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   DealBook: The great separation
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   The isolation of the Russian economy is striking in its speed and scope.
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             March 9, 2022
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                  An oil field owned by the Russian state-owned producer Bashneft.
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                  Sergei Karpukhin/Reuters
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             International pariah
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             Each day brings more economic punishments for Russia after its invasion of Ukraine. The sudden isolation of the Russian economy is striking in its speed and scope.
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             Yesterday, President Biden
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              banned U.S. imports
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             of Russian oil; Britain said it would
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              phase out
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             Russian oil imports by year end; and the E.U. pledged to shun Russian energy “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              well before 2030
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             .” Shell, Europe’s largest oil company, said yesterday that it would
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              stop buying Russian crude
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             , after facing criticism for buying a tanker’s worth days earlier. Such unilateral corporate moves have compounded governments’ actions,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              cleaving Russia from the global economy
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             , with uncertain and unpredictable consequences.
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              “Defending freedom is going to cost,”
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             Biden said in announcing the import ban. Russia accounts for about 10 percent of the world’s oil supply, so any disruptions are likely to push up prices. Crude oil, which at around $125 a barrel is double its prepandemic level, could rise as high as $175, according to Goldman Sachs. The U.S. national average price of gasoline sits at
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $4.25 per gallon
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             , a record. That is contributing to inflation and eating into consumers’ budgets, which could
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              slow the U.S. economy
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             (and hit countries that rely on Russian energy even harder).
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               The effect of the embargoes and sanctions are clearer for the Russian economy, which S&amp;P estimates will shrink by nearly 9 percent this year. Fitch said Russia is at risk of
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                “imminent” default
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               after cutting the country’s credit rating deeper into junk territory. President Vladimir Putin has
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                ordered restrictions
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               on Russian exports of unspecified raw materials, which will further limit the country’s trade revenues.
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              Replacing Russian oil won’t be easy
             </span>
             , as the U.S. and other buyers
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              chase limited supplies
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             . Saudi Arabia, the United Arab Emirates and Kuwait could add 2.5 million barrels, but all are all members of OPEC Plus, an alliance of oil-producing nations that includes Russia. Venezuela and Iran could contribute about 1.5 million barrels a day, but that would require lifting American sanctions. U.S. producers could also ramp up production, but it would take investment and time.
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              American brands quitting Russia has more than symbolic significance.
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             After years of cultivating the Russian market, Coca-Cola, McDonald’s and PepsiCo were among the companies yesterday that
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              announced a pause to their operations there
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             . Since Soviet times, these firms came to symbolize the opening of Moscow to the West. Starbucks also said it would close all of its locations and Yum Brands said some of its KFC and Pizza Hut locations would suspend operations.
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               Although these companies’ Russian operations account for single-digit percentages of group profits, their absence will be felt: McDonald’s, for example, employs 62,000 people in Russia. (The company said it would continue to pay salaries.) “It appears that much of the Russian populace knows little about the attack on Ukraine,” Louis Wells of Harvard Business School told DealBook. “If McDonald’s and Coca-Cola disappear along with Ikea and other foreign brands, people have to ask why.”
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              The pressure on companies to act is growing
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             , from investors, employees and social media campaigns. The
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              list of company actions
             </a>
             compiled by Jeffrey Sonnenfeld of the Yale School of Management, updated daily, is a focus for a variety of stakeholders, and a major point of discussion in the boardrooms of companies highlighted because they have yet to disclose their Russia plans.
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            <h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             HERE’S WHAT’S HAPPENING
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              Regulators reportedly examine options trading at Activision Blizzard.
             </span>
             The Justice Department and the S.E.C. are
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              looking into purchases
             </a>
             that Barry Diller, Alexander von Furstenberg and David Geffen made in January, days before the video game maker agreed to sell itself to Microsoft, The Wall Street Journal reports. Diller denied that the men acted on inside information.
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              A Chinese nickel producer may face big trading losses.
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             Tsingshan Holding Group is sitting on potentially
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              billions in paper losses
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             , after fears of supply shortages sent nickel prices skyrocketing, according to The Wall Street Journal. (Trading in the metal is suspended until at least Friday.) The price jump has hurt producers like Tsingshan that sold nickel contracts as part of their standard hedging strategies.
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              Elon Musk asks to end an S.E.C. settlement.
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             Lawyers for the Tesla chief asked a judge to
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              scrap a legal agreement
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             that requires some of his business-related tweets to be vetted before posting. The rationale: The S.E.C.’s monitoring his tweets means “Mr. Musk’s freedom of expression is infringed.”
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              Broad mask mandates in the U.S. are over.
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              Hawaii became the last state
             </a>
             to announce an end to universal mask requirements, though they’ll still be required indoors at public schools. Relatedly, a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              C.D.C. study
             </a>
             found that mask mandates appear to have helped protect children from the coronavirus.
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              Apple announces new stuff.
             </span>
             At
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              its product launch event
             </a>
             yesterday, the tech giant unveiled an upgraded entry-level iPhone, a faster iPad Air and a new desktop. Apple also said it had the exclusive rights to air two Friday night M.L.B. games on Apple TV+.
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             The latest on the Russia-Ukraine war
            </h2>
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              <span style="font-size:17px;line-height:25px">
               Chinese companies that defy U.S. sanctions on Russia
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                could be cut off
               </a>
               from crucial American components, Commerce Secretary Gina Raimondo warned.
              </span>
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              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Amazon Web Services
               </a>
               has blocked new customer sign-ups in Russia and Belarus;
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Instagram
               </a>
               will label — and demote — content from Russian state-owned media; and
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                eBay
               </a>
               will remove items that express support for President Vladimir Putin of Russia. Relatedly,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                demand for VPN apps
               </a>
               in Russia is surging to avoid internet restrictions.
              </span>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Xavier Rolet, the former chief of the London Stock Exchange who now
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sits on a Russian company’s board
               </a>
               , argued for a
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                lifting of sanctions
               </a>
               .
              </span>
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              <span style="font-size:17px;line-height:25px">
               Western lenders are reportedly
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                reviewing their ties
               </a>
               to a telecom company linked to the Russian oligarch Mikhail Fridman. Meanwhile, does this
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                $700 million superyacht
               </a>
               docked near Tuscany belong to an oligarch?
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Times Opinion’s Tom Friedman
               </a>
               is worried about Putin’s endgame.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               For up-to-the-minute news, see The Times’s
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                live blog
               </a>
               and
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                updated maps
               </a>
               .
              </span>
             </li>
            </ul>
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               <td align="center" style="width:100%;padding:0;line-height:1;text-align:center" width="100%">
                <img class="css-17i7zb3 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2022%252F03%252F08%252Fsports%252F08wnba-griner-profile%252F08wnba-griner-profile-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1nUbXy:yAZQNyo6YkkLPpLb15ITooZHdhIZxVVMQYcssqcG5l4" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:0;line-height:0"/>
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                <span class="css-14c9rv6 e1aggfhi2" style="width:83%;max-width:500px;display:inline-block;text-align:left">
                 <span class="css-2zlgwg e1aggfhi3" style="margin:0;font:normal 12px georgia,serif;color:#666">
                  Brittney Griner of the W.N.B.A.’s Phoenix Mercury is believed to be detained in Russia, but those close to her are not saying much.
                 </span>
                 <span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Michael Hickey/Getty Images
                 </span>
                </span>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “With all the problems with Russia and them attacking Ukraine, has Brittney become a political bargaining chip?”
            </h2>
           </td>
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         </tbody>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Debbie Jackson, the high-school basketball coach of Brittney Griner, the W.N.B.A. star whose recent detention in Russia, on what customs officials there described as drug charges,
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               has fans worried
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
            </p>
           </td>
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           </td>
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        </table>
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             <tbody>
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               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F02%252F18%252Fbusiness%252Fdealbook-icon-glasses-pixels%252Fdealbook-icon-glasses-pixels-articleLarge-v10.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1nUbXy:yAZQNyo6YkkLPpLb15ITooZHdhIZxVVMQYcssqcG5l4" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Biden takes a step toward regulating crypto
            </h2>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             President Biden
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              will sign an executive order today
             </a>
             directing regulatory agencies to come up with a comprehensive and coordinated approach to the sprawling cryptocurrency industry. It is a recognition of crypto’s growing popularity and its potential to destabilize traditional money and markets. The order also calls for continued study of a U.S. central bank digital currency, or digital dollar.
            </p>
           </td>
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         </tbody>
        </table>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The executive order is a response to the “explosive growth” in digital assets
             </span>
             , according to the White House. “The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security and climate risk.” The order directs financial regulators to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              continue with work
             </a>
             that
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              began in earnest
             </a>
             last year to understand crypto’s risks and opportunities. It is a step closer to a comprehensive policy approach, but is unlikely to result in new rules anytime soon.
            </p>
           </td>
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         </tbody>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The crypto industry welcomed the move
             </span>
             , saying that it begins to address a lack of regulatory clarity for digital assets. “We’ve seen a complete lack of any strategic direction or thought from the federal government for years,” said Louis Lehot, a cryptocurrency expert at the law firm Foley &amp; Lardner. “The fact that the U.S. president has something to say about crypto is meaningful,” said Kristin Smith of the Blockchain Association, a trade group.
            </p>
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         </tbody>
        </table>
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              <span style="font-size:17px;line-height:25px">
               A premature publishing of a statement about the order last night (which was quickly unpublished) appeared to
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                cause a rally in crypto prices
               </a>
               : Bitcoin jumped more than 8 percent, and has held onto its gains after the details were formally announced this morning.
              </span>
             </li>
            </ul>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The order was not prompted by Russian sanctions
             </span>
             , a spokesman told reporters, but comes amid concerns that
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Moscow could use crypto
             </a>
             to evade punishment. Today’s move, rather, is an effort to establish a more comprehensive approach to regulating a fast-growing industry that is attracting ever more money to projects that can operate anonymously and defy traditional business definitions. A case in point: The Decentralized Autonomous Organization, or DAO, is a new kind of crypto company that claims, in a way, not to be a company at all. For a sense of the difficulty that regulators may have addressing the disruptive force of the crypto phenomenon, we recommend this
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              deep dive on DAOs
             </a>
             , by Eric Lipton and DealBook’s Ephrat Livni.
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            <h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             THE SPEED READ
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Deals
             </span>
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              <span style="font-size:17px;line-height:25px">
               Who reportedly may bid for Chelsea F.C.:
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Woody Johnson
               </a>
               , the owner of the New York Jets;
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Josh Harris
               </a>
               , co-owner of the Philadelphia 76ers; and
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Jamie Reuben
               </a>
               , son of a co-owner of Newcastle United F.C. Who won’t:
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Changpeng Zhao
               </a>
               , the C.E.O. of Binance. (ESPN, Bloomberg, Reuters)
              </span>
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              <span style="font-size:17px;line-height:25px">
               The transportation giant XPO plans to split itself up and focus on its U.S. trucking business. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                WSJ
               </a>
               )
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The Italian military contractor Leonardo is reportedly the latest company to put M.&amp;A. plans on hold over Russia’s war in Ukraine. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Reuters
               </a>
               )
              </span>
             </li>
            </ul>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Policy
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              <span style="font-size:17px;line-height:25px">
               Companies like DoorDash, Lyft and Uber are launching a P.R. campaign to oppose Democratic efforts to classify gig workers as employees. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                WSJ
               </a>
               )
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              <span style="font-size:17px;line-height:25px">
               The Department of Homeland Security collected millions of money transfer records, according to Senator Ron Wyden, the chairman of the Senate Finance Committee. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               Federal authorities charged a brother and sister in a $124 million crypto fraud. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Protocol
               </a>
               )
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             </li>
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              <span style="font-size:17px;line-height:25px">
               Congress approved a sweeping overhaul of the U.S. Postal Service meant to keep the agency solvent. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
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              Best of the rest
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              <span style="font-size:17px;line-height:25px">
               The music-focused file-sharing company LimeWire is coming back — as a platform for NFTs. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Bloomberg
               </a>
               )
              </span>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “He Spent $57,000 in Covid Relief on a Pokémon Card. Now the U.S. Owns It.” (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                NYT
               </a>
               )
              </span>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Companies tweeted their support for International Women’s Day. Then a Twitter account called out their gender pay gaps. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                WaPo
               </a>
               )
              </span>
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             Andrew Ross Sorkin
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