thursday, the I.R.S. said it was sending letters to over 25,000 people with more than $1 million in income who had not filed tax returns since 2017.Everyone else, the agency insists, is going to benefit from the $80 billion that the agency won via the Inflation Reduction Act, which was passed in 2022. The year before that, the I.R.S. appointed Ken Corbin as its first chief taxpayer experience officer.So what does he do all day? I went to the agency’s headquarters in Washington to find out, which was an experience unto itself.First, the securit...
California’s Economy Pinched by Unemployment
Business

California’s Economy Pinched by Unemployment

For decades, California’s behemoth economy has outpaced those of most nations, holding an outsize role in shaping global trends in tech, entertainment and agriculture.While that reputation remains, the state has a less enviable distinction: one of the nation’s highest unemployment rates.Nationwide, the rate is 3.7 percent, and in January, the country added 353,000 jobs. California’s job growth has been slower than the nationwide average over the last year, and the unemployment rate remains stubbornly high — 5.1 percent in the latest data, a percentage point higher than a year earlier and outpaced only by Nevada’s 5.4 percent.With layoffs in the tech-centered Bay Area, a slow rebound in Southern California from prolonged strikes in the entertainment industry and varying demand for agricultu...
Auto Insurance Spike Hampers the Inflation Fight
Business

Auto Insurance Spike Hampers the Inflation Fight

Job growth, wage growth and business growth are all lively, and inflation has steeply fallen from its 2022 highs. But consumer sentiment, while improving, is still sour.One reason may be sticker shock from some highly visible prices — even as overall inflation has calmed. The cost of car insurance is a key example.Motor vehicle insurance rose 1.4 percent on a monthly basis in January alone and has risen 20.6 percent over the past year, the largest jump since 1976. It has been a huge hit for those driving the roughly 272 million private and commercial vehicles registered in the country. And it has played a part in dampening the “mission accomplished” mood on inflation that was bubbling up in markets at the beginning of the year.According to a recent private-sector estimate, the average annu...
Yellen Urges Israel to Restore Economic Ties to West Bank
Business

Yellen Urges Israel to Restore Economic Ties to West Bank

Treasury Secretary Janet L. Yellen said on Tuesday that she had personally urged Prime Minister Benjamin Netanyahu of Israel to increase commercial engagement with the West Bank, contending that doing so was important for the economic welfare of both Israelis and Palestinians.Ms. Yellen’s plea was outlined in a letter that she sent to Mr. Netanyahu on Sunday. It represented her most explicit public expression of concern about the economic consequences of the war between Israel and Hamas. In the letter, Ms. Yellen said, she warned about the consequences of the erosion of basic services in the West Bank and called for Israel to reinstate work permits for Palestinians and reduce barriers to commerce within the West Bank.“These actions are vital for the economic well-being of Palestinians and ...
AT&T Offers $5 Credit After Widespread Service Outage
Business

AT&T Offers $5 Credit After Widespread Service Outage

AT&T will offer a $5 credit to customers affected by a widespread outage on Thursday that was caused by technical issues the company encountered while trying to expand its network, its chief executive said on Sunday.The outage, which started around 3:30 a.m. Eastern time, temporarily cut off connections for users across the United States.Some of the affected cities included Atlanta, Los Angeles and New York, according to Downdetector.com, which tracks user reports of telecommunication and internet disruptions.At its peak, the site had received about 70,000 reports of disrupted service for AT&T. Service was fully restored after about seven hours.“No matter the timing, one thing is clear — we let down many of our customers, including many of you and your families,” the chief executiv...
What Is Your Housing Situation? We Want to Hear From You.
Business

What Is Your Housing Situation? We Want to Hear From You.

“No society can be fully understood apart from the residences of its members.”I have that quote (from “Crabgrass Frontier,” the seminal history of America’s suburbs) taped to a wall behind my desk. It summarizes why I love covering housing for The New York Times and seem never to run out of things to write about. Housing is everything. It’s where we live and raise our families. It is most people’s largest store of wealth. Whether you own, you rent, or you sleep outside, where you hang your head defines much of your existence.Over the past few decades, and especially since the pandemic, housing has gone from a symbol of American strength to an everyday crisis. Aspiring homeowners are becoming forever renters. People live in increasingly crowded households, the supply of illegal housing has ...
China’s Hacker Network: What to Know About the I-Soon Document Leak
Business

China’s Hacker Network: What to Know About the I-Soon Document Leak

Leaked documents posted online last week show how the Chinese government is working with private hackers to obtain sensitive information from foreign governments and companies.The hackers worked for a security firm called I-Soon, part of a network of spies for hire working closely with Beijing.The leak showed how China’s top surveillance agency, the Ministry of Public Security, has increasingly recruited contractors to attack government targets and private companies as part of a cyberespionage campaign in Asia. The leak is likely to stoke fears among leaders in Washington who have warned against such attacks in the United States.What information was revealed?I-Soon targeted telecommunications firms, online gambling companies and local governments throughout Asia. Its hackers were able to g...