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California Gov. Gavin Newsom says he plans to sign into law a pair of climate-focused bills intended to force major corporations to be more transparent about greenhouse gas emissions and the financial risks stemming from global warming NEW YORK -- California Gov. Gavin Newsom said Sunday that he plans to sign into law a pair of climate-focused bills intended to force major corporations to be more transparent about greenhouse gas emissions and the financial risks stemming from global warming. Newsom's announcement came during an out-of-state trip to New York’s Climate Week, where world leaders in business, politics and the arts are gathered to seek solutions for climate change. California lawmakers last week passed legislation requiring large businesses from oil and gas companies to retail giants to disclose their direct greenhouse gas emissions as well as those that come from activities like employee business travel. Such disclosures are a “simple but intensely powerful driver of d...

The former CEO of Alibaba has resigned as head of its cloud computing business in a surprise move as the Chinese e-commerce empire wraps up a leadership reshuffle HONG KONG -- The former CEO of Alibaba, Daniel Zhang, resigned as head of its cloud computing unit Monday in a surprise move as the Chinese e-commerce empire wraps up a leadership reshuffle . Alibaba said it will invest $1 billion in a technology fund Zhang will establish to support the firm’s strategies for future growth. Zhang stepped down on the same day he gave up his roles as Alibaba’s CEO and chairman. In a filing to the Hong Kong stock exchange, Alibaba said that Eddie Wu, its new CEO, will also head its cloud unit. Wu and Alibaba’s new chairman Joseph Tsai assumed their new roles by Monday, with Alibaba saying it has “completed its leadership transition.” Alibaba expressed its “deepest appreciation” to Zhang for his contributions to the company over the past 16 years. Alibaba’s Hong Kong stock price was down 3.6% M...

Estonia’s strongly pro-Ukrainian prime minister is under increasing pressure to resign, after Estonian media revealed her husband’s role in a company that indirectly did business in Russia after the full-scale invasion of Ukraine last year COPENHAGEN, Denmark -- Estonia’s strongly pro-Ukrainian Prime Minister, Kaja Kallas, came under increasing pressure Friday to resign, after Estonian media revealed her husband’s role in a company that indirectly did business in Russia after the full-scale invasion of Ukraine last year. Kallas, 46, one of Europe’s most outspoken supporters of Ukraine, had urged all EU companies to stop doing Business with Russia after the war in Ukraine began in February 2022. Her husband , Arvo Hallik, said Friday he would sell his 25% stake in Stark Logistics, a trucking company that worked with an Estonian company involved in Russia. He also said he would resign as the company’s chief financial officer and step down from the board. The opposition has urged Kallas ...

The Wegmans supermarket chain is closing one of its largest and most unusual stores because it has not attracted enough business NATICK, Mass. -- The Wegmans supermarket chain is closing one of its largest and most unusual stores because it has not attracted enough Business , the company said. The Natick, Massachusetts store will close on an undetermined date this summer, the Rochester, New York-based company said in a statement on Thursday. “Making these decisions is never easy. However, we do it for the long-term benefit of our people, our customers, and our communities,” Brien MacKendrick, the regional human resources director, said in the statement. “Unfortunately, with this nontraditional location we are unable to attract enough customers for our business model to work.” The 134,000-square-foot (12,450-square-meter) store opened in 2018 in a space within the Natick Mall once occupied by a JCPenney department store. It was the supermarket chain's first two-level store withi...

Democrats in the California Senate say they want to raise taxes on big businesses so they can cut taxes for small businesses SACRAMENTO, Calif. -- Democrats in the California Senate on Wednesday said they want to raise taxes on some of the largest corporations so they can cut taxes for nearly every other business. But the proposal was met with swift opposition from the business community and Democratic Gov. Gavin Newsom — highlighting the likely rocky budget negotiations ahead for a state facing an estimated $22.5 billion budget deficit. All California Business es pay a state tax rate of 8.84% on income, a figure that has not change d since 1997. This new proposal would create two tax rates for Business es in California. Companies would pay 6.63% on the first $1.5 million they make. Any money made above that would be taxed at 10.99%. The higher tax rate would only apply to about 2,500 companies and would bring in an extra $7.2 billion in revenue for the state. Meanwhile, about 1.6 mill...