Business

Donald Shoup, a prominent professor of urban studies, passed away at 86, known for his influential work on parking economics that led to reforms in numerous cities, reducing traffic and promoting walkability. His book, "The High Cost of Free Parking," highlighted the detrimental effects of providing excessive free parking, advocating for market-driven parking supply and dynamic pricing to improve urban spaces. Shoup's ideas have been widely embraced, with over 3,000 cities implementing his recommendations, showcasing his lasting impact on urban planning and transportation. Full Article

UnitedHealthcare is offering employees in its benefits operations unit a buyout to resign by March 3, with those who decline either keeping their current role or being reassigned. If a resignation quota is not met, layoffs may occur. Employees accepting the buyout will leave between May 1 and November 13, receiving varying resignation packages based on their tenure. The largest U.S. healthcare company, UnitedHealth Group, faced challenges in 2024, including the CEO's death, the appointment of a new CEO, and a cyberattack on subsidiary Change Healthcare. Full Article

President Trump’s labor secretary nominee, Lori Chavez-DeRemer, faced tough questions at her Senate confirmation hearing over her past support for the PRO Act, a pro-union bill. Despite being a former Republican congresswoman and co-sponsor of the legislation, she distanced herself from it, emphasizing support for Trump’s agenda. Divisions within the Republican Party were evident, with some senators expressing concerns while others praised her record. Democratic support and concerns about upholding federal labor laws were also raised during the hearing. Full Article

Environmental groups filed a lawsuit to block the Trump administration's plans for expanded offshore oil and gas drilling, arguing that the executive branch does not have the authority to undo protections granted by Congress. The lawsuit names President Trump, Interior Secretary Doug Burgum, and Commerce Secretary Howard Lutnick as defendants. Critics of Trump's policy highlight the environmental risks of offshore drilling and the urgent need to transition to cleaner energy sources to combat climate change. Full Article

The UK government aims to transform Britain into a "clean energy superpower" by 2030, with a target of 95% electricity generation from low-carbon sources. To achieve this, investments in renewables like wind and solar power, as well as storage and distribution infrastructure, are needed. However, the challenge lies in securing the £40 billion per year required for these investments, as the stock market funding for renewables has declined, leading to uncertainties in meeting the ambitious clean energy goals. Full Article

During the Biden administration, Donald J. Trump contemplates a new trade deal with China, aiming for substantial investments and product purchases, while expressing frustration over the failure to honor the 2020 agreement. Despite hurdles, Trump seeks a wide-ranging deal with Xi Jinping, including nuclear security discussions, as advisers and analysts debate the potential outcomes and challenges surrounding the negotiations. The Chinese are cautiously optimistic, exploring proposals for investments, job creation, and technology transfers, while navigating the unpredictable nature of Trump's approach to diplomacy. Full Article

Chancellor Rachel Reeves has commissioned a Spring Forecast from the Office for Budget Responsibility, to be published on 26 March, following last year's Autumn Budget with tax hikes and spending policies. Speculation rises on potential tax increases or spending cuts to balance the books, as Reeves aims to maintain fiscal stability while facing challenges in growth and borrowing costs. The Treasury emphasizes the commitment to fiscal rules as Reeves navigates tough decisions on taxes, spending, and potential changes in line with the government's financial targets. Full Article

Donald Trump blamed Ukraine for the war with Russia, signaling Kyiv should hold elections after high-level talks with Moscow, despite Putin's invasion. Trump falsely claimed Kyiv started the conflict and criticized Zelenskyy's legitimacy, aligning with Russia's goals, while also supporting European peacekeeping troops in Ukraine post-war. European leaders clashed over peacekeeping forces, with Macron convening a second emergency meeting to assert a European-Atlantic group and maintain Trump's attention. Full Article

The Senate confirmed Howard Lutnick as President Trump's commerce secretary, a key economic official overseeing tariffs and protectionism. Lutnick, previously CEO of Cantor Fitzgerald, supports tariffs, lower corporate taxes, and energy production, and will focus on defending U.S. business interests and technology export restrictions, particularly towards China. He faces potential conflicts of interest due to his financial ties, including investments in the mining industry in Greenland and a network of over 800 firms, raising concerns about impartiality and influence on government policies. Full Article

Dickson Despommier, a microbiologist known for popularizing the concept of vertical farming, passed away at 84 in Manhattan. His idea of growing food in high-rises to address food security and environmental issues gained traction globally, with vertical farms sprouting in various countries. Despite some industry setbacks, Dr. Despommier continued to innovate, proposing sustainable urban development using wood in his final book. Full Article