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America Shouldn’t Compete Against China With One Arm Tied Behind Its Back

The Senate recently passed a bill intended to bolster America’s technological and industrial capacity as we compete against China. The bill, called the U.S. Innovation and Competition Act, began as a serious, bipartisan effort to meet one of our country’s greatest challenges.But in one of those “only in Washington” moments, a bill written to make our country more competitive with China now includes an amendment that will do exactly the opposite.This legislation is fundamentally important because winning our contest with China is vital to our future. This country has the largest economy in the world, …

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Mark Zuckerberg and Sheryl Sandberg’s Partnership Did Not Survive Trump

To Ms. Sandberg, the move to Facebook, a company led by an awkward 23-year-old college dropout, wasn’t as counterintuitive as it might have appeared. She was a vice president at Google, but she had hit a ceiling: There were several vice presidents at her level, and they were all competing for promotions. Eric Schmidt, then the chief executive, wasn’t looking for a No. 2. Men who weren’t performing as well as she was were getting recognized and receiving higher titles, former Google colleagues maintained.“Despite leading a bigger, more profitable, faster-growing business than the men who were her …

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Fashion Retailers Face Inquiry Over Suspected Ties to Forced Labor in China

France’s antiterrorism prosecutor’s office has opened an investigation into four leading fashion retailers over suspicions that they benefited from and concealed “crimes against humanity” by using forced labor by Uyghurs in China.The investigation by the French prosecutors started last month following accusations that the four companies — Inditex, the owner of Zara; Uniqlo; Skechers; and SMCP, which owns brands like Sandro and Maje — had profited from human rights crimes in the Xinjiang region of China, a French judicial official confirmed on Friday.The inquiry follows an April lawsuit filed against the same four companies by human rights groups …

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How Private Equity Firms Avoid Taxes

There were two weeks left in the Trump administration when the Treasury Department handed down a set of rules governing an obscure corner of the tax code.Overseen by a senior Treasury official whose previous job involved helping the wealthy avoid taxes, the new regulations represented a major victory for private equity firms. They ensured that executives in the $4.5 trillion industry, whose leaders often measure their yearly pay in eight or nine figures, could avoid paying hundreds of millions in taxes.The rules were approved on Jan. 5, the day before the riot at the U.S. Capitol. Hardly anyone noticed. …

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Facebook’s Trump Ban Will Last at Least 2 Years

SAN FRANCISCO — Facebook said on Friday that Donald J. Trump’s suspension from the service would last at least two years, keeping the former president off mainstream social media for the 2022 midterm elections, as the company also said it would end a policy of treating posts from politicians differently from those of other users.The social network said Mr. Trump would be eligible for reinstatement in January 2023, before the next presidential election. It will then look to experts to decide “whether the risk to public safety has receded,” Facebook said. The company barred Mr. Trump from the service after he …

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One Thing Missing From the Biden Budget: Booming Growth

President Biden’s budget proposal includes billions of dollars for clean energy, education and child care — ideas being sold for their potential to increase America’s economic potential. One thing it does not include: an outright economic boom.In the assumptions that underpin the administration’s budget, G.D.P. growth is strong in 2021 and 2022 — but strong enough only to return the economy to its prepandemic trend line, not to surge above the trajectory it was on throughout the 2010s.In 2023, G.D.P. growth falls to 2 percent in the budget assumptions, then to 1.8 percent a year through the mid-2020 …

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Florida, in a First, Will Fine Social Media Companies That Bar Candidates

WASHINGTON — Florida on Monday became the first state to regulate how companies like Facebook, YouTube and Twitter moderate speech online, by imposing fines on social media companies that permanently bar political candidates in the state.The law, signed by Gov. Ron DeSantis, is a direct response to Facebook’s and Twitter’s bans of former President Donald J. Trump in January. In addition to the fines for barring candidates, it makes it illegal to prevent some news outlets from posting to their platforms in response to the contents of their stories.Mr. DeSantis said signing the bill, which is likely …

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Steel Price Surge Revives U.S. Industry

For decades, the story of American steel had been one of job losses, mill closures and the bruising effects of foreign competition. But now, the industry is experiencing a comeback that few would have predicted even months ago.Steel prices are at record highs and demand is surging, as businesses step up production amid an easing of pandemic restrictions. Steel makers have consolidated in the past year, allowing them to exert more control over supply. Tariffs on foreign steel imposed by the Trump administration have kept cheaper imports out. And steel companies are hiring again.Evidence of the boom can …

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Looking for Bipartisan Accord? Just Ask About Big Business.

But in recent years, that compact has begun to fracture. Democrats, pushed by progressive activists, have shifted further to the left on a wide range of economic policy issues. Under Mr. Trump, Republicans became more hostile to free trade and immigration. After the Jan. 6 storming of the Capitol, some prominent companies and business groups announced they would cut off donations to Republicans who had joined an effort to challenge in Congress the results of Mr. Trump’s November loss to Mr. Biden, prompting some Republican lawmakers to swear off corporate donations.Many top executives feel they have little choice. They …

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As Trillions Flow Out the Door, Stimulus Oversight Faces Challenges

WASHINGTON — Lawmakers have unleashed more than $5 trillion in relief aid over the past year to help businesses and individuals through the pandemic downturn. But the scale of that effort is placing serious strain on a patchwork oversight network created to ferret out waste and fraud.The Biden administration has taken steps to improve accountability and oversight safeguards spurned by the Trump administration, including more detailed and frequent reporting requirements for those receiving funds. But policing the money has been complicated by long-running turf battles; the lack of a centralized, fully functional system to track how funds are being spent; and …

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