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DealBook: Pope Francis’s economic legacy
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April 21, 2025
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Good morning. Pope Francis died today. His loss, of course, is a loss for the world. If you’ll indulge me for just a moment, I’d like to relate his life and his views to what’s happening right now in the business and policy world.
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At the end of 2019, I went to the Vatican to interview him. You might ask why a business journalist would have done that. At the time, C.E.O.s and corporate leaders of all faiths were going regularly to tell him about their plans around E.S.G. Uniquely, they went to seek his approval.
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Many people have suggested E.S.G. was virtue-signaling or marketing. But having personally witnessed these interactions, I can tell you that many business leaders saw it as much more than that. Efforts in the U.S. to completely eliminate E.S.G. and diversity, equity and inclusion initiatives — the idea of inclusive capitalism — is something that no doubt would have deeply troubled him.
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Pope Francis frequently met with corporate leaders, including Tim Cook of Apple.
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</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Francis and business
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
As the world reckons with the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
passing of Pope Francis
</a>
<span>
, one part of his legacy that is clear is his outreach to — and critiques of — the global business community.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
From the outset of his priesthood, steeped in Jesuit theology, the former Jorge Mario Bergoglio always emphasized the concerns of the poor. But as a globe-trotting ambassador for Roman Catholicism, Francis frequently met with global business leaders, building bridges while also admonishing what he saw as the excesses of modern capitalism.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
(That’s in addition to his meetings with national political leaders, most recently with
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Vice President JD Vance yesterday
</a>
<span>
, which came after the pontiff criticized anti-immigration policies in what was seen as a rebuke of the Trump administration.)
</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">
Francis met frequently with corporate leaders,
</span>
<span>
including tech moguls like Tim Cook of Apple and Eric Schmidt, formerly of Alphabet; financial chiefs including Brian Moynihan of Bank of America and Steve Schwarzman of Blackstone; and leaders of Exxon Mobil, Chevron and BP.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He also entered alliances with big businesses, including blessing a group focused on environmental causes, the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Council for Inclusive Capitalism with the Vatican
</a>
<span>
, which worked with companies worth trillions in market value.
</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 pope praised elements of modern business.
</span>
<span>
He described the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
internet as a “gift from God”
</a>
<span>
in 2014, examined the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
promises of artificial intelligence
</a>
<span>
and described business broadly as a “noble vocation.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
His willingness to reach out concerned some critics, who worried that his theological roots would make him antagonistic toward capitalism.
</span>
</p>
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<div style="width:100%;text-align:center;line-height:0">
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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">
But Francis consistently reminded corporate leaders not to forget the poor.
</span>
<span>
“We must never allow the culture of prosperity to deaden us, to make us incapable of ‘feeling compassion at the outcry of the poor, weeping for other people’s pain, and sensing the need to help them, as though all this were someone else’s responsibility and not our own,’” he wrote in a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
letter to the World Economic Forum’s annual gathering
</a>
<span>
in Davos, Switzerland, in 2016.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Last year,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
he told a group of entrepreneurs
</a>
<span>
that “a little philanthropy” wasn’t enough to offset business’s obligations to the needy.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Francis’ focus on climate issues included pushing energy C.E.O.s and their investments to work toward a lower-carbon future. “We do not have the luxury of waiting for others to step forward or of prioritizing short-term economic benefits,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
he said in 2019
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He also warned about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
how A.I. might widen global inequality
</a>
<span>
and contribute to a “growing crisis of truth in the public forum.” In an address to the Davos meeting this year, Francis said, “Human dignity must never be violated for the sake of efficiency.”
</span>
</p>
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<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
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</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">
Will the next pope follow that approach?
</span>
<span>
Francis elevated many of the cardinals who will select his successor, though
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
some have been skeptical
</a>
<span>
about his efforts to engage with the secular world. Front-runners for the throne of St. Peter,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
according to the online prediction market Polymarket
</a>
<span>
, include Cardinal Pietro Paolin, who’s seen as a continuity candidate; and Luis Antonio Tagle, who is regarded as being in Francis’ theological mold.
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
Also of note: Francis also
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
overhauled the Vatican’s finances
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. That included stripping a powerful office of significant financial assets after years of dubious investments had prompted a corruption investigation.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<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>
</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">
The Trump administration reportedly plans to freeze more funding for Harvard.
</span>
<span>
Federal officials are weighing whether to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
halt another $1 billion
</a>
<span>
for health research at the school, according to The Wall Street Journal, after already cutting off more than $2 billion. The escalation follows a report by The Times that Trump officials
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
blamed a mistake
</a>
<span>
for sending Harvard a list of demands many had criticized as overreach. The fight could have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
economic implications for the Boston area
</a>
<span>
, where the university has an outsize presence.
</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">
Big Tech backs the White House Easter Egg Roll.
</span>
<span>
With hundreds of guests expected to gather today on the South Lawn for the annual event, they’ll see plenty of amenities
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sponsored by big companies
</a>
<span>
, including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Amazon, Meta and YouTube
</a>
<span>
. It’s the latest effort by corporate giants to spend money to curry favor to the Trump White House; another reminder came when President Trump disclosed that his
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
inaugural committee had raised $239 million
</a>
<span>
, shattering records.
</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">
Warner Bros. scores another box office win, with an asterisk.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“Sinners” collected an estimated $46 million
</a>
<span>
in North American ticket sales this weekend, a solid performance for an R-rated horror movie rooted in Black culture. But Hollywood executives worry about the movie’s cost and a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
precedent it may have set
</a>
<span>
: Its rights revert to the director, Ryan Coogler, after 25 years, a condition that had scared off other studios from making the film.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
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<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
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</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Sell America
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
President Trump’s trade war has completely upended investment flows, with global investors selling off U.S. stocks and corporate and government bonds at a clip
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
unlike anything Wall Street has seen
</a>
<span>
in recent years.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Some calm returned to the corporate and government bond markets late last week. But analysts are warily eyeing Trump’s next moves, fearing that his protectionist policies and threats against federal institutions could re-accelerate money flows out of the United States, hitting the dollar especially hard.
</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 latest:
</span>
<span>
S&P 500 futures this morning point to another lackluster trading session. The benchmark index is down nearly 7 percent since Trump’s tariff announcement on April 2. Yields on long-dated Treasury notes and bonds have jumped, too, and the dollar
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
hit a three-year low
</a>
<span>
last week.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That signals that investors
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
have lost confidence
</a>
<span>
not onlyin these traditional safe-haven bets, but perhaps also in the American economy.
</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">
“We worry that the recent de-dollarization trend does have more to run,”
</span>
<span>
George Saravelos, global head of FX Research at Deutsche Bank Research, told DealBook. The growth-sapping effects of tariffs are one reason global investors are shying away from the U.S., he said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But Saravelos also pointed to Trump’s “unwind of the post-World War II order,” in which the U.S. built strong global alliances and in return foreign investors became reliable buyers of Treasury bonds and dollars.
</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 “buy-America" trade is looking shaky
</span>
<span>
. Global investors reduced their U.S. stock holdings by a record amount over the past two months and plan to sell even more in the future, a Bank of America survey of fund managers noted last week.
</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">
That should worry the White House and Wall Street.
</span>
<span>
As of year end, non-U.S. investors held roughly $18 trillion of U.S. stocks and $7 trillion in American bonds, according to Saravelos.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
There is the potential for “huge negative dollar flows” should market volatility persist, Saravelos wrote in a research report last week.
</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">
Then there are Trump’s attacks on Jay Powell.
</span>
<span>
Advisers
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
have warned the president
</a>
<span>
that attempts to fire the Fed chair or undermine the central bank’s independence could destabilize the markets. Yet Trump appears unfazed, telling reporters last week, “If I want him out, he’ll be out of there real fast, believe me.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
At least one Republican senator
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
opposes any effort to fire Powell
</a>
<span>
: “I don’t think the president, any president, has the right to remove the Federal Reserve chairman,” Senator John Kennedy of Louisiana, who sits on the Senate Banking Committee, told The Financial Times.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Ultimately, the bond market could be Trump’s Achilles’ heel.
</span>
<span>
He has played down the stock market’s swoon, telling Americans to “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
be cool
</a>
<span>
.” But he’s watching the gyrations of the bond market; he owns
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
at least $125 million in bonds
</a>
<span>
himself.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In pausing his most expansive tariffs earlier this month, Trump acknowledged that the slump in the bond market had put investors on edge.
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
In other trade news: Beijing has warned it will retaliate against any nations that negotiate deals with the U.S. “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
at the expense of China’s interests
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.” And here’s how the tariffs are affecting the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
battle between Coke and Pepsi
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“It’s like appointing someone who believes the world is flat to be in charge of NASA.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
— Bryan Riley, director of the Free Trade Initiative at the National Taxpayers’ Union, a conservative lobbying group,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
about Peter Navarro
</a>
<span style="font-style:italic">
. The Times takes a look at how Navarro, a longtime antiglobalist, has gone from being a fringe voice to being an architect of President Trump’s revanchist trade policy.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
DEALBOOK SERIES: HOW TARIFFS ARE IMPACTING U.S. BUSINESS
</p>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
‘The U.S. is no longer on our list’
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We asked DealBook readers how tariffs had affected their companies. Today, we’re featuring a response from Kai Seim, founder of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Seim & Partner
</a>
<span>
, an engineering firm based in Germany that helps develop fiber and 5G networks. The company employs about 50 people in Germany and about a dozen in the Philippines.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Seim had considered opening an office in the U.S. but decided against it after seeing the chaotic business environment. He writes:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
We opened a subsidiary in the U.S. shortly before Covid, but we had to close in 2022 because of heavy losses from the pandemic.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
When we opened the U.S. branch, our first customer was a data center developer in Indiana. We did high-level planning for a mobile backhaul network linking mobile sites in Indiana. Our plan was to grow this business further. For a telecom engineer like me, the U.S. is an interesting market. I had already worked there earlier in my career, and I ran an engineering department in New York. So it was my desire to internationalize our business in a known country.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Last year, we started thinking about reopening in the U.S. We would have invested more than $2.5 million a year by hiring about 10 workers. But we decided not to, as we would be facing an environment which seems to be out of control. The rule of law has eroded. We lost trust in the legal, the political and the financial system. Why earn U.S. dollars? Euros are far better, or yen, or Philippine pesos.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Asian countries will be the focus of our next steps. The U.S. is no longer on our list despite our sympathy for the country, its culture and its people.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
DEALBOOK WANTS TO HEAR FROM YOU
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We’d like to know how the tariffs are affecting your business. Have you changed suppliers? Negotiated lower prices? Paused investments or hiring? Made plans to move manufacturing to the U. S.? Or has it helped your business? Please
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
let us know what you’re doing
</a>
<span style="font-style:italic">
.
</span>
</p>
<table width="100%">
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</td>
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<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Subscribe to The New York Times
</a>
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</td>
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
Chinese state-backed investors are reportedly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
pulling back from American private equity firms
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (FT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Lazard hired Patrick McHenry
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a Republican and former chairman of the House Financial Services Committee, as a senior adviser on geopolitical matters. (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Why Big Law Firms Aren’t Standing Together
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Against Trump’s Assault” (NYT)
</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">
Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
The Trump Billionaires Who Run the Economy and the Things They Say
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (NYT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The United Arab Emirates plans to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
use artificial intelligence to help write laws
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (FT)
</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">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" 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">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
California is taking Hollywood for granted
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
risks losing the entertainment industry
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to places such as Britain, according to Ben Affleck and others. (Business Insider, NYT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Man Versus Machine as China Shows Off
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Humanoid Robots in Half-Marathon
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Is Jamie Dimon of JPMorgan Chase
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
right about meetings
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
? (FT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
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</td>
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<td height="20">
</td>
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</table>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Thanks for reading! We’ll see you tomorrow.
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
</td>
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<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ravi Mattu
</a>
<span>
, Managing Editor, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@ravmattu
</a>
</td>
</tr>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
</td>
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2 months, 1 week ago - nytdirect@nytimes.com
DealBook: Pope Francis’s economic legacy
Also, a financial flight out of the U.S.View in browser|nytimes.comApril 21, 2025Good morning. Po...