Lawyer Earned Millions Selling a Trump Edge to Global Giants
As President Donald Trump took office in early 2017, two corporate behemoths — Novartis and AT&T — were eager to establish ties to an administration that did not operate in the traditional circles of power. They ended up hiring an unorthodox consultant who promised insights into Trump’s thinking: Michael D. Cohen, the president’s personal lawyer. But in the first meeting with Cohen after he signed as a consultant, Novartis said Wednesday, the company realized that he would not be able to deliver. Nevertheless, the Swiss drugmaker paid him $1.2 million for a one-year contract. AT&T paid a total of about $600,000 to Cohen’s firm, Essential Consultants LLC.
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Chinese Tech Giant Faces Death Sentence in a New U.S. Cold War
Not Apple. Not Huawei. The first casualty of the high-tech cold war between the United States and China might be the biggest electronics maker you’ve never heard of. The Chinese firm ZTE said Wednesday it had ceased “major operating activities” after the Trump administration banned the company last month from using components made in the United States. One of China’s most internationally successful technology suppliers, with about $17 billion in annual revenue, ZTE is facing a death sentence. The Commerce Department has blocked its access to American-made components until 2025, saying the company failed to punish employees who violated trade controls against Iran and North Korea.
European Companies Had Rushed to Invest in Iran. What Now?
European companies moved quickly to invest in Iran after it agreed in 2015 to mothball its nuclear weapons program in return for an end to economic sanctions. Automakers like Daimler and PSA Peugeot Citroën linked up with Iranian partners to sell vehicles. Siemens of Germany struck a deal to deliver locomotives. Total of France began a project to explore offshore natural gas. Yet even before President Donald Trump pulled out of the agreement with Iran, many companies had already tempered their expectations. Now officials in Europe want to protect its companies by finding ways to shield them from U.S. sanctions while they continue doing business in Iran.
U.S. Decision on Iran May Rattle Oil Markets
President Donald Trump’s decision to withdraw from the Iran nuclear deal has so far had no more than a muted effect on oil and gasoline prices. But the full impact on global oil markets may not be seen for weeks or months. It will depend on how tightly the administration enforces new sanctions on Iran, and whether the entire deal collapses or can somehow be salvaged. That may well depend on the responses of a diverse cast of geopolitical actors from Moscow to Beijing to New Delhi since the United States imports no oil directly from Iran. The biggest wild card is how Iran will respond.
Solar Power to Be Required for New Homes in California
Long a leader and trendsetter in its clean-energy goals, California took a giant step on Wednesday, becoming the first state to require all new homes to have solar power. The requirement, to take effect in two years, brings solar power into the mainstream in a way it has never been until now. It will add $8,000 to $12,000 to the cost of a home when a shortage of affordable housing is one of California’s most pressing issues. State officials and clean-energy advocates say the extra cost to homebuyers will be more than made up in lower energy bills.
Driven by Amazon, Walmart Reaches Beyond Its Big Box
Walmart on Wednesday announced a $16 billion deal to purchase 77 percent of the Indian e-commerce service Flipkart as part of its strategy to capture a piece of an increasingly tech-savvy market. The Flipkart deal follows a pattern of purchases over the past 18 months that includes a men’s clothing brand and a delivery startup. A historically frugal company that has done very few deals of significance, Walmart is now spending billions as it seeks new overseas markets and tries to capture different demographics. In the process, Walmart has begun to create a global alliance of retailers and tech companies that have Amazon as their common rival.
New York's Attorney General Pursued Big Banks, Uber and the Trump Administration
The job of New York attorney general has proved to be a launchpad for aspiring politicians. And Eric T. Schneiderman showed no reservation in following a similar playbook when he went after the big banks for mortgage abuses and Uber for its use of customer data. Schneiderman’s confrontations with President Donald Trump, mainly through a series of lawsuits to counter the administration’s attempts to roll back environmental and financial regulation, bolstered his national profile. Before his sudden downfall in the wake of allegations that he physically assaulted four women he had dated, there was no denying that Schneiderman, 63, had a knack for getting results.
NBC Clears Managers in Handling of Lauer
An investigation by NBCUniversal’s legal team exonerated NBC News management of any wrongdoing regarding Matt Lauer’s workplace conduct, the company said Wednesday. The report came five months after NBC News fired Lauer, the former “Today” show star, following a complaint about inappropriate sexual behavior with a subordinate. Although the inquiry absolved network leaders, NBC also faced concerns — including from Lauer’s former “Today” show co-anchor, Ann Curry — about how thoroughly it had investigated itself. Unlike other news organizations, like Fox News and NPR, that have dealt with workplace misbehavior, NBC News opted not to have an outside legal firm conduct its review.
New York Times Ventures Into TV, With ‘The Weekly’
The New York Times is going Hollywood. The cable channel FX announced Wednesday that it would be making a new weekly documentary series centered on stories that appear in The Times and the journalists who report them. The show, which will be called “The Weekly,” builds on the success of the podcast “The Daily,” which generally examines a story a day from the Times newsroom. FX has given “The Weekly” a 30-week commitment and a Sunday night time slot. The 30-minute show is expected to debut later this year, possibly in time in for the midterm elections. Hulu has the rights to stream the new series.