Business

U.S. Steel is an iconic example of the lost manufacturing muscle that President Biden says his economic policies will bring back to the United States.But last month, the storied-but-diminished company announced plans to be acquired by a Japanese competitor. That development has put Mr. Biden in an awkward bind as he tries to balance attempts to revitalize the nation’s industrial sector with his efforts to rebuild international alliances.Mr. Biden’s administration has expressed some discomfort with the deal and is reviewing the proposed $14.1 billion takeover bid by Japan’s Nippon Steel. The company is offering a hefty premium for U.S. Steel,…

Wall Street’s longest weekly winning streak in almost 20 years came to an end on Friday, as stock investors’ celebrations over slowing inflation and the potential for cuts to interest rates were replaced with caution over the lingering risks to the economy.The S&P 500 index ended the week with a loss of 1.52 percent. It was the first weekly drop after nine straight weeks of gains — the market’s longest winning streak since January 2004. The Nasdaq Composite, chock-full of tech stocks that soared in 2023, has inched lower each day since Dec. 28, a five-day string of losses not…

After enjoying a strong rebound in sales in 2023, the auto industry appears headed for slower growth this year as consumers struggle with elevated interest rates and high prices for new cars and light trucks.Edmunds, a market researcher, expects the industry to sell 15.7 million vehicles this year. That would amount to a modest increase from the 15.5 million sold last year, when sales jumped 12 percent.“There’s definitely pent-up demand out there, because people have been holding off purchases for a while,” said Jessica Caldwell, head of insights at Edmunds. “But given the credit situation, we don’t think the industry…

What we’re watching in 2024 Andrew here. As we look ahead to the new year, the DealBook team has identified about a dozen themes that are likely to become running narratives that could define the business and policy ecosystem for the next 12 months.Of course, the presidential election, perhaps one of the most polarizing in history, is going to infect every part of the business world. Watch out for which C.E.O.s and other financiers back candidates — and, importantly, which ones go silent — and how companies deal with outspoken employees. Also: Look for some wealthy executives to avoid giving…

Over the past two weeks, the owner of a hip wine bar in Buenos Aires saw the price of beef soar 73 percent, while the zucchini he puts in salads rose 140 percent. An Uber driver paid 60 percent more to fill her tank. And a father said he spent twice as much on diapers for his toddler than he did last month.In Argentina, a country synonymous with galloping inflation, people are used to paying more for just about everything. But under the country’s new president, life is quickly becoming even more painful.When Javier Milei was elected president on Nov.…

Rodino Sawan stepped into the wire harness and dug his toes into the muddy track that threads the sweltering plantation. He pushed forward, straining against the cargo trailing behind him: 25 bunches of freshly harvested bananas strung from hooks attached to an assembly line.Six days a week, Mr. Sawan, 55, a father of five, tows batches of fruit that weigh 1,500 pounds to a nearby processing plant, often as planes buzz overhead, misting down pesticides. He returns home with aches in his back and daily wages of 380 Philippine pesos, or about $6.80.One day last year, the plantation bosses fired…