Economy

Linked media - Associated media TikTok takes its fight to court TikTok fired the latest broadside in its battle with Washington, suing to block a law that could force the company to split from ByteDance, its Chinese owner, or face a ban in the U.S. The company argues that the law violates the First Amendment by effectively killing an app in the U.S. that millions of Americans use to share their views. Another problem: a divestiture within 270 days is practically impossible, Sapna Maheshwari and David McCabe report for The Times. DealBook spoke with Maheshwari about the lawsuit filed yesterday and what happens next. Do legal experts think TikTok has a chance at winning? It could go either way. Alan Rozenshtein, an associate professor at the University of Minnesota Law School, says th...

Linked media - Associated media When Disney reported robust earnings in February, the activist investors then circling the company essentially called it a stunt — a temporary, heat-of-battle effort to fend them off and not, as Robert A. Iger maintained, proof that a struggling Disney had finally “turned the corner.” The Disney chief’s argument just got a lot stronger. Disney blew past Wall Street’s expectations for a second consecutive quarter on Tuesday, in part because its flagship streaming service made money — a first. Disney+ had been expected to lose more than $100 million in the most recent quarter, widening losses since its 2019 arrival to roughly $12 billion. Instead, it swung to a $47 million profit. “Two quarters earlier than expected,” Hugh Johnston, Disney’s chief finan...

Connected media - Linked media “It’s been a long couple of years, and it feels like there’s some levity now and a little more lightness in general,” Ms. Eisen said. “All signs point in a positive direction.” Reflecting the new attitude, over 250 union members plan to attend Wednesday’s session virtually, a way for workers to ensure that all voices are heard. Last year, the union said, Starbucks insisted that the talks be held completely in person. The union is asking for higher wages and better safety standards, among other issues. Once the two sides agree on an overall framework, individual contracts will be put up to ratification votes by each store. The separate contracts will allow the company and workers to raise issues that may vary by region or type of store, like one that has...

Related media - Linked media Mr. Biden emphasized that the United States would continue to take necessary actions to prevent advanced American technologies from being used to undermine its own national security, without unduly limiting trade and investment, according to the White House. Mr. Xi said that putting new sanctions on China was not “de-risking,” but creating risks. If the United States was bent on “containing China’s hi-tech development and depriving China of its legitimate right to development, China is not going to sit back and watch,” he said, according to the official Xinhua News Agency. U.S. officials say their restrictions are necessary given China’s authoritarian government and statist economic model. But the moves have rankled Chinese leaders and pushed tensions ove...

Connected media - Linked media Mr. Nedohin raised his arms in celebration. A few minutes later, he cut to a video of a rocket blasting into the sky, with Mr. Trump photoshopped onto it. “We are holding Trump stocks,” he declared. “We are now financial investors in him.” Mr. Nedohin is one of hundreds of thousands of amateur investors who own shares of Trump Media, convinced that its sole platform, Truth Social, will become one of the world’s most popular and profitable social media sites. In recent months, tens of thousands of Trump fans have tuned into Mr. Nedohin’s webcasts, where he exhorts viewers to invest in the company, arguing that “Trump always wins in the long run.” The enthusiasm from Mr. Nedohin and other Trump supporters has turned Trump Media into the latest “meme stock...

Related media - Associated media A handful of new lounges opened by credit card issuers, including Capital One and American Express, have recently landed in airports across the United States, promising posh spots of refuge for select travelers awaiting their flights. At La Guardia Airport, caviar service will be available for pre-order. At Hartsfield-Jackson Atlanta International Airport, travelers can get complimentary massages, and at Denver International Airport, there are nap pods. In addition to amenities, the new lounges provide an ambience reminiscent of a luxury hotel lobby, both in interior design and scale, and fit several hundred people at a time. “Lounges have certainly gotten busier, so we’ve expanded our footprint,” said Audrey Hendley, president of American Express Tra...