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Good morning. In today's newsletter: FTX’s messy bankruptcy; Carl Icahn fights back; Google’s latest attempt to make up lost ground in A.I.; and the fight over E.S.G. goes to Congress. (Was this newsletter forwarded to you?
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Too quick to sell?
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Working through the bankruptcy of FTX, Sam Bankman-Fried’s collapsed crypto exchange, is proving more complicated all the time. The latest evidence: a potentially lucrative missed opportunity that’s come to light after FTX offloaded warrants to buy an obscure crypto token.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<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 token is called Sui, and it made its trading debut on May 3.
</span>
FTX — which is now being run by John Ray III, the restructuring expert who has recouped billions for creditors victimized by the mega-bankruptcies of Enron, Fruit of the Loom and Nortel Networks — sold its Sui warrants shortly before the token began trading.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Had FTX exercised the warrants, it would own, as of this morning, an asset worth more than $1 billion, even after a 75 percent drop since the start of trading last week.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<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">
Here’s what happened with Sui:
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<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">
FTX invested about $101 million in Mysten Labs last year. Mysten was building a blockchain platform called Sui that relied on technology developed for Diem, Facebook’s aborted crypto project. Mysten attracted investors like Andreessen Horowitz, the Silicon Valley venture capital firm, and the cryptocurrency exchange Coinbase, pushing its valuation at one point to about $2 billion.
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
FTX led the fund-raising last summer.
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
Its ownership interest included warrants for 890 million Sui crypto tokens that would be exercisable once the Sui platform launched. But FTX collapsed months later.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<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 March, FTX sought the bankruptcy court’s permission to sell its interest in Mysten for about $96 million, or $5 million less than the initial investment.
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
In April,
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
that deal closed
</a>
. On May 3, Sui tokens began trading, with prices quickly spiking. This morning, Sui was trading at $1.13.
</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">
FTX is in a race to recoup every penny as the creditor list swells.
</span>
Bankman-Fried himself has said that if given enough time, he could find the assets of value in his vast empire to begin to pay back customers and investors.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The I.R.S. last month filed nearly $44 billion worth of “priority” tax claims against FTX’s estate and its sister trading firms,
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
CoinDesk reports
</a>
.
</p>
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Continue reading the main story
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A MESSAGE FROM
<!-- -->
Mercury
</h3>
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<p style="font:700 20px/28px georgia,serif;color:#121212;margin:0 0 4px">
Cash management 101
</p>
<p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
Crafting your start-up’s cash management strategy? First, divide your funds into three categories: liquid, short-term and strategic. From there, it’s about optimizing for risk and yield according to those time horizons. But how much should you put in each category?
</p>
<p style="font:700 10px/10px arial,sans-serif;text-transform:uppercase;-webkit-text-decoration:underline;text-decoration:underline;color:#5a5a5a;margin:0 0 20px">
Learn more
</p>
<img alt="Mercury Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252FMercury%2520Logo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1px4qx:np-ojVr7WLWwMRxWnyK7i5Ud7V8qrbfVkfisRo7INL4" style="height:15px;max-width:150px"/>
</a>
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</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
FTX has already found billions for creditors.
</span>
“The situation has been stabilized and the dumpster fire is out,” the company’s lawyers told a bankruptcy judge last month, revealing that they had recovered
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
more than $7 billion
</a>
.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Among the crypto community on Twitter, however, there was
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
some snickering
</a>
that FTX missed a big opportunity in Sui.
</p>
</td>
</tr>
</tbody>
</table>
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<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%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A top investor advisory firm U-turns on Jamie Dimon’s pay.
</span>
Institutional Shareholder Services, which last week recommended that JPMorgan Chase shareholders oppose the bank’s compensation plan for its C.E.O. and other executives,
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
changed its mind
</a>
, citing mistakes in its analysis. It’s a remarkable reversal for I.S.S., which had also opposed JPMorgan’s pay policies last year.
</p>
</td>
</tr>
</tbody>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
SoftBank posts a record $32 billion loss at its Vision Fund.
</span>
The
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
Japanese conglomerate’s tech-focused
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
investment vehicle
</a>
missed out on a broader rally in stocks. The downbeat report came as Masa Son, SoftBank’s founder, said the company was stopping new investments and focusing on the I.P.O. of Arm, its chip designer.
</p>
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</tr>
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Disney cuts down on streaming losses.
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The media giant
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chalked up the improvements
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to cost cuts and increases in subscription fees, and said it would start bundling Hulu content in its Disney+ app. But to save money on payouts of residuals, it will also start removing some content from its streaming platforms.
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George Santos pleads not guilty to 13 fraud charges.
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The first-term Republican lawmaker from New York was
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charged
</a>
with wire fraud, money laundering, stealing public funds and lying on federal disclosure forms. But Speaker Kevin McCarthy said Santos could continue to serve in Congress, pending the outcome of a trial.
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The pressure builds on Icahn
</h2>
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Shares in Carl Icahn’s publicly traded investment vehicle fell 15 percent yesterday, after it revealed that
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
federal prosecutors in Manhattan
</a>
had asked for documents in the wake of allegations by the short seller Hindenburg Research.
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But Icahn, the octogenarian billionaire who is known for a decades-long career of aggressively shaking up companies, made clear that he isn’t going down without a fight.
</p>
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A recap:
</span>
Hindenburg, which makes money by betting that a company’s shares will fall, said in a report last week that Icahn Enterprises was running “
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Ponzi-like economic structures
</a>
” by paying out an unjustifiably hefty dividend financed by stock sales. The short seller also said the company was fundamentally overvalued.
</p>
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The accusations have made their mark: Icahn Enterprises’ stock price is down 40 percent since Hindenburg published its report. That also hits Icahn directly, since the majority of his shares in the firm — he owns 84 percent of it — are pledged as collateral for bank loans.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Icahn took the gloves off,
</span>
calling Hindenburg a peddler of “disinformation campaigns to distort companies’ images, damage their reputations and bleed the hard-earned savings of individual investors.” He added that “unlike many of its victims, we will not stand by idly.”
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ADVERTISEMENT
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Meanwhile, Icahn Enterprises noted in a securities filing that federal prosecutors hadn’t accused the company or Icahn of any impropriety, and that it was cooperating with the inquiry. Hindenburg itself hasn’t accused either of fraud.
</p>
</td>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
But Icahn is also shifting strategy.
</span>
He chalked up his company’s financial underperformance to its bets against the stock market, and said it would concentrate more on shareholder activism, the investment strategy that made Icahn a billionaire.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Speaking of which, Icahn scored a victory in his fight against the gene sequencing company Illumina yesterday, after the proxy advisory firm Glass Lewis recommended that investors
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
approve two of his nominees
</a>
for Illumina’s board.
</p>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Google pushes A.I. in a big way
</h2>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
For months, Google has preached a more cautious approach to artificial intelligence, even as rivals and the public embraced ChatGPT and other new technologies as vanguards of the future.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
But at its annual developer conference yesterday, the Silicon Valley giant unveiled a
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
slew of A.I.-infused products
</a>
, as it seeks to adopt a technology that, in the hands of competitors, could erode its hugely profitable businesses.
</p>
</td>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Search was the star of the show.
</span>
Google was eager to talk about the long-awaited revamp of its core service, which it hopes will steal back the buzz that Microsoft generated when it unveiled a ChatGPT-augmented Bing in February. The updated
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
search engine
</a>
will incorporate results generated by A.I. and allow users to ask follow-up questions. (Note, however, that it’s not a chatbot.)
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Two dozen other Google products, including Gmail, are also being A.I.-ified to help automate user tasks. But perhaps more important, the company revealed its work on more powerful A.I. models, including what it called PaLM2, that could power an even broader and more sophisticated array of services.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
“We are at an exciting inflection point,”
</span>
Sundar Pichai, Google’s C.E.O., said yesterday. But his longtime caution about a hasty embrace of A.I. — particularly a wariness of products spewing false or misleading information — remained. The new search engine clearly labels its A.I. aspects as “experimental,” and getting access to it requires signing up for the Search Labs service.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
That said, investors liked what they saw: Shares in Alphabet, Google’s parent company, rose 4 percent yesterday, lifting its market value
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
by $56 billion
</a>
.
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“I say to the Republicans out there — congressmen, senators — if they don’t give you massive cuts, you’re going to have to do a default.”
</h2>
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<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">
Donald Trump
</a>
</span>
<span style="font-style:italic;font-size:inherit">
, the leading Republican candidate for president, urging his party to take a tough stance in negotiating spending cuts to the federal budget, even if that ultimately brings the country to default.
</span>
</p>
</td>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
E.S.G. hits the House
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The political debate over the investment approach known as E.S.G. — short for environmental, social and corporate governance issues — went national yesterday, as a fight that has largely
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
played out in state capitals
</a>
moved to Congress.
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</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
From the get-go, the hearing of the House Oversight and Accountability Committee was contentious, as Republican and Democratic lawmakers sparred with witnesses, and each other.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Republicans called E.S.G. “an undemocratic tax” on Americans,
</span>
designed to force an embrace of climate-focused policies that would raise costs for many. The hearing’s witnesses included the attorneys general of Alabama and Utah, who oppose letting their states’ retirement funds go into E.S.G.-guided investments.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
To Sean Reyes, Utah’s attorney general, E.S.G. was “
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
an open conspiracy
</a>
to bypass Congress and instead impose costly changes on American consumers,” driven by unelected financial institutions like BlackRock that have pushed to include climate concerns in many investment decisions.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
His Alabama counterpart, Steve Marshall, argued that focusing on E.S.G. led to higher energy prices because it discourages the use of cheaper fossil fuels, risking harm to key industries like farming.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Democrats defended E.S.G. as just another investment strategy.
</span>
Calling opposition to the concept a “widespread, highly coordinated, politically motivated attack” on investors and average Americans, the Illinois state treasurer, Michael Frerichs, said that E.S.G. was simply a different way of weighing risks and opportunities.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
It meant that an investor could weigh whether a carmaker was prepared for a market shift to electric cars, or whether to buy into a drugmaker facing a flurry of lawsuits over its role in the opioid epidemic, he said.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Representative Jamie Raskin, Democrat of Maryland, said that asset and pension managers weighing E.S.G. angles to investments were simply being smart — and to not think about those angles was “a negligent and inattentive investment strategy.”
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Expect the fight to continue.
</span>
The committee’s Republican chairman, Representative James Comer of Kentucky, said lawmakers “would continue to expose and investigate harmful E.S.G. practices and hold unelected bureaucrats accountable for pushing their interests on the American people.”
</p>
</td>
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</tbody>
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<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%">
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<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%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
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">
The lithium producer Allkem agreed to buy a rival, Livent, to create a
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
$10.6 billion mining giant
</a>
. (WSJ)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Investors including Elliott Management struck a deal to buy Syneos Health, a drug-research services company,
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
for $4.4 billion
</a>
. (Bloomberg)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
parent company of Vitamin Shoppe
</a>
will sell itself to a consortium led by its C.E.O. in a $2.6 billion deal. (Reuters)
</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">
Senator Joe Manchin, Democrat of West Virginia, said he would
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
oppose President Biden’s nominees
</a>
to the E.P.A. to protest a forthcoming rule that would shutter coal plants in his state. (Politico)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Treasury Secretary Janet Yellen pledged more crackdowns on
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Russia’s efforts to skirt international sanctions
</a>
over its invasion of Ukraine. (Bloomberg)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The Bank of England this morning
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
raised interest rates to 4.5 percent
</a>
and said it no longer expected a recession this year. (CNBC)
</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">
Adidas may soon sell its $1 billion worth of
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Yeezy merchandise
</a>
and donate the proceeds to charity. (Bloomberg)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A year ago, Miami embraced the crypto industry. Now?
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Not so much
</a>
. (WSJ)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Scientists unveiled a
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
new, more diverse human genome
</a>
that could lead to advancements in personalized medicine. (NYT)
</span>
</li>
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Also, Google doubles down on A.I.View in browser|nytimes.comContinue reading the main storyMay 11...