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   DealBook: Elon Musk, special presidential adviser?
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   Also, why tomorrow’s inflation report could disappoint the markets.
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            <p style="width:100%;margin-bottom:0;font:12px/12px georgia,serif">
             May 30, 2024
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          Good morning. We look at the warming relationship between Elon Musk and Donald Trump — and the Biden re-election campaign’s reaction; what to watch for in the latest inflation data; why Democratic senators are pushing the Justice Department to investigate Big Oil; and delve into reports of a big hack of Ticketmaster. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             Will Elon Musk play the spoiler role in the 2024 presidential election?
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             Jonathan Ernst/Reuters
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump and Musk’s growing bromance
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For much of President Biden’s time in the White House, his relations with Elon Musk have been tense. They may be about to plunge to a new low after Biden’s re-election campaign hit out at reports that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Donald Trump could make Musk an adviser
         </a>
         <span>
          if the Republican were to win in November.
         </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The president’s campaign sees mileage in targeting Trump’s ties to moguls.
         </span>
         <span style="font-style:italic">
          “
         </span>
         <span>
          Despite what Donald Trump thinks, America is not for sale to billionaires, oil and gas executives, or even Elon Musk,” James Singer, a spokesman for the campaign, told DealBook, in its first comments on Musk.
         </span>
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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">
          What we know about the Musk and Trump’s warming ties,
         </span>
         <span>
          according to The Wall Street Journal:
         </span>
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                The two talk often:
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Musk and Trump speak on the phone several times a month.
               </span>
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               <span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                The relationship is about influence rather than money:
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Musk doesn’t simply want to write a check for Trump’s campaign; he’s offered to use his sway with business leaders to help fight Biden’s re-election bid. Musk co-hosted a dinner at the Los Angeles home of the investor David Sacks last month that included Peter Thiel, Steven Mnuchin and Rupert Murdoch.
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               <span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Nelson Peltz has played a central role.
               </span>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Musk and Trump
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                met
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                in March at the billionaire investor’s Palm Beach, Fla., estate, where the advisory role discussions took place. Peltz and Musk have also briefed Trump on a plan to invest in a project to prevent the possibility of voter fraud.
               </span>
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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">
          Musk hasn’t commented on The Journal report.
         </span>
         <span>
          In an interview earlier this year with Don Lemon, he downplayed the meeting. “Let’s just say he did most of the talking,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he said
         </a>
         <span>
          .
         </span>
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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">
          Musk voted for Biden in 2020 but has turned to the right.
         </span>
         <span>
          He has increasingly used X, his social media platform, to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          berate the president
         </a>
         <span>
          on migration and health care policies, and has criticized diversity, equity and inclusion programs that the political left has embraced. Musk was also miffed that the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          White House didn’t invite Tesla
         </a>
         <span>
          to an electric vehicle event in 2021.
         </span>
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          Biden has seemingly been keen to fuel the feud.
         </span>
         <span>
          The president has had a habit of dismissing Musk’s views, a tactic that could backfire. As Andrew has pointed out, whether you like him or not, Musk is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a natural ally
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         <span>
          on issues like tackling climate change. The Biden campaign’s latest comments suggest that it sees political mileages in distancing itself from the billionaire class (its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pitching hard for working-class votes
         </a>
         <span>
          in battleground states.)
         </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">
          For Trump, Musk’s backing would be the latest billionaire to come to his side.
         </span>
         <span>
          Musk has indicated that he’s not ready to endorse a candidate and has said he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          won’t donate
         </a>
         <span>
          to either of them. But reports of their warming ties are surely a boost for the Republican just days after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Steve Schwarzman
         </a>
         <span>
          , the Blackstone C.E.O., threw his weight behind Trump.
         </span>
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             <span>
              HERE’S WHAT’S HAPPENING
             </span>
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          Jury deliberations in Donald Trump’s hush-money trial enter a second day.
         </span>
         <span>
          The panel of seven men and five women yesterday asked to hear more pieces of testimony from two witnesses, including that of David Pecker, the former publisher of The National Enquirer. The jurors will reconvene at 9:30 a.m. Eastern today, with
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          no clear sign on when they might reach a verdict
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          .
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          Nelson Peltz sells his Disney shares.
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         <span>
          The hedge fund billionaire
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          divested the roughly $3.5 billion stake
         </a>
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          in the entertainment giant he controlled. Last month, Peltz’s campaign to appoint directors to Disney’s board failed, effectively ending one of the most expensive proxy battles ever waged.
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         </tbody>
        </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">
          A Goldman Sachs veteran is tapped to run the Cleveland Fed.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Beth Hammack
         </a>
         <span>
          will replace Loretta Mester, who steps down as president on June 30. Hammack, the Wall Street giant’s former co-head of global financing, has decades of experience in finance and capital markets. Her first vote on interest rates could come as soon as the September meeting.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Sticky inflation
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500 has edged lower in premarket trading this morning, and is on track to snap its five-week winning streak as inflation and interest rate jitters again grip the markets.
         </span>
        </p>
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             ADVERTISEMENT
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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">
          Investors are expected to get little relief from tomorrow’s Personal Consumption Expenditures index
         </span>
         <span>
          . Economists
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          forecast only a slight improvement
         </a>
         <span>
          in the Fed’s preferred inflation measure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here’s what to watch for:
         </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">
                April’s core P.C.E., which excludes volatile food and fuel prices, is forecast to come in at 2.8 percent on an annualized basis, in line with the previous month but still above the Fed’s 2 percent target.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Analysts will be watching for signs that so-called shelter inflation has begun to ease. Pricing on consumer goods has fallen over the past year. The same cannot be said of what households spend on rents and the homes they own. One example:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                skyrocketing home insurance premiums
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . This inflation gauge doesn’t put a large weighting on this category of expenditures, but homeowners are feeling the pinch.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It is the housing crisis that nobody is talking about,” Holly Meyer Lucas, a Florida realtor told The 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">
          The renewed focus on inflation follows a strong earnings season.
         </span>
         <span>
          Over the past month, stocks rallied as investors grew more optimistic about the health of corporate America after a string of better-than-expected results. Attention is now shifting back to inflation, the Fed and interest rates.
         </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 signs that the economy is beginning to slow.
         </span>
         <span>
          Yesterday, the Fed issued its latest Beige Book report, which showed that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          consumers were pulling back on spending
         </a>
         <span>
          and showed only “slight or modest” economic growth across much of the country.
         </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">
          Hopes for a near-term interest rate cut are fading.
         </span>
         <span>
          Raphael Bostic, the Atlanta Fed president, said yesterday that “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          we still have a ways to go
         </a>
         <span>
          ” to tame the “explosive” inflation that emerged after coronavirus-related lockdowns measures were eased. Other Fed inflation hawks have made similar comments lately.
         </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 markets appear to be getting the message.
         </span>
         <span>
          Futures traders this morning expect the Fed to lower its prime lending just once this year, most likely in November. Two weeks ago, the consensus call was for
         </span>
         <span style="font-style:italic">
          two
         </span>
         <span>
          rate cuts.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
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         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A new fight for Big Oil
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Senate Democrats want the Biden administration to keep the pressure on Big Oil. Chuck Schumer, the majority leader, and nearly two dozen colleagues have asked the Justice Department to investigate collusion and price-fixing in the sector weeks after the F.T.C.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          approved
         </a>
         <span>
          Exxon Mobil’s $60 billion deal for Pioneer Natural Resources.
         </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 lawmakers want to broaden scrutiny of the sector.
         </span>
         <span>
          They
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          say their suspicions were raised after the F.T.C. gave the green light to the Exxon-Pioneer deal but also accused Scott Sheffield, the former Pioneer C.E.O., of colluding with OPEC to manipulate prices and barred him from sitting on Exxon’s board.
         </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">
          Sheffield has hit back against the accusations.
         </span>
         <span>
          “They couldn’t find anything wrong with the merger — because the merger only represents 11 percent of the oil in the Permian Basin — so they scapegoated me,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sheffield
         </a>
         <span>
          told The Financial Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “The F.T.C. stands by our allegations,” said Doug Farrar, a spokesman for the agency.
         </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 senators have deeper concerns.
         </span>
         <span>
          The F.T.C. findings “lend credence to the fear that corporate avarice is keeping prices artificially high,” they wrote in a letter to Merrick Garland, the attorney general, and Jonathan Kanter, the Justice Department’s antitrust chief.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Potential collusion “may have cost the average American household up to $500 per car in increased annual fuel costs” they added, and noted that “only the D.O.J. can prosecute and fully redress the alleged anticompetitive behavior.” The Justice Department declined to comment.
         </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 calls come amid a wave of industry consolidation.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ConocoPhillips agreed yesterday to buy Marathon Oil
         </a>
         <span>
          in an all-stock deal worth $22.5 billion, a day after Hess shareholders
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          approved
         </a>
         <span>
          Chevron’s $53 billion takeover of the company.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The U.S. last year set a record for oil production, potentially helping to offset predictions of $100 crude.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “My wife is fond of flying flags. I am not.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Samuel Alito
         </a>
         <span style="font-style:italic">
          . The Supreme Court justice said he would not recuse himself from two cases arising from the Jan. 6, 2021, attack on the Capitol after reports that flags appearing to support the “Stop the Steal” movement were displayed outside his houses.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A hack attack crime wave continues
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In recent months, a barrage of cyberattacks have hobbled companies, with intruders breaking into the digital vaults of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          UnitedHealth Group
         </a>
         <span>
          , the auction house
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Christie’s
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          MGM Resorts
         </a>
         <span>
          in Las Vegas. In each case, the hackers demand big ransoms or threaten to inflict bigger damage.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest target appears to be Live Nation’s Ticketmaster,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          after reports
         </a>
         <span>
          that the hacking group ShinyHunters apparently breached the company’s computer systems and pilfered the account details of more than 500 million customers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Live Nation has not confirmed the reports, and didn’t respond to a request for comment.
         </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 groups behind these intrusions may change, but the modus operandi is similar.
         </span>
         <span>
          After gaining access, they typically look for sensitive information — customer names, addresses and credit card details — and then demand a ransom.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          ShinyHunters is reportedly seeking $500,000 to prevent the information from being sold on the dark web. (One hacker watcher website
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          says
         </a>
         <span>
          it may already be too late for that.)
         </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 payments can be steep.
         </span>
         <span>
          This month, Andrew Witty, the C.E.O. of UnitedHealth, testified before the Senate that the health care giant was forced to pay a different group of hackers a $22 million ransom. “This was one of the hardest decisions I’ve ever had to make, and I wouldn’t wish it on anyone,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Witty said
         </a>
         <span>
          during a contentious hearing.
         </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">
          With hack attacks on the rise, Washington is taking notice.
         </span>
         <span>
          The S.E.C. in December
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          introduced new cyberattack disclosure
         </a>
         <span>
          rules for listed companies that some Republican lawmakers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had fought to kill
         </a>
         <span>
          . Compliance
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has been patchy
         </a>
         <span>
          , however.
         </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 apparent hack has added to Ticketmaster’s woes.
         </span>
         <span>
          The Justice Department
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sued Live Nation last week
         </a>
         <span>
          claiming it has an illegal monopoly on the live entertainment industry and could force it to break up.
         </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 authorities worldwide are investigating.
         </span>
         <span>
          Australian officials are working with Ticketmaster on the breach,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the BBC reports
         </a>
         <span>
          , and the F.B.I. is said to be offering assistance.
         </span>
        </p>
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             <span>
              THE SPEED READ
             </span>
            </h3>
           </td>
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         </tbody>
        </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">
          Deals
         </span>
        </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">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Goldman Sachs has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                amassed a roughly $20 billion war chest
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                to expand into private credit lending — a growing market that JPMorgan Chase’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Jamie Dimon
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                says could sour. (FT, Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Saudi Arabia could reportedly start selling more shares in the energy giant Saudi Aramco
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                as soon as Sunday
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                in a deal that may raise at least $10 billion. (Bloomberg)
               </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">
          Policy
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The European Central Bank is set to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                fine as many as four banks
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                for failing to adequately disclose their climate risks. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
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                Hong Kong
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                convicted 14 pro-democracy activists
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               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                in the city’s largest national security trial. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Gemini, the Winklevoss brothers’ crypto exchange,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                will return more than $2 billion
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                to customers of a now defunct lending program. (CNBC)
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                New Delhi recorded its highest temperature ever measured —
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                126 degrees Fahrenheit
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                — yesterday, and the heat wave shows little sign of abating. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <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">
                Romance Writers Group Goes Bankrupt
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                After Diversity Fight Decimates Ranks” (Bloomberg)
               </span>
              </li>
             </ul>
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