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   DealBook: A private club goes public
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             July 15, 2021
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                  The Scorpios beach club in Greece. Soho House’s parent company plans to open a second in Mexico next year.
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                  Membership Collective Group
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             Can exclusivity scale?
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             The parent company of Soho House, the chain of upscale members’ clubs for celebrities and well-heeled young professionals, is to begin trading on the New York Stock Exchange today. But after pricing its I.P.O. at the low end of expectations, the question it faces is whether it can deliver on ambitious growth targets while keeping its cool, DealBook’s Michael J. de la Merced
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              writes for The Times
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             .
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             Membership Collective Group, the brand’s parent, proved it could survive the pandemic. It now has
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              119,000 members across 30 clubs
             </span>
             around the world, with
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              59,000 people on the waitlist
             </span>
             . The company
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              retained 92 percent of members last year
             </span>
             even with most of its clubs shut, and now many of its locations are back to 2019 capacity levels
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              ,
             </span>
             Andrew Carnie, MCG’s president, told DealBook. “We’re pretty bulletproof,” he boasted.
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             (Nick Jones, the company’s founder and C.E.O., conceded that one thing had changed because of the pandemic. “I suppose we’re going to bed a bit earlier,” he said. “I think, in Covid, we’re a bit out of practice staying up late.”)
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             The company is betting that its business model has become even more attractive to public market investors. It has introduced several types of membership, including co-working, a 100-pounds-a-year ($138) membership with more limited access and, later this year, a digital app for customers in regions without clubs. Jones
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             likened MCG to Peloton
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              ,
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             another luxury product that he said “helped with the narrative of recurring income.”
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             ADVERTISEMENT
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             A big test will be whether MCG can branch out from high-end hospitality. It recently bought the Line chain of boutique hotels to offer slightly more downscale accommodation around the world.
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             The listing will serve several goals:
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              <span style="font-size:17px;line-height:25px">
               MCG plans to pay down hefty financial obligations — the company had
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                $2.1 billion in debt
               </span>
               as of April — and renegotiate its high interest rates.
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               Just as importantly, the company wants to be able to tap equity markets to finance an expansion effort that includes
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                opening more than five clubs a year
               </span>
               . (It has openings in Paris, Tel Aviv and Rome this year, with seven more across its Soho House, Ned and Scorpios brands next year.)
              </span>
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              <span style="font-size:17px;line-height:25px">
               Plus, Jones added, it was time to open a new chapter in its history: “We’re 26 years old. And so we’re growing up. We’re heading toward our 30s.”
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Still, the company
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              priced its I.P.O. at $14 per share
             </span>
             yesterday, the bottom of its expected range,
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              valuing it at $2.8 billion
             </span>
             . We’ll see later today whether investors want to sign up to Soho House’s vision.
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             HERE’S WHAT’S HAPPENING
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              Jay Powell acknowledges the jump in inflation.
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             The Fed chair told House lawmakers that inflation
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              has risen “notably,”
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             and was likely to stay high for at least six months. But he said that would later moderate, suggesting that the central bank wouldn’t shift approach.
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              China’s growth levels off.
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             The country’s economy grew nearly 8 percent in the second quarter from a year ago,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              falling short of estimates
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             . There’s increasing evidence that China’s post-pandemic resurgence might be unsustainable — which would have repercussions for the rest of the world.
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              Saudi Arabia and the U.A.E. strike a deal over oil production.
             </span>
             The
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tentative compromise
             </a>
             would end a standoff that has held up efforts by OPEC to pump more petroleum into the markets. But The Wall Street Journal notes that it may prompt other OPEC members to demand further increases; oil prices
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              dropped 2 percent
             </a>
             on the news.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Facebook joins the fight against Lina Khan.
             </span>
             The tech giant demanded that the F.T.C. chair
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              recuse herself
             </a>
             from the agency’s lawsuit against the company, echoing a
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              similar move by Amazon
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             . It’s the latest effort to turn Khan’s outspoken opposition to Big Tech’s power against her, though these motions
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              usually don’t succeed
             </a>
             .
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              Netflix is getting into gaming.
             </span>
             The streaming giant has hired a former Facebook executive, Mike Verdu, to oversee the rollout of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              video games on its platform
             </a>
             by next year, Bloomberg reports. The effort will pit Netflix against deep-pocketed rivals intent on dominating the nascent market for
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              game streaming
             </a>
             .
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Lending is a long way from a post-pandemic recovery
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The nation’s biggest banks reported earnings for the second quarter this week. Although profits were up, the reports mostly got a thumbs down from investors.
            </p>
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             Citigroup, JPMorgan Chase and Wells Fargo all reported
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              better-than-expected earnings
             </a>
             for the second quarter. Bank of America missed expectations yesterday, but its bottom line still more than doubled from a year ago. Nonetheless, its shares fell, as have Citi’s and JPMorgan’s since they released their latest results.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A better economy means banks set aside less to cover future losses.
             </span>
             They can also take back money they put away to cover loans that never went bad. Because of the government’s aggressive stimulus efforts, the economic stresses of the pandemic forced relatively few borrowers into default. That’s one factor driving bank profits, even as their core business of lending remains lackluster.
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                <img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F07%252F15%252Fbusiness%252F15db-bankloans%252F15db-bankloans-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1m3zCK:TwpUn6CrQ4kScdcL1hDkICqcrUfF1K4TM6XzPER5P2s" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Loans rose for the first time since the start of the pandemic, but only by 1 percent.
             </span>
             Back in early 2020, the bank’s collective lending recorded a 4 percent quarterly pace of growth. Their loan balance remains $245 billion lower than just before the pandemic. If things don’t speed up, it will take another year and a half to get back to where it was.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Loans are the lifeblood of an economy, and rising lending is typically a sign of optimism in both borrowers and lenders. Coming into this year, some economists thought the combination of lockdowns lifting and stimulus flowing would cause the economy to take off like a rocket. But as the loan data shows, the recovery has so far been more like a hot-air balloon — one that has recently looked like it could use some more heat.
            </p>
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                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F02%252F18%252Fbusiness%252Fdealbook-icon-glasses-pixels%252Fdealbook-icon-glasses-pixels-articleLarge-v10.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1m3zCK:TwpUn6CrQ4kScdcL1hDkICqcrUfF1K4TM6XzPER5P2s" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”
            </h2>
           </td>
          </tr>
         </tbody>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Jackson Palmer, the inventor of Dogecoin, the cryptocurrency that started as a joke in 2013 but has been widely adopted by traders in the past year, on
             </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">
               why he’s not tempted to get back into the crypto industry
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
            </p>
           </td>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             High-paying jobs are everywhere
            </h2>
           </td>
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        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             For the first time on Ladders, a job search site for roles that pay at least $100,000 a year, the most listings aren’t in New York or San Francisco. There are now more remote-working jobs offered than roles in any single city in North America, the company said.
            </p>
           </td>
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       </div>
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             <tbody>
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                <img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F07%252F15%252Fbusiness%252F15db-remoteworkers%252F15db-remoteworkers-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1m3zCK:TwpUn6CrQ4kScdcL1hDkICqcrUfF1K4TM6XzPER5P2s" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Around 15 percent of high-paying jobs are available to remote workers, up from 5 percent a year ago. Many companies are bringing workers
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              back to the office
             </a>
             , with hybrid setups
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              much more common
             </a>
             than before the pandemic. But even if employees only come in a few days a week, their work is still based where their company has operations.
            </p>
           </td>
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         </tbody>
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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">
              The extent of remote hiring suggests that things won’t return to how they were
             </span>
             ,
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             to the chagrin of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              commercial landlords
             </a>
             in urban centers. Employees who went remote during lockdowns can be summoned back, but new hires who join expecting to work virtually are different. At the same time, with companies starting to adjust pay for remote employees
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in line with local norms
             </a>
             , jobs that pay six figures in New York may soon become less lucrative if taken by a worker in New Mexico.
            </p>
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               Blackstone will buy a 10 percent stake in AIG’s life insurance and retirement business for $2.2 billion and manage at least 25 percent of the division’s investment portfolio. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Reuters
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               The European fintech company Revolut is now valued at $33 billion after raising $800 million from investors like SoftBank and Tiger Global. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                CNBC
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               A short seller has accused the oat milk brand Oatly of overstating its revenue and sales margins; the company denied the allegations. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                CNBC
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               The indie film studio A24 reportedly considered selling itself for as much as $3 billion as media giants race to buy up content. (
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                Variety
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               Senator Chuck Schumer, the majority leader, has proposed decriminalizing marijuana at the federal level. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
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               Ireland reportedly plans to raise its corporate tax rate to avoid becoming a “pariah.” (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Irish Examiner
               </a>
               )
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               India’s central bank accused Mastercard of breaking data storage rules and ordered it to stop taking new debit and credit card customers. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Reuters
               </a>
               )
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               The European Central Bank is
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                starting work on a digital euro
               </a>
               , a kind of move that the Fed chair Jay Powell said could
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                undercut the need for cryptocurrencies
               </a>
               . (CNBC, Reuters)
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               Twitter’s disappearing tweets feature is, well, disappearing. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
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               Facebook is unveiling a $1 billion program to recruit content creators and influencers. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
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              <span style="font-size:17px;line-height:25px">
               How a former plastic surgeon became one of the most influential players in the crypto industry. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                FT
               </a>
               )
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              <span style="font-size:17px;line-height:25px">
               Not only is there a shortage of computer chips, there’s an increasing supply of fake ones. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                WSJ
               </a>
               )
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               Britney Spears can hire her own lawyer to push for an end to her conservatorship, a federal judge ruled. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
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               Jeff Bezos will give $200 million to the National Air and Space Museum, the biggest donation to the Smithsonian. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
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               Coca-Cola is changing the taste of Coke Zero. It swears this won’t be
               <span style="font-style:italic;font-size:inherit">
                New
               </span>
               New Coke. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
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               Need data to pitch your boss on remote working? Goldman Sachs can help. (
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                Insider
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