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   DealBook: What does safety cost?
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   Also, tributes to “an incredible mentor.”
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             July 30, 2025
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Good morning. Andrew here. The shooting spree in Midtown Manhattan continues to reverberate. Corporate leaders across the country are huddling with their security teams, assessing necessary actions following a shooting that
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          clearly targeted the N.F.L
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          . This episode comes after last year’s killing of Brian Thompson, the C.E.O. of UnitedHealthcare, a few blocks away, and raises questions about whether this will become a new normal.
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          We also continue to
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          grieve and remember the victims
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         <span style="font-style:italic">
          , including Wesley LePatner, a senior executive at Blackstone; Julia Hyman, a young executive at Rudin Management, the real estate company that owns the building; Aland Etienne, a security guard; and Didarul Islam, a New York City police officer. We have more below.
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          I also want to thank all of the readers who reached out yesterday, expressing gratitude for my calling on businesses to proactively address issues like gun violence. The truth is, in this very fraught political moment, there is virtually no appetite to touch this topic in public or in private. Unfortunately, I don’t see that changing. Companies view engaging in any discussion that could be described as a “social issue” as simply too high a cost. But if the cost is that of the life of an employee, killed in cold blood, what would it take to speak out?
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          Let us know
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          what you think. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             Businesses are confronting the rising costs and threats of keeping their employees safe.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Hiroko Masuike/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">
         <span>
          The cost of corporate security
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        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For many businesses and property management companies, the tragic shooting at 345 Park Avenue in Midtown Manhattan on Monday has raised questions about security — including guards, access systems, cameras and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But how much more will it cost companies to secure an office building? And what do they have to consider beyond stationing guards at the front desk? Danielle Kaye digs into the questions.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Security for several New York finance firms was visibly higher after the shooting.
         </span>
         <span>
          Goldman Sachs had a dedicated team of police officers and security guards at the entrance and inside its Manhattan headquarters, the firm’s head of human resources, Jacqueline Arthur,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote to employees yesterday
         </a>
         <span>
          , The Times reported.
         </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">
          Security firms have since received a slew of inquiries.
         </span>
         <span>
          Amanda DeAlmeida, an executive vice president at Building Security Services &amp; Systems, said her husband, who handles marketing for the company, heard from several potential clients yesterday. Existing customers asked for price quotes to change their security systems and for meetings to discuss layered access controls and gunshot detection technology.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          John Torres, the president of security and technology consulting at Guidepost Solutions, told DealBook that he had received lots of calls in the past 24 hours from corporate clients asking about the cost of introducing new technology and other security upgrades in a way that’s aesthetically pleasing.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “They also want their customers and tenants to feel safe, like they’re in a fortified building,” he added. “So they’re asking us to balance all those things.”
         </span>
        </p>
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            <div style="width:100%;text-align:center;line-height:0">
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            <span style="text-align:center">
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              <tbody>
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           </td>
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Some of what corporate clients have to consider:
         </span>
         <span>
          whether to pay more for armed guards rather than unarmed ones; whether to limit access to specific floors to people with office badges; and potential investments in gunshot-detection technology.
         </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">
          Armed guards cost a lot more.
         </span>
         <span>
          In New York City, armed officers face far more requirements than unarmed ones, often making them double the price of unarmed guards, DeAlmeida said. Some companies shell out hundreds of thousands of dollars a year for armed personnel.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s also the “intimidation factor,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          according to
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          DeAlmeida: Having armed guards in the lobby “sends the wrong message to certain people,” she said.
         </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 security firms recalled the killing of the UnitedHealthcare C.E.O.,
         </span>
         <span>
          when they saw a swift surge in requests for executive security. After that C.E.O., Brian Thompson, was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shot in Midtown Manhattan
         </a>
         <span>
          , Knight Security, a security guard service in the New York City area, experienced an uptick in inquiries.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It comes in fast,” Edward Troiano, Knight’s owner, told DealBook. “You get a lot of requests, and then it just kind of goes away again.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <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">
          Tsunami waves lash Pacific coasts, leading to mass evacuations.
         </span>
         <span>
          An
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          8.8-magnitude earthquake
         </a>
         <span>
          struck in the North Pacific Ocean off Russia’s northern Pacific coast hours ago, hitting coastal areas there and forcing workers to flee parts of the Fukushima Daiichi nuclear power plant in Japan. Areas as far away as Alaska, California and Hawaii issued warnings or advisories. Officials warned that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ports
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          coastal infrastructure
         </a>
         <span>
          were especially at risk.
         </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">
          Anthropic is reportedly closing in on funding at a $170 billion valuation.
         </span>
         <span>
          The artificial intelligence start-up is poised to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raise up to $5 billion
         </a>
         <span>
          in the round, according to Bloomberg; investors could include Iconiq Capital, Amazon and the Qatar Investment Authority. The growing costs of the A.I. race will also be a focus of earnings reports by Meta, Microsoft, Apple and Amazon, which come out today and tomorrow.
         </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 Trump administration further unwinds climate protections.
         </span>
         <span>
          Lee Zeldin, the head of the E.P.A., said yesterday that his agency planned to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          revoke a key declaration
         </a>
         <span>
          that since 2009 has underpinned U.S. policy on fighting climate change by setting limits on greenhouse gas emissions from cars and other industrial sources of pollution. The move would strip the agency’s ability to regulate such emissions under the Clean Air Act, and could hamper efforts by future administrations to rein in business pollution.
         </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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A profile picture of Wesley LePatner, a Blackstone executive who was killed in the Midtown Manhattan shooting." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F30%252Fmultimedia%252F30db-newsletter-lepatner1-cwkb%252F30db-newsletter-lepatner1-cwkb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTM4NzY0OTkuNDA5NzU1NX0:1uh5Od:DFDkE5DydQObHOFQH8FchDr6PYNWnM-qcH2LakmVERE" 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:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Blackstone, via The Associated Press
             </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>
          Remembering Wesley LePatner
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street was shaken to learn that one of their own was among the victims of Monday’s shooting at 345 Park Avenue:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Wesley LePatner
         </a>
         <span>
          , one of the top-ranking female executives at the investment giant Blackstone.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tributes came in from all corners, as colleagues remembered her as a rising star and a role model, especially for women.
         </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">
          LePatner, 43, was among Blackstone’s top real estate executives.
         </span>
         <span>
          She was the global C.E.O. of the Core+ part of the firm’s enormous $325 billion real estate business. In January, she also became C.E.O. of what’s known as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          BREIT
         </a>
         <span>
          , Blackstone’s $53 billion flagship real estate fund for retail investors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Before joining Blackstone in 2014, she had spent more than a decade at Goldman Sachs.
         </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">
          She was widely admired,
         </span>
         <span>
          known for leaving supportive comments for colleagues on LinkedIn and having chaired Blackstone’s women’s network. “She was just this amazing light,” Jon Gray, Blackstone’s president, told The Times. (Gray teared up in a Zoom call with the firm’s employees when discussing LePatner yesterday.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tony James, Blackstone’s former executive vice chairman and now a chair of the Metropolitan Museum of Art,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          told Bloomberg
         </a>
         <span>
          that “she, in my view, was one of the people that had the potential to lead any organization, including Blackstone and including the Met, where we just put her on the board.”
         </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">
          Josh Kushner
         </a>
         <span>
          , the founder of the investment firm Thrive Capital, wrote on X, “She was an incredible mentor to me when I was her analyst during my time at GS, and a deeply supportive friend ever since.”
         </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">
          LePatner was deeply involved in Jewish causes.
         </span>
         <span>
          Among them was the UJA-Federation of New York, which awarded her the Alan C. Greenberg Young Leadership Award in 2023. She also helped found the Altneu Synagogue in New York.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Wesley was extraordinary in every way — personally, professionally and philanthropically,” the organization said, noting that her achievements were “all the more notable as a woman in a traditionally male-dominated field.”
         </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">
          What others said about LePatner:
         </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">
                “What happened to her is devastating and heartbreaking if it happens to anyone, but to somebody who was just so good, earnest and kind in every way, it’s really doubly heartbreaking,” Jeff Fine, a Goldman partner, told the Times.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Wesley lived as we all should strive to live: with civic purpose, compassion, and a commitment to something greater than herself,”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Representative Ritchie Torres
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Democrat of New York, posted on X.
               </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="A store shelf is seen holding a row of brightly colored Tide detergent bottles." class="css-xsf469" height="282" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F30%252Fmultimedia%252F30db-pg-gfkz%252F30db-pg-gfkz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTM4NzY0OTkuNDA5ODU4fQ:1uh5Od:FAbQ-qxAZQynTIzfbN1GtF1nAl0So44qfxCtPoLKGP8" 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">
              Procter &amp; Gamble, the maker of Tide and other household products, has warned of a tariff hit on its business.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Steve Helber/Associated Press
             </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>
          Waiting for more trade deals
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There may have been little meaningful progress in trade talks over the past 24 hours, especially the hugely consequential ones with China. But several companies have issued new warnings about President Trump’s trade war.
         </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>
          Shares in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Adidas
         </a>
         <span>
          , and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Mercedes-Benz
         </a>
         <span>
          fell today as the European companies warned that tariffs would eat into their full-year profits. Other companies with large global supply chains, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Procter &amp; Gamble
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Whirlpool
         </a>
         <span>
          , issued similar gloomy forecasts; P&amp;G said that it would also raise some prices for U.S. consumers.
         </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 comes as investors brace for today’s Fed decision.
         </span>
         <span>
          Despite pressure from Trump, the central bank is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          widely expected to leave
         </a>
         <span>
          interest rates unchanged. That said, two Trump-appointed members of the Fed’s rate-setting committee, Christopher Waller and Michelle Bowman, called for an immediate cut.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Jay Powell, the Fed chair, is expected “to highlight the uncertainty in inflation and growth projections due to the tariff impact,” Mohit Kumar, an economist at Jefferies, wrote in an investor note this morning.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          China is also in focus.
         </span>
         <span>
          American and Chinese negotiators concluded the latest round of trade talks in Stockholm yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          without a firm deal
         </a>
         <span>
          . Investors and businesses are on tenterhooks over whether Trump would at least extend a truce on tit-for-tat tariffs beyond mid-August.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Other things to watch:
         </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">
                Commerce Secretary
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Howard Lutnick
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                said that aspects of Washington’s preliminary trade deal with the E.U. still had big unresolved issues: “Digital services taxes and the attacks on our tech companies” are “going to be on the table,” he told CNBC yesterday.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump warned India that steeper levies were possible if talks break down. New Delhi is willing to accept tariffs of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as high as 25 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to Reuters.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The trade war could be less costly than initially feared.
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          The International Monetary Fund yesterday forecast that the world economy would most likely
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          grow by 3 percent
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          this year — up from its 2.8 percent assessment in April, but still down from 2024.
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          A proxy war in Texas
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          Proxy advisers are the latest target of the backlash against D.E.I. and E.S.G. — and they’re fighting back.
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          Glass Lewis and Institutional Shareholder Services, two leading proxy advisers,
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sued Texas last week
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          over a first-of-its-kind state law that sought to make it harder for them to consider environmental or diversity factors when giving advice to their clients, Niko Gallogly reports.
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          Proxy advisers have come under increased scrutiny from Republican politicians.
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          In May, Republicans in the Senate
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          sent a letter
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          to Glass Lewis and I.S.S. demanding information on how they provide advice to clients. And attorneys general in Missouri and Florida have opened investigations into the D.E.I. and E.S.G. policies at both firms.
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          The Texas law goes into effect Sept. 1.
         </span>
         <span>
          It requires proxy advisers who consider E.S.G. factors to disclose they use “nonfinancial factors” and “subordinates the financial interest of shareholders” when making recommendations.
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          It also asks them to provide a financial analysis for voting recommendations that diverge from the board of directors’ endorsements.
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          Both firms’ lawsuits criticize the asymmetrical nature of the law
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          , which requires them to show financial analysis only in cases where their advice differs from that of the board.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The law effectively shifts the balance of power away from shareholders to executives, said Jonathon Zytnick, an associate professor of law at Georgetown University Law Center. This is about “suppressing shareholder dissent,” he said, by ensuring their “advisers won’t speak out against the board.”
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                Palo Alto Networks is said to be
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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">
                near a deal to buy CyberArk
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an Israeli cybersecurity provider, for more than $20 billion. (WSJ)
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                Evercore agreed to
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                buy Robey Warshaw
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a London-based deal advisory firm that counts some of Britain’s biggest companies as clients, for $196 million. (FT)
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          Technology and artificial intelligence
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                “How China Is Girding for an
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                A.I. Battle With the U.S.
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                ” (WSJ)
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                Apple is said to have
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                lost a fourth A.I. researcher to Meta
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                in a month, as the iPhone maker struggles to rethink its approach to the technology. (Bloomberg)
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          Best of the rest
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                A criminal gang hit upon a novel way to get into insider trading: courting elite students to
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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">
                become potential tipsters
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at investment banks like Rothschild. (Bloomberg)
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                “When Your Husband Is
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                in a Hamptons Scandal
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Vanity Fair)
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