Business News at a Glance

Walmart Finally Makes It to the Big Apple

On a bank of the Bronx River, Walmart has finally found a foothold in a city that has long shunned it. Walmart’s e-commerce business, Jet.com, is leasing a 205,000-square-foot warehouse in the Bronx that will soon begin supplying MacBooks and organic eggs to New York City’s well-heeled shoppers. The physical presence is a victory for the nation’s largest retailer, which has faced resistance from labor groups and their political allies every time it has proposed opening a store in the five boroughs. But it’s also an acknowledgment that the company’s longtime national strategy won’t work in certain big cities.

As Trump’s Trade War Mounts, China’s Wall Street Allies Lose Clout

When President Bill Clinton deliberated whether he should loosen trade barriers against China, Wall Street helped plead Beijing’s case. When Presidents George W. Bush and Barack Obama talked tough about labeling China as a currency manipulator, Wall Street urged restraint, and both presidents relented. Today, China is hoping that Wall Street will again use its political heft to soothe tempers in Washington. But as President Donald Trump ratchets up the trade war with Beijing, Wall Street’s words are falling on deaf ears. That frustrates America’s financial titans: They appear to be able to do little to stop the trade war.

Betting Against Tesla: Skeptics Make Their Case

For the last year, Elon Musk has waged a bitter war of words with short-sellers, the investors who are betting billions of dollars that Tesla will fail. There’s no doubt Tesla and Musk, the company’s chief executive, have plenty of detractors, especially on Twitter, where some critics trumpet vitriol and unsubstantiated information about the company. But many of those who believe that Tesla is destined for a major restructuring — or even collapse — are buttoned-up investors. They base their view not on antipathy for Tesla, but on cold financial calculations, including its heavy debt load and voracious cash burn.

Time Magazine to Be Sold to Salesforce Billionaire Marc Benioff

Time, the pre-eminent weekly newsmagazine of the 20th century, has a new owner: Marc Benioff, the billionaire co-founder of the San Francisco software company Salesforce. Time’s current owner, the Iowa-based Meredith Corp., announced that it had entered into what it described in a news release as “a definitive agreement” to sell the storied publication to Benioff and his wife, Lynne, for $190 million in cash. In its statement, Meredith said that the Benioffs would be hands-off owners and made it clear that the deal had nothing to do with Salesforce. Benioff, 53, confirmed the agreement on Twitter on Sunday.

They Left Public Radio to Try Their Fortunes on the Blockchain

Manoush Zomorodi’s eyes used to glaze over when she heard someone bring up blockchain. Now she talks about it all the time as the host of “ZigZag,” a podcast that will go into its second season next month. Zomorodi, the former host of the WNYC technology podcast “Note to Self,” created “ZigZag” with Jen Poyant, who was the executive producer of the WNYC show. It is the first of what the two hope will be many podcasts from the production house they formed this year in partnership with Civil Media, a new company built on blockchain technology.

US Drops Charges Against Ex-Senegal Official in Chinese Energy Bribery Case

Federal prosecutors have dismissed charges against a former Senegalese government official who had been accused of conspiring with a representative of a Chinese energy company in a bribery case. In a one-page filing, federal prosecutors in New York City said Friday that they were withdrawing charges against the former official, Cheikh Gadio, but offered no explanation for the decision. The dismissal of the complaint against Gadio, who had been Senegal’s foreign minister, came roughly 10 months after he was arrested along with Chi Ping Patrick Ho in a case that could shed light on the operations of CEFC China Energy.

Before You Buy That Couch, an App Will Put It in Your Living Room

The new furniture showroom might be your own living room. Growing interest and investment in augmented-reality technology are starting to give more shoppers the ability to see what a couch will look like in their homes. And furniture dealers have been trying to take advantage via their mobile apps. Last year, Houzz added 3-D capability to its AR tool in its apps, and Ikea debuted an app called Ikea Place. Williams-Sonoma announced plans to buy Outward, a 3-D imaging and AR software company, for $112 million. It is also working with Facebook on AR News Feed campaigns.