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Tesla Shareholders to Vote on Elon Musk’s Pay Package

Tesla Shareholders to Vote on Elon Musk’s Pay Package

Business
Under Elon Musk’s leadership, Tesla popularized electric vehicles and became the most valuable auto company in the world. Mr. Musk became a billionaire many times over while generating huge profits for investors. Even so, Tesla’s shareholders may decide this week that Mr. Musk has been paid too much. In a vote whose results will be announced on Thursday, the investors could strike down a compensation package — paid in stock options and currently worth $45 billion — that makes up a substantial portion of Mr. Musk’s wealth. With it, he is probably the richest person in the world, worth well over $200 billion. Without it, he could rank behind other billionaires like Jeff Bezos of Amazon. Shareholders approved the pay formula in 2018 but are voting on it for a second time because a judge in D...
See Photos From Inside the 2024 Belmont Stakes

See Photos From Inside the 2024 Belmont Stakes

Business
Summer at the Spa — a ritual nearly 200 years strong — started early in Saratoga Springs, N.Y., with the third leg of the Triple Crown, the Belmont Stakes, being held on Saturday for the first time at Saratoga Race Course, a revered relic where the elite and otherwise mingle, but the horses rule. Broadway, the city’s central thoroughfare, bustled. Lines for picnic tables at the track formed before dawn. A new color — Belmont green — blended with the track’s signature red-and-white trimmings. Owners, trainers, horseplayers and the cooler-toting faithful all hailed the break from tradition for the race’s 156th running. A roar rose from the old wooden grandstand as the horses entered the starting gate for the main event. It did not disappoint. The 17-1 longshot Dornoch, ridden by Luis Saez a...
Andy Cohen, Fran Lebowitz and Others Gather for Little Island Performance

Andy Cohen, Fran Lebowitz and Others Gather for Little Island Performance

Business
“It’s a miracle on the water,” the actress Candice Bergen said, gazing at a grove of trees on Thursday evening as she took shelter from the sun beneath a canopy. It was the opening night of the summer performance season at Little Island, the three-year-old floating park built on a reconstructed pier in the Hudson River. Despite thunderstorms earlier in the afternoon, around 700 actors, designers and media moguls turned up under a smattering of canopies near the island’s amphitheater, among them Andy Cohen, the Bravo host and executive producer; Annie Leibovitz, the photographer; Fran Lebowitz, the writer; Natasha Lyonne, the actress; Bryan Lourd, the chief executive of the talent agency CAA; and Jason Blum, the film producer. source
OPEC Plans a Gradual Unwinding of Production Cuts

OPEC Plans a Gradual Unwinding of Production Cuts

Business
When officials from major oil-producing countries met on Sunday, they had a tricky task before them: To reassure shaky markets that they would continue to restrain oil supplies. The group known as OPEC Plus, which is led by Saudi Arabia and includes Russia, also wanted to offer some hope to discontented producers like the United Arab Emirates that they might soon get the go-ahead to pump more oil. Not surprisingly, the deal reached in Riyadh, the Saudi capital, on Sunday is complex. It aims to bolster oil prices by promising that deep production cuts will extend through next year. But it also spells out a gradual phase out of a portion of the cuts. Beginning in October, oil output for eight countries, including Saudi Arabia, the United Arab Emirates and Iraq, may gradually rise in monthly...
Trump Can Sue Niece Over Disclosure of Financial Documents, Court Rules

Trump Can Sue Niece Over Disclosure of Financial Documents, Court Rules

Business
In the claims against his niece, Mr. Trump has argued that she broke the terms of a confidentiality agreement that was part of a settlement related to the will of Fred C. Trump, the former president’s father, who died in 1999. Ms. Trump, who disclosed her role as a source for The Times in a 2020 memoir, maintains that the First Amendment protected her actions. In a three-page opinion on Thursday, the state appeals court upheld a lower-court ruling that there was “a substantial basis in law” for Mr. Trump’s claim of breach of contract. The opinion also noted several questions that would need to be resolved for Mr. Trump to prevail, including the precise duration of the confidentiality provision signed by Ms. Trump and whether the former president could prove that he suffered damages as a r...
CFPB to Create ‘Corporate Offender’ Registry

CFPB to Create ‘Corporate Offender’ Registry

Business
It will also capture those subject to consent orders, a common outcome of settlement deals. That means companies that legally resolved issues without admitting wrongdoing will be included in the registry. The consumer bureau said it would omit banks and credit unions — a frequent target of regulatory fines and penalties — from the registry because the four federal regulators who cover that industry already publicly publish their consumer protection orders. But it may cover some bank holding companies. Business lobbyists forcefully opposed the plan, which the bureau first proposed in late 2022. Six trade groups, including the U.S. Chamber of Commerce, sent a letter to the bureau last year criticizing the proposed registry as burdensome and unnecessary. “Naming and shaming companies and the...
China Has a Plan for Its Housing Crisis. Here’s Why It’s Not Enough.

China Has a Plan for Its Housing Crisis. Here’s Why It’s Not Enough.

Business
China has a housing problem. A very big one. It has nearly four million apartments that no one wants to buy, a combined expanse of unwanted living space roughly the area of Philadelphia. Xi Jinping, the country’s leader, and his deputies have called on the government to buy them. The plan, announced last week, is the boldest move yet by Beijing to stop the tailspin of a housing crisis that threatens one of the world’s biggest economies. It was also not nearly enough. China has a bigger problem lurking behind all those empty apartments: even more homes that developers already sold but have not finished building. By one conservative estimate, that figure is around 10 million apartments. The scale of China’s real estate boom was breathtaking. The extent of its unrelenting bust, which began n...
What to Watch For in Nvidia’s Q1 Earnings Report

What to Watch For in Nvidia’s Q1 Earnings Report

Business
All eyes on Nvidia Despite concerns about stubbornly high inflation, elevated interest rates and ballooning U.S. debt, the S&P 500 is trading at a record on Wednesday, having soared 27 percent over the past year. Among the factors driving the rally, few are bigger than the boom in stocks tied to artificial intelligence — and the biggest of all of those is Nvidia. Investors have high hopes for Nvidia’s earnings on Wednesday. Expect a torrent of trading when the chip maker reports results for its fiscal first quarter after market close. A year ago, Nvidia’s stock jumped more than 24 percent after it posted knockout earnings. source
Russia’s War Machine Revs Up as the West’s Plan to Cap Oil Revenues Sputters

Russia’s War Machine Revs Up as the West’s Plan to Cap Oil Revenues Sputters

Business
The United States and its allies in the Group of 7 nations set two goals in 2022 when they enacted a novel plan to cap the price of Russian oil: restrict Moscow’s ability to profit from its energy exports while allowing its oil to continue flowing on international markets to prevent a global price shock. A year and a half later, only the latter goal appears to have worked. Energy prices have been relatively stable across the world, including in the United States, which helped devise the plan. But Russia’s war effort in Ukraine is intensifying, making it increasingly clear that efforts by Western allies to squeeze Moscow’s oil revenues are faltering. A variety of factors have allowed Russia to continue profiting from strong oil revenue, including lenient enforcement of the price cap. Russi...
Inside NPR, New Editing Layer Adds Angst Among Employees

Inside NPR, New Editing Layer Adds Angst Among Employees

Business
One of NPR’s most prominent hosts asked the company’s top editor on Thursday to disclose the identity of an anonymous funder who is helping pay for a new layer of editing several weeks after the radio network faced a prominent accusation of having a liberal bias in its coverage. Michel Martin, a host of NPR’s “Morning Edition,” pressed Edith Chapin, NPR’s chief content officer, to identify the source of the funding in an editorial meeting at the network’s Washington headquarters, according to four people with knowledge of the exchange. Ms. Chapin declined to elaborate on the source of the money but said that it wouldn’t be a surprise to NPR’s editorial staff. Ms. Martin replied she would not accept that answer from a source, the people said. The meeting was held to discuss the new layer o...