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Business News Live Updates: Stock Market’s Rally Continues – The New York Times

The disruption came during the peak holiday season, with Amazon already dealing with more complicated and expensive logistics during a labor shortage.

Amazon Web Services began reporting increased “error rates” in its cloud operations on Tuesday morning.

Some said managers had sent them on their lunch breaks an hour early, in the hopes that the problems would be resolved by the time they returned.

CNN was also notified of an allegation of sexual misconduct against Chris Cuomo, brought by a former junior colleague at another network; he has denied the allegation.

In a virtual meeting with employees on Tuesday, CNN’s president, Jeff Zucker, said that he wished that Mr. Cuomo had taken a leave of absence after his interactions with the governor’s aides were first revealed this year.

The news outlet Puck reported on Monday evening that Mr. Cuomo had hired Bryan Freedman, a prominent Hollywood lawyer who represented Megyn Kelly when she extracted a roughly $30 million payout after she was fired by NBC News.

Prices remain higher than they were during the depths of the pandemic, at about $3.75 per thousand cubic feet on the New York Mercantile Exchange.

Natural gas prices recently took a sharper turn down as the weather in much of the country was warmer than expected.

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“We’ve still got January, February, March — but it’s certainly a good sign that its coming down,” said Mark Wolfe, the executive director of the National Energy Assistance Directors’ Association, a group of state officials that provide assistance to households in need.

The vagaries of the weather, and climate change, may now cut them at least a temporary break.

Jon Gottschalck, the chief of the operational prediction branch at NOAA’s Climate Prediction Center, said those milder conditions would be the result of the recent development of atmospheric conditions known as La Niña.

In a letter to the White House, Ms. Omarova said it was “no longer tenable” for her to seek the position of comptroller of the currency.

It was not immediately clear whom Mr. Biden will turn to next to lead the Office of the Comptroller of the Currency, the agency that regulates the country’s largest banks.

Ms. Omarova faced months of criticism from Republicans and bank lobbyists who cast her as a threat to the American economy.

A spokesman for the American Bankers Association, the biggest bank trade group, declined to comment.

Rebeca Romero Rainey, the president of the Independent Community Bankers of America, said Ms. Omarova’s withdrawal demonstrated the importance of community banks, because the group had been at the forefront of the opposition.

Republicans in Congress mimicked the lobbyists’ criticisms, saying Ms. Omarova’s academic work and her Soviet origins should disqualify her.

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Her nomination was ultimately doomed by a lack of support from moderates, making her the Biden administration’s third high-profile nominee to bow out after failing to receive the full backing of Democratic lawmakers.

At Ms. Omarova’s confirmation hearing, Senators Jon Tester of Montana and Mark Warner of Virginia, both Democrats, said they had serious concerns about her candidacy, although neither suggested she intended to subvert capitalism.


SAN JOSE, Calif.

Her time on the stand, which is likely to formally finish on Wednesday, was the climax to a trial that has captivated the business world and been held up as a parable of Silicon Valley’s fake-it-till-you-make-it culture on overdrive.

Ms. Holmes, 37, has pleaded not guilty to 11 counts of fraud for claims she made as chief executive of Theranos, which she founded in 2003.

Theranos rose to prominence, raising $945 million in funding, by claiming that its revolutionary machines could perform hundreds of tests using only a tiny drop of blood.

Ramesh Balwani, known as Sunny, was Theranos’s president and chief operating officer from 2009 through 2016 and was in a romantic relationship with Holmes.

Since her trial began in September, prosecutors have called dozens of witnesses, including former board members, lab directors, employees, investors, patients and business partners.

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She said that, until a 2015 regulatory inspection revealed a host of problems and forced Theranos to void its tests, she believed its tests worked.

She also admitted to adding the logos of pharmaceutical companies to a series of reports, which implied the drug makers had endorsed Theranos’s technology when they hadn’t.

Her direct testimony ended with a bombshell revelation that Ramesh Balwani, her former boyfriend, business partner and alleged co-conspirator, emotionally and physically abused her.

On cross-examination, she choked up again when prosecutors had her read text messages with Mr. Balwani that showed a more affectionate side of their relationship.

This week, prosecutors homed in on the discrepancies between what Ms. Holmes said in her testimony and what investors said she had told them.

Ms. Holmes’s lawyers questioned her for a second time Tuesday afternoon with a rapid-fire series of statements meant to undermine Mr. Leach’s points and reiterate her initial testimony.

Until a regulatory inspection revealed deeper problems, she testified, she thought Theranos’s lab was “excellent.” Ms. Holmes also repeatedly stressed her concerns over exposing Theranos’s trade secrets as an excuse for withholding information from investors and partners, testifying again that she worried the company would lose its ability to compete.

The S&P 500 has nearly erased declines that left the index down more than 3 percent after the Omicron variant was first disclosed.

Federal Reserve officials have signaled the bank is ready to speed its pullback on monetary policy stimulus that has helped support the economy since the start of the pandemic.

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Mr. Powell signaled that the Fed’s standard for lifting interest rates when it comes to inflation, which have remained set near zero, had been met, meaning that central bankers would be looking to the job market as they weighed when, whether and how much to raise borrowing costs.

crude benchmark, up 3.7 percent to $72.05 a barrel, and energy stocks were among the best performers in the S&P 500.

Shares of Intel rose about 3 percent after the semiconductor chip manufacturer announced on Monday that it planned to take its self-driving unit, Mobileye, public.

Overnight, the Hang Seng Index in Hong Kong rose 2.7 percent, after China Evergrande, the troubled property company with $300 billion in obligations, said that it was set to restructure itself with the help of several state-backed institutions.

Cryptocurrencies rose on Tuesday, with Bitcoin recovering from a sharp plunge during the weekend.

Bob Chapek, Disney’s chief executive, announced the hiring of Mr. Morrell as chief corporate affairs officer, a newly created job, on Tuesday.

The company is also trying to transform itself into a streaming titan while dealing with a shift in the country’s culture: Its family-friendly brand is meant to be for everyone, but neutrality in today’s hyperpartisan world is almost impossible.

Mr. Morrell’s hiring, first reported by The Hollywood Reporter, ends a guessing game about who Mr. Chapek would select to succeed Zenia B.

“Few companies are as beloved as Disney, and I am committed to doing everything I can to make sure it remains that way,” Mr. Morrell said.

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In a memo to BP employees on Tuesday, Bernard Looney, BP’s chief executive, cited the “modernization” that Mr. Morrell brought to the company’s communication efforts.

Early in his career, Mr. Morrell was a reporter at ABC News, which is owned by Disney, serving as a White House correspondent from 2004 to 2007.

General Motors is similarly working on electric vehicles, autonomous driving and software services that it is counting on roughly to double its annual revenue to about $280 billion by 2030.

Within a few years, Stellantis hopes to be able to offer new features “on demand” that customers can buy to upgrade to their vehicles, such as a hands-free driving system, better performance or improved handling.

On Tuesday, it said it was also working with Foxconn, the contract manufacturing company best known for assembling Apple’s iPhone, to develop the computer chips that it will need for its new software-based vehicles.

Adam Mosseri, the head of the app inside Meta, the parent company of Instagram and Facebook, said in a blog post that parents would be able to see how long their teenage children have spent using Instagram and limit the amount of time they spend on the app.

Mr. Mosseri is scheduled to appear before a Senate committee on Wednesday, and he is expected to field questions about whether social media harms children and teenagers.

The app is also releasing a feature for all its users in January that will allow them to delete their posts, comments and likes in bulk.

It was not clear that Mr. Mosseri’s announcement would appease lawmakers.

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Instagram is among several major tech platforms that have explored changes to how children can use their products, in part because of new child safety guidelines in Britain.

We’re going to be talking to them in the next days on how to put together the right plan to implement this, the specific guidance, the specific rules, will come out in Dec.

27, all employees who work in-person are required to have at least one shot of the vaccine, with no option to undergo weekly testing instead of being vaccinated.

It could be the broadest corporate vaccine mandate yet: A federal mandate for large private companies, announced by President Biden in September, has been stalled by legal challenges.

But Mr. de Blasio did not get specific authorization from the City Council to enact the mandate, Mr. Gostin said, and an “inevitable avalanche of legal challenges” could argue that the mayor is overstepping.

In an interview with DealBook, she asked: “How is it supposed to be enforced? What’s going to be the compliance procedure? What kind of records do they have to keep?” City Hall plans to release further guidelines on Dec.

Would it have an effect on labor shortages? Many of the unvaccinated workers in the city, where nearly 90 percent of adults have received at least one shot, don’t trust the system, Ms. Wylde said, “and it’s just very hard for employers to come down on them with an inflexible policy.” A group of retailers pushing back against the mandate cited labor shortages in their opposition.

Intel will maintain majority ownership of Mobileye, the giant chip maker said, and the two companies will continue to collaborate on technologies for the automotive market.

Intel acquired Mobileye in 2017 in a deal valued at $15.3 billion as part of a sweeping effort to expand into new markets.

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The company’s camera system was the key component of Autopilot, the driver-assistance system that the electric carmaker Tesla introduced in 2015.

This year, the company announced that it was testing various self-driving car prototypes in major cities, including New York.

Mobileye’s business still centers on supplying camera-based systems for automatic braking, lane-keeping and other technologies that aid drivers.

Chris Cuomo said on Monday that he was ending his daily SiriusXM radio program, two days after he was fired by CNN after an allegation of workplace sexual misconduct and amid an inquiry into his efforts to aid his brother, former Gov.

“The way my time ended at CNN was hard,” Chris Cuomo, who has denied the misconduct allegation, wrote in a statement on Monday posted to his social media.

The live two-hour radio program — “Let’s Get After It,” named for one of Mr. Cuomo’s on-air catchphrases — began in 2018, shortly after he ascended to the coveted 9 p.m.

SiriusXM is controlled by Liberty Media, whose billionaire chairman, John Malone, is one of the primary shareholders in Discovery, the media company that could soon merge with CNN’s parent company, Warner Media, if regulators approve the deal.

CNN also received a complaint last week from a lawyer representing a former junior colleague of Mr. Cuomo’s at another network.

“Let’s Get After It” aired on Monday with a guest host, the former ABC journalist Brian Ross.

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The national retail industry has been fighting the implementation of a federal vaccine mandate that would order companies with more than 100 workers to require vaccinations or weekly tests starting Jan.

In April 2020, after the pandemic’s outset, the nation’s personal saving rate — the percentage of overall disposable income that goes into savings each month — jumped fourfold from its February 2020 level to 34 percent, reports Talmon Joseph Smith of The New York Times.

Mr. Parker led the 2013 merger of American and US Airways, where he previously served as chief executive, setting the stage for American to become the world’s largest airline by passengers carried.

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