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DealBook: Hitting China harder
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May 14, 2024
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Good morning. We examine President Biden’s sweeping new tariffs that target China; the aftermath of Melinda French Gates’s surprise break with the foundation she had co-founded; Anglo American’s latest efforts to fend off a hostile bid, and what’s behind the return of meme-stock fever. (Was this newsletter forwarded to you?
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President Biden has added solar cells and electric vehicles to Washington’s trade war with Beijing.
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Biden fires a new round at China
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President Biden
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announced this morning
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The restrictions build on Trump-era measures, and many are likely to appeal to voters in battleground states ahead of the election. But it’s less clear if they are enough to rebuild America’s industrial base in a global race with China to lead in the new economy.
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The new duties will apply to about $18 billion of annual Chinese imports,
</span>
<span>
the Biden administration said. The president will also pledge to keep tariffs on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
more than $300 billion
</a>
<span>
worth of Chinese goods put in place by President Donald Trump — measures that Biden said in his 2020 election campaign had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
hurt
</a>
<span>
American consumers.
</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">
Here’s what the new package looks like:
</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">
Tariffs on Chinese-made E.V.s, which are essentially locked out of the U.S. market anyway, will quadruple to 100 percent from 25 percent.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
Rates on solar cells and semiconductors will double to 50 percent.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
Duties on some advanced batteries and the key components used to make them will rise to 25 percent.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
And tariffs on certain steel and aluminum products will triple to 25 percent.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
Biden is at pains to say that he’s being
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
smarter than Trump
</a>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
on China.
</span>
<span>
Trump imposed sweeping trade barriers and has vowed to impose more if he’s re-elected. Biden has focused on specific sectors, including chips, artificial intelligence and clean energy. Trump spurned allies, while Biden has cultivated them and says his policies aren’t broadly anti-China.
</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 could argue that the U.S. is playing catch up.
</span>
<span>
Beijing has invested for years to become
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
self-sufficient in the same high-tech sectors
</a>
<span>
Biden is trying to bolster at home. It produces cheaper products that much of the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
rest of world wants
</a>
<span>
, especially in countries that feel neglected by the West.
</span>
</p>
<div aria-hidden="true" style="padding-top:10px;padding-bottom:27px">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;background:#f8f8f8">
<tbody>
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<td style="padding-top:16px">
</td>
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<td colspan="1">
<h3 class="css-1uqm1ol" style="font:10px/10px arial,sans-serif;letter-spacing:.1em;color:#5a5a5a;text-align:center;text-transform:uppercase;margin:0 0 14px">
A MESSAGE FROM MASTERWORKS
</h3>
</td>
</tr>
<tr>
<td class="css-1expd9" style="vertical-align:middle;width:50%;padding:8px 16px 1px;box-sizing:border-box" valign="middle" width="50%">
<a style="text-decoration:none;display:block" tabindex="-1">
<p style="font:700 20px/28px georgia,serif;color:#121212;margin:0 0 4px">
A Banksy got everyday investors 32% returns?
</p>
<p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
We know it may sound too good to be true. But thousands of investors are already smiling all the way to the bank. All thanks to the fine-art investing platform Masterworks. These results aren’t cherry-picking. This Is the whole bushel. Masterworks has built a track record of 20 exits, with 3 representative sales seeing 20.3 percent, 31.7 percent, and 32.6 percent total net returns. Offerings sell out fast, but you can skip the waitlist with the link below. See disclosures at masterworks.com/cd
</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">
Skip the Waitlist
</p>
<img alt="Masterworks Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252Flogo_monogram-01%2520%25282%2529.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTU2ODc3NTMuNDEyNjg2OH0:1s6ql7:wzFbTjxBcehqo0oIvauxrWdY09Y88D92aQqfpr9RJsI" style="height:15px;max-width:150px"/>
</a>
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<tr>
<td style="padding-bottom:16px">
</td>
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</table>
</div>
<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">
Tariffs may not bolster domestic manufacturing.
</span>
<span>
Joseph Stiglitz, the Nobel Prize-winning economist, credits Biden for trying to reverse decades of deindustrialization, especially with a Republican-controlled House limiting what he can do.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But more needs to be done to back universities and strengthen science and technology, just as America did during the Cold War space race. “The strategy that we’re posing may protect our market but will mean that China will dominate the rest of the world,” he told DealBook. “That isn’t putting us in a position of global leadership.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="height:30px">
</td>
</tr>
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<td style="padding:0;font-size:0;border-top:8px solid #000">
<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>
</td>
</tr>
</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">
OpenAI makes ChatGPT more powerful.
</span>
<span>
The artificial intelligence start-up
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
announced GPT-4o
</a>
<span>
, an update to the large language model that powers its hugely popular chatbot. ChatGPT can now receive and respond to images, text and voice commands much more quickly, and is part of an effort to combine generative A.I. with voice assistants like Apple’s Siri and the Google Assistant. Google is hosting a developer conference today, where it’s expected to announce A.I. upgrades.
</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">
Chevron’s $53 billion deal for Hess faces a new hurdle.
</span>
<span>
The shareholder advisory firm Institutional Shareholder Services recommended that investors
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
abstain from voting on the deal
</a>
<span>
at a shareholder meeting scheduled for May 28. The advice comes amid a dispute between the companies and Exxon Mobil over Hess’s Guyana oil fields and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
calls for tougher antitrust scrutiny
</a>
<span>
of the deal.
</span>
</p>
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U.S. airlines sue the Biden administration over a fee disclosure rule.
</span>
<span>
A group including American, Alaska, Delta and United filed a lawsuit against the Transportation Department over a new requirement that they
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
disclose additional fees
</a>
<span>
for things like luggage up front, calling the move confusing for customers. It’s the latest corporate pushback against the Biden administration’s fight against what it calls “surprise junk fees.”
</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">
Tesla rehires some workers from its supercharger division.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The move
</a>
<span>
, reported by Bloomberg, appears to at least partly undo the decision last month to lay off nearly 500 employees of the business. Elon Musk’s order to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
gut the division
</a>
<span>
surprised many in the industry — Tesla’s charging network is the biggest and the most reliable in the U.S. — and drew fierce criticism.
</span>
</p>
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<span>
A foundational split
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Three years after Bill Gates and Melinda French Gates divorced, they’re parting ways philanthropically. French Gates announced that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
she was stepping down
</a>
<span>
from the $75 billion foundation they founded to focus on her own charitable giving.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The news underscores the widening split between the Microsoft co-founder and his former wife, who as a couple had been among the most powerful forces in philanthropy for decades. But it also elevates French Gates as a powerful donor in her own right and a champion for progressive social issues.
</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 writing was on the wall.
</span>
<span>
French Gates found her working relationship with her ex-husband difficult, according to The Times. After their 2021 split, she said publicly that the two kept cordial relations but weren’t friends. (That said, some employees of the foundation
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
were reportedly surprised
</a>
<span>
by the news of the resignation, and French Gates had represented the organization in Washington last month.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The foundation had already been preparing for this possibility. In 2022, it revamped its leadership by adding six trustees to a board that until recently consisted only of Gates, French Gates and Warren Buffett (who had stepped down in 2021).
</span>
</p>
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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">
French Gates is walking away with $12.5 billion for her own giving,
</span>
<span>
as part of an agreement struck after the divorce. That will make her a powerful solo force in philanthropy, like MacKenzie Scott, who has given away billions since her 2019 split from Jeff Bezos. (French Gates and Scott have worked together.)
</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">
What’s next for French Gates?
</span>
<span>
Much of her billions will go to Pivotal Ventures, the entity she created in 2015 to focus on issues including paid family and medical leave and increasing female representation in politics. Pivotal has already given about $1 billion toward its causes.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
French Gates is likely to continue focusing her giving on women’s issues (and perhaps, according to Puck’s Teddy Schleifer, may also become
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
more political
</a>
<span>
). From a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
statement yesterday by Mark Suzman
</a>
<span>
, the C.E.O. of the Gates Foundation:
</span>
</p>
<p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Melinda has new ideas about the role she wants to play in improving the lives of women and families in the U.S. and around the world. And, after a difficult few years watching women’s rights rolled back in the U.S. and around the world, she wants to use this next chapter to focus specifically on altering that trajectory.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span>
Meanwhile, the foundation will still work on issues that French Gates had focused on,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
according to Anita Zaidi
</a>
<span>
, the organization’s president of gender equality.
</span>
</p>
<table width="100%">
<tbody>
<tr>
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</td>
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</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>
Anglo American slims down as bidders circle
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The mining giant Anglo American is getting out of the diamonds, coal and platinum business as it engineers
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a major restructuring
</a>
<span>
to fend off a $43 billion takeover bid from BHP Group.
</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">
Copper is at the heart of the deal talk.
</span>
<span>
Anglo’s prized assets are its South American copper mines. The metal, a key material for the world’s energy transition, hit a two-year high this morning. Despite that, Anglo’s share price had languished until BHP made an offer last month.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Anglo hopes that splitting out less attractive units, including its famous De Beers diamond business, will leave it stronger as a stand-alone company focused on its biggest money making units.
</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">
But the stock is down again this morning in London.
</span>
<span>
That potentially puts further pressure on Anglo’s board as investors seem to be growing more restless about its strategy.
</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">
Anglo’s board has twice rejected BHP’s bids
</span>
<span>
. But analysts think talks could get more serious, or others could enter into a competition for the miner. “We would also expect, at some point, Glencore to show its hand and likely submit its own proposal to merge with Anglo America,” Richard Hatch, an analyst at Berenberg, wrote in an investor note.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Anglo American said this morning that it was seeing “strong buyer interest” for its steelmaking coal business, but it did not elaborate on the market for its famed diamond-mining unit.
</span>
</p>
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<img alt="A chart shows a series of sharp ups and downs of the GameStop share price over the past four years." class="css-16mzoch" height="506" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F05%252F14%252Fbusiness%252F14db-gme%252F14db-gme-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTU2ODc3NTMuNDEzNjAzNX0:1s6ql7:1Y2I1TkYyzdZout4n5WRj3dX2JU3VnQywT_4rxzZqfg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:15px;padding-bottom:30px;line-height:0" width="500"/>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Game on for GameStop
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Wall Street is feeling a bit of meme stock déjà vu.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
An army of retail investors are driving up the price of GameStop, the retailer whose 2021 rally led to internet fame for “Roaring Kitty,” the stock’s social media savvy booster, a movie, a congressional hearing,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
an S.E.C. investigation
</a>
<span>
— and losses for those who mistimed the stock’s rise and fall.
</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">
GameStop is up more than 100 percent in premarket trading.
</span>
<span>
That’s after it
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
soared more than 70 percent yesterday
</a>
<span>
, adding billions in market valuation — and big losses for short sellers — on an otherwise snooze of a day in the stock market.
</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">
Retail traders are once again being spurred on by the return of Roaring Kitty
</span>
<span>
— also known as Keith Gill — to X after a lengthy silence. Gill posted a series of video clips from films like “Ferris Bueller’s Day Off” after almost three years of inactivity — but made no mention of GameStop.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In recent days, a surge of investors has bought GameStop “call” options — essentially, bets that the stock would rise — noted Steve Sosnick, chief strategist at Interactive Brokers. And yesterday’s rally wasn’t driven by any evident news about the company. “Given my past experience in analyzing the periodic bouts of meme stock activity, consider me suspicious,” Sosnick
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
wrote in an investor note
</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">
The sharp upturn has
</span>
<span>
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
short-circuited short sellers.
</span>
<span>
GameStop shorts — those who bet the stock would fall, looking to profit — started the week up $392 million in mark-to-mark profits this year. By yesterday’s close, they had racked up $852 million in losses for the year, Ihor Dusaniwsky, managing director of S3 Partners, a data firm, told DealBook. “Short sellers may be in for a bumpy and bloody ride,” he added.
</span>
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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
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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">
Deals
</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">
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
Kraft Heinz is said to be weighing 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">
sale of the hot dog maker Oscar Mayer
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
, potentially for up to $5 billion, as it focuses on healthier food. (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">
President Emmanuel Macron of France said he was open to a major French lender
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
being acquired by a European rival
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
to better integrate the European Union’s banking system. (Bloomberg)
</span>
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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">
Accel, the venture capital firm, announced 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">
$650 million fund
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
to invest in early-stage start-ups in Europe and Israel. (Accel)
</span>
</li>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Policy
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
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The European Union’s executive arm said it was investigating whether X, Elon Musk’s social network,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
qualifies as a “gatekeeper”
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
and subject to tougher regulations. (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">
A federal judge in Texas allowed an F.T.C. antitrust lawsuit against a big anesthesiology provider
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
to proceed
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
, but dismissed claims against the company’s owner, the investment firm Welsh Carson. (Judge’s opinion)
</span>
</li>
</ul>
</td>
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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>
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<table>
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<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">
Jimmy Dunne, the banking mogul who was an architect of the PGA Tour’s framework agreement with Saudi Arabia’s sovereign wealth fund,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
resigned from the golf organization’s board
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
, citing friction with players and a lack of progress on deal talks. (Sports Illustrated)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
BlackRock may soon lay claim to running 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">
world’s biggest Bitcoin fund
</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">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
“A Famed Car Designer’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">
Doomed Attempt to Challenge Tesla
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
” (WSJ)
</span>
</li>
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7 months, 1 week ago - nytdirect@nytimes.com
DealBook: Hitting China harder
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