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<td class="css-fd883z eagip7l0" height="20" style="font-size:0;line-height:0" width="100%">
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
‘Turnarounds are hard work’
</h2>
</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">
Peloton, the maker of connected fitness bikes that was one of the hottest companies in the early days of the pandemic, announced this morning that it lost $757 million in the first quarter, far more than analysts were expecting. It also burned through roughly the same amount of cash.
</p>
</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">
It’s the first earnings report under
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Peloton’s new C.E.O., Barry McCarthy
</a>
. Since taking the reins, McCarthy has focused on addressing supply chain issues, lowering costs and
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
experimenting with the company’s pricing model
</a>
.
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
“Turnarounds are hard work,” McCarthy wrote in a letter to shareholders today.
</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 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">
The quarter includedmore than $200
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
million in writedowns, including about $30 million to cover
</span>
inventory that the company no longer thinks it can sell.
</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">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Membership was up just 5 percent
</span>
from last quarter
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
,
</span>
to 7 million.
</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 style="padding:0 0 5px">
<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">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Revenue fell 24 percent
</span>
from last year, to $964 million. Sixty percent of that came from products, and 40 percent from subscriptions.
</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 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 company is raising cash.
</span>
The company has $879 million,
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
which according to McCarthy leaves Peloton “thinly capitalized for a business of our scale.” Earlier this week, Peloton signed a binding commitment letter with JP Morgan and Goldman Sachs for a
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
$750 million loan.
</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">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Peloton’s earnings drop is yet another sign that the pandemic bubble has burst.
</span>
Shares of Peloton were set to fall nearly 25 percent this morning. The company now has a market value of about $4 billion, down more than 90 percent from its high in early 2021 of $47 billion. Shares of Zoom, another pandemic darling, are down 83 percent from October 2020. The virtual conferencing company now has a market value of $27 billion, roughly its value before the pandemic.
</p>
</td>
</tr>
</tbody>
</table>
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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
</h3>
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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">
Stocks are poised to recover some of their losses.
</span>
Futures markets indicate that
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
U.S. stocks will rebound slightly today
</a>
, following a more than monthlong drop that has left the S&P 500 off 16 percent for the year. Bitcoin fell below $30,000 for the first time since July 2021.
</p>
</td>
</tr>
</tbody>
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Continue reading the main story
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A MESSAGE FROM
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Darktrace
</h3>
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Protect your critical infrastructure with A.I.
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<p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
Cybercriminals are targeting critical infrastructure, seeking huge ransom payments or looking to cause disruption. As I.T. and O.T. continue to converge, unified coverage of both environments has become crucial. Darktrace’s Self-Learning A.I. is the only technology that autonomously defends against novel cyberattacks, taking targeted action to stop attackers in their tracks.
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Learn more >
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<img alt="Darktrace Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252FDarktrace%2520Logo-02%255B1%255D.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1noP0r:uW5ZkKsneoUnJMQ35sSlfQAX8JzFN2M9yJgDLwWnsXE" style="height:15px;max-width:150px"/>
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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">
Clearview AI settles a privacy suit and agrees to limit its sales.
</span>
The facial recognition software maker agreed not to sell its database of
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
more than 20 billion facial photos
</a>
to most private individuals and businesses in the U.S. It can still offer its services to state and federal agencies.
</p>
</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">
Peter Thiel and Bill Ackman back a new financial firm that will tell companies to stay out of politics.
</span>
Vivek Ramaswamy, an entrepreneur and best-selling author,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
has reportedly raised $20 million to start a fund manager called Strive
</a>
that will push for a focus on the bottom line. Ramaswamy criticized BlackRock, Vanguard and State Street for having a liberal bias.
</p>
</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">
Biden signs an updated version of the World War II Lend-Lease Act.
</span>
The original, enacted in 1941, allowed the federal government to send weapons and supplies to Britain as it faced Nazi Germany.
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The new version
</a>
will speed up shipments of weapons to Ukraine. The president also lifted a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
tariff on Ukrainian steel
</a>
.
</p>
</td>
</tr>
</tbody>
</table>
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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 dating app maker sues Google over its app store policies.
</span>
The
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
antitrust claim
</a>
by Match Group, which owns Tinder and OkCupid, is the latest salvo in a long-running fight over the fees that Google and Apple charge app developers for purchases made through apps.
</p>
</td>
</tr>
</tbody>
</table>
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Continue reading the main story
</a>
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ADVERTISEMENT
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Grindr by the numbers
</h2>
</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 gay dating app Grindr said yesterday that it plans to go public by merging with a SPAC. The deal is being sponsored by Tiga Acquisition, a blank-check firm run by Raymond Zage, who is also the lead investor in the company that bought Grindr from a Chinese company in 2020. The deal values Grindr at more than $2 billion, including debt.
</p>
</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">
As part of the deal, Grindr released its financial results as a stand-alone company for the first time. (Its former Chinese owner has reported some limited results in the past.)
</p>
</td>
</tr>
</tbody>
</table>
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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">
Here are the highlights:
</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 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">
Grindr is profitable. The company made
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
$77 million
</span>
last year in adjusted earnings.
</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">
Revenue from subscription fees rose
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
nearly 40 percent
</span>
last year to $146 million.
</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">
Grindr has mostly grown by word of mouth. The company said it spent
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
$1.5 million on marketing
</span>
last year, or just 1 percent of revenue.
</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">
Grindr has
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
11 million users
</span>
, and they spend an average of 61 minutes a day on the app. Tinder and Bumble users spend an average of 18 and 14 minutes a day on those apps, respectively, according to Grindr.
</span>
</li>
</ul>
</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 lowlights:
</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 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">
The company’s adjusted earnings remove a very large depreciation expense of more than $40 million, as well as some other costs. Its
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
net profit of $5 million
</span>
last year was up from a pandemic-year loss, but down from 2019.
</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">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Just 7 percent
</span>
of Grindr’s users, or about 700,000, are paying customers. That compares to 9 percent and 18 percent for rivals Bumble and Tinder.
</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">
The company says it made $8 million in net profit in 2019 —
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
but its former owners said earlier that it made $30 million
</span>
that year. It’s not clear why the company revised its profits down.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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ADVERTISEMENT
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Grindr has repeatedly run into privacy issues.
</span>
Last year, the Norwegian Data Protection Authority said it had
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
fined Grindr 100 million Norwegian kroner
</a>
, or about $11.7 million at the time, for disclosing private details about its users to advertising companies, in violation of European law. Last week,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The Wall Street Journal reported that Grindr sold user location data to ad networks
</a>
from at least 2017 to 2020, when Grindr said it ended the possibility of such data collection.
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“The idiosyncratic interests and personal projects of technocratic elites in the United States are essentially a distraction from the very real conflicts that we collectively face.”
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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">
— Alex Karp, C.E.O. of Palantir Technologies,
</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">
in a letter to shareholders yesterday
</a>
</span>
<span style="font-style:italic;font-size:inherit">
, taking a dig at Silicon Valley companies for focusing on building software for “alternate realities.”
</span>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
A $100 million fund targeting New York’s child care crisis
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Last night at the Robin Hood benefit at New York City’s Javits Center, Citadel’s Ken Griffin was the winning bidder in an auction for a seat to space on Blue Origin, Jeff Bezos’ rocket company. (Bezos was in attendance.) Griffin bid $8 million and said he plans to give the ticket to a New York City schoolteacher.
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Alongside the event, Robin Hood announced that the venture capitalist Alexis Ohanian, the Bezos Family Foundation and other donors were committing a total of $50 million to expand access to quality, affordable child care options in an attempt to bolster the city’s overburdened, underfunded system. The city will add another $50 million.
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Continue reading the main story
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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">
The pandemic highlighted a child care crisis in New York.
</span>
Child care centers that were already
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
running on thin budgets
</a>
were forced to reduce capacity or shut down completely, forcing hundreds of thousands of child care workers out of the industry and leaving parents with few options.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
“More than 40 percent of New York City parents with a young child had to leave a job or move from full-time to part-time work during the pandemic because of lack of access to child care,” Richard Buery, chief executive of Robin Hood, a New York City charity with strong ties to Wall Street, told DealBook.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Women ages 25 to 54 were two and a half times more likely than men in the same age group to list child care as their primary reason for being out of work, according to an
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
analysis of census data
</a>
by the nonprofit organization Citizens’ Committee for Children of New York.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Fixing the current system would boost the local economy by helping many New Yorkers — particularly women — get back to work
</span>
, Buery said. New York’s private child care options are also among the most expensive in the country, with full-time group infant care costing
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
more than $16,000
</a>
on average in 2020, keeping it out of reach for many families.
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Big oil’s dirty wells change hands
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The world’s largest energy companies are expected to sell off
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
more than $100 billion
</a>
of oil fields and other polluting assets as they try to hit their corporate climate goals. But these firms often sell to buyers that disclose little about their operations, have made few or no pledges to combat climate change, and are committed to ramping up fossil fuel production,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
writes The Times’s Hiroko Tabuchi
</a>
.
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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">
About 60 percent of oil well deals likely won’t result in lower emissions.
</span>
New
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
research
</a>
out today shows that, of 3,000 oil and gas deals made between 2017 and 2021, twice as many involved assets moving from operators with net-zero commitments to those that didn’t, than the reverse. That is raising concerns that the assets will continue to pollute, perhaps even at a greater rate, but away from the public eye.
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<span style="font-size:17px;line-height:25px">
“You can move your assets to another company, and move the emissions off your own books, but that doesn’t equal any positive impact on the planet if it’s done without any safeguards in place,” said Andrew Baxter, who heads the energy transition team at the Environmental Defense Fund, which performed the analysis.
</span>
</li>
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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">
Transactions like these hinder the cleanup of fossil fuel infrastructure
</span>
and efforts to slow climate change. In a new study, the World Meteorological Organization and the U.K. Met Office found a very strong likelihood that
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
one of the next five years will be the warmest on record
</a>
globally, surpassing the current record year of 2016.
</p>
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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">
THE SPEED READ
</h3>
</td>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<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%">
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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">
Philip Morris International is reportedly in talks to buy its smokeless tobacco rival Swedish Match in a deal valued at $15 billion or more. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
</span>
</li>
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<span style="font-size:17px;line-height:25px">
All but three of the 53 tech companies that went public last year are currently trading below their offer or opening price. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
CNBC
</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">
Goldman Sachs is reportedly stepping back from SPACs, putting new offerings on hold and stopping work with most that it helped to take public. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
</ul>
</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">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Russia-Ukraine war
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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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">
Putin called for the creation of an internal working group on international payments to work out terms for transactions with “unfriendly” states. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Reuters
</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">
The brutality of the war is said to have persuaded Italy’s prime minister to loosen his country’s historically strong ties to Russia. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bloomberg
</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">
VW’s chief executive called for a negotiated end to the war in Ukraine to protect Europe’s economy. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
</ul>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<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%">
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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">
The I.R.S. paid out more than $3 billion in interest in 2021 to tax filers who had to wait for their refunds. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</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">
Former heads of state called on Biden to commit $5 billion to the global fight against Covid-19. (
<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">
Groups representing international businesses that operate in China are urging Beijing to relax its Covid approach. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
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