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   DealBook: A major crypto milestone
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   A Bitcoin E.T.F. is coming to the Big Board.
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             October 18, 2021
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                  Coming soon to the Big Board: a Bitcoin futures E.T.F.
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             Here come the Bitcoin E.T.F.s
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Bitcoin has been on a tear in recent weeks, approaching record high prices above $60,000, as crypto enthusiasts anticipate history in the making. Tomorrow morning, ProShares will launch a long-awaiting
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              exchange-traded fund
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             on the New York Stock Exchange linked to Bitcoin futures, the firm and the exchange told DealBook. The E.T.F. will give investors
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              exposure to Bitcoin
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             without having to hold the cryptocurrency directly, via any ordinary brokerage account.
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              “2021 will be remembered for this milestone,”
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             said Michael Sapir, the C.E.O. of ProShares. Investors who are curious about crypto but hesitant to engage with unregulated crypto exchanges want “convenient access to Bitcoin in a wrapper that has market integrity,” he said. For nearly a decade, crypto entrepreneurs and traditional finance firms have sought permission to launch a Bitcoin E.T.F. in the U.S., but their applications have been
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              delayed
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             or denied by the S.E.C. Many remain pending.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A Bitcoin futures E.T.F. falls short of what some purists want: a fund that holds crypto directly.
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             Gary Gensler, the S.E.C. chair, recently suggested that the agency might allow crypto E.T.F.s based on futures — bets on Bitcoin’s price fluctuations rather than the underlying crypto itself — that trade on a highly regulated exchange. Approval for the ProShares E.T.F., which is based on Bitcoin futures that trade on the Chicago Mercantile Exchange, won’t be announced by the S.E.C., but the firm’s final prospectus met with no opposition ahead of its effective deadline, and the N.Y.S.E. is readying for launch tomorrow.
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             PAID POST: A MESSAGE FROM
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             Darktrace
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             Cybersecurity: A New Era of Threat
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            <p class="css-1ncc7co e1d3q5wz2" style="font:14px/20px arial,sans-serif;margin-bottom:11px">
             Cybercriminals are outsmarting human security teams. But with Darktrace, organizations can regain the upper hand, using Self-Learning AI that autonomously interrupts novel threats, without disrupting day-to-day business.
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             Learn more &gt;
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              Bitcoin’s true price isn’t easy to quote,
             </span>
             Sapir said. There’s no single, reliable market reference and prices vary up to 5 percent from one crypto exchange to another. Many analysts believe that futures prices on the Chicago exchange are the most accurate reflection of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Bitcoin market sentiment
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             . From Sapir’s perspective, the futures-linked fund
             <span style="font-style:italic;font-size:inherit">
             </span>
             is effectively a Bitcoin E.T.F., even if not tied to spot markets. (It also avoids issues like custody of cryptocurrencies.)
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “This is an exciting step but not the last,”
             </span>
             Douglas Yones, the N.Y.S.E.’s head of exchange traded products, told DealBook. He foresees a range of crypto-linked E.T.F.s getting approval, eventually. Tomorrow’s E.T.F. launch is another sign of crypto’s mainstream legitimacy in a year of milestones for the industry, including the crypto exchange
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Coinbase going public
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             . Critics
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              remain wary
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             of cryptocurrencies,
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              as do regulators
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             , but the digital asset craze of 2021 shows few signs of abating.
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             HERE’S WHAT’S HAPPENING
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              China’s economic growth hits a decades-long low.
             </span>
             G.D.P.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              rose just 4.9 percent
             </a>
             in the third quarter — the slowest pace since 1990, excluding the pandemic — as efforts to overhaul the economy took a toll. Chinese officials asserted that the embattled real estate developer
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Evergrande
             </a>
             wasn’t a factor and its troubles could be contained.
            </p>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Saks’s e-commerce spinoff targets a high valuation.
             </span>
             The business could be valued at $6 billion in its coming I.P.O.,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              triple its valuation
             </a>
             earlier this year, The Wall Street Journal reports. The move was cited by activist investors pushing rival Macy’s to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              do a similar deal
             </a>
             .
            </p>
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              Hollywood may yet face a rebellion from behind-the-scenes workers.
             </span>
             The union representing employees such as camera operators and set dressers
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reached a tentative deal
             </a>
             on Saturday to avert a strike, which could have led to a crippling production shutdown. But many of the union’s members say the agreement doesn’t offer enough protections, and are
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              threatening to reject it
             </a>
             .
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “Squid Game” is worth $900 million to Netflix.
             </span>
             That’s according to internal metrics
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              leaked to Bloomberg
             </a>
             , which suggest Netflix believes the violent South Korean TV series will be one of its biggest successes. (
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              It also outperformed
             </a>
             the more expensive, and controversial, special from the comedian Dave Chappelle.)
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Another former top Delaware judge is joining Big Law.
             </span>
             Andre Bouchard, who retired as chancellor of the Court of Chancery last year, will join the New York firm Paul Weiss. He’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              following in the footsteps
             </a>
             of Leo Strine Jr., Myron Steele and E. Norman Veasey.
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Manchin’s climate curveball
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             For the White House’s ambitious climate agenda to pass a narrowly divided Congress, it needs the support of Senator Joe Manchin, a Democrat from coal-rich West Virginia. Manchin, though, has
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              told the White House
             </a>
             that he strongly opposes the $150 billion clean electricity program in the administration’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $3.5 trillion social policy plan
             </a>
             .
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              White House staff members are now rewriting legislation without the clean electricity provision,
             </span>
             trying to cobble together a mix of other measures. The alternatives are unlikely to lead to the same kind of rapid reduction in emissions. They may include:
            </p>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               About $300 billion to extend existing tax credits for utilities, commercial businesses and homeowners that use or generate electricity from zero-carbon sources.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               $32 billion in tax credits for individuals who purchase electric vehicles.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               $13.5 billion for electric car charging stations and $9 billion to update the electric grid.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               $17.5 billion to reduce carbon dioxide emissions from federal buildings and vehicles.
              </span>
             </li>
            </ul>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Several Democrats say now is the moment for a carbon tax.
             </span>
             “I’ve had a carbon pricing bill in my desk for the last three years just waiting for the time,” said Senator Ron Wyden, the Oregon Democrat who chairs the Senate Finance Committee. But a carbon tax is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              politically touchy
             </a>
             : Industries could pass along higher costs, making Democrats vulnerable to claims that they are raising taxes on the middle class; climate campaigners say a tax allows companies to continue polluting, albeit at a higher cost; and, crucially, it is also unclear if Manchin would support a such a tax.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “That’s how it always goes at Bild. Those who sleep with the boss get a better job.”
            </h2>
           </td>
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             <span style="font-style:italic;font-size:inherit">
              — A junior employee of the German tabloid Bild, to a law firm hired by its parent company, Axel Springer, in the spring to investigate its work practices. Axel Springer, which recently added Politico to a growing stable of digital properties in the U.S., has
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               faced allegations
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              of creating a hostile work environment for women in its home country. “The culture at Bild was not up to our standards and does not reflect the broader culture at the company,” Mathias Döpfner, Axel Springer’s C.E.O., said in a statement.
             </span>
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The week ahead
            </h2>
           </td>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              ► WeWork is finally going public.
             </span>
             Two years after the shared-office-space company was forced to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              shelve its plans for a public offering
             </a>
             , it is expected to take a less traditional path to the public market this week by
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              merging with a SPAC
             </a>
             at a $7.9 billion valuation (down from
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              nearly $50 billion
             </a>
             in its heyday). Since its first attempt at going public, WeWork has
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              cut costs
             </a>
             and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              appointed new management
             </a>
             . But membership fell during the pandemic, and it’s unclear what the long-term impact of the change in office work will mean for WeWork’s business.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              ► The F.D.A. is likely to decide on more boosters.
             </span>
             A panel of advisers late last week recommended emergency authorization of booster shots for
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              many of the recipients of Moderna’s coronavirus vaccine
             </a>
             , as well as boosters of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Johnson &amp; Johnson
             </a>
             ’s one-dose vaccine for people 18 years or older. The F.D.A.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              typically issues decisions
             </a>
             within a few days of its advisory committee’s meetings. Later this month, the panel is scheduled to discuss Pfizer’s request to authorize emergency use of its coronavirus vaccine for children ages 5 to 11.
            </p>
           </td>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              ► Apple announces new Macs.
             </span>
             Today, the tech giant will reveal the redesign of its MacBook during a media event ahead of the holiday season. The event comes after
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Apple introduced the new version of its entry-level $300 iPad
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             last month.
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                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-merger%252Fdealbook-icon-merger-articleLarge-v8.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1mcQOz:1cKG_yRhfx1F3n8Y-UtttOBXKqVv_4SqXaC094toxrk" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             David Solomon thinks the deal boom isn’t over
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Wall Street’s deal makers are having a banner year, helping their banks report
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              blockbuster quarterly profits
             </a>
             . There were $4.4 trillion worth of global corporate combinations in the first nine months of the year, which already tops the previous full-year record of $4.3 trillion set in 2015.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Pent-up demand is part of it. But this year’s deal making has more than made up for the pandemic-induced drop last year. The Fed may soon unwind some monetary stimulus measures, and interest rates could rise from rock-bottom levels. The boom in SPACs late last year and early in 2021 has slowed.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Can M.&amp;A. keep up the pace? Few have a better view than David Solomon, the C.E.O. of Goldman Sachs, which has advised on more deals than any other Wall Street firm this year. The Times’s Lananh Nguyen talked with Solomon about what’s driving the boom in deals and whether it will continue.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              On the deal making outlook:
             </span>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “There’s no question that we’re seeing extraordinarily robust levels of M.&amp;A. at the moment. I think you’re going to continue, based on our backlog, which is usually a relatively good indicator of forward activity. You’re going to see these activity levels run high in terms of revenue accruing for a period of time.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              On private equity deal activity:
             </span>
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “The private equity firms are extremely flush with cash, financing and funding is very, very attractive and so you’re seeing the amount of activity that’s being driven by private equity firms increasing. I think that will continue for a period of time, but the levels at which it’s running I don’t think are long-term sustainable. And so that’s a place where over time you might see things back off a little.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              On SPACs:
             </span>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “There was a lot of excess in the SPAC market going back earlier in the year, and obviously the amount of activity has cooled. And so this is a capital markets innovation that’s here to stay, and we’re going to have SPAC activity, but I think earlier this year what we saw was quite excessive, and I think it’s getting to a much more balanced place.”
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                FT
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               Lawmakers asked Amazon whether top executives, including Jeff Bezos, misled them during a Congressional investigation into the company’s business. (
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               Why Britain may be more at risk of a Covid-19 resurgence than Western Europe, in charts. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                FT
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               “Behind the Energy Crisis: Fossil Fuel Investment Drops, and Renewables Aren’t Ready” (
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               Goldman Sachs has a new partnership with the incubator Echoing Green to fund a fellowship for Black women social entrepreneurs. (DealBook exclusive)
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               Roblox wants to grow its older audience, while keeping a safe environment for its youngest users. (
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                NYT
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               Pfizer/BioNTech and Moderna could almost double their coronavirus vaccine sales next year, to a total of nearly $100 billion. (
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                FT
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