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Good morning. We examine how the Biden administration’s lawsuit against Apple tests antitrust boundaries; scoop Michael Eisner backing Bob Iger in Disney’s fight with Nelson Peltz; analyze why regulators are looking to redefine bank merger rules; and take a look at where China leads the U.S. on A.I. (Was this newsletter forwarded to you?
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Justice Department officials, including the antitrust chief Jonathan Kanter, foreground, are trying to push the boundaries of regulations with the new lawsuit against Apple.
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A shot at Apple’s moneymaker
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With its
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antitrust lawsuit against Apple
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, the Biden administration has joined a
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growing list of regulators
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taking on the iPhone giant. But the Justice Department is taking a more ambitious approach than the others by aiming at the company’s tight control of the iPhone ecosystem, which officials say hurts consumers and developers while producing giant profits.
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If successful, the case could upend a business model that has made Apple one of the most profitable companies in history — but victory would require courts to accept a redefinition of decades-old antitrust law.
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Prosecutors zeroed in on Apple’s efforts to lock-in consumers.
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The Justice Department argues that the company unlawfully restricted competition by blocking key iPhone features to prevent consumers from switching devices.
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Apple is profiting “not by making its own products better, but by making other products worse,”
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Attorney General Merrick Garland said yesterday.
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The lawsuit identified five areas:
</span>
<span>
smart watches, digital wallets, cloud-based gaming, messaging apps — yes, the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
green-bubble debate
</a>
<span>
is key here — and so-called “super apps” that bundle different programs. (It also suggests that Apple’s behavior affects an even wider array of products,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
including cars
</a>
<span>
.)
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Apple said the approach amounted to excessive interference in business.
</span>
<span>
“If successful, it would hinder our ability to create the kind of technology people expect from Apple — where hardware, software, and services intersect,” a spokeswoman said, adding that it would let the government have a heavy hand in designing people’s technology.
</span>
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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">
Regulators globally are already changing how Apple operates.
</span>
<span>
The European Union’s sweeping
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Digital Markets Act
</a>
<span>
aims to open up iOS and the
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<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
App Store
</a>
<span>
, and the bloc has also
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
fined the company $2 billion
</a>
<span>
for hampering music-streaming competitors.
</span>
</p>
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<span>
South Korea and the Netherlands have adopted legislation to require app store owners to
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allow alternative payment systems
</a>
<span>
. (Skeptics say Apple is seeking to
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undermine those efforts
</a>
<span>
.)
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</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 new case pushes the boundaries of traditional antitrust policy.
</span>
<span>
That’s in keeping with the stated aim of regulators like Jonathan Kanter, the Justice Department’s antitrust chief, and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Lina Khan
</a>
<span>
, the head of the F.T.C.
</span>
</p>
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“We want to help real people by making sure that our antitrust laws work for workers, work for consumers, work for entrepreneurs and work to protect our democratic values,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Kanter told The Times
</a>
<span>
in January, declining to comment on specific cases.
</span>
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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 some experts think this lawsuit is a stretch.
</span>
<span>
Gus Hurwitz, a senior fellow at the University of Pennsylvania Carey Law School, told DealBook that antitrust policy traditionally hasn’t focused on issues like porting consumer data to different platforms.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
He added that while prosecutors were seeking to help some consumers — those who favor switching devices — the lawsuit could end up hurting others. Users of iOS “derive a lot of value from their closed ecosystem,” he said. “Apple users like the closed ecosystem and the benefits that confers on them.”
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<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
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Reddit soars in its first day of trading.
</span>
<span>
Shares in the social media company
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
jumped 48 percent
</a>
<span>
yesterday, putting its valuation at $9.5 billion — just shy of the $10 billion it attained in a fund-raising round three years ago. That warm reception could persuade other companies to go public, reopening an I.P.O. market that has been largely frozen for several months.
</span>
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Shareholders are set to vote on taking Donald Trump’s social media company public.
</span>
<span>
Investors in Digital World Acquisition Corporation, the shell company that has agreed to give Truth Social its stock market listing, are expected to approve the transaction, meaning that Trump’s platform could begin trading next week. That would be good news for Trump, who could then
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
borrow against his $3 billion stake
</a>
<span>
in the company to raise money for legal bills.
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BlackRock pushes back against Texas.
</span>
<span>
The Wall Street giant said it had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
made more than $250 million
</a>
<span>
for the state’s Permanent School Fund, after the fund withdrew $8.5 billion, citing a 2021 law barring it from working with investment managers seeking to divest energy stocks. It’s the latest clash between conservative states and financial firms over the investing approach known as E.S.G.
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A former Disney chief hits back at Peltz
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
As the showdown between Disney and the activist investor Nelson Peltz nears — shareholders are set to vote on board nominees at the company’s annual meeting on April 3 — prominent supporters are emerging on both sides.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
DealBook is the first report on a new one:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Michael Eisner
</a>
<span>
, who was the company’s C.E.O. for more than two decades.
</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">
Eisner gave DealBook an exclusive statement:
</span>
</p>
<p class="css-1ewsfd4" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
In 1983, Disney
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
was under attack
</a>
<span>
by corporate raiders trying to take over the company. That would have ended the Disney Company as we know it, for the studio, theme parks, and hotels were suggested to be sold off. The board turned to me and Frank Wells, and a different story was written, one that was continued by Bob Iger and his executive team.
</span>
</p>
<p class="css-1ewsfd4" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Today, a similar situation exists, so let’s remember the lessons from 40 years ago. Bringing in someone who doesn’t have experience in the company or the industry to disrupt Bob and his eventual successor is playing not only with fire but earthquakes and hurricanes as well. The company is now in excellent hands and Disney shareholders should vote for the Disney slate.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span>
Others have weighed in, following the proxy advisory firm Glass Lewis and Disney’s top individual shareholder, the filmmaker George Lucas (both backed Disney and its current chief, Bob Iger):
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
Laurene Powell Jobs,
</span>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
a prominent Disney shareholder, who backed Iger: “He is a once-in-a-generation leader with an ambitious vision for the future, and we as shareholders are fortunate to have him guiding this cherished company at such a crucial moment in its history.”
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font-size:17px;line-height:25px;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
Institutional Shareholder Services,
</span>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
the other influential proxy adviser, which recommended that shareholders vote Peltz onto the board. Peltz, as a major shareholder, “could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around. He could also help evaluate future capital allocation decisions.”
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
I.S.S. advised withholding votes for an incumbent board member, Maria Elena Lagomasino, citing “multi-year concerns” about her role on the compensation committee. (Interestingly, the firm didn’t recommend that shareholders vote to add Jay Rasulo, the former Disney C.F.O. whom Peltz has also nominated as a director candidate.)
</span>
</p>
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<tr>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Regulators rethink big bank deals
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The regional banking crisis spurred a wave of consolidation just over a year ago. Now, regulators want to increase the scrutiny of big bank acquisitions — which could worsen the odds for deals like Capital One’s $35 billion bid for Discover Financial.
</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 F.D.I.C. is proposing the first overhaul of takeover rules since the 2008 financial crisis.
</span>
<span>
Under the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
new framework
</a>
<span>
, which would apply to deals that create a bank with more than $100 billion in assets, regulators would need to consider the transaction’s effects on public interest grounds, including financial stability, communities and competition.
</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 would represent a big shift.
</span>
<span>
Bank merger reviews traditionally focused on deposits and branches. But
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Jonathan Kanter
</a>
<span>
, the Justice Department’s antitrust chief, said yesterday that lenders now offer so many different services that a more expansive approach was needed to take into account how a deal would actually affect competition. (The
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Office of the Comptroller of the Currenc
</a>
<span>
y is also pushing for rules to prevent big banks from buying rivals.)
</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 Discover deal was already poised for tight scrutiny.
</span>
<span>
Rohit Chopra, the director of the Consumer Financial Protection Bureau,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told DealBook
</a>
<span>
that the credit card market had been consolidating for years, and that “any proposed transaction is going to get a very close look.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Progressive advocacy groups have also
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pushed for close examination
</a>
<span>
of the transaction.
</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 broader mandate could better capture the deal’s competitive dynamics,
</span>
<span>
Aaron Klein at the Brookings Institution and a former Treasury Department official, told DealBook. “It’s the merger of a credit card bank with a payment rail owner,” he said. “It’s a merger driven by the economics of payments, not the economics of banking.”
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-1ux4czy" style="padding-bottom:15px">
</td>
</tr>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“Some people call it a windfall. We just call it God smiling down on us.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
— Ellis Webster, the premier of Anguilla, on the money the British territory has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
made from the boom in artificial intelligence
</a>
<span style="font-style:italic">
. The tiny Caribbean island collects a fee from every registration for internet addresses that end in “.ai,” earning about $32 million last year.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-1ux4czy" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
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</table>
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Why China leads in A.I. talent
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The U.S. and China are in a cutthroat technological competition that some have likened to a new cold war, and a crucial front is the race to dominate in artificial intelligence.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
American companies lead in breakthroughs that power products like ChatGPT and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
investment
</a>
<span>
, while China produces far more research and is ahead in another crucial aspect:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
talent
</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">
China accounts for almost half of the world’s top A.I. researchers
</span>
<span>
, according to a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
study
</a>
<span>
from the Marco Polo think tank, part of the Paulson Institute. By contrast, U.S. undergraduate institutions produce about 18 percent.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That’s a big jump: Three years ago, China produced
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
less than a third
</a>
<span>
of the top A.I. researchers. But it has added more than 2,000 undergraduate A.I. programs since 2018, with a focus on applying the tech to industry and manufacturing.
</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 countries’ tech sectors remain linked despite a push to “decouple” the economies.
</span>
<span>
Chinese companies are
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tapping into American open-source A.I. systems
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to build their own models. And almost 40 percent of the top A.I. researchers in the U.S. are from China, often after moving to American universities to complete doctorate degrees.
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A.I. companies’ reliance on Chinese researchers poses a conundrum for policymakers.
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Attracting the world’s top talent is key to U.S. tech leadership but
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policymakers worry about potential espionage in a crucial sector. A Chinese citizen working as an engineer at Google was
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charged with stealing secrets
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for a Beijing-based company this month, highlighting the challenge to get the balance right.
</span>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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“We’re the world leader in A.I. because we continue to attract and retain talent from all over the world, but especially China,” Matt Sheehan, who studies Chinese A.I. as a fellow at the Carnegie Endowment for International Peace, told The Times.
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THE SPEED READ
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Deals
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Unilever is said to have sounded out private equity firms about
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buying its ice cream division
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, including the Ben & Jerry’s brand. (FT)
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Microsoft will reportedly
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pay Inflection AI $650 million
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to license its technology, after it hired most of the start-up’s employees this week. (Bloomberg)
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Policy
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Chinese regulators are said to be
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examining PwC’s role
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in an alleged $78 billion fraud at the property developer Evergrande. (Bloomberg)
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“Inside the
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Republican Attacks
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on Electric Vehicles” (NYT)
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Best of the rest
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
How Washington’s efforts to ban TikTok could disrupt a swath of businesses that
</span>
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have come to rely
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on the video platform. Here’s what happened when
</span>
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India banned the app
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. (NYT)
</span>
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<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-size:17px;line-height:25px;vertical-align:middle">
Nike will replace Adidas
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
as the sponsor of Germany’s national soccer team, ending one of the longest sports partnerships in history. (FT)
</span>
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“One CEO’s Radical Fix for Corporate Troubles:
</span>
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Purge the Bosses
</a>
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” (WSJ)
</span>
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1 year ago - nytdirect@nytimes.com
DealBook: The Apple fight could redefine antitrust
Also, Michael Eisner backs Bob Iger against Nelson Peltz.View in browser|nytimes.comContinue read...