Mr. Zhu said he was tuning out the criticism. On Twitter, he responded to a negative article in The Wall Street Journal by quoting John F. Kennedy: “We choose to go to the moon in this decade and do the other things not because they are easy, but because they are hard.” “I’ve already created […]
Read More
The prices of oil, transportation, food ingredients and other raw materials have fallen in recent months as the shocks stemming from the pandemic and the war in Ukraine have faded. Yet many big businesses have continued raising prices at a rapid clip. Some of the world’s biggest companies have said they do not plan to […]
Read More
The Treasury Department’s cash balance fell to just under $49.5 billion on Wednesday, as the United States inched toward running out of cash to pay its bills. That was significantly lower than the $316 billion the department had in operating cash, which is held at the Federal Reserve Bank of New York, at the start […]
Read More
For years, the Hamptons were a hot summer destination for young, up-and-coming New Yorkers and the old and new moneyed alike. It was a place to see and be seen. Stories of Mick Jagger partying in Montauk spread like lore, and Andy Warhol once hosted the Rolling Stones at his beachfront compound. It wasn’t uncommon […]
Read More
The Adani Group, a conglomerate that builds and operates ports, power lines and food factories across India, began the year nearly on top of the world — having increased in value tenfold over the previous two years. Its founder and chief executive, Gautam Adani, was ranked the second-richest man on Earth last summer, just behind […]
Read More
On a recent May evening, Janet O’Brien served up Old-Fashioneds and tequilas on ice to friends at her Montauk home. The conversational menu featured what one might expect for a tony Hamptons cocktail hour: past and upcoming trips to Morocco, Manhattanites bragging about rarely stepping foot in Brooklyn and gossip about how much neighbors spent […]
Read More
The Roy children’s individual ambitions are sometimes risible, but we’re never asked to question why they would be ambitious in the first place. We excuse the fact that they’re ruthless and conniving because being ruthless and conniving is how people get rich — never mind that the Roy children got rich simply by being born. […]
Read More
Well-heeled vacationers descended from luxury hotels into the gleaming labyrinth of Mykonos’s historic old town on a recent evening, ogling gold jewelry and heading to bars offering pricey bottles of Veuve Clicquot. Tourists sailing the Aegean on 15-deck cruise ships ducked into designer boutiques on day trips of unbridled shopping. Along the island’s famed turquoise […]
Read More
An intergenerational transfer of wealth is in motion in America — and it will dwarf any of the past. Of the 73 million baby boomers, the youngest are turning 60. The oldest boomers are nearing 80. Born in midcentury as U.S. birthrates surged in tandem with an enormous leap in prosperity after the Depression and […]
Read More
What I’m reading: summer snobs edition I’ve made a decision that I feel very good about: the theme of my summer fiction reading this year is going to be snobbery. This dovetails with my interest in the ways that status and hierarchies limit political change and fuel backlashes. But snob fiction is the fun, lighthearted […]
Read More
If the bill passes the Council, it would be up to the city’s Office of Administrative Trials and Hearings, along with other agencies chosen by Mayor Eric Adams, to decide which civil offenses would be subject to a sliding scale and how to determine how much New Yorkers should pay in fines according to their […]
Read More
Untangling the problem of duplication in the fashion industry is like trying to rewrap skeins of yarn. Designer houses spend billions fighting dupes, but even real Prada Cleos and Dior Book Totes are made with machines and templates — raising the question of what, exactly, is unique to an authentic bag. Is it simply a […]
Read More
MIAMI — Tito Gauenzi waved his arm across a party tent tricked out like an oceanfront nightclub. “Miami and polo don’t get any sexier than this,” said Mr. Gauenzi, the chief executive and founder of the Beach Polo World Cup in Miami. The noonday sun sparkling off the ocean turned the lounge seating a blinding-hot […]
Read More
This time last year, Shanghai — China’s capital of fashion and luxury — was in the throes of a ruthlessly enforced Covid lockdown. The city’s glittering high-end malls and avenues lined with flagship stores stood practically empty. Today it is a different story. Huge crowds on a recent weekend flocked to top retail destinations on […]
Read More
Is the worst of the banking crisis over? It may seem a strange question to pose so shortly after the collapse of First Republic Bank, the second-largest such failure in U.S. history, but many industry experts say that its problems were unique to the once high-flying lender. Investors have also appeared to reach that view: […]
Read More
Blazing sapphires and lush emeralds drip from the necklaces, brooches and bracelets. One standout piece, the “Briolette of India,” includes a 90-carat diamond and carries a high estimate of $7.8 million. They are among the 700 jewels from the estate of an Austrian heiress that will go on sale at Christie’s on May 3 as […]
Read More
The rich are different from you and me: They have immensely more power. But when they try to exercise that power they can trap themselves — supporting politicians who will, if they can, create a society the rich themselves wouldn’t want to live in. This, I’d argue, is the common theme running through four major […]
Read More
My first charge was a six-pound Chihuahua. The moment we were alone, the guiltless cherub mutated into Cerberus, screaming and scratching at me. Not food, not toys, nor any other conventional instigators of canine joy could tame his manic rage. By the end, though, when I delivered him, bleary-eyed, back into his owner’s arms, I […]
Read More
Gov. Ron DeSantis of Florida is in a trap of his own devising. His path to the Republican presidential nomination depends on convincing Donald Trump’s base that he represents a more committed and disciplined version of the former president, that he shares their populist grievances and aims only to execute the Trump agenda with greater […]
Read More
PARIS — France, which has been riven lately by angry protests over income inequality, can now claim to have the world’s richest man and woman: Bernard Arnault, the chief executive of the LVMH Moët Hennessy Louis Vuitton luxury empire, and Françoise Bettencourt-Meyers, the heiress of the global cosmetics giant L’Oréal. Their combined net worth is […]
Read More
Millionaire home sellers are slashing prices and sweetening deals this week in Los Angeles, eager to move their properties off the market before a new real estate tax aimed squarely at the rich goes into effect on April 1. In November, Los Angeles voters backed Measure ULA, a transfer tax on big-ticket property sales that […]
Read More
ALBANY, N.Y. — Residential parking permits in New York City. Higher taxes on the rich. No changes to the state’s bail laws. The series of proposals unveiled on Tuesday by the State Legislature shows just how far apart ruling Democratic lawmakers and Gov. Kathy Hochul may be on reaching a timely deal on the state’s […]
Read More
On Thursday the White House released its latest budget; Republicans haven’t offered a specific counterproposal, but they seem to be coalescing around a plan released by Russell Vought, Donald Trump’s last budget director. Neither plan will become law. Instead, they’re intended to position the two sides for the looming confrontation over the federal debt ceiling. […]
Read More
WASHINGTON — President Biden on Thursday proposed a $6.8 trillion budget that seeks to increase spending on the military and a wide range of new social programs while also reducing future budget deficits, defying Republican calls to scale back government and reasserting his economic vision before an expected re-election campaign. The budget contains some $5 […]
Read More
Six Flags, the theme park operator, recently shifted to a more premium model by raising prices and limiting discounts, which Selim Bassoul, the chief executive, described as “bold changes to our business model in order to elevate the guest experience.” It has had mixed results so far. In the nine months through September, attendance at […]
Read More
New York City’s heavy-hitting Republican-leaning donors in recent years were frozen in place at the presidential level by a fellow New Yorker, Donald J. Trump. But that was before Mr. Trump’s decampment to Florida, his plethora of legal entanglements, and his fall from grace after the Jan. 6 attack on the Capitol by a pro-Trump mob. […]
Read More
In 2009, Charles Koch was in the hospital. He was getting a shoulder replaced, and his daughter was at his bedside. She had become interested in neuroplasticity — the brain’s ability to change and reorganize thought patterns — and wanted to discuss her early findings. “Are you sure you’re busy enough?” he said. People who […]
Read More
When Ray Dalio, the multibillionaire founder of the world’s biggest hedge fund, Bridgewater Associates, announced his retirement in October, both he and the firm he founded more than four decades ago treated the moment as celebratory. Mr. Dalio, 73, told his millions of followers on LinkedIn that he felt “great about the people” to whom […]
Read More
The donor network created by the billionaire industrialist brothers Charles G. and David H. Koch is preparing to get involved in the presidential primaries in 2024, with the aim of turning “the page on the past” in a thinly veiled rebuke of former President Donald J. Trump, according to an internal memo. The network, which […]
Read More
Gautam Adani began the year as one of the richest men who ever lived, an upstart billionaire whose conglomerate, one of India’s largest, had surged in value by 2,500 percent in five years. That rise, as he portrayed it, wasn’t his alone: It was inseparable from the “growth story” of India itself. His companies’ goals […]
Read More
Gawker was a Rorschach test. When readers began sending me tips about celebrity sightings, and we published them in a recurring feature called Gawker Stalker, some celebrities accused us of directly endangering their safety. It didn’t matter that the sightings were after the fact, often days later, or that in many cases, it was the […]
Read More