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The extreme heat is prompting violent typhoons in Asia and flash floods in the United States. But to the pragmatist, extreme heat is the new normal. The good news: Investors are spending big on climate projects. Global warming helps make periods of extreme heat more frequent, longer and more intense, and it will continue getting worse unless humans essentially stop adding carbon dioxide to the atmosphere, scientists say. “There’s been huge, huge progress” in developing green technologies and bringing down their costs, said Bella Tonkonogy, the U.S. director of Climate Policy Initiative whose funders include the Bloomberg Foundation and the German government.

Persons: it’s, El Niño, Carl, Friedrich Schleussner, ” “, ”, DealBook, “ There’s, Bella Tonkonogy Organizations: Analytics, Global, Venture, Initiative, Biden, Bloomberg Foundation Locations: Asia, United States, Berlin, U.S

The White House brokers an A.I. The commitments are voluntary, but industry watchers see the move as an important first step toward protecting consumers and businesses. The White House wants the companies to commit to “responsible” development. The White House said it would work with overseas allies, including Britain, Germany, Japan and South Korea, to develop common groundwork on A.I. It comes as China is developing its own guidelines for A.I.

Persons: Biden, White, “ Organizations: White House, Microsoft, Google, White Locations: Britain, Germany, Japan, South Korea, China

Kering, the French luxury goods company that owns brands like Balenciaga, Alexander McQueen and Yves Saint Laurent, surprised the fashion industry this week when it announced a sweeping reorganization of its top ranks, including the departure of Marco Bizzarri, the longtime chief executive of Gucci, Kering’s premier brand. Activists have turned on the luxury industry in recent years. Dan Loeb’s Third Point as well as Artisan Partners called for change at Richemont, the owner of jewelry brands like Cartier and Van Cleef & Arpels. But the most active recently is Bluebell, a four-year-old, $250 million firm that has also taken aim at Richemont, and the fashion brand Hugo Boss. Bluebell failed to persuade fellow Richemont shareholders to add Francesco Trapani, the former chief executive of Bulgari, as a director, but the conglomerate agreed to give public investors more influence.

Persons: Alexander McQueen, Yves Saint Laurent, Marco Bizzarri, Gucci, François, Henri Pinault, Kering, Dan Loeb’s, Van Cleef, Hugo Boss, Bluebell, Francesco Trapani Organizations: Kering’s, Bluebell Capital Partners, Partners, Cartier, BlackRock, GlaxoSmithKline Locations: London

Netflix’s focus on streaming has also helped it dodge some of the other problems bedeviling its peers, including weaker-than-expected box office results for expensive blockbusters. (That was also evident in China, which some in Hollywood had hoped could make up for underperformance at home.) While the company will save on content spending in 2023, it will have to pay for American productions at some point. “This strike is not an outcome that we wanted,” Ted Sarandos, the company’s co-C.E.O., told analysts yesterday. In more strike news: Film production in Los Angeles during the second quarter fell to lows not seen since the middle of the pandemic.

Persons: Hollywood, underperformance, Disney’s Robert Iger, Ted Sarandos, Elon Musk Organizations: Netflix Locations: China, Hollywood, Los Angeles

☆ Blackstone Becomes First $1 Trillion Private Equity Manager
▼ + stars: | 2023-07-20 | by ( Michael J. De La Merced | More About Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

For years, private equity firms have sought to join a special club: managing $1 trillion in assets, a milestone that would put them in the same league as mutual fund behemoths like BlackRock and Fidelity and banking giants like JPMorgan Chase. On Thursday, Blackstone became the first in the private equity industry to hit that level, boasting in its latest quarterly earnings report that it managed just over $1 trillion in assets as of the end of June. For firms like Blackstone, attaining that size cements their position as a major player in mainstream finance. On Main Street, the firm is perhaps best known for striking debt-fueled takeovers of companies, even if in reality it has long since branched out into an array of other businesses, from lending to real estate. “This milestone reflects the extraordinary trust we have developed with our investors,” Stephen A. Schwarzman, Blackstone’s co-founder and chief executive, said in a statement, adding that he saw “a vast opportunity for further expansion.”

Persons: Blackstone, ” Stephen A, Blackstone’s Organizations: Fidelity, JPMorgan Chase, Blackstone Locations: BlackRock

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Persons: you'll, Charlotte Tilbury, we've, Kiehl's Creme, Bobbi Brown, it’s, Charlotte, Jo Malone, Jo Malone London’s, Suede, Wood, Kate Somerville, Dyson, Augustinus Bader, Mascara Organizations: Nordstrom, skincare, nab, Triple, Oil

☆ Kim Kardashian’s Skims Is Now Worth $4 Billion
▼ + stars: | 2023-07-19 | by ( Michael J. De La Merced | More About Michael J. De La Merced | ) www.nytimes.com time to read: 1 min

Four years into its existence, Skims, the apparel company co-founded by Kim Kardashian, has become a unicorn four times over. Skims has raised $270 million in a new funding round that values it at $4 billion, the company plans to announce on Wednesday. That’s up from the $3.2 billion valuation investors gave the company last year. Ms. Kardashian and her business partner, Jens Grede, have sought to turn Skims into the next big apparel brand. “It has grown quickly and we’re so proud of that,” Ms. Kardashian said in an interview.

Persons: Kim Kardashian, Skims, That’s, Ms, Kardashian, Jens Grede, “ We’ve, ”

Regulators under administrations dating to President Lyndon Johnson have set out new guidelines, which serve largely as a matter of policy intent because they are not enforced by law. But the sweeping proposals introduced by Lina Khan, the F.T.C. The guidelines broaden the scope for evaluating deals. The regulators say that current laws are not fit for the contemporary age. (Critics of this approach argue that it is nearly impossible to know what threat young technologies may pose in the future.)

Persons: Lyndon Johnson, Lina Khan, Jonathan Kanter, Ms, Khan Organizations: Justice Department, Federal Trade Commission

Parts of Europe and the southern United States are expected to experience record-breaking highs, with consequences for human health and economic activity. As China faces sweltering heat, John Kerry, the U.S. climate envoy, met with the country’s premier to urge cooperation in fighting climate change. Microsoft and Activision reportedly plan to extend a deadline for their deal. The Competition and Markets Authority, which had previously moved to block the transaction, has set an Aug. 29 deadline for the talks. Under new rules negotiated by the Treasury Department, American businesses now have until 2026 before other countries can start imposing new levies on corporations deemed to have paid too little in the United States.

Persons: Fink, Jamal Khashoggi, John Kerry, isn’t, Elizabeth Warren, Tesla, Elon Musk, Biden Organizations: Investment Initiative, Northern, Microsoft, Activision, Bloomberg, The, Markets Authority, Massachusetts Democrat, Elon, Twitter, Treasury Department Locations: Saudi, Europe, United States, China, U.S, Massachusetts

But last week, Chinese state media slammed Goldman Sachs after the Wall Street firm recommended selling shares in local banks because of their exposure to risks in the domestic economy. Group of 20 central bankers and finance ministers are meeting this week in India, with this data adding to their worries about the state of the global economy. Some pessimists say the Chinese economy has peaked and a significant slowdown is coming. But, Mr. Pettis added, international investors need to look at China differently than they once did. “When China was growing at double-digit rates, even poor parts of the economy were growing,” he said.

Persons: ” George Magnus, DealBook, Xi, Goldman Sachs, Covid, Michael Pettis, Pettis, ”, “ Organizations: Oxford University’s China Center, UBS, West, Street, Peking University Locations: China, Beijing, India, Russia, Ukraine, Moscow, Kyiv

Ms. Battle has been leading an effort to have businesses pledge not to finance seabed mining or source seafloor materials in their supply chains. Similarly, prominent banks in Britain, such as Lloyds and Standard Chartered, are refusing to do business with deep-sea mining entities. But critics say that the expense and logistics of mining in the remote ocean — and transporting metals back to land — raise doubts about whether deep-sea mining can be profitable. “This industry could start without being needed,” she said of deep-sea mining. But seabed mining supporters say that existing mining is worse for the environment, and deep-sea mining could help wrestle control of critical metals from China and Russia.

Persons: Barron, DealBook, it’s, Jessica Battle Organizations: ” Regulators, United Nations, World Wildlife Fund, BMW, Google, Samsung, Volvo, Volkswagen, Lloyds, Standard Chartered, International Energy Agency Locations: Britain, China, Russia

Trouble in TinseltownIt’s happening: America’s $134 billion movie and TV industry has ground to a halt after the Hollywood actors’ union voted to strike, joining screenwriters and shutting down virtually all productions. The move reflects the growing aggressiveness of the American labor movement, which has been battling against Starbucks, Amazon, UPS and others. The actors’ union blasted studios for refusing to bend on key issues, including higher payouts from streaming titles and clear limits on the use of artificial intelligence. Shame on them!”The studios argue that the unions’ demands are unrealistic, given the challenges the entertainment industry faces, from streaming to fallout from the pandemic. “This is the worst time in the world to add to that disruption,” Bob Iger, Disney’s C.E.O., said on CNBC yesterday.

Persons: ’, ” Fran Drescher, Bob Iger, Disney’s Organizations: Hollywood, Starbucks, SAG, CNBC Locations: Amazon, —

Musk and Meta enter the A.I. ringThe rivalry between Mark Zuckerberg and Elon Musk won’t be confined to social media posts or a cage fight. Meta is further along than Mr. Musk in developing a commercial A.I. The social media giant is set to release an open-source version of its A.I. Well before Meta took a turn into the metaverse, the firm’s programmers developed LLaMA, an A.I.

Persons: Mark Zuckerberg, Elon Musk, Meta, Yann LeCun Organizations: Meta, Microsoft, Google, Financial Times, OpenAI Locations: buzziest

A reckoning for Lina KhanA federal judge’s decision to let Microsoft close its $70 billion takeover of the video game maker Activision Blizzard didn’t just represent a win for the tech giant. Microsoft is close to clinching the deal. In her 53-page ruling, Judge Jacqueline Scott Corley wrote that the F.T.C. had failed to show that Microsoft buying the maker of Call of Duty would substantially reduce competition in the video game market. That means the Activision deal, the largest tech acquisition ever, could close as soon as next week.

Persons: Lina Khan, Jacqueline Scott Corley Organizations: Microsoft, Activision, Britain’s, Authority

Ramaswamy rethinks political givingAs a biotech entrepreneur, investor and conservative activist, Vivek Ramaswamy cuts a different profile from the veteran politicians who are also seeking the Republican presidential nomination. With the plan that he announced on Monday — in which fund-raisers will get 10 percent of what they drum up for him — Mr. Ramaswamy told DealBook that he’s trying to shake up the business of politics now, too. How it works: Called “Vivek’s Kitchen Cabinet,” the system will give participants a personal link they can share with others, and the campaign will pay them as independent contractors. Mr. Ramaswamy said he’s taking aim at a political norm. After announcing his candidacy in February, he said he had met with professional fund-raisers who promised that they could find wealthy donors in Palm Beach, Fla., in Silicon Valley, and on Wall Street.

Persons: Ramaswamy, Vivek Ramaswamy, DealBook Locations: Palm Beach, Fla, Silicon Valley

‘Serious concerns’ at the PGA TourJust days before Tuesday’s PGA Tour hearing before the Senate Permanent Subcommittee on Investigations, a prominent tour board member, Randall Stephenson, has resigned. His reason? He said he cannot support the golf organization’s proposed tie-up involving LIV Golf, its Saudi -backed rival, DealBook’s Lauren Hirsch and The Times’s Alan Blinder report. In a scathing resignation letter obtained by DealBook, Mr. Stephenson, the former AT&T chair, said that he — like most of the board — was left out of the loop as the tour negotiated a deal with Saudi Arabia’s sovereign wealth fund that jolted the sports world. (In fact, he had already lately taken to attending most board meetings via videoconference, save for last month’s meeting in Michigan.)

Persons: Randall Stephenson, LIV Golf, DealBook’s Lauren Hirsch, Alan Blinder, DealBook, Stephenson, —, Mr, Jamal Khashoggi, ” Mr Organizations: Investigations, AT Locations: Saudi, Michigan

But that call could change too, depending on Friday’s jobs numbers. It’s a sign that the recent boom in A.I.-related spending has failed to overcome other weaknesses in the semiconductor market. That is expected to wrap up a yearslong investigation into Ant, after government officials blocked the company’s plans to go public. New vehicle purchases rose 10 percent in the April quarter, as truck demand roared back. But Ford’s shares fell on Thursday because its electric cars sales declined in the same period, underperforming its biggest rival, Tesla.

Persons: Ant, Ford’s, Uber Organizations: Samsung, Ant Group, Reuters, Tesla, Analysts, New York Locations: A.I, Beijing, New

Has Zuckerberg invented a Twitter killer? Meta’s new social network had already racked up more than 10 million sign-ups within seven hours of its launch, and attracted celebrities and politicians like Oprah Winfrey and Representative Alexandria Ocasio-Cortez, Democrat of New York. But the presence of big-name advertisers such as Procter & Gamble and Ford points to the bigger commercial stakes in the fight between Mark Zuckerberg’s new platform and Elon Musk’s Twitter. Meta is billing Threads as a “friendly” forum, but the social media giant is gunning for the blue bird. Advertisers are watching closely, even if they can’t buy ads there yet.

Persons: Zuckerberg, Oprah Winfrey, Alexandria Ocasio, Ford, Mark Zuckerberg’s, gunning, ” Martin Sorrell, DealBook Organizations: Procter, Gamble, Elon, Twitter, Meta, S4 Capital Locations: Cortez, New York

Such a penalty would be far higher than any previously imposed by Brussels. But China’s stuttering economy and Beijing’s focus on elections in the United States and Taiwan next year are driving a calculation by Chinese policymakers that it is still worth engaging. But the Chinese are looking beyond the United States, and 2023. “Beijing policymakers are hedging their bets,” Rana Mitter, director of Oxford University’s China Center, told DealBook. “They believe that the Biden administration is using softer language but in practice seeking to contain China.

Persons: Illumina, Janet Yellen, Biden, Yellen’s, ” Rana Mitter, DealBook, “, ” Organizations: European Union, Financial Times, Economic, China, Oxford University’s China Center Locations: Brussels, China, Beijing, United States, Taiwan, Tianjin, Netherlands, Washington

☆ Fireworks Have a New Competitor: Drones
▼ + stars: | 2023-07-01 | by ( Lauren Hirsch | Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Like many in the fireworks industry, Stephen Vitale is in the family business. In October, he struck a surprising alliance with Nova Sky Stories, the drone company that Kimbal Musk acquired from Intel. Increasingly, drones are lighting up skybound entertainment shows. Drone shows are in some ways the newer, hipper brand of fireworks. Fireworks providers like Vitale face a tough decision: Invest in the expensive equipment and regulatory clearance required to get into the drone business, or believe that demand for fireworks will remain steady even as a new type of competition skyrockets.

Persons: Stephen Vitale, Kimbal Musk, King Charles III, Vitale Organizations: Nova Sky, Kimbal, Intel, Allied Market Research, Invest Locations: New, Pa

Turmoil ahead for diversity in hiringThe Supreme Court’s decision on Thursday to strike down affirmative action at colleges and universities sent shock waves throughout higher education. But the effects of the 6-3 ruling, which found that race-conscious admissions programs were unlawful, promise to go much wider. Many in corporate America fear that years of efforts to promote diversity are now vulnerable to legal challenges. While this particular case may not upend such initiatives, lawyers and executives say, future ones that go before the Supreme Court could. What the Supreme Court found: Affirmative action programs can’t be reconciled with the Constitution’s equal protection clause, Chief Justice John Roberts wrote for the majority.

Persons: can’t, John Roberts, ”, Roberts Organizations: Harvard, University of North Locations: America, University of North Carolina

The money men aiding Robert Kennedy Jr.’s political surgeAs the 2024 race heats up, President Biden faces a persistent thorn in his side: Robert Kennedy Jr., the scion of the Democratic dynasty, who both touts an array of fringe theories and boasts surprisingly durable poll numbers. The Times notes that Mr. Kennedy is drawing support from an array of political outsiders. But perhaps his most powerful base is a group of financial and tech moguls, including the Twitter co-founder Jack Dorsey, who have given him money and something arguably more important: exposure. That includes things like cryptocurrency — he has spoken at industry conferences and accepts campaign donations in Bitcoin. Mr. Kennedy has also embraced some of their favored podcasts, speaking with popular hosts like Joe Rogan and the venture capitalists behind the show “All-In.”And in endorsing Mr. Kennedy, Mr. Dorsey (who’s also a major Bitcoin booster) cited the candidate’s criticism of government censorship.

Persons: Robert Kennedy Jr, Biden, Kennedy, Jack Dorsey, Joe Rogan, Mr, Dorsey, who’s Organizations: Democratic, Twitter Locations: Bitcoin

Will the U.S. tighten a cordon around A.I. The deliberations underscore the White House’s worries about falling behind in the race to dominate A.I. chips, after the Biden administration limited exports of the most advanced semiconductors last year, according to The Journal. That would include Nvidia’s A800 chips, which the company created specifically to comply with earlier restrictions, set by the Commerce Department, on computational performance. Those chips might now require a license to be sold to Chinese companies.

Persons: Biden, isn’t, Janet Yellen Organizations: Nvidia, AMD, Street Journal, Commerce Department Locations: U.S, China, A.I, Beijing

Bidenomics gets a rebootPresident Biden plans to double down on his economic record in a big campaign-style speech on Wednesday. Yet despite the good news, Mr. Biden hasn’t seen a big jump in his popularity, and he trails his Republican rivals, according to some polls. “Bidenomics” will be at the heart of the president’s message. “But it’s working.” The Donilon-Dunn memo tries to give the messaging around Bidenomics a reboot. They point to how, for example, the CHIPS Act, the Inflation Reduction Act and the infrastructure law are creating jobs in the high-tech, manufacturing and green sectors.

Persons: Bidenomics, Biden, Biden hasn’t, “ Bidenomics, Anita Dunn, Mike Donilon, Michael D, ”, Dunn Organizations: Republican, Biden

Who is Mr. Prigozhin? Europe and the United States have been trying to shut down Prigozhin’s sprawling business operations for years. On the F.B.I.’s most wanted list, Mr. Prigozhin rose quickly in Putin’s Russia — from being the president’s favored caterer to winning major contracts that bankrolled Wagner Group, his private mercenary operation. Mr. Prigozhin also relies on a global network of corporate lawyers to fend off Western authorities, according to a separate F.T. Bill Browder, a former investor in Russia who has become one of Mr. Putin’s biggest critics, told DealBook that the president would look to reassert his authority by whatever means necessary.

Persons: Prigozhin, caterer, bankrolled, Wagner, Putin’s, , China’s, Putin, Bill Browder, DealBook, ” Organizations: bankrolled Wagner Group, Treasury Department, Evro, Central African, Financial Times, Treasury, — Terra Tech, BARL Locations: Prigozhin, Europe, United States, Russia, Syria, Ukraine, Evro Polis, Sudan, Central African Republic

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