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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

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

Twitter has flown awayBye-bye, blue bird: Twitter overnight began rebranding itself as X, replacing its longtime logo with a stylized symbol that was projected onto its San Francisco headquarters. X!” wrote Linda Yaccarino, the company’s C.E.O., as the social network starting rolling out its new branding. Gone is the stylized bird, once dubbed Larry T. Bird by the Twitter co-founder Biz Stone, which became one of the most famous internet logos — and which the company has described as its most recognizable asset. The platform’s about page hasn’t yet been updated, but Ms. Yaccarino repeatedly referred to X in a series of tweets outlining the company’s ambitions. Expect X to more fully pervade the company: Mr. Musk described an internal message to employees over the weekend as the last he’d send from Twitter, and he told a user that a post should be called an “x” instead of a tweet.

Persons: Elon, ”, Linda Yaccarino, Larry T, Stone, Yaccarino, Musk Organizations: Twitter, San Locations: San Francisco

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

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

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

Threads is integrated into Instagram, giving it potential access to roughly two billion monthly active users. Threads isn’t available in the European Union, where privacy watchdogs have long been concerned with how Meta handles users’ information. Being big doesn’t run afoul of antitrust law. Leveraging them to enhance the quality of Threads would not in and of itself violate antitrust laws, Mr. Melamed said. “The Threads example shows that big tech companies can also be valuable entrants, bringing new competitive pressure,” Mr. Francis said.

Persons: Nancy Rose, DealBook, ” Ms, Rose, ”, Doug Melamed, Melamed, “, Daniel Francis, Mr, Francis, — Ephrat Livni Organizations: Federal Trade Commission, European Union, Massachusetts Institute of Technology, Twitter, Stanford Law School, Justice Department, New York University, Competition Locations: ’

☆ ‘Several Things Have Shocked Me’: An Ex-Insider on Business in China
▼ + stars: | 2023-07-08 | by ( Ravi Mattu | More About Ravi Mattu | ) www.nytimes.com time to read: +1 min

He and his former wife, Duan Weihong, used their relationships with top government officials to build a multibillion-dollar property development company during a golden age for entrepreneurs starting in the mid-1990s. Mr. Shum left China in 2015 as Xi Jinping, the country’s leader, asserted greater state control over the country and its businesses. (It is believed that Communist Party officials detained her after a high-ranking political ally was held on suspicion of corruption.) Mr. Shum told the story of their rise and fall — and the murky reality of doing business in China — in his 2021 memoir. Many details cannot be independently verified but his role at the intersection of business and politics is certain.

Persons: Desmond Shum, Duan Weihong, Janet Yellen, Shum, Xi Jinping, Duan, Whitney, Mr Organizations: Communist Party Locations: Beijing, China, Britain

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

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

Traditional travel insurance won’t swoop in with paramedics, even though it typically covers the cost of an emergency. Dan Richards, the chief executive of Global Rescue, told DealBook that he wanted to fill that gap when he founded the emergency travel management company in 2004. Travel insurance is going to space. The space travel insurance market is still small, but Lloyd’s of London, which insures space businesses, began underwriting space travel insurance in 2021, and last year the Japan Aerospace Exploration Agency and Mitsui Sumitomo Insurance said they would jointly develop space insurance offerings. The cost of search and rescue typically falls on state and local agencies, Ms. Hastings said.

Persons: Dan Richards, DealBook, ”, SkyMed, Hastings, that’s, Ms, “, Mr, Richards, — Ephrat Livni Organizations: Global, AirMed, Virgin Galactic, UBS, Japan Aerospace Exploration Agency, Mitsui Sumitomo Insurance, Coast Guard, Global Rescue Locations: London, Japan, Hawaii, Utah, United States

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