Biden Says He Is Near Decision on Backing Federal Gasoline-Tax Holiday

WASHINGTON—President Biden said Monday that he may make a decision on seeking a pause to the federal gasoline tax by the end of the week, as Americans deal with soaring gas prices. Mr. Biden told reporters in Rehoboth Beach, Del., that he is considering a gas tax holiday. “I hope to have a decision based … Read more

GM and Ford, Driving to Beat Tesla, Turn on Each Other

Ten miles away at Ford F -0.18% Motor Co.’s headquarters, executives were plotting a pre-emptive public-relations strike, said people familiar with the plan. The day before Ms. Barra’s presentation in January, Ford said it would double factory capacity for its F-150 Lightning electric truck, citing overwhelming demand. Ford shares surged 12% that day. Within days, … Read more

Labor Shortage Stymies Construction Work as $1 Trillion Infrastructure Spending Kicks In

WASHINGTON—Construction projects across the U.S. are running short on labor just as $1 trillion in federal infrastructure money starts to kick in, leading companies to get creative in their quest to attract and retain workers. In Southern states, contractors advertise sunny weather and 12 months of work on help-wanted websites in the frostier Northeast and … Read more

China’s Covid Fallout Flattens JD.com’s Online Birthday Bash

SINGAPORE—Chinese online shopping giant JD.com Inc.’s JD 5.19% midyear e-commerce extravaganza recorded the slowest sales growth in at least five years, in the latest gauge of the hit to consumer appetite from stringent restrictions under the country’s zero-Covid policy. JD.com said Monday that turnover on its platforms during this year’s June 18 shopping festival, known … Read more

Pixar’s ‘Lightyear’ Generates Lackluster Buzz at the Movie Theater

Fewer families than expected went this weekend to see “Lightyear,” underscoring the challenge of winning big audiences in a summer crowded with movie blockbusters. “Lightyear” posted box-office sales of $51 million in the U.S. and Canada, the 16th-best opening weekend ever for Pixar Animation Studios, owned by Walt Disney Co. DIS 0.06% The movie, which … Read more

Germany Steps Up Measures to Conserve Gas as Russia Slows Supply to Europe

BERLIN—Germany will restart coal-fired power plants and offer incentives for companies to curb natural gas consumption, marking a new step in the economic war between Europe and Russia. Berlin unveiled the measures Sunday after Russia cut gas supplies to Europe last week as it punched back against European sanctions and military support for Ukraine. The … Read more

Western Lakes Shrink From Drought, and Boat Businesses Struggle

BOULDER CITY, Nev.—At the lone remaining boat launch ramp here on Lake Mead, the largest reservoir in the Western U.S., officials recently put up a new sign: “Estimated Wait Time 4 Hours.” Amid a drought that scientists say is now the worst in the region in more than 1,000 years, Lake Mead is 28% full. … Read more

Fed’s Waller Supports 0.75-Percentage-Point Rate Hike in July

Governor Christopher Waller says the Fed took a significant step toward achieving its inflation goal when it raised its key interest rate by 0.75 percentage point on Wednesday. Photo: Bess Adler/Bloomberg News Federal Reserve governor Christopher Waller said that if the economy performs in line with his expectations, he would support raising interest rates by … Read more

The Crypto Party Is Over

On Super Bowl Sunday, a Crypto.com ad featuring billionaire NBA star LeBron James lit up millions of Americans’ TVs. “If you want to make history, you gotta call your own shots,” Mr. James said in the 30-second spot for the popular cryptocurrency-trading platform. The words that splashed across the screen as the commercial ended read … Read more

WSJ News Exclusive | Merck Explores Purchase of Biotech Seagen

Merck MRK -0.32% & Co. is eyeing a purchase of biotech Seagen Inc., SGEN 12.72% according to people familiar with the matter, a move that would beef up the pharmaceutical giant’s cancer-drug portfolio. Talks have been under way for a while, and a deal isn’t imminent, the people said, cautioning that pulling one off could … Read more