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   DealBook: What’s in the bill?
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             August 2, 2022
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                  The bill would give a boost to biofuels.
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             Doing the math on the Inflation Reduction Act
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             Soon after he entered the White House, President Biden announced a $4 trillion domestic spending agenda. More than a year later, the chunk of that plan that appears most likely to pass — the result of an agreement struck last week between Senator Chuck Schumer of New York, the majority leader, and Senator Joe Manchin of West Virginia, a centrist Democrat — will be considerably smaller.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The bill, the Inflation Reduction Act of 2022, involves at least $260 billion in spending
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             over 10 years, but it would also raise taxes by $326 billion in the same period. That’s according to an analysis by the Joint Committee on Taxation, a nonpartisan congressional commission. A separate analysis,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              released on Friday
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             by the Wharton School, found that the bill would have almost no effect on G.D.P., and would slightly increase inflation for the next two years but then lead to lower prices.
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              Republicans have denounced the bill as a giant tax increase
             </span>
             and a major expansion of government spending.
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             </span>
             But the new estimates suggest that it is neither of those things,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reports The Times’s Jim Tankersley
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             .
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              Here’s what’s in the bill
             </span>
             (all of the figures are over 10 years, and most come from the Joint Committee’s study)
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              :
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              <span style="font-size:17px;line-height:25px">
               Tax credits to increase production of electricity from renewable or non-carbon sources. Cost:
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                $98 billion.
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              <span style="font-size:17px;line-height:25px">
               New and expanded tax credits for electric vehicle purchases and for improving the energy efficiency of homes. Cost:
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                $51 billion.
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              <span style="font-size:17px;line-height:25px">
               An incentive and tax credit for companies developing biofuels and other renewable fuels for cars and planes. Cost:
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                $19 billion.
               </span>
              </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">
               New and expanded subsidies to bring down the cost of buying health insurance through the Affordable Care Act. Cost:
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                $70 billion
               </span>
               , according to the Wharton analysis.
              </span>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              How it raises taxes and lowers costs:
             </span>
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              <span style="font-size:17px;line-height:25px">
               Imposes a new federal minimum income tax of 15 percent, based on the profits that companies report to investors, not just to the I.R.S. Tax increase:
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                $313 billion.
               </span>
              </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">
               Closes the so-called carried interest tax loophole that allows private equity and hedge fund managers to pay lower taxes on some compensation. Tax increase:
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                $13 billion.
               </span>
              </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">
               Allows the government to negotiate and in some cases set prescription drug prices for people enrolled in Medicare. Estimated savings:
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                $266 billion
               </span>
               , according to Wharton’s analysis.
              </span>
             </li>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              To secure the deal, Democrats had to make some concessions
             </span>
             that are likely to displease environmental activists,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Times’s Brad Plumer and Lisa Friedman report.
             </a>
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              <span style="font-size:17px;line-height:25px">
               The bill would require the Interior Department to hold lease sales for oil and gas exploration in the Gulf of Mexico and the Cook Inlet in Alaska.
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              <span style="font-size:17px;line-height:25px">
               It expands tax credits for
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                carbon capture technology
               </a>
               that could allow coal or gas-burning power plants to keep operating with lower emissions.
              </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">
               Manchin also secured a promise from Democratic leaders to vote on a separate measure to speed up the permit process for energy infrastructure, potentially smoothing the way for projects like a gas pipeline in West Virginia.
              </span>
             </li>
            </ul>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “We just made a deal with Joe Manchin,” said Senator Brian Schatz, Democrat of Hawaii, who had pushed for more expansive climate provisions. “I don’t think anybody should have expected that this is the bill I would have written.”
            </p>
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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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            <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 U.S. warns China against a hostile reaction to Speaker Nancy Pelosi’s expected trip to Taiwan.
             </span>
             American officials
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              have become convinced that China may respond militarily in some way,
             </a>
             though not with an outright attack on Taiwan or an effort to intercept Pelosi’s plane. Pelosi, who arrived in Singapore yesterday, has not officially confirmed her plan to stop in Taiwan, but reports said she could arrive late Tuesday.
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              Stephen King will testify today in the Justice Department’s lawsuit
             </span>
             to block Penguin Random House’s acquisition of Simon &amp; Schuster. In yesterday’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              opening arguments for the case
             </a>
             , John Read, a lawyer for the government, argued that the deal would minimize competition for large advances on much-anticipated books. Penguin’s lawyer, Dan Petrocelli, said the government’s focus on those advances was misguided.
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              Uber reports record revenue and says more drivers are using its platform than ever before.
             </span>
             The company outperformed analysts’ expectations,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              posting $8 billion in revenue
             </a>
             , a 105 percent increase from a year earlier. In other earnings news,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              BP reported a profit of $8.5 billion
             </a>
             .
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              Wells Fargo brings back a hiring practice that led to fake interviews.
             </span>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              It paused the policy this year
             </a>
             after former employees revealed that managers were interviewing nonwhite candidates for jobs that had already been filled.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              It is now reinstating the process
             </a>
             for certain openings, with improvements like increased training for managers.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The tea leaves in Twitter’s subpoenas
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Days after Elon Musk filed his response to Twitter’s lawsuit aimed at forcing him to complete his acquisition of the company, Twitter sent out a score of subpoenas to the banks that are backing him in the bid,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              as well as to people in Musk’s inner circle.
             </a>
             The subpoenas offer some hints about Twitter’s legal strategy — and clues as to what Musk said in his response to the suit.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Here’s a recap of where things stand on Musk’s side.
             </span>
             Musk filed his response to Twitter’s lawsuit on Friday.
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             It is temporarily sealed to the public while he and Twitter work out which parts to redact. But we know that his arguments have focused on the company’s public disclosures about bots and fake accounts, which he has argued are materially misleading, giving him grounds to walk away from the deal. (Twitter’s lawyers
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              have asked
             </a>
             what, exactly, was misleading.)
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Now, Twitter has sent subpoenas to the long list of banks working with Musk
             </span>
             , including Morgan Stanley, Bank of America and Barclays. The banks are critical players in the deal. That is because Twitter’s ability to sue Musk to force him to close the deal (under the deal’s “specific performance clause”) is voided if his debt financing falls apart. But that out only works if the banks, which have signed commitment letters, walk away independently — not if Musk coerces them.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Twitter wants to know more about how the banks think about bots.
             </span>
             Among other things, it wants learn about the analysis that banks have done on Twitter’s bot statistics and about investigations they have performed at Musk’s instruction. Twitter may be trying to discern how much the banks actually care about bots, and whether Musk has been prodding them to care.
            </p>
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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">
              And it really wants to know what happened to Bob Swan.
             </span>
             Swan, a former C.E.O. of Intel, played a key role in putting together the deal. To support its claims that Musk appeared to stop efforts to complete his financing, which would put him in breach of their contract, Twitter has claimed that Musk fired Swan. His replacement on Musk’s team was Antonio Gracias, Musk’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              longtime friend
             </a>
             . Now, Twitter is asking the banks for documents detailing Swan’s firing, and any briefing materials that were supplied to Gracias. Twitter may be trying to prove that Musk’s personnel shuffling was just another attempt to quash the deal — and that Gracias was never really involved.
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “If she does go ahead with a visit to Taiwan this week, against President Biden’s wishes, she will be doing something that is utterly reckless, dangerous and irresponsible.”
            </h2>
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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">
              — Thomas Friedman, a Times Op-Ed columnist,
             </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">
               on the risks of Pelosi visiting Taiwan
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
            </p>
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                <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1oIqqF:jn0IACssfH595DaPo9iltnh5vx4udkkKqJnT15riXyA" 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">
             Crypto’s hidden bombshell
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             There was a grenade nestled inside a $300 million S.E.C. Ponzi bust announced yesterday. Alongside an international cast of apparent scammers lurked the existential threat that the agency could deem crypto assets to be securities, and regulate them into oblivion.
            </p>
           </td>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A classic scam in a futuristic package.
             </span>
             Forsage, a company ostensibly selling investors’ stakes in crypto transactions known as “smart contracts,” was actually a pyramid scheme reliant on constant recruitment for new inflows, according to the S.E.C. Among those charged were the company’s
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             founders, who were last known to be in Russia, Indonesia and elsewhere, along with some members of a group called the “Crypto Crusaders” and several U.S.-based promoters. “Fraudsters cannot circumvent the federal securities laws by focusing their schemes on smart contracts,” Carolyn Welshhans, the acting chief of the agency’s crypto unit, said
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in a statement
             </a>
             .
            </p>
           </td>
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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">
              A question almost as old as crypto.
             </span>
             The Forsage offerings also broke the law because the promised products would have
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              qualified as securities
             </a>
             , the S.E.C. contends: “The offer and sale of slots in Forsage’s smart contracts, and the attendant right of investors to earn compensation from sales of those slots and profit-sharing from spillover payments through those slots, was an offer and sale of securities.” This raises
             <span style="font-style:italic;font-size:inherit">
              the
             </span>
             big crypto question: What’s in a name … or, rather, an investment contract? Legally speaking, the answer is in a test that the Supreme Court articulated in a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              mid-20th century case about a Florida orange grove
             </a>
             , which many industry players say is outdated.
            </p>
           </td>
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         </tbody>
        </table>
       </div>
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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">
              Coinbase has petitioned for new rules
             </span>
             . Last month, its policy chief, Faryar Shirzad, argued in
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a blog post
             </a>
             about a petition to the S.E.C. that past rule drafters could not anticipate crypto and that “securities law is thus not well-suited to govern digital assets.” That same day — coincidentally, Coinbase contends — the S.E.C. and the Justice Department charged a former Coinbase employee with misusing confidential information to profit from listings on the exchange. The S.E.C. characterized some of the assets as securities, an idea that Coinbase’s chief legal officer rebutted in
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a post
             </a>
             entitled “Coinbase does not list securities. End of story.” But based on the agency’s latest moves, we could soon see more scrutiny for the crypto industry, including Coinbase, which is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reportedly facing S.E.C. inquiries
             </a>
             about how it characterizes some asset listings.
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              Elsewhere in crypto:
             </span>
             <span style="font-style:italic;font-size:inherit;font-weight:700;font-family:arial,sans-serif">
             </span>
             <span style="font-style:italic;font-size:inherit">
              Meet the Bitcoin maxis. They’re the hard-core Bitcoin evangelists who believe the original cryptocurrency differs from the unstable crypto projects that sent the market into a tailspin,
             </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">
               reports The Times’s David Yaffe-Bellany
              </a>
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             <span style="font-style:italic;font-size:inherit">
              .
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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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              Deals
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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">
               TD Bank is
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                acquiring the investment bank Cowen
               </a>
               for $1.3 billion. (TD Bank)
              </span>
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              <span style="font-size:17px;line-height:25px">
               Estée Lauder is
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                reportedly in talks
               </a>
               to purchase the luxury fashion brand Tom Ford for $3 billion or more. (WSJ)
              </span>
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              <span style="font-size:17px;line-height:25px">
               Nikola will
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                buy the battery supplier Romeo Power
               </a>
               , which like Nikola went public through a SPAC. (CNBC)
              </span>
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              <span style="font-size:17px;line-height:25px">
               Pepsi is
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                investing $550 million
               </a>
               in the energy drink maker Celsius. (Barron’s)
              </span>
             </li>
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              Policy
             </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">
               Amazon hired a Senate staff member who was key to drafting tech
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                antitrust bills
               </a>
               . (Politico)
              </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 F.T.C. settled a $62 million
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                false advertising
               </a>
               case with the property listing site Opendoor. (NYT)
              </span>
             </li>
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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">
              Best of the rest
             </span>
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         </tbody>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <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">
                Attackers drained Nomad
               </a>
               , a so-called token bridge, of nearly $200 million in crypto. (CoinDesk)
              </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">
               On commercial vessels, Russians and Ukrainians
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                still live side by side
               </a>
               . (NYT)
              </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 poor children, having
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                friendships across class lines
               </a>
               contributes to future financial success, a vast study found. (NYT)
              </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">
               Workers in smaller American cities skipped the return-to-office angst and just …
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                returned
               </a>
               . (NYT)
              </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">
               Beyoncé
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                will modify the lyrics
               </a>
               in a new song after disability rights activists criticized the use of a term. (NYT)
              </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">
               Elon Musk’s father says he is
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                not proud of him
               </a>
               . (Guardian)
              </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">
               Acoustic designers are
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                creating a cacophony
               </a>
               for virtually silent electric vehicles. (New Yorker)
              </span>
             </li>
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