The jury for Elizabeth Holmes’s trial is sworn in. Seven men and five women were chosen to decide the Theranos founder’s fate. Holmes faces 12 counts of fraud and conspiracy to commit wire fraud over false claims she made about Theranos’s blood tests and business. Her trial in San Jose, Calif., will begin next week and is set to last for at least 13 weeks. If convicted, Holmes faces up to 20 years in prison.
General Motors idles factories as a chip shortage takes its toll. In yet another sign that the global shortage of parts is taking longer to resolve, production of some of G.M.’s most profitable vehicles will be suspended while the carmaker temporarily shutters eight plants in North America. Ford is scaling back pickup production, and Toyota cut production by 40 percent this month.
Walmart is raising wages for some 565,000 workers. The retailer’s average wage will rise to $16.40 per hour, though its minimum starting wage, which will rise to $12 per hour from $11, still lags competitors like Target. It’s the latest example of employers trying to attract and retain employees amid labor shortages.
New moves shake up Asian exchanges. Singapore will allow SPAC listings starting today, making it the first major exchange in Asia to welcome the blank-check firms, despite increased scrutiny of them by regulators elsewhere. In China, a new stock exchange aimed at small and medium-size businesses is set to open in Beijing, as the country tries to discourage local companies from listing abroad.
A billion-dollar tax settlement at a well-connected fund
Renaissance Technologies, a pioneering quantitative hedge fund, said a group of current and former insiders agreed to pay as much as $7 billion in back taxes and penalties to the I.R.S. The settlement, ending a decade-long dispute, is one of the biggest in history. It may give a boost to those, including President Biden, who say the I.R.S. is underfunded and unequipped to collect more taxes from the wealthy.
New York Flooding
The founder of RenTech, Jim Simons, and a former C.E.O., Robert Mercer, are the biggest names in the settlement. The financiers regularly appear on lists of the highest-paid hedge fund investors, and their political activities add extra intrigue: Simons, who stepped down last year as chairman of the firm, is a longtime donor to Democrats, including to Hillary Clinton’s campaign, while Mercer is a major backer of Republicans, including Donald Trump. (Mercer also bankrolled Cambridge Analytica.)