New York Times columnist Andrew Ross Sorkin and his colleagues help make sense of major business and policy news — and the power-brokers who shape them.
Tim Cook of Apple reveals that he has personally invested in cryptocurrency. “I think it’s reasonable to own it as part of a diversified portfolio,” he said at the
#DealBook
Online Summit.
Since Sam Bankman-Fried launched the company FTX, its executives and its philanthropic arm spent or pledged hundreds of millions of dollars in political and charitable contributions, consulting fees, investments in media outlets and real estate.
How can women reach economic and professional parity? Meghan, the Duchess of Sussex, and
@MellodyHobson
share top-down solutions with
@andrewrsorkin
at the
#DealBook
Online Summit.
Bank of America will stop lending money to gun manufacturers that make military-inspired firearms for civilian use, such as the AR-15-style rifles that have been used in multiple mass shootings.
Watch the live interview of Elon Musk from the DealBook Summit in New York.
@andrewrsorkin
will ask about Musk’s latest trip to Israel and the future of the tech billionaire's business empire.
Meghan, Duchess of Sussex, said paid parental leave would not just benefit women, but men too. “If you know that you can have that quality time,” she told
#Dealbook
Online Summit, “the ripple effect is huge. But men have to be a part of that.”
Meghan, The Duchess of Sussex, the co-founder of Archewell, will join us at the DealBook Online Summit on Nov. 9, with Mellody Hobson of Ariel Investments. They will discuss how women can reach economic and professional parity. Register to join us:
In today's DealBook newsletter: exclusive details on Harry and Meghan's new jobs in sustainable investing; an earnings season preview; China's property problem by the numbers; Acorns hires its first C.I.O.; and more.
Exxon Mobil has apologized after a lobbyist detailed the company's efforts to weaken President Biden's climate agenda and said Exxon had in the past fought climate science through “shadow groups.”
"We can all agree that people need support, especially when they've had a child," said Meghan, the Duchess of Sussex, at the
#DealBook
Online Summit. "Paid leave, from my point of view, is a humanitarian issue."
"When my life and lifestyle were very different, I always stood up for what was right." — Meghan, the Duchess of Sussex, at the
#DealBook
Online Summit
British taxpayers will cover the huge price tag for Queen Elizabeth’s funeral at a time when many in the country are struggling to pay their bills and are bracing for difficult winter.
"I’m very, very open to a carbon tax, carbon dividend, where there’s a tax on oil companies and coal companies," Senator Mitt Romney said at the DealBook DC Policy Project.
#DealBookDC
.
@BillGates
says he’s not convinced by Senator Elizabeth Warren’s wealth tax, which includes a proposal to aggressively tax billionaires. “I don’t know how open-minded she is or if she’d even be willing to sit down with somebody who has large amounts of money.”
King Charles’s tie-in to the divisive Northern Ireland trade agreement drew angry recriminations from critics who viewed it as an improper foray into British politics.
"Often when we talk about diversity, we have this multicultural umbrella where we put everyone together, women, minorities. It’s all rolled up together, and it masks all the underrepresentation.” -- Mellody Hobson at the
#DealBook
Online Summit.
“I was never motivated by money,” said Martin Shkreli, wearing dark prison scrubs and sitting at the defense table. He cried as he gave his statement, dabbing at his eyes with a tissue.
In today's DealBook newsletter: the big q's for Tim Cook, Meghan the Duchess of Sussex and more at the DealBook Online Summit; how a resignation could reshape the Fed;
@laurenshirsch
on the legal angles of the Biden vaccine fight; and more
"I have found myself having, at times, to modulate myself in order to win. I don't think there's anything wrong with that. Sometimes I can also be big." — Mellody Hobson at the
#DealBook
Online Summit
We need to be more successful in addressing mental health-related calls that come into 911 centers, says Tucson police chief
@ChiefCMagnus
, who says we should place mental health professionals in centers to help triage calls.
“People have gone to prison for stuff like this, and if I were representing someone with facts like this, assuming the facts described in this petition are true, I would be very worried about an indictment.”
“This epidemic of gun violence is a choice,” says
@ChrisMurphyCT
. “Passing a national requirement that no gun be sold without the purchaser passing a background check will save thousands of lives.”
"Minimum wage right now is $7.25 an hour. Going to $15 an hour is such a huge leap that a lot of small businesses just won’t be able to make it," Senator Mitt Romney said at the DealBook DC Policy Project
#DealBookDC
Taking 42 years to reach $1 trillion in value, Apple took just two more years to get to $2 trillion. All of Apple’s second $1 trillion came in the past 21 weeks, while the global economy shrank faster than ever before in the coronavirus pandemic.
In the first hours of his presidency,
@HeidiHeitkamp
says President Biden should launch a new initiative: Operation Honor Our Tribal Treaties, which would include increased access to healthcare, secure housing and school infrastructure for tribal members.
.
@ewarren
at the
#Dealbook
Online Summit, on whether or not she would investigate President Trump after he leaves office: "We are a rule of law nation and that means we need to hold people accountable when they break the law."
“For years, brain drain has plagued noncoastal cities in America, with talent and companies relocating to a handful of cities on the coasts,” says
@prithwic
. “Fostering ‘work from anywhere’ is an opportunity to reverse that trend.”
On Donald Trump, Senator Mitt Romney at the DealBook DC Policy Project said: "I don't know if he'll run in 2024 or not, but if he does I'm pretty sure he will win the nomination."
#DealBookDC
Scott Becker, the head of the nation’s public lab association, on coronavirus testing: “We’re absolutely a few weeks behind where we should be.” He added, “There is no way you can sugarcoat that.”
Indra Nooyi, the former C.E.O. of PepsiCo, on her Brahmin upbringing, the challenges women face in corporate America and why she's not going to tell anyone what to eat or drink
In the weekend edition of the DealBook newsletter:
@andrewrsorkin
speaks with
@billbrowder
about what motivates Vladimir Putin, when sanctions on oligarchs are effective and how the war ends.
The DealBook Online Summit is nearly here. We’re bringing together top newsmakers in business and policy, including Tim Cook of Apple; Secretary of State Antony Blinken; Mary Barra of G.M.; Meghan, The Duchess of Sussex; Albert Bourla of Pfizer; and more.
“The American dream has become a disappointment, or worse, for too many,” says
@BillAckman
, who argues that the government could fund investment accounts for every child born in America in a program called Birthright.
"My prediction would be that over 50% of business travel and over 30% of days in the office will go away." --
@BillGates
on post-pandemic working habits at the
#Dealbook
Online Summit
Trump’s top economic adviser, Larry Kudlow, said that the administration had to be tougher on spending and would begin to consider “the larger entitlements” — Social Security and Medicare are the two biggest social insurance programs — “probably next year”
We must start cutting emissions in the four energy sectors: electric utilities, vehicles, buildings and industry, says
@hal_harvey
. “All have a path to zero carbon, and none must entail sacrifice, but each requires a national commitment,” he says.
“Fewer than 1 in 5 young Americans move smoothly from high school to college to career," says
@oren_cass
. “Rather than lavish resources on college students and leave everyone else to fend for themselves, we should do the reverse.”
For those on Wall Street, who make a living negotiating, the deal struck by the president doesn’t look too artful. Not only that, it raises all sorts of questions about his ability extract concessions in future negotiations.
Adam Neumann joins
@andrewrsorkin
at the
#DealBook
Online Summit for his first conversation since leaving
@WeWork
. What has the co-founder learned? What’s next? Find out here.
For many white-collar workers, the Delta virus surge this summer upended plans to return to the office. But there is an alternate universe of work in which millions of employees did not have the luxury of thinking about returning to the office at all.
President Trump is battling on a global front, taking aim at allies and adversaries alike. These countries are fighting back, drawing up retaliatory measures that go after products in President Trump’s political base. Here’s their plans:
We asked experts: If you could do one thing right now to help fix America — no matter how large or small — what would it be?
You may agree or disagree with the ideas that follow but, at a minimum, hopefully they’ll make you think about what is possible.
We hope you can join us for the first day of the
#DealBook
Online Summit. The sessions start today at 10 a.m. Eastern with Tim Cook of Apple, and there is still time to register to attend.
The Texas school shooting has put a national spotlight on Daniel Defense and its aggressive, boundary-pushing style of weapons marketing. The company's sales have soared, in part because of successful targeting of young customers like the Uvalde gunman.
The German company BioNTech, founded by a husband-and-wife team of scientists, has partnered with Pfizer on a vaccine that was found to be more than 90 percent effective.
BP, one of the world’s largest oil companies, reported $8.5 billion in profit in the second quarter, easily beating expectations as high prices and constrained supply have driven up energy companies’ earnings.
The favorable treatment for banks is contributing to a steep decline in corporate tax revenues, which has helped sharply increase the federal budget deficit. Corporate receipts were down more than 25 percent, or nearly $60 billion.
Greenwood, a digital bank, is “a means of serving a community that has been primed as consumers, preyed upon by lenders and subject to vicious racial backlash,” says
@KillerMike
, its cofounder. “Greenwood is a symbol of what has been and what can be done.”
Bitcoin is "an extremely inefficient way of conducting transactions and the amount of energy that's consumed in processing those transactions is staggering," said Janet Yellen at the 2021 DealBook DC Policy Project
#DealBookDC
In today's DealBook newsletter: questions we have for Antony Blinken, GM's Mary Barra, Dax Shepard and more at the DealBook Online Summit; what Tim Cook, Adam Neumann, Meghan, the Duchess of Sussex and more said at day 1; GE gets more specific; and more
"We can no longer view education as simply the things that go on inside that building we call ‘school,'"
@MrKwameOK
and Geoffrey Canada write. "We must broaden the focus of education to encompass the communities around the school building."
Some 22,000 student borrowers will automatically have debts totaling $1.7 billion wiped out because of the program changes, the Education Department said.
Online school has exacerbated the education gap, putting minority kids at a greater risk of falling further behind. Governments should commit to getting an internet-capable device to every student from kindergarten through 12th grade, says
@marceloclaure
.
Nobel Peace Prize winner Maria Ressa warned of a bleak future at today’s
#DealBook
Online Summit. “Our dystopia is coming for you,” she said. “It already has come for the United States.”
The founder of Papa John's resigned from the board of trustees of the University of Louisville and apologized for using a racial slur on a conference call in May.
WeWork's heady valuation at its height "made us feel like we were right, which made me feel that whatever style I was leading at was the correct style at the time," Adam Neumann said at the
#DealBook
Online Summit.
Larry Fink of BlackRock is putting the investment firm's considerable resources behind a plan to pressure companies to eliminate greenhouse gas emissions by 2050.
Tesla’s headquarters have been in Palo Alto for more than a decade,
@nirajcwrites
. Now the auto giant is one of several California companies to plan a move to Texas.
Treasury Secretary Janet Yellen at the DealBook DC Policy Project, about why it is taking so long to add Harriet Tubman’s portrait to the $20 bill.
#DealBookDC
Tesla is about to get competition in the luxury electric vehicle market. Several months ago, Jaguar introduced its first electric model. Within the next 12 months, rival electrics will be available from Audi, Mercedes-Benz, Porsche and Volvo.
Postgraduate success doesn't get the attention it should, says
@ChancellorCUNY
, who says we need to take a far more active role in moving students onto career paths. How? Paid internships.
More than $70,000 is quite a lot for any one person to spend on having his hair cut, blow-dried or colored. But what is remarkable about the revelation is that President Trump’s production company deducted his hairstyling expenses from its taxable income.
From the weekend edition of the DealBook newsletter:
@vivian_giang
speaks with
@profgalloway
on “the dirty secret of Covid,” the crypto crash and what Silicon Valley will look like on the other side.
The president may think he has gained the loyalty of the crown prince by standing by him,
@andrewrsorkin
writes. But if Congress moves to enact sanctions, the economic fallout could be serious for the kingdom.
In today's weekend edition of the DealBook newsletter,
@el72champs
takes you on a tour of the cryptocurrency regulatory scene, highlighting the key people and developments to watch.
The founder of Papa John’s pizza apologized on Wednesday for using a racial slur to describe black people during a conference call. The call was reportedly to help him avoid public relations blunders.
Talking about the importance of diversity,
@MellodyHobson
takes the
#DealBook
stage. "It's important to live my life being unapologetically black and unapologetically female."
To non-crypto watchers, news of the collapse of FTX might sound boring or esoteric. Within the crypto world, it is already being referred to as the industry’s “Lehman moment.”
FTX filed a lawsuit against the parents of Sam Bankman-Fried, accusing them of enriching themselves with money their son stole from customers. The couple received $10 million in cash and a $16.4 million home in the Bahamas, according to the complaint.
The retirement of Alibaba’s executive chairman makes one of the first founders among a generation of prominent Chinese internet entrepreneurs to step down from their companies; they usually remain at the top of their organizations for many years.