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Good morning. We dive into the potential moves that ByteDance’s U.S. backers might make; take a look at David Solomon’s victory lap at Goldman Sachs; talk with a European greentech start-up eager for U.S. climate subsidies; and examine Taiwan’s rebuffing of Starlink. (Was this newsletter forwarded to you?
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Steven Mnuchin, a former Treasury secretary, has emerged as a potential bidder for TikTok. But deal prospects look uncertain with Beijing signaling its opposition to any deal.
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What’s next for ByteDance’s U.S. investors?
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As Beijing makes it increasingly clear that it opposes efforts by Congress to force TikTok’s Chinese parent company, ByteDance, to sell the popular video app — government officials in China said American lawmakers were
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
acting like a “bandit”
</a>
<span>
— the tech giant’s U.S. backers are increasingly finding themselves in a quandary.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
DealBook has spoken with people in the know about what these investors, including financial giants like the Susquehanna Investment Group, can do, with billions of dollars on the line.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
A potential takeover bid by Steven Mnuchin is adding a wrinkle to matters.
</span>
<span>
Mnuchin, a former Treasury secretary,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told Andrew on CNBC
</a>
<span>
yesterday that he was in talks with a “combination of U.S. investors” about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a TikTok deal
</a>
<span>
. He added that he had spoken with some of the investors in ByteDance, TikTok’s Chinese parent, about possibly rolling over their stake. He didn’t name names, but implied that one of them was General Atlantic’s Bill Ford.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Meanwhile, Bobby Kotick, the former C.E.O. of the video game giant Activision Blizzard, also reportedly has been looking for potential partners for a bid.
</span>
</p>
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A MESSAGE FROM AMGEN
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Advancing Biotechnology for Patients
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Amgen harnesses the power of biology and technology to revolutionize the discovery, development, manufacture and delivery of life-changing medicines for patients around the world.
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Learn More
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
ByteDance investors’ phones are ringing off the hook,
</span>
<span>
DealBook hears, as shareholders and potential advisers circle. They’re gaming out all manner of scenarios, including the worst case — a TikTok ban — or a workaround transaction that could satisfy Washington
</span>
<span style="font-style:italic">
and
</span>
<span>
Beijing.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
One option is said to be removing ByteDance’s control over how TikTok operates,
</span>
<span>
while allowing it to maintain its stake,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The Financial Times reported
</a>
<span>
. (Shari Redstone’s National Amusement stake in Paramount Global is based on a similar arrangement.) But such a radical restructuring would almost certainly need Chinese government approval.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Mnuchin needs deep-pocketed investors.
</span>
<span>
ByteDance is estimated to be worth $225 billion, with the F.T. reporting today, citing unidentified sources, that it collected
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$120 billion in revenue
</a>
<span>
last year. (For comparison, Meta earned $135 billion.) While the value of the U.S. arm is unclear, the F.T. reports that the entity collected $16 billion in 2023.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The odds are long.
</span>
<span>
“I don’t think there’s any way in the world China’s selling this asset and algorithm and everything in its entirety to Steve Mnuchin, Bobby Kotick or anyone in the U.S.,” Rich Greenfield, an analyst at LightShed Partners, told DealBook.
</span>
</p>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
What happened to Grindr may serve as an example of what could happen.
</span>
<span>
In 2020, the L.G.B.T.Q. dating app broke from its Chinese parent, after Washington demanded its divestiture. It has since gone public. Following a torrid rally, its market capitalization is around $1.7 billion.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
George Arison, who became Grindr’s C.E.O. in 2022, told DealBook that the split was good for business. “We were able to then do things in a really positive way for privacy and message to our users that ‘Hey, privacy is number one,’” he said.
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Nippon Steel commits to its U.S. Steel takeover despite President Biden’s opposition.
</span>
<span>
The Japanese steel maker
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
defended its $14 billion deal
</a>
<span>
— and repeated a pledge not to close plants or cut jobs — after Biden said it was important to keep an American industrial icon
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
in U.S. hands
</a>
<span>
. In other M.&A. and national security news, the Emirati-backed investment firm RedBird IMI is reportedly leaning toward
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
selling the Telegraph Media Group
</a>
<span>
after the British government moved to block foreign ownership of British news media.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
China plans to tighten I.P.O. requirements.
</span>
<span>
The China Securities Regulatory Commission said today that it would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
re-evaluate standards
</a>
<span>
for companies seeking to list on the company’s stock markets, and more closely examine businesses that hadn’t yet become profitable. It’s the latest effort by Beijing to shore up confidence in the country’s capital markets.
</span>
</p>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Ira Millstein, a longtime advocate for corporate governance changes, dies at 97.
</span>
<span>
Over his decades-long career, Millstein pushed for company boards to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
exercise more independent oversight
</a>
<span>
, keeping corporate leaders in check. He also played important roles outside of business, including advising New York City during its fiscal crisis and helping Ruth Bader Ginsburg’s nomination to the federal bench.
</span>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Goldman’s chief sees progress
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In 2023, Goldman Sachs took big steps to fix itself, including by selling off the bulk of its consumer businesses to refocus on its Wall Street operations.
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That effort has recharged the stock price, giving the bank’s C.E.O., David Solomon, cause to celebrate in his latest letter to shareholders, out today.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
“We put the firm in a stronger position for 2024 and beyond,
</span>
<span>
as we continued to execute on our growth strategy,” Solomon writes. That has meant selling off noncore operations like the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
GreenSky consumer lending division
</a>
<span>
, as well as putting more emphasis on its wealth-management business. Goldman’s profit
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
slumped last year
</a>
<span>
, but Solomon notes the firm has raised more than $250 billion in alternative assets under management, beating its $225 billion target a year early.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“I am now hearing consistently that our strategy has never been clearer, and I’m proud to say that’s a direct result of everything we achieved in 2023,” he writes. (The firm’s board has already commended Solomon, giving him
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$31 million in compensation
</a>
<span>
, a 24 percent raise.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Solomon hailed his five-year track record as Goldman’s C.E.O.
</span>
<span>
The firm’s stock price is up 130 percent, he notes, while its book value per share has risen 50 percent.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That said, Goldman shares currently trade at about 1.27 times its book value, while Morgan Stanley’s trade at 1.6 times and JPMorgan Chase’s at 1.7 times.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
There are broader reasons for optimism, according to Solomon.
</span>
<span>
“The U.S. economy has proven more resilient than expected, and markets are predicting rate cuts,” he writes. That is helping improve the outlook for Goldman’s core investment banking businesses, including advising on deals and I.P.O.s.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, he cautioned, “I think inflation may prove stickier than many anticipate.”
</span>
</p>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The I.R.A. spurs a green investing boom
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Biden administration’s signature climate and infrastructure laws have redrawn the lines around greentech investing, with European and Asian clean-energy companies
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
racing across the ocean
</a>
<span>
to tap generous U.S. grants and tax breaks.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Among the companies is Climeworks, a Swiss carbon-capture specialist that just announced plans to open a new U.S. base in Austin. Its westward push comes as American trade partners complain that the laws are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
distorting the clean-energy market
</a>
<span>
and as U.S. deficit hawks worry about the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
rising costs
</a>
<span>
of the climate-focused initiatives.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Climeworks is betting on big carbon-capture subsidies.
</span>
<span>
Biden’s climate laws allocate about $3.5 billion in tax breaks and grants to help companies build direct air-capture facilities, a technology that often uses giant fans to suck carbon dioxide out of the sky.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The start-up is one of the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sector’s best-financed
</a>
<span>
, raising $810 million from sources including Microsoft, the Singaporean sovereign wealth fund G.I.C. and the venture capitalist John Doerr.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Douglas Chan, general manager of Climeworks’s U.S. operations, told DealBook that the company was finalizing negotiations with the Energy Department for a big piece of a $600 million grant to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
build D.A.C. facilities
</a>
<span>
in Louisiana, California and North Dakota. He also said he expected to triple the company’s U.S. head count to manage the project’s workload.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The laws’ generous giveaways “were enough that we decided to come to America,” Chan said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
It’s the latest sign of international companies’ eagerness to tap the Biden climate money.
</span>
<span>
“The United States has become an epicenter for green investment because of the Inflation Reduction Act,” Artem Abramov, an analyst for Rystad Energy, an independent research and advisory firm, told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Rystad forecasts that investments in U.S. green-energy projects will reach approximately $100 billion this year, nearly doubling since 2019.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Other countries are betting big on green, too
</span>
<span>
. Moscow’s full-scale invasion of Ukraine has also catalyzed investment in clean energy and emissions-reduction, Abramov noted, as Europe seeks to pivot from Russian fossil fuels. That money is flowing into solar, wind, hydrogen and carbon-capture projects in Europe — as is the case in the U.S.
</span>
</p>
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Watch the impact of financing costs, though.
</span>
<span>
High interest rates have delayed some projects, Abramov said. But he added, “The outlook for green energy projects looks strong.”
</span>
</p>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Taiwan wants satellite sovereignty
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Through Starlink and SpaceX, Elon Musk’s lock on the satellite-internet sector has begun to concern countries and his corporate rivals. Starlink owns half of the active satellites orbiting the Earth, and many competitors rely on his rocket company, SpaceX, to launch their payloads into orbit.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Taiwan wants no part of the Musk-controlled duo.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The island nation is investing billions to build a Starlink alternative.
</span>
<span>
Its goal: to launch its first satellites into space by 2026, believing that’s the best way to ensure its communication infrastructure can withstand disruptions and cyberattacks from the likes of China,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The Times reports
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Would relying on Starlink make Taiwan more vulnerable?
</span>
<span>
Musk has acknowledged using his control of Starlink to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
thwart an attack
</a>
<span>
in another volatile corner of the planet: Ukraine. Taiwan, which is under constant threat from China, sees that as instructive.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“The Ukraine-Russia war gave us a profound reflection,” Liao Jung-Huang, a director at the government-sponsored Industrial Technology Research Institute, told The Times. “Even if the cost to build it is high, in a special scenario, the value of having our own constellation is unlimited.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Musk’s China ties loom large.
</span>
<span>
Tesla, his electric vehicle company, is deeply reliant on the Chinese market as a growth engine, even as
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
competition intensifies
</a>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
there. And Musk caused an uproar in Taiwan in September when he
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
appeared to side with China
</a>
<span>
in the decades-old dispute over the island nation’s sovereignty.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Questions are already swirling about Musk and Taiwan.
</span>
<span>
Last month, the China hawk Representative Mike Gallagher, Republican of Wisconsin,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sent a letter
</a>
<span>
to SpaceX, Tesla and Elon Musk accusing them of withholding internet service in Taiwan, possibly violating contractual obligations with the U.S. government. SpaceX
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
denied
</a>
<span>
anything was amiss.
</span>
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THE SPEED READ
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Deals
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</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
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<td style="padding:0 0 5px">
<ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
The state-backed Abu Dhabi investment firm MGX is said to be in talks to invest in
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
OpenAI’s nascent semiconductor venture
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
. (FT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
Corporate defaults this year are rising
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
at their fastest pace since the 2008 financial crisis, according to Standard & Poor’s. (MarketWatch)
</span>
</li>
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<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
The actor Daniel Craig
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
is reportedly courting Middle Eastern governments like Qatar’s to back a production of “Othello.” (Semafor)
</span>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Policy
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Top investment firms including Citadel, KKR and Blackstone are said to be in talks to
</span>
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coordinate a response
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
to an S.E.C. investigation into their industry’s use of disappearing-message apps. (Bloomberg)
</span>
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
Russia Strengthens Its Internet Controls
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
in Critical Year for Putin” (NYT)
</span>
</li>
</ul>
</td>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
Citigroup is said to be investigating workplace harassment allegations against a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
senior I.P.O. banker
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
. (Reuters)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
advertising mogul Michael Kassan
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
is trading fraud allegations with the Hollywood talent agency UTA over its deal to buy his MediaLink marketing business. (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
“Yes, the Internet Is Broken, but
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
What Does a Fix Look Like
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
?” (NYT)
</span>
</li>
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1 year ago - nytdirect@nytimes.com
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