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   DealBook: Wall Street’s cockroach fears
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   Also, is Zohran Mamdani winning over Big Business?
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             October 15, 2025
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          Good morning. Andrew here. There’s an interesting shift taking place among business leaders in New York City ahead of the mayoral election. While many are privately against Zohran Mamdani, the democratic socialist and Democratic nominee, some have begun to soften their position publicly — in part because they have become resigned that he will win.
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          We dive into the dynamics at play. We’re also taking a look at Bernhard Warner’s scoop from yesterday that Stellantis will invest $13 billion in the U.S. More below. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             JPMorgan Chase reported blockbuster results yesterday. But its chief executive, Jamie Dimon, is worried about finding a “cockroach” or two in the financial system, he said.
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            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Al Drago for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
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          The good and the bad of financial giants’ reports
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         <span>
          Wall Street giants are
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          reporting stellar results
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          for the third quarter, despite broader economic turmoil.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          But some of their bosses are warning that the good times are under threat.
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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">
          The good news:
         </span>
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          Lenders’ core operations are flying. JPMorgan Chase reported a 12 percent year-over-year jump in profit. Goldman Sachs announced $15.2 billion in revenue, a record for its third quarter. Citigroup saw profits jump 16 percent from the same time a year ago.
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          And just in:
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          Bank of America
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          topped analyst estimates with $8.5 billion in profit, up 23 percent year-over-year. Morgan Stanley outperformed, too, with
         </span>
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          a 45 percent surge in profit
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          from the year-ago period.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The results suggest the economy is holding up,
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         <span>
          a blessing for investors looking to them as a stand-in for official government stats that aren’t being published because of the government shutdown.
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          Jamie Dimon of JPMorgan Chase told reporters that the hit from tariffs had been “less than people expected, including us.” His C.F.O., Jeremy Barnum, added that “it was the busiest summer we’ve had in a long time in terms of announced M.&amp;A. activity.”
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          And Mark Mason, Citi’s C.F.O., said his bank hadn’t seen an uptick in missed debt payments.
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          But banks see trouble with stock valuations.
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          David Solomon of Goldman said there was no question that there was “a fair amount of investor exuberance at the moment,” much of which was being driven by the artificial intelligence boom. Historically, such periods are followed by a downturn, meaning that “disciplined risk management is imperative,” he added.
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          Dimon told analysts: “You have a lot of assets out there which look like they’re entering bubble territory.”
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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">
          Others are warning about private credit and other lending services.
         </span>
         <span>
          “It does not surprise me that we are seeing late-cycle accidents,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Marc Rowan
         </a>
         <span>
          of Apollo Global Management said at a Financial Times conference yesterday, referring to the recent implosions of the heavily indebted auto lender Tricolor and the auto-parts maker First Brands.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dimon was more blunt. “When you see one cockroach, there are probably more,” he told analysts yesterday. (He conceded that JPMorgan, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          took a hit from Tricolor’s collapse
         </a>
         <span>
          , wasn’t innocent: “We make mistakes, too.”)
         </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">
          Are the good times definitely ending?
         </span>
         <span>
          Not necessarily, some finance leaders believe. Jon Gray, Blackstone’s president, said at the FT conference that he “100 percent” rejected the idea that those bankruptcies were “a canary in a coal mine.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Instagram will limit content for teens.
         </span>
         <span>
          Meta said it would use the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          film industry’s PG-13 rating
         </a>
         <span>
          to determine what teens could see on the social network. The policy will also be adapted for the firm’s A.I. chatbots, as the company has faced grilling from lawmakers over child safety. In other tech news, OpenAI said it would soon
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          allow “erotica” content
         </a>
         <span>
          on ChatGPT, a major change in policy.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
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         </tbody>
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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">
          President Trump says a bailout of Argentina depends on an election success.
         </span>
         <span>
          The president
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          met with President Javier Milei of Argentina
         </a>
         <span>
          , an ally, yesterday after the U.S. agreed to provide a $20 billion lifeline to Buenos Aires. But Trump said a key currency swap with Argentina’s cash-poor central bank depended on Milei’s party winning this month’s midterm elections. The planned bailout has so far averted the country falling into a financial crisis, analysts say, but it has come at a political cost to Trump.
         </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 conglomerate’s boss is charged in a giant crypto scam.
         </span>
         <span>
          Federal prosecutors in Brooklyn filed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wire-fraud and money-laundering charges
         </a>
         <span>
          against Chen Zhi, the head of the Prince Group, arguing that he ran an illegal scheme that used imprisoned workers in Cambodia to prey on crypto investors. It is the latest crypto crime ring to be investigated amid a rally for digital currencies.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <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>
          Is Big Business growing to accept Mamdani?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For months, many of New York City’s business leaders were — at best — wary of Zohran Mamdani, a democratic socialist seeking to become mayor, even after he thumped Andrew Cuomo in the Democratic primary.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, with less than a month before Election Day and with Mamdani still holding a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          strong lead in the polls
         </a>
         <span>
          , some corporate executives are breaking bread with the man whose policies they had vigorously opposed.
         </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">
          Mamdani has repeatedly reached out to business leaders
         </span>
         <span>
          and has gained audiences with the likes of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jamie Dimon of JPMorgan Chase and Mike Bloomberg
         </a>
         <span>
          , The Times reports. He has met several times with business executives, many of whom have been surprised that he doesn’t lecture them and instead absorbs their points of view.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, some executives have refused to meet with Mamdani, fearing that doing so would be leaked and seen as an endorsement.
         </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">
          Mamdani’s inroads with the corporate elite have benefited from some key allies,
         </span>
         <span>
          including:
         </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">
                Sally Susman, a well-connected former Pfizer executive, who was impressed by Mamdani’s July meeting with the Partnership for New York City. “There’s something about him that makes people want to help him,”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                she told The Times Magazine
               </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">
                Robert Wolf, the major Democratic donor and Obama adviser, said that he had started texting with Mamdani. Wolf, a former UBS executive, described the candidate as “more of a progressive capitalist” who he believed understood the importance of the private sector to New York.
               </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">
          Some of the thawing relations may come down to this.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          From The Times
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Pragmatically, it may be better to develop a relationship with the probable next mayor than to antagonize him. Wall Street likes a winner and understands the benefits of proximity to power.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “I don’t want him to fail,” said Jeffrey Gural, a landlord who met with Mr. Mamdani recently and found him to be “personable” and “smart.” “So, it gave me a one-on-one opportunity to give him my opinion.”
         </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">
          Some critics remain unconvinced.
         </span>
         <span>
          Many worry that his policies, including tax increases and a rent freeze, would drive away wealthy New Yorkers, eroding the city’s tax base, and batter the real estate sector. Others are still put off by his unwillingness to condemn the expression “globalize the intifada” or back off his promises to arrest Benjamin Netanyahu, Israel’s prime minister.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “You have to hope to be able to hold two thoughts at the same time,” Jason Haber, a founder of the American Real Estate Association, told The Times: “that Zohran Mamdani is a very nice person, but he’s also a person with very bad policies that will take the city in the wrong direction.”
         </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>
          Trade tremors
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trade war tensions between the U.S. and China are giving investors a severe case of whiplash.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Leaders in both countries aim to project strength, and that has led to some big market swings recently.
         </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>
          President Trump yesterday weighed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          adding cooking oil
         </a>
         <span>
          to the list of Chinese imports he would target. That would be in retaliation for China’s “Economically Hostile Act” of not buying U.S. soybeans, he wrote on Truth Social.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          China’s cooking oil exports to the U.S.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have fallen sharply recently
         </a>
         <span>
          , analysts note. Still, the threat sank yesterday’s rally, sending the S&amp;P 500 to a loss as investors saw little progress before a November deadline to reach a trade pact and avert bruising retaliatory tariffs.
         </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 worsening trade spat could have a big toll.
         </span>
         <span>
          China’s shift from U.S. soybeans could push many American farmers into bankruptcy, barring the passage of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a huge bailout package
         </a>
         <span>
          . And data released today by Beijing showed that China’s economy
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was taking a hit
         </a>
         <span>
          as trade tensions sapped consumer spending.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The I.M.F. also warned that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          global growth could slow significantly
         </a>
         <span>
          if the White House and Beijing failed to resolve their dispute.
         </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 appears to be caught in the middle.
         </span>
         <span>
          The Netherlands last month
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          seized control of Nexperia
         </a>
         <span>
          , a Dutch chipmaker, from its Chinese parent, Wingtech Technology. It also suspended Nexperia’s boss. The move came after the U.S. threatened to put the company on a trade blacklist, The Wall Street Journal reported, showing that the Beijing-Washington dispute has gone global.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The E.U. is also considering a requirement that Chinese firms that operate locally in digital and manufacturing markets
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hand over technology
         </a>
         <span>
          to European companies, according to Bloomberg. Maros Sefcovic, the E.U. trade commissioner, said this would reflect what “European companies have been doing when they’ve been investing in China.”
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In related news, Tim Cook of Apple pledged today 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">
                bolster investment in China
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                during his visit with China’s minister of industry and information technology, Li Lecheng. Despite Apple’s move to shift manufacturing to India and the U.S., China remains a major production hub.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Antonio Filosa, the C.E.O. of Stellantis, is seen in jeans and a dark jacket, speaking on a stage with the company logo visible behind him." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F15%252Fmultimedia%252F15db-filosa-ljtq%252F15db-filosa-ljtq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjA1MzA2MDguNTUxMjY2fQ:1v90Qy:wgOootuC9i7L9BBY_Ks_W7Ni226YdO2dn6o2O-s5GXQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <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">
              Antonio Filosa, the new C.E.O. of Stellantis, has staked out a U.S.-focused growth strategy.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Caroline Brehman/EPA, via Shutterstock
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Stellantis’s investment pledge
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shareholders are cheering the news that Stellantis, the carmaker that owns the Chrysler, Fiat and Jeep brands, will invest $13 billion to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bolster its manufacturing in the U.S.
         </a>
         <span>
          , Bernhard Warner writes.
         </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>
          The European-traded shares of Stellantis were up nearly 3 percent today. Its New York-listed shares are also up in premarket trading.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Antonio Filosa, Stellantis’s C.E.O. of four months, told DealBook that the plan represented “the largest investment in our 100-year-long history in the U.S.,” the company’s biggest market.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It calls for creating 5,000 new jobs at plants across the Midwest, increasing U.S. production by 50 percent over four years and reopening an Illinois plant that was shut in 2023 (while expanding capacity at others). The Illinois factory will assemble the Cherokee and Compass vehicles for Jeep.
         </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">
          Stellantis is the latest business to announce a huge U.S. investment initiative,
         </span>
         <span>
          the kind of pronouncement that President Trump tends to trumpet.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          JPMorgan Chase
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Pfizer
         </a>
         <span>
          have made similar announcements recently.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The hope is that such plans buy the companies relief from Trump’s trade war. At the White House last month, Albert Bourla, Pfizer’s C.E.O., said its pledge had won some of its drugs a “three-year grace period” from tariff scrutiny.
         </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">
          Could Stellantis reap similar benefits?
         </span>
         <span>
          The carmaker is facing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          roughly $1.7 billion in tariff-related costs
         </a>
         <span>
          this year, largely tied to models produced in whole or in part in Mexico and Canada. Its investment in U.S. production and supply chain capabilities could potentially offset some of the hit from levies, analysts say.
         </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’s climate and energy policies were also factors.
         </span>
         <span>
          The administration and congressional Republicans have rolled back emissions regulations that had compelled automakers to make more fuel-efficient vehicles.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Stellantis will now increase production of electric vehicles, hybrids
         </span>
         <span style="font-style:italic">
          and
         </span>
         <span>
          gas-powered vehicles, including a new large S.U.V. “Basically, the idea of that was to give back to American customers their freedom of choice,” Filosa said.
         </span>
        </p>
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                In other auto news: G.M. will take a
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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">
                $1.6 billion accounting hit
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                tied to slowing electric vehicle sales.
               </span>
              </li>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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            <span>
             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Johnson &amp; Johnson said it planned to spin off its
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                artificial hip and knee business
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                into a company called DePuy Synthes. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Patrick Drahi, the media and telecom mogul,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                has rejected a €17 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ($19.8 billion) offer from Orange, Bouygues and Free to buy most of Altice France’s telecoms assets. (FT)
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          Politics, policy and regulation
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The founder of Uniqlo, the Japanese fast-fashion giant with a growing U.S. presence, has become
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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">
                a rare voice speaking out against
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the Trump administration’s protectionist policies. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Blue States Are Setting Up 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">
                Shadow Public-Health Alliance
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to Counter R.F.K. Jr.” (WSJ)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
         </span>
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            <td style="padding:0 0 5px">
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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">
                “Chinese Criminals Made More Than $1 Billion From
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Those Annoying Texts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
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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">
                Judging by the box office performance of “Mission: Impossible 8” and “M3gan 2.0,” so-called evil A.I. films have been
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a dud with audiences
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Hollywood Reporter)
               </span>
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