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    The World Bank Pivoted to Climate. That Now May Be a Problem.

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    The Trump administration’s deep cuts to clean-energy programs are raising concerns about U.S. commitments to the lender.As the Trump administration imposes deep cuts on foreign aid and renewable energy programs, the World Bank, one of the most important financiers of energy projects in developing countries, is facing doubts over whether its biggest shareholder, the United States, will stay on board.While the Trump administration has voiced neither support nor antipathy for the bank, it has issued an executive order promising a review of U.S. involvement in all international organizations. And Project 2025, the right-wing blueprint for overhauling the federal government, has pressed for withdrawal from the World Bank.If the United States were to withdraw, the bank would lose its triple-A credit rating, two credit-rating companies warned in recent weeks. That could significantly reduce its ability to borrow money. Roughly 18 percent of the bank’s funding comes from the United States.In an interview, Ajay Banga, the bank’s president, said his institution was fundamentally different from the aid agencies, such as U.S.A.I.D., that the Trump administration has been cutting. And he used some of the administration’s own talking points to argue the case: Investment in natural gas and nuclear power is good, he said, and the development projects funded by the bank can help prevent migration.He also said that the bank makes money and shouldn’t be seen as charity from U.S. taxpayers.“The World Bank is profitable,” he said, noting that it more than covers its own administrative costs even if most of its projects are designed to yield slim returns. “It’s not as though we take money every year from taxpayers to subsidize us and our salaries.”The concern about the bank’s future is heightened as the second Trump administration doubles down on its repudiation of climate projects and promotes an accelerated expansion of U.S. oil and gas projects.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Joann, the Arts and Crafts Chain, Will Close 500 Stores Across U.S.

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      The announcement came one month after the company’s second bankruptcy filing in less than a year.Joann, the financially troubled arts-and-crafts retailer, announced Wednesday that it was preparing to close 500 of its 800 remaining stores after its latest bankruptcy filing.The announcement came one month after the eight-decade-old company filed for bankruptcy for the second time in less than a year, as consumers pull back on spending. If the District of Delaware Bankruptcy Court gives its approval, the company said in a statement that it would shut underperforming stores across the country, from New York to Alaska.“This was a very difficult decision to make, given the major impact we know it will have on our team members, our customers and all of the communities we serve,” the company said in an emailed statement.Joann, whose outlets were once called Jo-Ann Fabrics, is based in Hudson, Ohio. The chain has long sold art supplies, such as yarn, sewing machines, fabrics and other seasonal products. The company currently has stores in 49 states.In March 2024, Joann filed for bankruptcy to reduce debt, resulting in the publicly-traded company’s being taken into private ownership. That initial filing closed in August 2024.The retailer continued its downward spiral after a short-lived boost during the pandemic. The company said on Wednesday that it faced “significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, have forced us to take this step.”Going-out-of-business sales at stores could start as early as Saturday, according to a customer FAQ shared by the company.The retail chain is also seeking court authorization to stop accepting gift cards both online and in stores within the next two weeks. Joann has already stopped selling gift cards and no longer accepts them on its website. Returns will stop being accepted two weeks after the court’s approval of Joann’s restructuring plan, the company said.J. Edward Moreno More

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      Boeing Seeks to Line Up Billions in Financing as Strike Goes On

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      The aerospace giant said it could raise as much as $25 billion in debt or equity over the next three years, including a $10 billion line of credit.Boeing on Tuesday announced steps to improve its financial position as costs mounted and a strike by its largest union entered its second month.In two regulatory filings, the company said that it could raise as much as $25 billion by selling debt or stock over the next three years and that it had entered into a $10 billion credit agreement with a group of banks, which it has not yet drawn on.“These are two prudent steps to support the company’s access to liquidity,” the company said in a statement. The banks are BofA Securities, Citibank, Goldman Sachs Lending Partners and JPMorgan Chase.The moves come days after Boeing revealed about $5 billion in new costs and announced a restructuring that included plans to cut 17,000 jobs, or 10 percent of its work force.The strike, which began a month ago, is costing the company tens of millions of dollars a day, according to various estimates. Most of the workers who walked out are involved in production of commercial airplanes, bringing much of that work to a virtual halt, though one major airplane program is manufactured at a nonunion factory in South Carolina.Talks between the company and the union representing 33,000 striking employees, the International Association of Machinists and Aerospace Workers, broke down last week, with Boeing retracting its latest contract offer and each side blaming the other for intransigence.Julie Su, the acting labor secretary, visited Seattle on Monday to meet with Boeing and the union, the union said in a statement.The strike is very likely costing Boeing about $1.3 billion in capital a month, according to calculations by Sheila Kahyaoglu, an analyst at Jefferies, the investment bank. Given those costs and its need for more debt, raising $10 billion by selling new shares would provide the company “considerable flexibility,” she added.Last week, S&P Global Ratings also said it was considering lowering Boeing’s credit rating, depending on how long the strike lasts, to junk status, a downgrade that would raise Boeing’s borrowing costs. The company’s debt totals nearly $58 billion, up from about $9 billion a decade ago.And the chief executive of one of the world’s largest airlines, Tim Clark of Emirates, said recently that Boeing could be forced to seek bankruptcy protection if it was not able to issue more shares to improve its financial position. “Unless the company is able to raise funds through a rights issue, I see an imminent investment downgrade with Chapter 11 looming on the horizon,” Mr. Clark told The Air Current, an aerospace news publication. More

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      A Bargain at the Opera: Philadelphia Offers All Seats for as Low as $11

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      Seeking new audiences, Opera Philadelphia is putting in place a pay-what-you-can model, one of the first of its kind by a major opera company.In Philadelphia, a night at the opera may now be cheaper than going to the movies.Opera Philadelphia, a company with a reputation for innovation and ambition, announced on Tuesday that it was putting in place a pay-what-you-can model for the 2024-25 season, with all tickets for all performances starting at $11. The initiative, which the company calls Pick Your Price, is aimed at attracting new audiences.“People want to go to the opera, but it’s expensive,” said Anthony Roth Costanzo, the celebrated American countertenor who became the company’s general director and president in June. “Our goal is to bring opera to more people and bring more people to the opera.”It immediately proved popular. On Tuesday, the day the initiative was announced, Opera Philadelphia said it sold more than 2,200 tickets for the coming season, compared with about 20 the day before. The tickets were originally priced at $26 to $300.High ticket prices have long been a barrier to audiences, and especially to newcomers. In recent years a number of performing arts groups, including Lincoln Center, the Chicago Sinfonietta and Ars Nova, the Off Broadway incubator, have experimented with pay-what-you-can approaches. Other opera companies have experimented with discounts, including rush tickets and deals offered to young people. But Opera Philadelphia’s approach was one of the boldest yet.Its website explains that all tickets start at $11 but that people will be given the option of choosing to pay much more, including the standard price.Like many nonprofit performing arts organizations, Opera Philadelphia gets much more of its revenue from philanthropy than through ticket sales. Radically lowering the prices could encourage more donations, which will no longer risk being seen as subsidizing an expensive art form that is out of reach for many people. And Costanzo said that the new model would allow the company to concentrate more on staging interesting works, and less on worrying about ticket sales.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      New York Will Allow Mount Sinai to Close Beth Israel Hospital

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      The health facility’s potential closure had been contentious following the shuttering of other hospitals serving Lower Manhattan.The New York State Department of Health has agreed to allow a major hospital in Manhattan to close, which would leave many downtown residents farther away from emergency medical care.The fate of the hospital, Mount Sinai Beth Israel, has been up in the air since 2016, when its parent hospital system first announced a closure plan. The hospital survived for years, kept alive by community activists who filed lawsuits to keep it open, as well as by the coronavirus pandemic, which filled its beds with critically ill patients.Over the past year, however, the parent hospital system, Mount Sinai, renewed its push to close Beth Israel, claiming the facility was losing so much money that the losses threatened the entire hospital system, one of the city’s largest.On Thursday the State Health Department, which evaluates hospital closure proposals, said that it had approved Mount Sinai’s plan to close Beth Israel, with several conditions.The conditions are aimed at ensuring that nearby hospitals aren’t overwhelmed by the increase of patients expected after Beth Israel closes. The hospital, at 16th Street and First Avenue, treated just under 50,000 patients last year, and handles about 6 percent of all emergency room visits in Manhattan. Once it closes, many of those patients will most likely land at Bellevue or NYU Langone Health, two hospitals both several blocks up First Avenue from Beth Israel.The Health Department said Beth Israel must fund an expansion of the emergency room at Bellevue, the flagship of the city’s public hospital system. Another condition is that Beth Israel must run an urgent care center, open 24 hours a day, 7 days a week, for three months.The state’s decision removes a major hurdle standing in the way of Mount Sinai’s closure, but for the moment, the hospital must stay open: It still faces a lawsuit challenging the closing, and a judge has ordered the facility not to reduce its medical services in the meantime. But many doctors and nurses have left over the past year to find more secure jobs elsewhere. At times, care has suffered and patients have been rerouted to other hospitals because Beth Israel is no longer able to respond to strokes and some other medical emergencies.A spokesman for the Mount Sinai hospital system, Loren Riegelhaupt, said in a statement that Beth Israel would remain open and accept patients, for now.Beth Israel was founded in 1889, initially as a dispensary serving mainly Jewish immigrants on the Lower East Side. It grew into a major Manhattan hospital, but has struggled in recent years.The past 20 years have seen the closure of two large nearby hospitals: Cabrini in the Gramercy Park neighborhood and St. Vincent’s in Greenwich Village.In a letter to the state health commissioner on Thursday, a longtime health activist, Mark Hannay, wrote that allowing the closure to go forward risked leaving “a dangerous gap in availability of emergency care in Lower Manhattan.” More

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      Biden Team Set to Raise Record $28 Million at Hollywood Fund-Raiser

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      President Biden flew from a gathering of world leaders in Italy to Los Angeles to appear along with Barack Obama, George Clooney, Julia Roberts, Jimmy Kimmel and others.President Biden’s campaign expects to collect more than $28 million at a gala Los Angeles fund-raiser packed with celebrities on Saturday night in a Hollywood show of force. Mr. Biden left a meeting of world leaders in Italy on Friday, skipping the final dinner to fly to Los Angeles for the fund-raiser, which will feature former President Barack Obama, the actors George Clooney and Julia Roberts and the late-night talk show host Jimmy Kimmel. Air Force One touched down in Washington only long enough to refuel for the continuing flight and landed in Los Angeles on Saturday morning.The travel across 10 time zones illustrated the competing presidential and political demands on Mr. Biden’s time as the campaign against former President Donald J. Trump accelerates. Aides said the taxing schedule made clear that even at age 81, he still demonstrates the endurance to manage his many duties.The $28 million haul anticipated from Saturday’s event was set to break a party record, overtaking the $26 million Democrats brought in from a fund-raiser in March in New York featuring Mr. Biden along with Mr. Obama and former President Bill Clinton.While Mr. Biden and the Democrats have outpaced Mr. Trump’s team in donations for much of the campaign, Republicans pulled in $50.5 million at an event in Palm Beach, Fla., in April, and said they raised a total of $141 million in May, matching what Mr. Biden and Democrats raised in March and April combined.Tickets for the Democratic event at the Peacock Theater run from $250 for grass-roots supporters to $500,000 for a four-seat package. The film and television industry has long been a financial bulwark for the Democrats, but organizers hoped to use Saturday’s fund-raiser to bolster Mr. Biden’s coffers and demonstrate his strong support among some of the nation’s most recognized figures.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What to Do With an Inheritance

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      A sudden windfall while grieving can be an emotional minefield, particularly for younger adults. Experts share ways to handle it wisely.Michael Hay knew his mother was financially secure, but he didn’t fully know her situation until she was admitted to a hospital in August and he was granted her power of attorney. Even then, it wasn’t until his mother’s unexpected death, about a month later, that Mr. Hay understood that he and his two sisters were about to inherit a sum that would make a real difference in their lives.Nine months later, Mr. Hay, 47, says he’s still processing the shock of suddenly losing his 78-year-old mother while gaining an inheritance he wasn’t prepared to receive.“I still call it ‘my mom’s money’ even though it’s legally in my name,” said Mr. Hay, who works at a tech start-up and lives in Madison County, N.Y.Mr. Hay’s reaction to his sudden wealth is not unusual. “It is a big shock both emotionally and financially, and I don’t know that anyone is ever prepared,” said Kathryn Kubiak-Rizzone, founder of About Time Financial Planning in Rochester, N.Y. She recommends that beneficiaries not make any financial decisions for the first six months because they’re likely to still be grieving.Research shows that more adult children may find themselves unexpectedly inheriting wealth over the next two decades. The silent generation, or people born roughly between 1928 and 1945, and its successors, the baby boomers, are expected to transfer significant wealth to members of Generation X and millennials over the next 20 years, according to the Wealth Report, a publication from Knight Frank, a London global property consultant.Federal Reserve figures show that half of all inheritances are less than $50,000, but with boomers reaching 80 and beyond, members of their family may begin to inherit more wealth. More than half of millennials who are anticipating an inheritance from their parents or another relative expect to gain at least $350,000, according to a survey by Alliant Credit Union in Chicago. (Whether they actually receive that much is another question.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Film Academy Looks Overseas for Donors

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      The Academy of Motion Picture Arts and Sciences has announced a global $500 million campaign to shore up its financial future.The Academy of Motion Picture Arts and Sciences on Friday announced a global $500 million fund-raising effort to help diversify its base of support and ensure its financial future in a period of transformation for the film industry and the nonprofit cultural sector.“Both are going through radical business model shifts right now due to changing audience habits and revenue streams,” Bill Kramer, the chief executive of the Academy of Motion Picture Arts and Sciences, said in an email. “As a nonprofit, and like any healthy organization or company, the academy needs a sustainable and diverse base of support to allow for solid long-term planning and fiscal certainty.”Announced during a news conference in Rome hosted by the Italian film studio Cinecittà, the campaign is called Academy100, in honor of the 100th Oscars ceremony in 2028. The academy plans to use about $300 million of the new funds to bring its endowment to $800 million; the remainder will go toward operating expenses and special projects.The academy currently has an annual operating budget of about $170 million, 70 percent of which comes from its Oscars broadcast deal with Disney and ABC, which runs through 2028. About $45 million of the operating expenses are used by the Academy Museum of Motion Pictures.Given the challenges experienced by many cultural organizations, the academy has reason to want to shore up its finances. In March, for example, Joana Vicente of the Sundance Film Festival resigned after less than three years as chief executive amid questions about her fund-raising abilities. Last summer, Center Theater Group in Los Angeles announced a series of sharp cutbacks — including suspending productions at the Mark Taper Forum — to deal with drops in revenue and attendance. And the Metropolitan Opera in New York has withdrawn emergency funds from its endowment.The academy said in its news release that the money raised “will endow and fund programs that recognize excellence in cinematic artistry and innovation; preserve our film history; enable the creation of world-class film exhibitions, screenings and publications; train and educate the next generation of diverse global film artists; and produce powerful digital content.”More than $100 million has already been committed to the campaign, the academy said, including support from Rolex, which is based in Switzerland.As part of the effort, the academy plans to host gatherings and events in locations around the world to “become increasingly global,” press materials said, and help develop a global “pool of new filmmakers and academy members and support the worldwide filmmaking community.”The academy said its “expanded international outreach” will include Buenos Aires; Johannesburg; Kyoto, Japan; Lagos, Nigeria; London; Marrakesh, Morocco; Melbourne, Australia; Mexico City; and Mumbai. More

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      Can Minor League Baseball Survive Its Real Estate Problems?

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      Ed Willson has a jar filled with dirt sitting on his desk.For more than 40 years, Mr. Willson has been a fan of the minor league baseball team in Eugene, Ore., the Emeralds, and a season-ticket holder for 22 seasons. He was crushed when Civic Stadium, the longtime home of the team, burned to the ground in 2015. “It was a serious heartbreak,” Mr. Willson said.After the fire, Mr. Willson made a pilgrimage to the scorched diamond, where he filled a plastic bag with dirt from the pitcher’s mound that he considered sacred. He planned to give it to the team when it began construction on its new stadium.Nine years later, the dirt is still on Mr. Willson’s desk. The Emeralds are still without a permanent home. And there’s a risk that the team, after 69 seasons, may leave town altogether.Although the Emeralds (also known for their Sasquatch mascot, Sluggo) have survived wildfires, losing seasons, recessions, Major League Baseball’s 2020 reorganization of the minor leagues and Covid, they are a team without a ballpark.And the debate about the Emeralds’ fate — in the birthplace of Nike, no less — is a testament to the struggle for affordable, in-person sports to survive in the current Gilded Age.Nor are the Emeralds the only minor league baseball team that has reached a crisis point as a result of a ballpark problem. In 2020, Major League Baseball imposed new guidelines for its minor league stadiums. They include LED lighting, changing rooms for women, new fencing, expanded training facilities and a larger clubhouse. Those fixes are pricey.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More