Vornado Realty Trust is considering tennis courts for the US Open as a temporary replacement for a skyscraper near Madison Square Garden, as the real estate developer copes with what its chief executive called an “office apocalypse.” The area where the 61-floor office tower in Manhattan was planned could also become the site of basketball courts, … Read more
The phenomenon of the “snowbird” is well known: someone with the means to move between two properties, New York City and Miami being the classic example, just in time to miss the cold weather as Gotham gets gross and stormy. But Jeff Bezos and other ultrawealthy millionaires and billionaires are creating a new breed of … Read more
Ford CEO Jim Farley is worried about competition from China’s electric vehicle makers. Chief among the threats is BYD—backed by Warren Buffett’s Berkshire Hathaway—which can produce vehicles at significantly lower costs than industry norms, partly because it owns the entire supply chain for its batteries, which account for roughly 40% of a new EV’s price. … Read more
Music financing platform Duetti has built itself on the idea that music rights acquisitions aren’t just for A-list artists with a large back catalog – they can be made to work for relatively new indie artists as well. In the roughly 18 months since it was founded by Lior Tibon, former COO of Tidal … Read more
An FBI informant has been charged with lying to authorities about a multimillion-dollar bribery scheme involving President Joe Biden, his son Hunter and a Ukrainian energy company, a claim that is central to the Republican impeachment inquiry in Congress. Alexander Smirnov falsely reported in June 2020 that executives associated with the Ukrainian energy company Burisma paid Hunter … Read more
The White House publicly confirmed on Thursday that Russia has obtained a “troubling” emerging anti-satellite weapon but said it cannot directly cause “physical destruction” on Earth. White House national security spokesman John Kirby said U.S. intelligence officials have information that Russia has obtained the capability but that such a weapon is not currently operational. U.S. officials are analyzing the … Read more
After eluding profitability for two years, Coinbase executives celebrated posting $273 million in net income for the fourth quarter of 2023, putting the net profitability for all of 2023 at $95 million. Even before the earnings call, markets were reacting positively to Coinbase, with shares on Thursday closing up 3.3%—and rising about 13% after hours. … Read more
Scout Motors celebrated the start of construction on its $2 billion electric SUV plant in South Carolina on Thursday not with a line of people in suits with shovels but with a nod to the company’s gasoline-powered past. A fleet of old Scout vehicles drove a brick from the site of the former factory in Fort Wayne, … Read more
JPMorgan Chase & Co isn’t on the hook for all of Charlie Javice’s legal fees as the fight between the founder of financial aid site Frank and one of the world’s biggest banks continues. Judge Kathaleen St. Jude McCormick said Wednesday that JPMorgan Chase doesn’t have to pay for the fees associated with six counterclaims … Read more
The chief financial officer who oversees New York City’s five public pension funds, with $242 billion in assets, has something to say to BlackRock CEO Larry Fink’s asset management firm and Jamie Dimon’s J.P. Morgan Asset Management: You guys are failing. “By caving into the demands of right-wing politicians funded by the fossil fuel industry … Read more