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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Big banks show their strength
</h2>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Just now, Bank of America and BNY Mellon reported that deposits fell less than analysts had expected last quarter, pushing their shares up in premarket trading as investors see more evidence that the country’s biggest lenders grew stronger after Silicon Valley Bank’s demise last month.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
A major outlier: Goldman Sachs, which reported revenues that came in below Wall Street’s forecasts, booked a $470 million loss on efforts to sell loans connected with its struggling Marcus consumer banking unit. Its stock fell nearly 4 percent lower in premarket.
</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">
The outlook is far cloudier for smaller banks.
</span>
State Street, M&T Bank and Charles Schwab yesterday reported nearly
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
$60 billion in deposit outflows
</a>
last quarter. State Street’s shares fell more than 9 percent yesterday, its worst single-day performance in three years. Schwab and State Street both halted stock buyback plans, citing market uncertainty.
</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">
Banks are under pressure to raise interest rates to stem the deposit exodus.
</span>
About $12 billion in deposits left State Street last quarter as customers sought higher rates elsewhere, according to Gerard Cassidy, a banking analyst at RBC Capital Markets.
</p>
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Continue reading the main story
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A MESSAGE FROM
<!-- -->
Mercury
</h3>
</td>
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<td class="css-1expd9" style="vertical-align:middle;width:50%;padding:8px 16px 1px;box-sizing:border-box" valign="middle" width="50%">
<a style="-webkit-text-decoration:none;text-decoration:none;display:block">
<p style="font:700 20px/28px georgia,serif;color:#121212;margin:0 0 4px">
Where innovation meets peace of mind
</p>
<p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
Start-ups deserve to know their cash is safe, but they also shouldn’t have to settle for clunky, complicated banking experiences. With Mercury, you get secure banking — plus an intuitive product experience that innovates right alongside you. Join more than 100,000 start-ups that trust Mercury with their finances. Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members F.D.I.C.
</p>
<p style="font:700 10px/10px arial,sans-serif;text-transform:uppercase;-webkit-text-decoration:underline;text-decoration:underline;color:#5a5a5a;margin:0 0 20px">
Learn more
</p>
<img alt="Mercury Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252FMercury%2520Logo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1pok9v:GfdPBfgoe5W931YR38yZqRCBzyxJIabZ-aQRQzGO3TI" style="height:15px;max-width:150px"/>
</a>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Per the Federal Deposit Insurance Corporation, the average savings deposit account at a U.S. bank pays out
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
0.37 percent in interest
</a>
. That looks miserly, especially after the Fed raised up the federal funds rate to nearly 5 percent over the past year: The gap between the Fed’s prime lending rate and the average deposit rate has reached
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a multidecade high
</a>
.
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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">
Look for rivals to exploit that gap.
</span>
Apple and Goldman Sachs yesterday announced a savings account that
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
pays 4.15 percent
</a>
in interest. Goldman’s Marcus offers a savings account with a 3.9 percent interest rate.
</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">
Despite banking uncertainty, stocks broadly continue to rise.
</span>
The S&P 500 is up 7.5 percent since the collapse of Silicon Valley Bank. But concerns are growing about a recession in the second half of the year, a weak earnings season and the turmoil surrounding lenders prompting a credit crunch.
</p>
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<h3 class="css-132hdgt" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
HERE’S WHAT’S HAPPENING
</h3>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The defamation trial of Fox News is expected to begin today.
</span>
Sources told The New York Times that Dominion Voting Systems and Fox are
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
unlikely to reach a settlement
</a>
despite a one-day delay in proceedings as they discussed a potential truce. The companies argued over the size of the potential damages that Fox faces, with Dominion sticking with its claim that it should get over $1.6 billion.
</p>
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House Republicans will meet to hash out next steps in the debt-ceiling fight.
</span>
G.O.P. members are
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
set to gather today
</a>
to discuss Speaker Kevin McCarthy’s proposal, made at the New York Stock Exchange, for a one-year increase in the nation’s borrowing limit in exchange for steep government spending cuts. McCarthy has a tough task: He has a slim majority to pass his plan, and the Democratic-led Senate won’t entertain his offer.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Consulting giants delay start dates for some business-school recruits.
</span>
According to The Wall Street Journal, Bain & Company has
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
offered M.B.A. recruits up to $40,000
</a>
if they start next year and take on other projects like working at a nonprofit group or becoming a yoga instructor until then; McKinsey & Company hasn’t given many recruits start dates. The moves come as both consulting firms and their clients embark on job cuts.
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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">
Hollywood writers authorize a strike.
</span>
Unions representing thousands of movie and television writers
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
overwhelmingly supported a walkout
</a>
when their contract with major studios expires on May 1. If a strike happens, it would be the first in 15 years; the unions and studios are at an impasse on economic issues, including the use of so-called minirooms to produce shows.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Manchester United’s stock slumps on a report that a sale may be off.
</span>
Shares in the English soccer club fell over 10 percent yesterday after ESPN said that the team’s co-chairmen, Joel and Avram Glazer, believed they could
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
secure a sizable minority investment
</a>
and keep control. Several multibillion-pound bids to buy all of United have been made, but the Glazers reportedly believe the club’s valuation could surge over the next decade.
</p>
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Why China’s economic data isn’t all good
</h2>
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China today published
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
solid economic data
</a>
for the first full quarter since Beijing lifted strict Covid-19 restrictions. The numbers will give hope that the world’s second-biggest economy has turned a corner. But the recovery was uneven and bolstered by a low base effect after last year’s rolling lockdowns, and big questions persist about the country’s management of the economy and private enterprise.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
G.D.P. expanded 4.5 percent in the first quarter year-on-year,
</span>
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
beating analysts’ forecasts
</a>
and up from 2.9 percent in the last three months of 2022. The figures are close to the government’s full-year growth target of 5 percent; analysts expect the recovery to accelerate over the coming months as pent-up demand is unleashed.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Big drivers included retail sales, which rose 5.8 percent year-on-year, and were up 10.6 percent in March alone; outbound trade, which climbed 8.4 percent; and government spending on infrastructure, which jumped 8.8 percent.
</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">
But big worries persist.
</span>
The property sector, which has accounted for about a quarter of gross domestic product over the past decade, is still a drag, with the construction of new homes, offices and stores falling 5.8 percent year on year.
</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">
Companies are trying to diversify supply chains away from China.
</span>
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Michael Dell
</a>
told The Financial Times that customers were demanding that his computer company source products from outside China to avoid any supply disruptions. JPMorgan Chase
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
forecasts
</a>
that Apple will make a quarter of its products outside China by 2025, up from less than 5 percent.
</p>
</td>
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</tbody>
</table>
</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">
And private sector confidence remains low.
</span>
One leading indicator:
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
Youth unemployment hit 19.6 percent in March, its second-highest on record. Companies are holding back from hiring because of economic uncertainty and Beijing’s role in the private sector, said Yu Jie, a China expert at Chatham House, a think tank. “Restoring confidence will take time,” she told DealBook.
</p>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Elon Musk opens up about “TruthGPT”
</h2>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
In a long-awaited interview with the Fox News host Tucker Carlson that aired yesterday, Elon Musk discussed a wide range of topics, including a claim — made without evidence — that the
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
U.S. government had “full access”
</a>
to Twitter users’ direct messages and an admission that the
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
social network’s valuation had plunged
</a>
since he bought it.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Musk also opened up about another preoccupation: creating an alternative artificial intelligence start-up to OpenAI, the parent company of ChatGPT that he had once backed. But the billionaire said he had different goals than tech giants racing to introduce A.I.-infused products.
</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">
Musk wants a “maximum truth-seeking A.I.,”
</span>
which he calls TruthGPT. (Last month, he filed to start a new company, X.AI, in Nevada.) Musk offered no concrete details about the proposed start-up, but said it would focus on creating software that “tries to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
understand the nature of the universe
</a>
.”
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
That approach contrasts with what he called the “two heavyweights” of the A.I. race, Microsoft and Google, which he said were too focused on profits and
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
not enough on safety
</a>
.
</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">
Musk has been fixated on the dangers of A.I. for some time.
</span>
Last month, he and others wrote an open letter calling for a pause in the development of artificial intelligence, citing fears that developers were creating giant experiments that they could not “understand, predict or reliably control.”
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
In other Musk news:
</span>
</p>
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<span style="font-size:17px;line-height:25px">
Musk suggested that Twitter’s steep valuation drop was attributed to buying the company just before a cyclical drop in digital advertising spending, not to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
any actions he had taken
</a>
. He’s scheduled to be interviewed onstage today at the Possible digital marketing conference.
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Twitter labeled the account of the Canadian Broadcasting Corporation as
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
“69% Government-funded Media”
</a>
after the broadcaster said that less than 70 percent of its funding came from the government.
</span>
</li>
</ul>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“You can visit ‘pity city,’ but you can’t live there.”
</h2>
</td>
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</tbody>
</table>
</div>
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<span style="font-style:italic;font-size:inherit">
— Andi Owen, the C.E.O. of the office furniture giant MillerKnoll. In a video from a March town hall event that has circulated widely online,
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Owen criticized employees
</a>
</span>
<span style="font-style:italic;font-size:inherit">
for asking about bonuses as the company struggled with declining sales.
</span>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
The S.E.C.’s chief in the hot seat
</h2>
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The S.E.C. chairman, Gary Gensler, will face questions from the House Financial Services Committee today for the first time since Republicans took over leadership of the chamber. Based on recent statements from its chairman, Representative Patrick McHenry, Republican of North Carolina, the exchanges could get explosive.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
McHenry has accused Gensler of stonewalling his investigation into FTX
</span>
, the crypto exchange that collapsed in November. He also
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
threatened the use of “compulsory process”
</a>
if the agency didn’t hand over documents about its charges in December against Sam Bankman-Fried, the FTX founder.
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Also high on the agenda are S.E.C. proposals to amend the definition of an “exchange” to potentially include digital asset trading platforms, which would introduce more agency oversight over operations and add more rigorous custody requirements for investment advisers looking to expand into crypto assets.
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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">
Climate disclosure rules could get heated, too.
</span>
Last year, the S.E.C. proposed adding requirements for companies to publish details about climate risk management and emissions data, which for some large companies would include “Scope 3” emissions that stem downstream to suppliers.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
McHenry has created a Republican working group focused on vetting environmental, social and governance policies. Its leader, Bill Huizenga of Michigan, has called the proposed climate disclosure rules “disastrous” and a “prime example” of regulatory overreach.
</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">
Proposed market structure changes are also on the agenda.
</span>
The meme stock trading frenzy of 2021 shined a spotlight on the practice of payment for order flow in which market makers like Citadel pay brokerage firms like Robinhood and Schwab for their flow of trades.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The S.E.C. has proposed changes to the practice that aim to give investors more transparency about the execution price for a particular trade. Wall Street has come out
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
against the moves
</a>
.
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<h3 class="css-132hdgt" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
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Deals
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<div style="margin:0 auto;max-width:600px;width:100%">
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<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The commodities giant Glencore has reportedly
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
pitched some 120 shareholders
</a>
of Teck Resources on rejecting the Canadian miner’s plan to break itself up and instead support its $22.5 billion takeover bid of the company. (Reuters)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Lululemon is said to be considering a
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
sale of Mirror
</a>
, the home fitness start-up it bought for $500 million in 2020. (Bloomberg)
</span>
</li>
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Policy
</span>
</p>
</td>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Gov. Ron DeSantis of Florida announced new legislation meant to restore
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
state oversight of Disney’s theme parks
</a>
. (NYT)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Fund-raising committees for Nikki Haley, the former South Carolina governor running for the Republican presidential nomination, have
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
drawn support from donors
</a>
like the oil magnate Harold Hamm and the investment banker Aryeh Bourkoff. (CNBC)
</span>
</li>
</ul>
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Best of the rest
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
How Weyerhaeuser, the timber giant, has recast itself as a
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
big seller of carbon offsets
</a>
despite felling as many trees as ever. (WSJ)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Several thousand engaged couples have
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
dropped Bed Bath & Beyond from their wedding registries
</a>
over fears that the troubled retailer won’t survive. (Bloomberg)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“Is $63 Million Too Much for
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Logan Roy’s House
</a>
?” (Vulture)
</span>
</li>
</ul>
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<span style="font-style:italic;font-size:inherit">
Correction: Saturday’s DealBook misstated the year in which U.S. regulations for electric vehicle sales take effect. It is 2032, not 2023.
</span>
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1 year, 1 month ago - nytdirect@nytimes.com
DealBook: Big banks (mostly) hold up
Also, Elon Musk’s plan for an A.I. start-up.View in browser|nytimes.comContinue reading the main ...