Money

Gary Gensler, the newly installed chairman of the Securities and Exchange Commission, put Robinhood and Citadel Securities on notice Thursday about a potential crackdown in the Biden era. Gensler, whose nomination was endorsed by Senator Elizabeth Warren, repeatedly expressed concern about the “inherent” conflicts of interest that exist in the payment-for-order flow business model used

A major shareholder in Tesla has become bearish about the company. Scottish fund manager Baillie Gifford & Co. sold 11.1 million shares of Tesla during the first quarter, the firm disclosed in a filing Thursday. That sell off reduced the fund’s holdings by 40% since December 31. The shares sold constitute 1.2% of Telsa’s total

The semiconductor industry’s constant challenge is to make microchips that are smaller, faster, more powerful and more energy efficient — simultaneously. On Thursday, IBM announced it has created a 2-nanometer chip, the smallest, most powerful microchip yet developed. Most computer chips powering devices today use 10-nanometer or 7-nanometer process technology, with some manufacturers producing 5-nanometer

Several top business leaders have backed President Joe Biden’s plan to raise taxes on large corporations and the wealthy and spend more on infrastructure. But JPMorgan Chase CEO Jamie Dimon wants to see more details. “I’m concerned about how the money’s going to be spent,” Dimon said in a recorded interview for the Investment Company

Three dollar store chains will make up almost half of all the new stores opening up in the United States this year, a reflection of the dollar store sector’s outsized growth in the retail industry as other chains close shops or stop building new ones. About 45% of the 3,597 store openings that large retail

News of the Bill and Melinda Gates’ divorce ricocheted around the world this week, raising a number of questions: What, why? What about the foundation? Is it too soon to ask Melinda to star in a reality TV series with Mackenzie Scott? And, of course, what happens to that ginormous house? (Answers: We don’t know;

A bubble could be brewing in steel stocks. The pandemic brought the American steel industry to its knees last spring, forcing manufacturers to shut down production as they struggled to survive the imploding economy. But as the recovery got underway, mills were slow to resume production, and that created a massive steel shortage. Now, the

David Swensen, the long-time chief investment officer at Yale University and a legend in the world of college endowments, died Wednesday at the age of 67. Yale president Peter Salovey wrote about Swensen’s death in a statement Thursday, saying that Swensen died following “a long and courageous battle with cancer.” Swensen graduated from Yale with

Last year, when Applebee’s sales took a hit in the pandemic, the chain slimmed down its menu. Now its sales are recovering, but Applebee’s is sticking with the change. “We’re going to keep [the menu] lean,” Applebee’s president John Cywinski told CNN Business. During the pandemic, Applebee’s cut down its menu from about 160 items

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. In a pair of new interviews, White House press secretary Jen Psaki is sharing a lot about her approach to the job; the frantic news cycle; media fragmentation, and the role of Twitter. In a

The pandemic has been a tough time to be in the business of shuttling people from Point A to Point B. For months, government rules and fears about catching Covid-19 meant everyone stayed put. Finally, though, there are signs of change — and Uber, for one, is thrilled. “Uber has already begun to fire on

Three dollar store chains will make up almost half of all the new stores opening up in the United States this year, a reflection of the dollar store sector’s outsized growth in the retail industry as other chains close shops or stop building new ones. About 45% of the 3,597 store openings that large retail

Earlier this week, Eleven Madison Park’s chef and owner Daniel Humm made an unexpected announcement: When the famed New York City restaurant reopens its doors next month, meat will be off the menu. It might seem like the perfect time to get people on board with an all-vegan menu. Plant-based proteins are as popular as

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. In a pair of new interviews, White House press secretary Jen Psaki is sharing a lot about her approach to the job; the frantic news cycle; media fragmentation, and the role of Twitter. In a

Rio Tinto shareholders have rebelled over payouts to former CEO Jean-Sébastien Jacques and other executives who quit last year after the company destroyed a 46,000-year-old sacred Indigenous site in Australia. More than 60% of the votes cast at the mining company’s annual general meetings in London and Sydney were against its remuneration report, according to

Bitcoin may be the king of cryptocurrencies, but it’s facing an environmental backlash over the energy-intensive technology underpinning it. A new crypto called chia says it’s the eco-friendly alternative. Like most digital currencies, chia runs on a decentralized ledger system known as blockchain. But unlike bitcoin, chia, which was founded by the inventor of BitTorrent,

The divorce of Bill and Melinda Gates has sent shockwaves through China, where the Microsoft co-founder has achieved a level of fame unlike almost any other Western entrepreneur. The “Bill Gates’ divorce” hashtag had generated more than 830 million views and 66,000 discussion posts on China’s Twitter-like platform Weibo by Wednesday — far surpassing the

As the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived and now there isn’t enough lumber to feed the red-hot housing market. The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones and causing sticker shock