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   DealBook: State of the consumer
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   Also, new shocks in trade talks.
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             August 6, 2025
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          Good morning. Andrew here. I’m in Aspen, Colo., for the second day of the Aspen Economic Strategy Group’s annual meeting. The biggest topics in the hallway here are, of course, tariffs; the firing of the Bureau of Labor Statistics chief; a guessing game over which Kevin — Warsh or Hassett — could become the next Fed chair (and which one is more loyal to President Trump); and what A.I. will ultimately do to unemployment.
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          It’s probably unsurprising that the prevailing view here is critical of tariffs and especially of Trump’s idea of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          delivering a “dividend”
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         <span style="font-style:italic">
          directly to the public rather than using that money to pay down the national debt. One thing I’ve heard around here: It may be very hard for future leaders to undo the Trump tariffs because the government will become so reliant on the revenue. And virtually no one here believes that the headline numbers that trading partners have promised to invest in the U.S. will become a reality. Something to think about. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             Disney shares fell after the entertainment giant reported slightly disappointing quarterly results.
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             John Raoux/Associated Press
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          Watch this space
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         <span>
          Just in: Disney
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised its full-year profit
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         <span>
          outlook even as it reported a worse-than-expected jump in quarterly sales. McDonald’s posted
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slightly better results
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          , and its shares rose in premarket trading.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They are part of a wave of consumer bellwethers that are expected to say on upcoming analyst calls how they — and their customers — are adapting to challenges like President Trump’s trade war, Danielle Kaye reports. Others to watch today are the e-commerce processor Shopify and Uber.
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Their earnings come amid worrying economic data,
         </span>
         <span>
          such as a slowdown
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in hiring
         </a>
         <span>
          , rising inflation and concerns about growth, even as Trump boasts that “we have the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hottest country anywhere in the world, BY FAR
         </a>
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          .” These companies, as well as major retailers that report later this month, have a finger on the pulse of consumer behavior in a way that macroeconomic data can’t always capture.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Several Fed officials are soon set to make public statements about the economy, as C.E.O.s and investors question whether the central bank has seen enough weakness in the labor market to start cutting interest rates.
         </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">
          How strong is the American consumer?
         </span>
         <span>
          Others have recently warned about a pullback in spending. “We see consumption trends consistently decelerating,” said Andre Schulten, Procter &amp; Gamble’s C.F.O. And
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Chipotle Mexican Grill
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         <span>
          gave a similar reason for cutting its outlook for same-store sales.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Remember that consumer spending accounts for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than two-thirds
         </a>
         <span>
          of American G.D.P. “We expect to hear more themes like trading down and choicefulness as companies parse consumer data,” David Silverman, a retail analyst at Fitch Ratings, told DealBook.
         </span>
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           </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">
          What else to watch:
         </span>
         <span>
          On today’s earnings call, Disney is expected to detail how Americans are weighing spending on discretionary items, like travel and entertainment. McDonald’s, which in May said that consumers had been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          coming in less frequently
         </a>
         <span>
          , is viewed as another indicator of spending trends. Promotions were a big sales-driver last quarter, the company said today.
         </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">
          Tariffs are keeping businesses on edge.
         </span>
         <span>
          Trump’s latest tariff deadline is tomorrow, and trade deals are still in flux. That could eat into profits.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
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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>
         </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">
          President Trump says Scott Bessent is ruled out for Fed chair.
         </span>
         <span>
          Trump told CNBC yesterday that Bessent wanted to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stay on as Treasury secretary
         </a>
         <span>
          , leaving four contenders on his list for the Fed role, including Kevin Warsh, the former Fed official, and Kevin Hassett, the director of the National Economic Council. The president is expected to name a replacement this week for Adriana Kugler, who is unexpectedly resigning as a Fed governor.
         </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 N.F.L. strikes a complex deal with ESPN.
         </span>
         <span>
          The league said yesterday that it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          acquire a 10 percent stake
         </a>
         <span>
          in the Disney-owned sports network, while handing over its NFL Network and some rights to its RedZone Channel, among other assets. The transaction further binds together the N.F.L. and Disney as the media giant prepares to introduce its long-awaited ESPN streaming service.
         </span>
        </p>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           <td height="20">
           </td>
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         </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 is said to plan another stock sale at a $500 billion valuation.
         </span>
         <span>
          The company behind ChatGPT is in early talks to let current and former employees
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sell their holdings
         </a>
         <span>
          to investors that may include Thrive Capital, Bloomberg reports. (OpenAI
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          just raised $8.3 billion
         </a>
         <span>
          at a $300 billion valuation.) Separately, OpenAI unveiled two A.I. models
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          that are open-source
         </a>
         <span>
          , meaning they’re freely available for use.
         </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>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trade headlines, but no deals
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For weeks, economists and business leaders have been gaming out how President Trump’s trade war would end, including the probable effective average tariff rate on U.S. imports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump suggested last week that the rate would land “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in the range of 15 to 20 percent
         </a>
         <span>
          ,” while the Budget Lab at Yale recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          calculated it at roughly 18 percent
         </a>
         <span>
          , the highest level since 1934. But with a major trade deadline looming tomorrow and no major breakthroughs in sight, those numbers are already looking outdated.
         </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>
        </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">
                Fifty percent tariffs
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                were set to go into effect today
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on Brazil, a major exporter of beef and coffee. A reminder: 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">
                ran a trade surplus
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with Brazil last year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump yesterday threatened to raise the levy on India’s U.S. imports 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">
                “substantially” above 25 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                over New Delhi’s close trade ties with Moscow.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump may impose
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                duties on pharmaceuticals
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that could eventually swell to 250 percent over time, an effort to bolster domestic drug production.
               </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">
          C.E.O.s and countries were hoping for greater clarity by now.
         </span>
         <span>
          But even what’s been announced in trade agreements appears to be preliminary.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Take copper, which is widely used in manufacturing. The U.S. Federal Register
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          published an explanation this week
         </a>
         <span>
          of which kinds of copper imports fall under a new 50 percent levy, but more duties may be imposed that could further jolt the commodities market.
         </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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Brain drain?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s crackdown on academia and science has prompted predictions of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          demise of American research supremacy
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But what it hasn’t done is prompted to an immense trans-Atlantic migration of scientists, as Europe had hoped, Vivienne Walt reports.
         </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">
          A recap:
         </span>
         <span>
          In May, the E.U.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          created a €500-million ($579 million) “Choose Europe”
         </a>
         <span>
          recruitment program mostly targeting U.S.-based researchers whose work was affected by Trump’s budget cuts and his clash with leading American universities. The aim was to try to reverse a decades-long brain drain to the U.S. that has helped power Silicon Valley’s start-up scene.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Instead, representatives of some of the bloc’s research institutions and venture capital firms told DealBook that they had witnessed just a trickle decamp for Europe so far.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We lack the ability to connect the research environment with the markets to commercialize innovations emerging from academia,” said Mario Mariniello,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a nonresident fellow
         </a>
         <span>
          at Bruegel, a Brussels-based economic think tank, who has studied global scientific research. “There should be a structural, long-term plan in Europe.”
         </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">
          Europe’s efforts have revealed the huge cost to attract top minds.
         </span>
         <span>
          Even with a recruiting war chest, many universities lack the flexibility or means to make serious offers. “We cannot pay the salaries they want,” Mehran Mostafavi, vice president of research at Paris-Saclay University, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This comes as tech giants like Meta dangle
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stratospheric offers
         </a>
         <span>
          to engineers and others, and oil-rich countries in the Gulf
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bolster their A.I. recruitment efforts
         </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">
          That does not mean Trump has dodged a full-fledged brain drain.
         </span>
         <span>
          Consider:
         </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">
                Thirty-one U.S.-based researchers, including a NASA astrophysicist, are set to resume their work at Aix-Marseille University in France in September, Éric Berton, the school’s president, told DealBook.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Three seasoned American researchers are set to start in the science labs at Paris-Saclay University, including a food scientist from New York University and a climate researcher from Drexel University, Mostafavi said.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Europe is also looking to lure the world’s top-tier professionals, who might have wanted to bolster their careers in the U.S. Paris-Saclay has recruited a high-level climate scientist from India, according to Mostafavi. “There are a lot of people who would normally have gone to the U.S.,” he said, “and are changing their minds.”
         </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">
          Efforts to recruit and retain talent are also hindered by the bloc’s fragmented capital markets,
         </span>
         <span>
          Suvi Collin, head of the legal and E.S.G. efforts at the Finnish Venture Capital Association, told DealBook. Also at issue is the lack of seed funding for top research scientists, she added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Unless that gets resolved, the big brains may find that the grass is still greener in the U.S. — especially if Trump’s successor were to restore science funding, experts told DealBook.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <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>
          Chart of the day
         </span>
        </h2>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A chart showing the 12-month performance of the drug maker Novo Nordisk, in red, and the STOXX Europe 600 index." class="css-xsf469" height="526" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F08%252F06%252Fbusiness%252F06db-newsletter-novostoxx%252F06db-newsletter-novostoxx-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTQ0ODExMjEuNjE5NTg2fQ:1ujcgb:gnCsHEA_n2_l3XzrlJGrjuDHpb7LkvSRvQMQJN9SOvU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Novo Nordisk reported its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weakest sales growth in four years
         </a>
         <span>
          today, as the Danish drug maker continues to lose ground in the weight-loss drug business to Eli Lilly and to makers of copycat treatments. Shares in the company, whose once-soaring fortunes
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lifted up the Danish economy
         </a>
         <span>
          , have tumbled sharply over the past 12 months.
         </span>
        </p>
        <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>
          “I was wrong”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As the Trump administration struggles to tamp down the hard right’s ire over its handling of the Jeffrey Epstein case, revelations about the disgraced financier continue to emerge.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Times reports on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          previously undisclosed letters and photographs
         </a>
         <span>
          showing Epstein, the convicted sex offender who died in federal custody in 2019, to be an associate of a Who’s Who of the business elite. There was
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Larry Summers
         </span>
         <span>
          , the former Treasury secretary and Harvard president;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          ;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Richard Branson
         </span>
         <span>
          ; and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mohammed bin Salman
         </span>
         <span>
          , the Saudi crown prince.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There was also a framed dollar bill signed by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Gates
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          Mort Zuckerman
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          , the real estate mogul and former owner of The Daily News, suggested ingredients for a meal — a simple salad and whatever else “would enhance Jeffrey’s sexual performance” — in a message for the financier’s 63rd birthday.
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          In the ground-floor dining room, Mr. Epstein entertained a rotating cast of celebrities, academics, politicians and businessmen. The food could be mundane — sometimes nothing more than a buffet of Chinese takeout, Mr. Allen’s letter noted — but the events were anything but.
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          Photos show that guests sat in leopard-print chairs around a large rectangular table. Occasionally, attendees said in interviews, a magician performed. Sometimes, a chalkboard was wheeled out so a guest could sketch a diagram or write a mathematical formula. Epstein preserved a map of Israel drawn on a chalkboard with Mr. Barak’s signature, according to a photo reviewed by The New York Times.
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                offering buyouts
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                to the remaining employees of Windsurf, an A.I. coding rival it acquired around three weeks ago. (The Information)
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                Glencore, the mining giant, said it
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                wouldn’t switch its public market listing
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                to New York from London, even as a number of other prominent companies flee European exchanges in search of higher valuations. (FT)
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                in the president’s lawsuit against The Wall Street Journal. (NYT)
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                Benefiting at Least One Industry
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                ” (Politico)
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                trying to return to normality
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                after a shooting at a Midtown Manhattan building that houses its headquarters and killed one of its top executives. (WSJ)
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                Linda Yaccarino
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the former head of Elon Musk’s X social network, has found her next gig: C.E.O. of eMed Population Health, a start-up. (CNBC)
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                “Uber’s Festering
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                Sexual Assault Problem
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                ” (NYT)
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