Inboxes

Create an inbox to save and track emails. It's free!

+New inbox
Back
Back
Back 
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
 <head>
  <title>
   DealBook: DealBook: ‘Fun-flation’ bugs economists; Modi cleans up in D.C.
  </title>
  <!--[if !mso]><!-- -->
  <meta content="IE=edge" http-equiv="X-UA-Compatible"/>
  <!--<![endif]-->
  <meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
  <meta content="width=device-width,initial-scale=1" name="viewport"/>
  <style type="text/css">
   #outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
  </style>
  <!--[if mso]>
        <xml>
        <o:OfficeDocumentSettings>
          <o:AllowPNG/>
          <o:PixelsPerInch>96</o:PixelsPerInch>
        </o:OfficeDocumentSettings>
        </xml>
        <![endif]-->
  <style type="text/css">
   @media (max-width:480px){.css-1jpu573{padding:20px 0 15px!important}}@media (max-width:480px){.css-1nu1ipb img{width:100%!important}}.css-5nb5nb:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-13ktpoc{height:auto!important;padding-top:5px!important}}@media (max-width:480px){.css-1ukdnh3{padding-top:6px!important;padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-atnqj9{font-size:normal 12px!important}}@media (max-width:480px){.css-hpkdsj{font-size:normal 11px!important}}@media (max-width:480px){.css-fd883z{height:10px!important}}@media (max-width:480px){.css-12n1aic{font-size:25px!important;line-height:30px!important}}@media (max-width:480px){.css-1q4lnbl{margin-bottom:5px!important;letter-spacing:.5px!important}}@media (max-width:480px){.css-27qc8p{padding-left:30px!important}}@media (max-width:480px){.css-11scvta{line-height:25px!important}}.css-1iyjcs6:hover{border-bottom:none!important}.css-14cwm9a:hover{border-bottom:none!important}.css-1vpmr0r:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-ge16ha{display:inline-block}}@media (max-width:480px){.css-g1j07a{border-right:1px solid #dcdcdc!important;padding-right:10px!important;margin-right:10px!important}}@media (max-width:480px){.css-5zpqw8{display:inline-block!important}}
  </style>
 </head>
 <body>
  <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
   <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FgppkPXvDpXjJFSP6F6ZfIg~~%252FAAAAAQA~%252FRgRmeBCZPVcDbnl0QgpkkZmLlWTWd1NfUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiJ9:1qCfc5:nfrVjlT4ZWE50KahdsgFIG8GiJvCnA2kOTCS8Uspl8g" width="1"/>
  </div>
  <div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
   Also, Gulf money enters the N.B.A.
  </div>
  <div>
   <!--[if mso | IE]>
      <table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center">
        <tr>
          <td>
    <![endif]-->
   <table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
    <tbody>
     <tr>
      <td align="left" id="EMAIL_CONTAINER" width="100%">
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr style="width:100%">
           <td style="padding:15px 0 5px;border-bottom:1px solid #dcdcdc;text-align:center;width:100%">
            <div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
             <a alt="View in browser" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px">
              View in browser
             </a>
             <span style="color:#dcdcdc;margin:0 10px">
              |
             </span>
             <a alt="The New York Times" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px">
              nytimes.com
             </a>
            </div>
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
            <span style="width:100%;text-align:center">
             <table align="center" border="0" cellpadding="0" cellspacing="0">
              <tbody>
               <tr>
                <td align="center" colspan="2">
                 <a rel="nofollow">
                  <img alt="Marquee Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" style="width:100%;max-width:600px!important" width="600"/>
                 </a>
                </td>
               </tr>
               <tr>
                <td height="10px">
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr id="_a11y-skip-ad-marquee" style="width:100%">
           <td align="center" class="css-1jpu573" style="border-bottom:1px solid #dcdcdc;padding:19px 0 20px;width:100%;text-align:center" width="100%">
            <div class="css-1nu1ipb" style="margin-bottom:15px">
             <a alt="DealBook">
              <img alt="DealBook" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252FF-DealBook-Sorkin%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1qCfc5:dPGw1MrHhxAFBDHj8MA5u2-z54MHpWpRQGrpfdgGZ-g" style="width:300px" width="300"/>
             </a>
            </div>
            <p style="width:100%;margin-bottom:0;font:12px/12px georgia,serif">
             June 23, 2023
            </p>
           </td>
          </tr>
          <tr>
           <td height="20" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              Good morning. In today’s newsletter: a summer of “fun-flation”; President Biden and Prime Minister Narendra Modi of India strike deals; and Qatar eyes a move into the N.B.A. (Was this newsletter forwarded to you?
             </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">
               Sign up here.
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              )
             </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 height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
             <tbody>
              <tr>
               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-13ktpoc" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2023%252F06%252F23%252Fmultimedia%252F23dealbook-swift-01-jchp%252F23dealbook-swift-01-jchp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1qCfc5:fBjfY2VReiZVjn6E-M55hCUt0CEe2IL_Vodr18SAvt8" style="display:block;width:100%;height:auto;padding-top:5px" width="600"/>
               </td>
              </tr>
              <tr>
               <td align="left" class="css-1ukdnh3" style="text-align:left;width:100%;padding-top:8px;padding-bottom:15px;line-height:14px" width="100%">
                <span>
                 <span class="css-atnqj9" style="margin:0;font:normal 14px georgia,serif;color:#666">
                  Taylor Swift fans are paying big sums for concert tickets — and hotels.
                 </span>
                 <span class="css-hpkdsj" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Jutharat Pinyodoonyachet for The New York Times
                 </span>
                </span>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td class="css-fd883z" height="20" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Is a summer of fun to blame for inflation?
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Uncomfortably high inflation appears set to linger, forcing central bankers to inflict further pain on consumers and businesses by raising borrowing costs again and again.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But economists have spotted an unusual trend heading into the summer: Consumers are still splashing out on expensive but fun experiences, from nights out to concerts, despite surging prices.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Central bank chiefs on both sides of the Atlantic are sounding the alarm.
             </span>
             The Bank of England raised interest rates by a higher-than-expected half-percentage point after failing to get a handle on the highest inflation of any Group of 7 country. The bank’s governor, Andrew Bailey, whose credibility is taking a pummeling, gave a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              cautionary explanation
             </a>
             : “If we don’t raise rates now, it could be worse later.”
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Hours later, Jay Powell, the Fed chair, told a Senate committee that he
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              saw a similar threat
             </a>
             . “We are committed to getting inflation under control,” he said, warning that at least one more increase is on the table.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Economists are seeing something weird in the inflation data.
             </span>
             Consumers are splurging on pricey meals, through-the-roof airfare and expensive concert tickets. Some economists in Sweden even
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              blamed Beyoncé fans
             </a>
             for driving up prices of hotels and restaurants when they converged on the country last month to see the star kick off her world tour. In the U.S., others have seen
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a similar effect
             </a>
             with hotel prices soaring in cities where Taylor Swift performs.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="nofollow">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" style="width:100%;max-width:600px!important" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-universal-0" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “It’s fun-flation, if you’re looking for a word,” Holger Schmieding, chief economist at Berenberg, told DealBook. And the data suggests this brand of inflation isn’t receding. “We’re looking at the summer of fun,” he said.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              When inflation runs persistently high, consumers normally cut back.
             </span>
             If they do spend, it is typically on so-called durable goods: a new washing machine, a car, a house. The thinking is that it’s prudent to bring forward such purchases if you believe you’ll spend more for them in the near future. Economists and central bankers are seeing a bit of that, but also higher spending on discretionary items, such as travel and nights out.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Some call the phenomenon “
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              revenge spending
             </a>
             ,” the zeal to indulge in experiences now that Covid lockdowns are far in the past. (It helps that many still have pandemic savings to draw on, or have seen their wages surge in the past year.) Grant Fitzner, the chief economist of Britain’s Office for National Statistics, has singled out airfare, concert tickets and computer games as big drivers behind the country’s
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              stubbornly high inflation
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              A summer of fun could invite a tougher policy response this autumn.
             </span>
             “The only way to get inflation down to 2 percent is to crush demand and slow down the economy in a more substantial way,” Torsten Slok, chief economist at Apollo Global Management,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              told The Financial Times
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="nofollow">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" style="width:100%;max-width:600px!important" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-universal-1" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="25" style="padding:0;font-size:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             HERE’S WHAT’S HAPPENING
            </h3>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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 five people on the Titan submersible are presumed dead.
             </span>
             U.S. Coast Guard officials said that the vessel appeared to have suffered a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              “catastrophic implosion”
             </a>
             near the site of the Titanic wreck. Deep-sea experts, including the director James Cameron, said the company had long been
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              warned of flaws
             </a>
             in the Titan’s design.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Microsoft warns it may abandon its takeover bid for Activision Blizzard.
             </span>
             Lawyers for the tech giant said at a court hearing that
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              it would walk away
             </a>
             from the $70 billion deal if a federal judge granted the F.T.C. an injunction that delayed the transaction’s closing. Microsoft’s team also accused Sony, a top video game rival, of being the “
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              complainer in chief
             </a>
             ” about the deal.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              TikTok shakes up its leadership.
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              V. Pappas
             </a>
             , its chief operating officer, will leave the video app maker, and it named Zenia Mucha, the combative former head of media relations at Disney, as its communications chief. The moves come as TikTok faces pressure from Washington over its parent company ByteDance of China and questions about its data and privacy practices.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Warren Buffett gives billions more to charity.
             </span>
             The Oracle of Omaha
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              donated $4.6 billion worth
             </a>
             of his Berkshire Hathaway holdings to five groups, including the Gates Foundation and organizations run by his children. That brings Buffett’s total charitable giving to more than $51 billion — more than his
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              entire net worth in 2006
             </a>
             , when he first began his huge annual donations.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
            <h3 class="css-1q4lnbl" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
             ADVERTISEMENT
            </h3>
            <span style="width:100%;text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td colspan="2">
                 <a rel="nofollow">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" style="width:100%;max-width:600px!important" width="600"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td height="20px" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-universal-2" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             India reaps a trove of deals from Modi’s U.S. visit
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             During his state visit to Washington this week, Prime Minister Narendra Modi of India has secured a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              wealth of deals, and praise
             </a>
             , from President Biden, including
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              long-sought defense pacts
             </a>
             and pledges on economic cooperation.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Modi benefited from Biden’s effort to tighten ties with India, a bid to make it a counterweight to China and erode its alliance with Russia. But all the deals and pomp of the visit — including an address to Congress and a lavish state dinner — may not have accomplished what the White House had wanted.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Among the deals that India got:
             </span>
             a long-delayed purchase of $3 billion worth of Predator drones; a joint venture with General Electric to produce next-generation jet engines in India; pledges by chipmakers including Micron and Applied Materials to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              invest in plants there
             </a>
             ; and other initiatives on telecommunications, artificial intelligence and more.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Unexpectedly, the U.S. and India also
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              resolved six disputes
             </a>
             before the World Trade Organization, with Modi agreeing to lift retaliatory tariffs on a range of American exports.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              U.S. leaders gave Modi a hearty welcome,
             </span>
             as Washington seeks to nudge India further into the American sphere of influence. “The partnership is among the most consequential in the world,” Biden said at a news conference yesterday.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Corporate America was highly involved in the visit, as businesses seek to make further inroads into India as a key manufacturing hub and growing market. Consider who dined on stuffed portobello mushrooms and saffron-infused risotto with Modi at
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              last night’s state dinner
             </a>
             :
            </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">
               Industrial chieftains like Dave Calhoun of Boeing, Larry Culp of G.E. and James Taiclet of Lockheed Martin;
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Tech giants including Sam Altman of OpenAI, Tim Cook of Apple, Sanjay Mehrotra of Micron, Sundar Pichai of Alphabet and Lisa Su of A.M.D.;
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Financial leaders like Ken Chenault, Jane Fraser of Citigroup, Adena Friedman of Nasdaq, Deven Parekh of Insight Venture Partners and Hemant Taneja of General Catalyst.
              </span>
             </li>
            </ul>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “The U.S. and India need each other in technology,” Taneja told DealBook in an email. “The U.S. has to recognize the strength and needs of India’s economy and build a feedback cycle that avoids the digital cold war we currently find ourselves in with China. This is all the more pressing in the midst of the global debate over A.I. and the need to adopt basic guardrails worldwide so the future of the technology is not dictated by nefarious actors.”
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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 hard questions about India went unanswered.
             </span>
             Biden and Modi largely
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              brushed off criticism
             </a>
             of the Indian government’s crackdown on human rights and religious freedom. And Modi made no pledges to endorse U.S. efforts to restrain China, nor to cut ties to Russia. (Speaking of which, this investigation by The Times into how India profits from
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              buying and refining Russian crude oil
             </a>
             is a must-read.)
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             That may be because the White House and business leaders are focused on India’s population of 1.4 billion, its growing appetite for consumer goods and its explosion as a manufacturing hub. “I’ve long believed that the relationship between the United States and India will be one of the defining relationships of the 21st century,” Biden said yesterday.
            </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">
               In other India-U.S. news: Federal prosecutors in Brooklyn and the S.E.C. are reportedly
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                scrutinizing the Adani Group
               </a>
               , the conglomerate run by the Modi ally Gautam Adani, after it was criticized by an American short-seller, according to Bloomberg.
              </span>
             </li>
            </ul>
           </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-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “The church will follow not just the science, but our faith — both of which call us to work for climate justice.”
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              —
             </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">
               Justin Welby
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              , the archbishop of Canterbury (and a former oil industry executive), on the decision by the Church of England to sell its shares in major oil companies, including Shell, BP and Exxon, over frustration that they were not doing enough to combat climate change.
             </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-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Qatar makes a play for the N.B.A.
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Basketball fans yesterday were transfixed by the San Antonio Spurs
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              selecting Victor Wembanyama
             </a>
             as the No. 1 pick in this year’s N.B.A. draft. Analysts have long pegged the French seven-footer, perhaps the most highly anticipated draft pick since LeBron James, as a game changer.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But a lower-profile development also promises to reshape the league:
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Qatar’s sovereign wealth fund
             </a>
             is in talks to buy a piece of the Washington Wizards’ parent company at a $4.05 billion valuation, as first reported by Sportico.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Qatar is seeking a 5 percent stake in Monumental Sports and Entertainment,
             </span>
             which owns the Wizards (and the Washington Capitals in the N.H.L.), in what would be the country’s first investment in a major American sports league. The oil-and-gas-rich country wouldn’t have any say in how the Wizards are run, but its money could help finance further expansion by Monumental.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The talks represent the next step in the N.B.A.’s efforts to open up the universe of league ownership, which started with private equity firms and expanded to other institutional investors like family offices and, yes, sovereign wealth funds. (Also reported yesterday were talks by Omers, a big Ontario public pension fund, to take a 20 percent stake in the
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              parent company of the Toronto Raptors
             </a>
             of the N.B.A.)
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              It’s the latest move into sports by Middle Eastern funds,
             </span>
             whose coffers are bulging with petrodollars and which have been eager to build up soft power by buying into global brands.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Through a different entity, Qatar owns the Paris Saint-Germain soccer club, while a member of the country’s royal family has bid for Manchester United of England. And this month Saudi Arabia helped broker a potential deal between LIV Golf, the upstart competition it has backed, and the PGA Tour.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Critics have said that the flood of Middle Eastern wealth into sports is an effort by Persian Gulf states to whitewash accusations of human rights abuses against them. Still, sports leagues thus far have shown little inclination to turn down the money.
            </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-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Enjoy all of The New York Times in one subscription — the original reporting and analysis, plus puzzles from Games, recipes from Cooking, product reviews from Wirecutter and sports journalism from The Athletic. Experience it all with a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              New York Times All Access subscription
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="25" style="padding:0;font-size:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             THE SPEED READ
            </h3>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Deals
             </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">
               A group of lenders led by Fortress Investment Group
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                agreed to buy Vice
               </a>
               , the embattled digital media publisher, out of bankruptcy. (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">
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Virgin Galactic raised $300 million
               </a>
               by selling new stock, as Richard Branson’s space tourism company seeks to expand its vehicle fleet. (CNBC)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “An I.P.O. for a Painting? This
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                $55 Million Masterpiece Is Going Public
               </a>
               ” (WSJ)
              </span>
             </li>
            </ul>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Policy
             </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">
               Ford and SK On will receive a
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                $9.2 billion government loan
               </a>
               to help build three battery-manufacturing plants in Kentucky and Tennessee. (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">
               Meta said it would
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                shut off news access
               </a>
               for the Canadian users of its Facebook and Instagram platforms after the country passed legislation that would force tech giants to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                pay domestic news publishers
               </a>
               . (AP, NYT)
              </span>
             </li>
            </ul>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              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">
               A federal judge
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sanctioned two lawyers
               </a>
               who cited fake legal citations generated by ChatGPT in court filings. (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">
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Representative George Santos’s bond guarantors
               </a>
               are finally revealed: They’re his father and an aunt. (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">
               Citigroup warns that it will soon start
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                cracking down on workers
               </a>
               who don’t comply with in-office attendance policies. (Bloomberg)
              </span>
             </li>
            </ul>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="10" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="25" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <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">
              Thanks for reading! We’ll see you tomorrow.
             </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 align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             We’d like your feedback. Please email thoughts and suggestions to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              dealbook@nytimes.com
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="center" style="padding:0">
            <a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
             Continue reading the main story
            </a>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
        <table border="0" cellpadding="0" cellspacing="0" height="6" width="40">
         <tbody>
          <tr>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" width="2"/>
           </td>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" width="2"/>
           </td>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" width="2"/>
           </td>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" width="2"/>
           </td>
           <td>
            <img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20230623%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1qCfc5:Q6srKFlK0EQXP8CgcabpzsjDBczVHLYucWEHuy9N6-w" width="2"/>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div id="_a11y-skip-tracking_unit-3" style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="15" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:22px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Andrew Ross Sorkin
            </a>
            <span style="color:#000">
             , Founder/Editor-at-Large,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @andrewrsorkin
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ravi Mattu
            </a>
            <span style="color:#000">
             , Managing Editor,
             <!-- -->
             London
            </span>
            <a class="css-14cwm9a" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @ravmattu
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Bernhard Warner
            </a>
            <span style="color:#000">
             , Senior Editor,
             <!-- -->
             Rome
            </span>
            <a class="css-14cwm9a" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @BernhardWarner
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Sarah Kessler
            </a>
            <span style="color:#000">
             , Deputy Editor,
             <!-- -->
             Chicago
            </span>
            <a class="css-14cwm9a" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @sarahfkessler
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Michael J. de la Merced
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             London
            </span>
            <a class="css-14cwm9a" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @m_delamerced
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
            <a class="css-1iyjcs6" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Lauren Hirsch
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             New York
            </span>
            <a class="css-14cwm9a" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @LaurenSHirsch
            </a>
           </td>
          </tr>
          <tr>
           <td style="font:13px/18px arial,sans-serif">
            <a class="css-1iyjcs6" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
             Ephrat Livni
            </a>
            <span style="color:#000">
             , Reporter,
             <!-- -->
             Washington D.C.
            </span>
            <a class="css-14cwm9a" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
             @el72champs
            </a>
           </td>
          </tr>
          <tr>
           <td height="9" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td height="15" style="font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td style="padding:12px 0;border-top:1px solid #000">
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:7px">
             Need help? Review our
             <!-- -->
             <a class="css-1vpmr0r" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              newsletter help page
             </a>
             <!-- -->
             or
             <!-- -->
             <a class="css-1vpmr0r" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              contact us
             </a>
             <!-- -->
             for assistance.
            </p>
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:7px">
             <span>
              You received this email because you signed up for DealBook from The New York Times.
             </span>
            </p>
            <p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             To stop receiving
             <!-- -->
             DealBook
             <!-- -->
             ,
             <!-- -->
             <a class="css-1vpmr0r" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              unsubscribe
             </a>
             .
             <!-- -->
             To opt out of other promotional emails from The Times, including those regarding The Athletic,
             <!-- -->
             <a class="css-1vpmr0r" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              manage
              <span class="css-ge16ha">
               your email settings
              </span>
             </a>
             . To opt out of updates and offers sent from The Athletic,
             <!-- -->
             <a class="css-1vpmr0r" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
              submit a request
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0">
            <p style="display:inline-block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             <a class="css-g1j07a" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
              Subscribe to The Times
             </a>
             <span class="css-5zpqw8" style="display:none">
              <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
               Get The New York Times app
              </a>
             </span>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:9px 0 8px">
            <table>
             <tbody>
              <tr>
               <td style="padding-right:15px">
                <p style="display:inline-block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
                 Connect with us on:
                </p>
               </td>
               <td style="padding-right:15px">
                <a>
                 <img alt="twitter" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Ftwitter.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1qCfc5:dPGw1MrHhxAFBDHj8MA5u2-z54MHpWpRQGrpfdgGZ-g" style="vertical-align:middle" width="25"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:8px 0">
            <p style="display:inline-block;font:12px/20px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
             <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Change Your Email
             </a>
             <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Privacy Policy
             </a>
             <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
              Contact Us
             </a>
             <a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
              California Notices
             </a>
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:5px 0 7px">
            <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;line-height:0">
             <img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1qCfc5:dPGw1MrHhxAFBDHj8MA5u2-z54MHpWpRQGrpfdgGZ-g" style="vertical-align:middle" width="150"/>
            </a>
            <a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;line-height:0">
             <img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1qCfc5:dPGw1MrHhxAFBDHj8MA5u2-z54MHpWpRQGrpfdgGZ-g" style="vertical-align:middle" width="70"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
            <p color="#999999" style="display:inline-block;font:12px/15px arial,sans-serif;color:#999;text-align:left;margin-bottom:0">
             The New York Times Company. 620 Eighth Avenue New York, NY 10018
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
      </td>
     </tr>
    </tbody>
   </table>
   <!--[if mso | IE]>
      </td>
    </tr>
  </table>
  <![endif]-->
  </div>
  <script>
   window&&window.parent.window!==window&&function(){const e=document;for(var t=e.querySelectorAll("a"),r=0;r<t.length;r++)t[r].onclick=function(e){e.preventDefault()},t[r].style.cursor="default";(e.referrer.match(new RegExp("https://(.*?).nytimes.com"))||e.referrer.match("https://nytimes.com"))&&window.parent.postMessage({tableHeight:e.querySelector("table").scrollHeight},e.referrer)}()
  </script>
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FocTYv8Zsd5zWwlZCfBUKDA~~%252FAAAAAQA~%252FRgRmeBCZPlcDbnl0QgpkkZmLlWTWd1NfUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiJ9:1qCfc5:nfrVjlT4ZWE50KahdsgFIG8GiJvCnA2kOTCS8Uspl8g" width="1"/>
 </body>
</html>