The Federal Bureau of Investigation (FBI) is opening a new China-related counterintelligence case about once every 10 hours as it pushes back against Beijing’s expansive campaign to steal American intellectual property (IP) and influence policymakers, FBI director Christopher Wray said in a speech on July 7. Wray warned that Beijing’s counterintelligence and economic espionage operations are the “greatest long-term threat” to the United States’ economic and national security. Its stealing of U.S. technology and trade secrets is on a scale “so massive that it represents one of the largest transfers of wealth in human history,” he said in a speech given at the Washington-based think tank Hudson Institute. His remarks come as the Trump administration ramps up its actions and rhetoric against the Chinese regime in a range of issues from…
NEW YORK鈥擳he storied Manhattan clothier Brooks Brothers is filing for bankruptcy protection.
The company that says it’s put 40 U.S. presidents in its suits, survived two world wars, and navigated through casual Fridays and a loosening of dress standards even on Wall Street, but the coronavirus pandemic pushed the 200-year-old company into seek Chapter 11 protection Wednesday.
Another famed men’s clothier, Barneys of New York, sought bankruptcy protection last year, and it was followed by a slew of others toppled by the pandemic, including Neiman Marcus, J.Crew, and J.C. Penney.
More bankruptcies are anticipated in the retail sector.
The virus-induced recession has cratered spending in most sectors of the economy and accelerated shifts in where people shop, mostly to the benefit of online retailers like Amazon and eBay. Online sales are up a sizable 31 percent from a year ago.
Brooks Brothers was one of the few national chains that produced its clothing in the United States. In March, it shifted some production at plants in New York, North Carolina, and Massachusetts to produce 150,000 masks per day for frontline health workers.
The New York company was founded in 1818, making it possibly the oldest clothier in the country.
Focus News: Famed Clothier Brooks Brothers Files for Bankruptcy
WASHINGTON鈥擳he job market took a big step toward healing in May, though plenty of damage remains, as a record level of hiring followed record layoffs in March and April. The Labor Department reported Tuesday that the number of available jobs rose sharply as well, but remained far below pre-pandemic levels. The figures, from the government’s Job Openings and Labor Turnover survey (pdf), or JOLTS, illustrate the whiplash the economy has experienced since the pandemic intensified in mid-March. Layoffs soared in March to a stunning 11.5 million, roughly four times the peak during the 2008-2009 recession. They remained extraordinarily high in April, at 7.7 million, but in May they fell back to pre-pandemic levels of 1.8 million. Hiring, meanwhile, plunged in April to 4 million, the lowest level since 2011, but…