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Spotify, the audio streaming platform, said on Tuesday that it would not renew its contracts for two critically acclaimed podcasts, “Heavyweight” and “Stolen,” the latest sign of the company curbing its podcasting ambitions as it struggles to become consistently profitable. The shows, which are produced by Gimlet Media, the podcast studio Spotify acquired in 2019, …
In another blow to China’s economy, the credit ratings agency Moody’s said Tuesday that it had issued a negative outlook for the Chinese government’s financial health. Moody’s expressed concern at the potential cost to the national government of bailing out debt-burdened regional and local governments and state-owned businesses. Moody’s, which previously viewed China’s finances as …
The Supreme Court justices seemed divided on Monday over a fiercely contested bankruptcy settlement for Purdue Pharma that would funnel billions of dollars into addressing the opioid epidemic in exchange for shielding members of the wealthy Sackler family from related civil lawsuits. The U.S. Trustee Program, an office in the Justice Department, had challenged the …
Spotify said on Monday that it would cut nearly a fifth of its work force, at least the third round of layoffs this year, as it has struggled to become consistently profitable after spending aggressively to expand beyond music streaming into areas such as podcasting. Spotify’s chief executive officer, Daniel Ek, wrote in a note …
Once China’s most prolific property developer, China Evergrande has narrowly averted liquidation. A Hong Kong bankruptcy judge on Monday gave Evergrande another two months to work out a deal with foreign investors who lost money when the company defaulted two years ago with hundreds of billions of dollars in debt. The judge set another court …
Artificial intelligence has been a breakout star in the opening days of COP28, the United Nations climate summit in Dubai, United Arab Emirates. Entrepreneurs and researchers have dazzled attendees with predictions that the fast-improving technology could accelerate the world’s efforts to combat climate change and adapt to rising temperatures. But they have also voiced worries …
Together, he and Esocoff were engaged in a collaboration that invites superlatives and mixed metaphors. When Dick Ebersol first saw Gaudelli and Esocoff at work in a production truck, he said: “This is like watching the frickin’ ballet.” Hyland and Esocoff choose football analogies: They liken their roles to those of a coach who puts …
As chief executive of Wells Fargo, Timothy J. Sloan failed to clean up a string of scandals that shook the bank and abruptly stepped down amid widespread criticism more than four years ago. He now says Wells Fargo owes him at least $34 million in back pay. Mr. Sloan sued Wells Fargo on Friday, saying …
The Musk backlash isn’t over yet On Thursday was meant to be a big day for Tesla and its investors, as the electric vehicle maker finally began delivering to customers its much-ballyhooed Cybertruck pickup — its first new model in more than three years. Instead, Tesla’s shares fell nearly 2 percent. Some of that loss …
Five years ago, the National Institutes of Health abruptly pulled the plug on an ambitious study about the health effects of moderate drinking. The reason: The trial’s principal scientist and officials from the federal agency’s own alcohol division had solicited $60 million for the research from alcohol manufacturers, a conflict of interest and a violation …