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   DealBook: Meet the crypto nomads
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   The big money is made offshore.
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             July 23, 2021
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                  Sam Bankman-Fried, the C.E.O. and majority owner of FTX, is worth at least $8 billion, on paper.
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                  Lam Yik Fei for The New York Times
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             Crypto’s big money is made offshore
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             Some of the world’s most important cryptocurrency exchanges — platforms like Binance and FTX — are not based in the United States. Yet their founders grew up in North America and trace their professional roots to Wall Street.
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             American regulations prevent these trading moguls from offering cryptocurrency investors’ favorite products, so they have gone abroad, where the rules are more permissive about the riskiest types of transactions. And they will keep moving to avoid crackdowns, Eric Lipton and DealBook’s Ephrat Livni
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              report for The Times
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              “It needed a non-U.S. base of operations,”
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             said the FTX founder and C.E.O. Sam Bankman-Fried of his platform, which operates from Hong Kong. “The most important part for us — and I think for a lot of the industry as a whole — is derivatives,” he said. FTX specializes in this kind of transaction, which is off limits to U.S. retail traders. The exchange
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              raised $900 million
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             this week to fund its global expansion, at an $18 billion valuation.
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              Derivatives exchanges allow traders to take on a large amount of leverage,
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             up to 101 times on FTX and up to 125 times on Binance. That transforms a small down payment into a huge bet that can pay off big or lead to forced sales that set off cascading liquidations and influence the underlying cryptocurrency’s prices. Billions of dollars’ worth of investments from customers with ties to the U.S. has reached some offshore exchanges, despite the ban, according to trading data through last year.
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              Exchange executives admitted leverage amplifies volatility
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             but say few traders actually use the extreme leverage their platforms advertise. Changpeng Zhao of Binance said the numbers were a “marketing gimmick.” Bankman-Fried conceded it might be time to tone down the leverage, calling it “a double-edged sword.”
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              “I am not saying this is going to cause the next financial crisis,”
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             said Timothy Massad, a former chairman of the Commodity Futures Trading Commission, which regulates derivatives. “But could this be something like the butterfly that flaps its wings in Brazil that sets off a tornado in Texas?” Derivatives of a different kind played a crucial role in the financial meltdown of 2008, of course, when
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              highly leveraged bets
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             on home mortgages went bad and helped cause the collapse of major financial institutions.
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              Regulators around the world are turning the screws.
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             Since June, Binance has been targeted by financial officials with warnings or other enforcement actions in
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              Britain
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             , the
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              Cayman Islands
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             ,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Hong Kong
             </a>
             ,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Lithuania
             </a>
             ,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Italy
             </a>
             ,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Poland
             </a>
             and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Thailand
             </a>
             , many of them eying its high-leverage derivatives offerings. Meanwhile, with regulators in Hong Kong signaling potentially restrictive rules coming soon, Bankman-Fried said he was considering a move to Singapore. That is where his fellow crypto nomad Zhao, for now, resides.
            </p>
           </td>
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             <span style="font-style:italic;font-size:inherit">
              Read the
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               full story about crypto nomads
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              and
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               extended interviews
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              with Bankman-Fried and Zhao.
             </span>
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            <h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             HERE’S WHAT’S HAPPENING
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              People are traveling like it’s 2019.
             </span>
             Spending on airlines
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              briefly exceeded 2019 levels
             </a>
             for the first time since the pandemic began. Ticket prices are up, too, helping airlines report mostly upbeat earnings this week, with domestic leisure travel at or above prepandemic levels but business and international travel still lagging behind.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Intel says the global semiconductor shortage could stretch into 2023.
             </span>
             “We have a long way to go yet,” Intel’s C.E.O., Pat Gelsinger,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              told The Wall Street Journal
             </a>
             . General Motors said yesterday it planned to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              slow production of pickup trucks
             </a>
             because of the chip shortage.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A “pingdemic” is gripping Britain.
             </span>
             With Covid cases surging, more than 600,000 people
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              have been pinged
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             by the government’s test-and-trace app asking them to isolate themselves for 10 days because they were near someone who had tested positive. That has led to staff shortages of truckers, train drivers, supermarket workers and more.
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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">
              Amazon is ending its use of the arbitration process to settle customer disputes.
             </span>
             The e-commerce giant
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              let customers know
             </a>
             in a five-sentence note about its updated “conditions of use.” Now, disputes will have to go to federal court, rather than the private and secret arbitration process, which critics say puts consumers at a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              disadvantage
             </a>
             .
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A tech firm hit by ransomware gets the key to unlock customers’ data.
             </span>
             The breach of Kaseya this month led to extortion attempts of hundreds of the software company’s customers, prompting President Biden to call President Vladimir Putin of Russia, where the hacks originated. Kaseya said only that
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a “third party” had provided a key
             </a>
             to unlock victims’ compromised systems.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Uber bets on freight
            </h2>
           </td>
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         </tbody>
        </table>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Uber announced yesterday that it would acquire the logistics tech company
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Transplace
             </a>
             from TPG Capital in a deal valued at more than $2.2 billion. It’s a bet to bulk up Uber’s freight business, an important but less high-profile unit than the ride-hailing giant’s other businesses.
            </p>
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         </tbody>
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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">
              Uber has reshaped its business during the pandemic,
             </span>
             which was dealt a severe blow to its core ride-hailing service. The company
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              sold its bike and scooter business
             </a>
             and bolstered its food-delivery division with a $2.65 billion deal to acquire
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Postmates
             </a>
             , a $1.1 billion deal to buy the alcohol delivery business
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Drizly
             </a>
             and, this week, a partnership with
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Albertsons
             </a>
             .
            </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">
              Uber launched Uber Freight in 2017
             </span>
             , and the unit raised $500 million from Greenbriar Equity Group last year at a $3.3 billion valuation. Freight accounted for less than 10 percent of Uber’s sales in the first quarter. “We are very aggressively expanding freight,” Dara Khosrowshahi, Uber’s C.E.O., said at the company’s shareholder meeting in May. “And when autonomous technology is developed and when it is fully safe, we absolutely want autonomous trucks and autonomous drivers, so to speak, to be on the freight platform.”
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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">
              Can trucking help Uber achieve profitability?
             </span>
             That’s the key question as Uber’s main consumer-facing business
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              struggles with a driver shortage
             </a>
             . Uber says the deal will allow it to expand into Mexico and help the loss-making freight division break even (on an operating basis) by the end of next year.
            </p>
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               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F02%252F18%252Fbusiness%252Fdealbook-icon-dollar-up%252Fdealbook-icon-dollar-up-articleLarge-v5.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1m6sz1:Vm3Aa5pXQy3IgnZRFizgFSI2S3jzFSqQnKe3t2r_95A" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “What for most industries were hurricane-like headwinds was a pot of gold for tech.”
            </h2>
           </td>
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         </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-style:italic;font-size:inherit">
              — Dan Ives of Wedbush Securities on how many technology companies have had a lucrative pandemic. “Tech is triumphant in a way that even its most evangelical leaders couldn’t have predicted,” The Times’s David Streitfeld writes,
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               surveying the scene in Silicon Valley
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             No one believes the bond market
            </h2>
           </td>
          </tr>
         </tbody>
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       <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">
             The fear that the economic recovery is faltering, in part because of the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Delta variant
             </a>
             of the coronavirus, appears to have receded among stock investors. Bond buyers, though, are still spooked. The yield on 10-year Treasuries has been dropping for months and remains at just under 1.3 percent, near the lowest it has been since February, when the prospects for the economy were much shakier. Who to believe?
            </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">
              A drop in yields usually signals slower growth ahead, which seems at odds with what’s happening.
             </span>
             Yes, the Delta variant has put some reopening plans on hold, but generally the economy appears to be headed up rather quickly. Most economists think 2021 growth will be the strongest since the mid-1980s.
            </p>
           </td>
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                <img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F07%252F23%252Fbusiness%252F23db-bondyields%252F23db-bondyields-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1m6sz1:Vm3Aa5pXQy3IgnZRFizgFSI2S3jzFSqQnKe3t2r_95A" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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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">
              That’s led some Wall Street strategists to conclude that the bond market is broken.
             </span>
            </p>
           </td>
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         </tbody>
        </table>
       </div>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Goldman Sachs said in a note to clients yesterday that the monthslong drop in bond yields was a “conundrum,” but meaningless. Rates would reverse soon.
              </span>
             </li>
            </ul>
           </td>
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               Vincent Deluard, a global macrostrategist at the institutional brokerage firm StoneX, says the long-held belief that bonds are somehow better able to predict the economy than stocks doesn’t make sense in our current situation. The Fed’s stimulus included a heavy dose of bond buying, distorting the market. And the popularity of target date funds, which balance stocks and bonds based on investors’ projected date of retirement, is also moving bonds for reasons unrelated to the economy. “I find it hard to take seriously that the bond market is saying that we are not going to have inflation and a hot economy,” Deluard said.
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               Tom Atteberry, who runs the FPA New Income bond fund, one of the most conservative around, says there is another possibility: Economic rebounds have been getting successively slower. Growth peaked around 5 percent in the 1990s, 4 percent in the mid-2000s and 3 percent before the pandemic.
              </span>
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              The big difference this time is that the government has spent trillions to pull the economy out of a deep recession.
             </span>
             What if that masks something fundamentally awry? What if growth has already peaked? What if the new long-term ceiling is even lower than before? Atteberry considered this, “but then I come back to ‘nah,’” he said. “Rates are going to rise and the economy is going to do a lot better than it is now.”
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              <span style="font-size:17px;line-height:25px">
               The Carlyle Group is reportedly in discussions to raise a $27 billion buyout fund, which would be the industry’s largest. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Bloomberg
               </a>
               )
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               Shares of the Indian food-delivery company Zomato jumped 80 percent on their first day of trading, despite worries about its punchy I.P.O. price. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                BBC
               </a>
               )
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               The delivery start-up Gopuff is in talks with investors, including Blackstone, to raise $1 billion. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                TechCrunch
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               )
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              <span style="font-size:17px;line-height:25px">
               “Grills Are the Latest Fad in a Scorching IPO Market” (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                WSJ
               </a>
               )
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               The former baseball star Alex Rodriguez’s venture capital firm backed the online brokerage start-up Tornado in hopes of riding the retail investor frenzy. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Bloomberg
               </a>
               )
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              <span style="font-size:17px;line-height:25px">
               What the U.S. can learn from Europe’s experience with national health passes. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
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              <span style="font-size:17px;line-height:25px">
               The White House-Facebook coronavirus battle distracts from the real problem: We don’t agree on anything. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
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              <span style="font-size:17px;line-height:25px">
               President Biden has installed more federal judges in his first six months than any president since Nixon. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Axios
               </a>
               )
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              <span style="font-size:17px;line-height:25px">
               “Congress Shouldn’t Risk Making Inflation Worse” (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Times Opinion
               </a>
               )
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               One of the fastest growing, and most controversial, private equity firms is made up of other private equity firms. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                FT
               </a>
               )
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             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
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                Twitter
               </a>
               and
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Snap
               </a>
               both beat earnings expectations, as the advertising market recovers. (NYT, CNBC)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “What’s the Price of an Uncleaned Hotel Room?” (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Crocs, the unofficial
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                shoe of the pandemic
               </a>
               , says
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sales will rise 60 percent
               </a>
               this year. (Elle, CNBC)
              </span>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Where is Larry Page? The Google co-founder has reportedly spent time on remote Fijian islands cut off from most travelers during the pandemic. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Insider
               </a>
               )
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