Business

Volkswagen to Cut 23,000 German Jobs as It Tries to Lift Profits

Photo A Volkswagen plant in Zwickau, Germany. The company said its plan would lead to savings of $3.9 billion a year. Credit Jens Meyer/Associated Press Volkswagen will cut about 23,000 jobs in Germany over five years as part of a deal with its powerful labor representatives to improve chronically low profitability at its largest unit. As it seeks to recover ...

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Self-Driving Truck’s First Mission: A Beer Run

Photo An Otto truck on a San Francisco street in May. Credit Ramin Rahimian for The New York Times SAN FRANCISCO — The futurists of Silicon Valley may not have seen this one coming: The first commercial delivery made by a self-driving truck was 2,000 cases of Budweiser beer. On Tuesday, Otto, the Uber-owned self-driving vehicle operation, announced the completion ...

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A Curious Plan to Fight Climate Change: Buy Mines, Sell Coal

“Everybody knew what to expect in Round 2,” Mr. Barrett said. “They would try to sell their best assets and leave their biggest environmental problems behind.” Knack for Deals The Natural Bridge is a rocky arch towering 215 feet above a small creek in southwestern Virginia. Thomas Jefferson bought the property from King George III of England for 20 shillings. ...

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Apple’s iPhone Reveal: Buzz Over Headphones Heightens Anticipation

Photo Attendees were glued to their phones at the Apple Worldwide Developers Conference in San Francisco in June. Credit Gabrielle Lurie/Agence France-Presse — Getty Images SAN FRANCISCO — Apple is set to unveil new iPhones at an event on Wednesday, as it has done every September for the last few years. The event, which will be held in San Francisco’s ...

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Fox News Names 2 Insiders to Top Posts

Photo The News Corporation building in New York. Rupert Murdoch, the executive chairman of News Corporation and chief executive of Fox News, announced leadership changes at Fox News on Friday. Credit Kevin Hagen/Getty Images In assuming the leadership of Fox News last month, Rupert Murdoch pledged a fresh start at a network reeling from accusations that its longtime chairman, Roger ...

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C.E.O.s Meet in Secret Over the Sorry State of Public Companies

Photo The idea for starting the series of meetings grew out of a frustration that Jamie Dimon, JPMorgan Chase’s chief executive, had about public companies. Credit Mario Tama/Getty Images Warren E. Buffett quietly walked through the lobby of JPMorgan Chase’s headquarters on Park Avenue in Manhattan last summer and was ushered up to the 49th floor by a security guard, ...

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Demand for ‘Himalayan Viagra’ Fungus Heats Up, Maybe Too Much

Photo Harvesters crawled while picking caterpillar fungus on the Tibetan Plateau in May. The caterpillar fungus, also known as yarsagumba or Himalayan Viagra, thrives in high altitudes with low temperature. Credit Kevin Frayer/Getty Images BAGDANDA, Nepal — From a pasture high in the Himalayas, Tulsingh Rokaya, 55, a shepherd, watched for years as the number of itinerant harvesters swelled. They ...

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What to Expect From the May Jobs Report

Photo A construction site in Orlando, Fla. The average monthly job gains in 2016 have so far fallen shy of the nearly 240,000 average of the last two years. Credit Loren Elliott for The New York Times At 8:30 a.m. Eastern time, the Labor Department will report the figures on hiring and unemployment in May. The average monthly job gains ...

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Hedge Funds Faced Choppy Waters in 2015, but Chiefs Cashed In

Mr. Griffin’s firm, Citadel, has grown from a hedge fund that managed family and pension fund money into a $25 billion firm that has expanded into the securities business, taking business away from the brokerage units of banks like Morgan Stanley and Goldman Sachs. Along the way, his own personal wealth has grown exponentially, and is estimated by Forbes at ...

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E.U. Offers to Loosen Restrictions on Iran Air

Photo An Iran Air plane in France in 2010. The airline has been banned from European air space for five years. Credit Thomas Coex/Agence France-Presse — Getty Images BRUSSELS — Almost six years ago, the European Union sharply curtailed access to its airspace for Iran’s aging airline fleet. But officials in Brussels say they are now prepared to loosen some ...

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