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   DealBook: The battle of the A.I. super PACs
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             February 12, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          For the past several years, leaders of the big artificial intelligence companies have repeatedly said that they welcome — and even encourage — regulation of their industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But do they really? Or was that just a way to ingratiate themselves with the public, knowing how long it takes to create and put in effect regulation of any new technology. (Take social media as a precedent: Until recently, there wasn’t much.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Well, a battle is now brewing between A.I. companies about what kind of lobbying approach they should take. We go inside the big-stakes, big-money fight below. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="Dario Amodei, the C.E.O. of Anthropic, is seen gesturing with his right hand as he speaks. " class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F12%252Fmultimedia%252F12db-amodei-mfjv%252F12db-amodei-mfjv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzA5MDIwMjYuMjc2Njc0NX0:1vqWVu:0ZZ9tJciqXy5IlLEUlyNMKWoYCVRUo_ZjbeIAPMkGco" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Dario Amodei, the C.E.O. of Anthropic, has supported tighter regulation around artificial intelligence.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Karsten Moran for The New York Times
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A heated A.I. rivalry in Washington
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence industry keeps amassing greater technological and economic power, raising the stakes for its plan to flex that muscle in Washington. Increasingly, the question is how that will be done.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Anthropic’s funding of a new super PAC
         </a>
         <span>
          — one in opposition to a group backed by its rival OpenAI — underscores the growing split within the A.I. sector about how to shape regulation for the industry.
         </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>
          Anthropic just announced that it would put $20 million in Public First Action, a super PAC that will support efforts to more tightly police A.I. safety. It will start with supporting ad campaigns backing two pro-A.I. regulation Republicans, Senator Marsha Blackburn of Tennessee and Senator Pete Ricketts of Nebraska.
         </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">
          Washington now has to contend with dueling A.I. super PACs:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Leading the Future is backed by the likes of Andreessen Horowitz; the OpenAI co-founder Greg Brockman and his wife, Anna Brockman; and the investors Joe Lonsdale and Ron Conway. It has amassed more than $100 million in pledges, and is focused on pushing for federal regulation of A.I. instead of a patchwork of state laws and on ensuring that “A.I. leadership remains a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                central focus in U.S. politics
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Public First Action is meant to campaign for more guardrails around A.I. In a blog post today, Anthropic didn’t name OpenAI but warned that “vast resources have flowed to political organizations that oppose” A.I. safety efforts. As a dark-money nonprofit group, it doesn’t have to disclose its donors.
               </span>
              </li>
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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">
          A.I. faces political pressure on multiple fronts.
         </span>
         <span>
          The Trump administration has made the technology a major focus — and tended to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          side with the more libertarian policies
         </a>
         <span>
          pushed by OpenAI and others. President Trump has gone so far as to try to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          neuter state laws governing A.I.
         </a>
         <span>
          to head off efforts to rein in tech giants.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dario Amodei, the C.E.O. of Anthropic, has long supported the opposite approach, calling for tight regulation of A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Lawmakers and others are also increasingly worried about rapidly advancing A.I. technology leading to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cascades of job cuts
         </a>
         <span>
          , a point underscored by recent plunges in the stocks of an array of services companies. (Comments by A.I. executives about such disruption — like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mustafa Suleyman of Microsoft
         </a>
         <span>
          saying most tasks done by white-collar workers “will be fully automated by an A.I. within the next 12 to 18 months” — probably don’t help.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And the rising cost of powering A.I. data centers has become a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          loaded political issue
         </a>
         <span>
          , with the Trump administration now reportedly pushing tech companies to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shoulder more of the electricity expenses
         </a>
         <span>
          .
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other A.I. news: Bill Ackman’s Pershing Square Holdings has bet about 10 percent of its capital — roughly $2 billion — on a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                stake in Meta
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , endorsing the tech giant’s hugely expensive investments in the technology.
               </span>
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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
            </span>
           </h3>
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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">
          Wall Street bonuses help plug New York City’s budget hole.
         </span>
         <span>
          Mayor Zohran Mamdani told state lawmakers that the bonus windfall, along with cost cutting, would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reduce the city’s two-year budget gap
         </a>
         <span>
          by $5 billion, to $7 billion. Still, Mamdani again called on Gov. Kathy Hochul to back his planned income-tax increase on people earning over $1 million — a point of conflict between Mamdani, a democratic socialist, and Wall Street — to reduce the remaining deficit.
         </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">
          President Trump’s economic policies are expected to add to the deficit.
         </span>
         <span>
          The tax and spending changes Trump has overseen will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          increase the federal budget deficit
         </a>
         <span>
          by $1.4 trillion, to $23.1 trillion, over the next nine years, according to the nonpartisan Congressional Budget Office. The estimate
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          does not include the effects
         </a>
         <span>
          of temporary tax cuts passed last year being extended, or the possibility that a future president could lower Trump’s tariffs, which would further increase the shortfall.
         </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">
          Fallout from the Epstein files spreads in finance and Hollywood.
         </span>
         <span>
          The documents showed that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jes Staley, the former Barclays C.E.O.
         </a>
         <span>
          who is barred from holding senior management roles in the U.K. finance industry over his ties to the convicted sex offender Jeffrey Epstein, served as a trustee of the Epstein estate, entitling him to annual pay of $250,000. Staley told a British court last year that he had declined Epstein’s request to be a trustee. Elsewhere, organizers for the 2028 Olympics in Los Angeles said the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          entertainment agent Casey Wasserman
         </a>
         <span>
          would continue to lead the group, LA28, after it reviewed Wasserman’s interactions with Epstein and Ghislaine Maxwell, his longtime companion.
         </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.A. backtracks on its refusal to examine Moderna’s flu vaccine.
         </span>
         <span>
          The agency’s commissioner, Dr. Marty Makary, suggested that it might
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          eventually approve the mRNA flu vaccine
         </a>
         <span>
          , after its top vaccine official overrode staff recommendations. Shares in Moderna haven’t recovered since the F.D.A. announced its rejection, which some federal officials continued to defend.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The wrinkle in the jobs number
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump has been quick to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          take a victory lap
         </a>
         <span>
          on social media for the “GREAT JOBS NUMBERS” that blew away Wall Street’s forecasts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But yesterday’s Bureau of Labor Statistics report — which showed employers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          added 130,000 jobs
         </a>
         <span>
          last month, pushing the unemployment rate down a tick to 4.3 percent — could put the president’s new pick to run the Fed, Kevin Warsh, in a bind.
         </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>
          Since yesterday’s release, the futures market has pushed back the timing on the next interest rate cut to July from June. Investors see the central bank
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          staying on hold for a few more months
         </a>
         <span>
          . That’s as the labor market appears to be rebounding (despite
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          giant revisions
         </a>
         <span>
          that show past hiring wasn’t quite as robust as first thought), and inflation staying well above the Fed’s 2 percent target.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even before yesterday’s knockout jobs numbers,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Beth Hammack
         </a>
         <span>
          , the Cleveland Fed president, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Lorie Logan
         </a>
         <span>
          , the Dallas Fed president, suggested they saw few compelling reasons to cut any time soon.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If the pause scenario holds, that would most likely mean no more cuts during Jay Powell’s term as Fed chair, which is set to expire in May.
         </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">
          Trump sees it differently.
         </span>
         <span>
          He renewed his push for lower borrowing costs yesterday. “We are again the strongest Country in the World, and should therefore be paying the LOWEST INTEREST RATE, by far,” he wrote on social media.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But economists increasingly see that wish clashing with the economic realities.
         </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 dynamic could complicate things for Warsh.
         </span>
         <span>
          He has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recently signaled
         </a>
         <span>
          that he was aligned with the president in seeing a need for lower borrowing costs. If he wins Senate approval, Job No. 1 would be to build consensus with fellow policymakers. But the data isn’t doing him any favors.
         </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">
          Watch the unemployment rate.
         </span>
         <span>
          If it is “stable or down even further by June, Warsh might be stuck on hold for the rest of the year,” Aditya Bhave, an economist at Bank of America, wrote in a research note yesterday.
         </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">
          Traders are still hopeful.
         </span>
         <span>
          This morning they saw roughly 53 basis points worth of cuts by year end. But even there, the conviction seems to be slipping. That’s down from 60 basis points before yesterday’s jobs result.
         </span>
        </p>
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            <img alt="Close-up photograph of Heinz ketchup bottles on a supermarket shelf. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F12%252Fmultimedia%252F12DB-heinz-jwqh%252F12DB-heinz-jwqh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzA5MDIwMjYuMjc3NDE4MX0:1vqWVu:hATWxc2tQBv3KhYZhqKuZ4u_McSZ00zZR6sEKcTyJ68" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Kraft Heinz’s share price has fallen by two-thirds since a merger formed the company in 2015.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Kylie Cooper/Reuters
             </span>
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Why a big food breakup was put on hold
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kraft Heinz is pressing pause on the company’s plan to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          break up
         </a>
         <span>
          . It’s the latest twist for the food and beverage conglomerate, which has struggled to deliver results since it was formed, with Warren Buffett’s help, in a 2015 $46 billion merger.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Its planned split, announced last year, came
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          amid a deal spree
         </a>
         <span>
          that was shaking up the food aisle. Even if Kraft Heinz doesn’t break up, it and its rivals still face challenges such as lower spending from inflation-hit consumers and the rise of GLP-1 weight-loss treatments, Niko Gallogly 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 change of plans:
         </span>
         <span>
          The Kraft Heinz split was intended to separate the company’s high-performing brands, like Heinz ketchup and Philadelphia cream cheese, from laggards like Oscar Mayer and Kraft Singles. But Steve Cahillane, who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          took over as C.E.O.
         </a>
         <span>
          last month, said on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          yesterday’s earnings call
         </a>
         <span>
          that he wanted to see sales improve before he put a breakup back on the table. (Kraft Heinz’s organic sales fell 4.2 percent in the fourth quarter.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          To turn things around, Cahillane acknowledged, he’ll have to take steps like lowering prices for many products.
         </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">
          Private-label pressure:
         </span>
         <span>
          Lower- and middle-income consumers are increasingly trading brand-name goods for private-label alternatives.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s forcing more food and beverage companies to cut prices. 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;font-weight:700;font-family:arial,sans-serif;color:#000">
                PepsiCo
               </span>
               <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">
                vowed last week
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to cut prices after years of increases, including by double-digit percentages in 2022 and 2023. Affordability is the “biggest friction” facing low- and middle-income shoppers, Ramon Laguarta, PepsiCo’s C.E.O., told analysts.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                General Mills
               </span>
               <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">
                saw an increase
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in sales volume last quarter after it cut prices for two-thirds of its North American grocery products last year. “When there is a discount, we see them buying more because they’re financially strained,” Jeff Harmening, General Mills’ C.E.O., said on an earnings call in December.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                McDonald’s
               </span>
               <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">
                reported yesterday
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that sales in U.S. stores last quarter were up 6.8 percent from a year earlier — a boon it attributed to its focus on value meals like its $5 Sausage, Egg and Cheese McGriddle.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Big, diversified food companies were really testing the limits of consumers, and they’ve hit the limit,” Farzad Mukhi, a managing director at the M.&amp;A. advisory firm Kroll, told DealBook. The challenge, he added, will be keeping Wall Street happy, as reduced prices often mean lower profits.
         </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">
          Cost-cutting is also driving the industry’s deal spree.
         </span>
         <span>
          Keurig Dr Pepper, which last summer announced a roughly $18 billion bid for JDE Peet’s, a European coffee company, told investors in October that it expected the tie-up to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shave about $200 million
         </a>
         <span>
          in costs from its coffee supply chain alone.
         </span>
        </p>
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            <span>
             THE SPEED READ
            </span>
           </h3>
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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                Shares in Schroders soared this morning after the U.S. asset manager Nuveen said it was
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buying the storied British financial services firm
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for $13.5 billion. (Reuters)
               </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 Toyota group
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                extended the deadline
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for the $35 billion privatization of its industrial unit as the activist investor Elliott Investment Management pushed for a higher price. (Bloomberg)
               </span>
              </li>
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          Politics, policy and regulation
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                “Empty Warehouses, Secret Deals:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Insiders Poised To Profit
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                From Trump’s Deportation Boom” (The Lever)
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                The closure of airspace over El Paso is said to have been prompted after Customs and Border Protection officials
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                tested an anti-drone laser
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                without giving aviation officials enough time to assess the risk to commercial aircraft, according to multiple people briefed on the situation. (NYT)
               </span>
              </li>
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                After 88 years of surveys, Gallup will stop measuring
               </span>
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                presidential approval ratings
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                . (The Hill)
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          Best of the rest
         </span>
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                Olympic figure skaters are being forced to
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                change their routines
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                as musicians increasingly assert their copyright protections over songs the athletes plan to use. (NYT)
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                “
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                Savior or ‘Supervillain’?
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A Trump Ally’s Gamble to Unlock Venezuela’s Oil” (WSJ)
               </span>
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                Trading
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                boxes of cash for crypto
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                in suburban parking lots is the new face of money laundering, federal officials say. (Bloomberg)
               </span>
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