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C.E.O.s urge Washington to help with asylum seekersAs New York City’s migrant crisis continues to escalate, with more than 100,000 arrivals from the southern U.S. border straining shelters, some of the city’s top business leaders are intervening in a fight over who’s responsible. But recent communications by the Biden administration suggest that such calls won’t be heeded. The letter underscores the increasing urgency of the crisis, which has pitted Mayor Eric Adams against Gov. Adams has said the crisis could cost the city $12 billion over three years, while Hochul has spent $1.5 billion and deployed nearly 2,000 National Guard members so far. The migrant crisis is a business issue.
Persons: Jamie Dimon, JPMorgan Chase, Larry Fink, BlackRock, Jane Fraser, Citigroup —, Biden, won’t, Eric Adams, Kathy Hochul —, Adams, Hochul Organizations: JPMorgan, Citigroup, Gov, Biden, National Guard Locations: Washington, York, U.S, New
Her visit, which will include meetings with business leaders and government officials, including her Chinese counterpart, Wang Wentao, will be closely watched as she looks for common ground on trade, even as she seeks to curtail it. Here is what Ms. Raimondo expects to focus on during her trip, according to The Times’s Ana Swanson, Alan Rappeport and Keith Bradsher. Ms. Raimondo is likely to defend the escalating tech war, which she will argue is meant to protect U.S. national security. (Ms. Raimondo said on Monday that she would neither compromise nor negotiate on that point.) The White House this month announced plans to bar private equity and venture capital firms from making investments in China in quantum computing and advanced semiconductors.
Persons: Raimondo, Gina Raimondo, Wang Wentao, Ana Swanson, Alan Rappeport, Keith Bradsher, Ms Organizations: China, Biden administration’s, U.S Locations: Beijing, China
Charles Kohnen, co-founder of the submersible manufacturer SEAmagine Hydrospace, estimates that there are 200 manned vessels worldwide. Some are used by scientific institutions, others for tourism. But a growing number belong to a select group of yacht owners. “It’s not like a fancy car,” Kohnen said. “It’s more like a $5 million spacecraft.”Just as having a helicopter and launchpad on a yacht was hot in the 1980s, Kohnen said, getting a personable submersible is increasingly a thing for the wealthy.
Persons: Charles Kohnen, “ It’s, ” Kohnen, , Kohnen
Disney’s next moveEven if Bob Iger, Disney’s C.E.O., didn’t have much to reveal about big-ticket M.&A. Streaming is Disney’s future, Mr. Iger said, but the era of pursuing breakneck growth in the business is over. The strategy now is to extract more money from subscribers via hefty price increases for Disney+, and hoping that those efforts don’t drive them away. While the latest figure was less than analysts had expected, that performance is still untenable in the long term, leading Mr. Iger to follow Netflix’s example and raise prices for Disney+ and Hulu. “We grew this business really fast, really before we even understood what our pricing strategy should be or could be,” he told analysts.
Persons: Disney’s, Bob Iger, Iger, don’t, Organizations: Disney
Dentons, the largest Western law firm in China in terms of staff, said yesterday it would separate from Dacheng, its unit there. The two firms merged in 2015, and Dentons even added Chinese characters to its logo to signal its commitment to the country. That made it impossible to follow legal industry standards and best practice, a person familiar with Dentons’ decision-making told DealBook. “Standards are diverging between China and Western economies,” Eswar Prasad, a trade policy professor at Cornell and a former head of the I.M.F.’s China division, told DealBook. Employees at financial firms operating in China have reportedly been forced to attend lessons in the ideology of President Xi Jinping.
Persons: Dentons, DealBook, Eswar Prasad, , Xi Jinping Organizations: Cornell Locations: China, Western, , Sequoia
Goldman makes a big executive changeThe man who has been perhaps the most influential executive inside Goldman Sachs for more than a generation has begun to hand over some of his responsibilities. John Rogers, who over his quarter-century at the Wall Street bank has been known as a board and C.E.O. whisperer, will give his role as chief of staff to Russell Horwitz, his onetime deputy, Andrew and DealBook’s Lauren Hirsch are first to report. Rogers has an outsized influence and an intentionally understated public profile. He also wielded considerable influence outside the firm, helping Paulson become Treasury secretary in 2006.
Persons: Goldman, Goldman Sachs, John Rogers, Russell Horwitz, Andrew, DealBook’s Lauren Hirsch, Rogers, David Solomon, Reagan, George H.W, Bush, ” Rogers, Jon Corzine, Hank Paulson, Lloyd Blankfein, Solomon, Paulson Organizations: Goldman Locations: Washington
Mr. Gensler outlined some of his biggest concerns in an interview with DealBook’s Ephrat Livni. could be the next big systemic risk to the financial system. In 2020, Mr. Gensler co-wrote a paper about deep learning and financial stability. Mr. Gensler expects that the United States will most likely end up with two or three foundational A.I. “This technology will be the center of future crises, future financial crises,” Mr. Gensler said.
Persons: Gary Gensler, Gensler, DealBook’s Ephrat Livni, A.I, Mr Locations: United States
When Nikola Swann heard that Fitch Ratings had removed the United States from its list of risk-free borrowers this week, he felt a sense of satisfaction. More than a decade ago, Swann played a key role in a similar decision: He was Standard & Poor’s primary analyst for its sovereign credit rating on the United States when the agency became the first ever to downgrade the nation’s long-term credit rating amid a debt ceiling standoff in 2011. Bloomberg called the reasons for the downgrade “fundamentally political” in 2011, while others argued that it appropriately reflected a worsening debt crisis. Both a decade ago and this week, partisan politics were cited as one reason for the downgrade. S&P cited “the gulf between the political parties.” Fitch, which made the call two months after the United States narrowly avoided defaulting on its debt, cited “the repeated debt-limit political standoffs and last-minute resolutions.”
Persons: Nikola Swann, Fitch, , Swann, ” Fitch Organizations: Treasury Department, Bloomberg, & $ Locations: United States
But the tech giants provided a snapshot of the state of the global economy: Consumers and companies are cutting back on some costs, but refusing to stop spending on increasingly essential services. Much of the revenue decline was caused by a drop in iPhone sales, which comprise half of Apple’s overall revenue. But revenue from services — including Apple Music, Apple TV+ and App Store sales — grew 8 percent, reaching a record $21 billion. In India, the company set a record for iPhone sales. The company enjoyed a surge in its core online retail business, showing that customers are still spending despite headwinds like rising interest rates.
Persons: they’re, Apple Organizations: Apple, Apple Music Locations: China, India
The fallout from Fitch’s downgrade continuesStocks appear set to open lower today, after falling yesterday in the wake of Fitch Ratings downgrading the United States’s AAA credit rating. But others have said Fitch’s move, while largely symbolic, still points to long-term troubles for the nation and its fiscal health. “There is no willingness on any side to really tackle the underlying challenges,” Mr. Francis said. But “it doesn’t really matter much,” Jamie Dimon, JPMorgan Chase’s C.E.O., told CNBC yesterday, echoing a common refrain to Fitch’s move. Critics of the move noted that according to criteria laid out last year by Fitch itself, including debt-to-G.D.P.
Persons: Richard Francis, Fitch’s, standoffs, ” Mr, Francis, ” Jamie Dimon, JPMorgan Chase’s, Fitch Organizations: Fitch, United States’s AAA, Wall, U.S, Times, JPMorgan, CNBC Locations: U.S
It’s unlikely that the move — only the second downgrade in American history — will dent investor appetite for Treasury notes. But the decision is another sign that Wall Street is worried about political chaos, including brinkmanship over the debt limit that is becoming entrenched in Washington. The move came two months after Washington narrowly avoided a U.S. default, following a prolonged argument over the debt ceiling. (That said, some on Wall Street remain skeptical that the country is headed for a so-called soft landing.) Fitch’s own model shows the U.S. economy deteriorating during the Trump administration and recovering under President Biden.
Persons: Fitch, , Trump, Biden Organizations: Fitch, United States ’ AAA, Washington, Social Security Locations: U.S, Washington
Mr. Jobs will still be dedicated to fighting cancer. “My dad succumbed to cancer when I was in college at Stanford,” Mr. Jobs said. “I was pre-med because I really wanted to be a doctor and cure people myself. But he returned to the field after completing his master’s degree and led Emerson’s health care division, which has invested in companies and given grants to labs. Of his career path, Mr. Jobs said: “I had never ever wanted to be a venture capitalist.
Persons: Jobs, , ” Mr, you’re, Organizations: Stanford Locations: Yosemite
Disney Goes Back to the Future
  + stars: | 2023-07-31 | by ( Andrew Ross Sorkin | Ravi Mattu | Sarah Kessler | ) www.nytimes.com   time to read: +1 min
has brought back two former heirs apparent, Kevin Mayer and Tom Staggs, to advise on the future of Disney’s legacy TV businesses were sure to get Hollywood talking. Mr. Mayer and Mr. Staggs will help Iger think about “linear” TV properties like ABC, according to Puck. Both men had once been tipped as potential successors to Iger — Mr. Mayer as head of M.&A. (Mr. Iger chose Bob Chapek to take over, but he was ousted after two years and replaced by … Mr. Mr. Mayer and Mr. Staggs now run Candle Media, an investment company that has bought an array of production studios.
Persons: Robert Iger, Kevin Mayer, Tom Staggs, Iger’s, Mayer, Staggs, Puck, Iger, Mr, Bob Chapek, … Mr Organizations: Disney, ESPN, Media
The principle is that nature is an unpaid worker providing services, like carbon sequestration, soil retention, water filtration, replenishing raw materials and more. It is providing an invisible subsidy to world economies. Take carbon pricing. Poor countries that have abundant natural resources are loaning their economic resources, like the carbon-sequestering value of their rainforests, to rich countries without compensation. Why add such a pricing structure when economies can exploit nature for free?
Persons: John Kerry, ” It’s Organizations: Democratic, Resilience Locations: Democratic Republic of, Congo
Now, two prominent senators are pushing to create a new federal agency to rein in the power of Big Tech. Elizabeth Warren, Democrat of Massachusetts, and Lindsey Graham, Republican of South Carolina, plan to introduce the Digital Consumer Protection Commission Act, which they say would restrain tech titans while letting them continue to innovate. But these companies have fought hard against increased oversight, and it’s unclear how a new agency will fit into a Washington already full of regulators. The bill is in the vein of legislation that established agencies to oversee fast-growing industries, much like how Congress created the Interstate Commerce Commission, the Federal Communications Commission and the Nuclear Regulatory Commission. “For too long, giant tech companies have exploited consumers’ data, invaded Americans’ privacy, threatened our national security and stomped out competition in our economy,” Ms. Warren told DealBook’s Ephrat Livni.
Persons: Elizabeth Warren, Lindsey Graham, Ms, Warren, DealBook’s Ephrat Livni Organizations: Apple, Meta, Microsoft, Big Tech, Republican, Digital Consumer Protection, Interstate Commerce Commission, Federal Communications Commission, Nuclear Regulatory Commission Locations: Massachusetts, South Carolina, Washington
Federal prosecutors charged Joseph C. Lewis, the British billionaire who owns the Tottenham Hotspur English soccer club, with insider trading on Tuesday, accusing him of illegally funneling nonpublic information to associates to trade on. In a 29-page indictment, prosecutors in Manhattan accused the 86-year-old financier of doling out tips to friends and associates, including his pilots, personal assistants and romantic partners from 2019 to 2021. “He used inside information as a way to compensate employees and shower gifts on friends and lovers,” Damian Williams, the United States Attorney for the Southern District of New York, said in a statement. “It’s cheating and against the law.”Prosecutors also accused Mr. Lewis of conspiring to hide a roughly 20 percent stake in Mirati Therapeutics, a pharmaceutical company, through a series of shell companies and false statements to the Securities and Exchange Commission.
Persons: Joseph C, Lewis, ” Damian Williams, “ It’s, ” Prosecutors Organizations: Tottenham Hotspur English, United States, Southern, of, , Mirati Therapeutics, Securities and Exchange Commission Locations: Manhattan, of New York
Legacy admissions in the cross hairsIn opening a civil rights investigation into Harvard’s legacy admissions policy — in which relatives of alumni and donors are given preference — the Biden administration inserted itself into a fierce debate amid efforts to remake the world of higher education. Opponents of legacy admissions have argued that the policy is unfair, especially after the Supreme Court struck down affirmative action in higher education. But Harvard and other elite schools have defended the practice as a crucial means of raising money. Legacy admissions policies, they say, tilt overwhelmingly toward white and wealthy students and discriminate against Black, Hispanic and Asian applicants. About half of legacy students at the elite colleges examined by the study wouldn’t be there without such an admissions boost.
Persons: Biden Organizations: Harvard, Education
keep Big Tech booming? Nasdaq futures are up on Tuesday morning, ahead of a Big Tech earnings bonanza that kicks off when Microsoft and Alphabet report second-quarter results after the closing bell. Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, apologized to clients on Monday, writing that his pessimistic stock market calls failed to spot the surge in A.I.-related stocks. On the other hand, Marko Kolanovic, JPMorgan Chase’s chief market strategist, is unconvinced that tech fervor will help the markets avoid a sharp decline this year. All eyes will be on Microsoft and Alphabet, which are at the forefront of commercializing generative A.I., the technology behind chatbots like ChatGPT that have captured the public’s imagination.
Persons: Mike Wilson, Morgan Stanley’s, Marko Kolanovic, Organizations: Big Tech, Nasdaq, Microsoft, Nvidia, Citigroup, JPMorgan Chase’s, Google
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
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
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
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,
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
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
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