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      As Venezuelan Antagonists Talk, the U.S. Softens Its Stance

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      Negotiations between the Venezuelan government and opposition could lead to an easing of the country’s protracted crisis.BOGOTÁ, Colombia — A rare meeting between leaders of Venezuela’s bitterly divided government and opposition is expected to result in two major agreements meant to ease the country’s complex political and humanitarian crisis.The meeting partly reflects the economic ripple effects of Russia’s Ukraine invasion, which has reduced global oil supplies and pushed the United States to reconsider its restrictions on energy companies operating in Venezuela.If all goes as planned, the talks, scheduled for Saturday, will lead to an agreement to transfer up to $3 billion in Venezuelan government funds frozen overseas into a humanitarian program administered by the United Nations — a concession by President Nicolás Maduro of Venezuela, who has long denied the scope of the suffering that has unfolded under his tenure. At the same time, the United States is expected to approve a license request by Chevron Corp. to expand operations in Venezuela, according to three people familiar with the deal. The agreement could represent an important step toward allowing Venezuela to re-enter the international oil market, something Mr. Maduro desperately needs to improve the economy.U.S. State Department officials have publicly applauded the return to negotiations between the two parties, after an earlier effort was cut off by the Maduro government last year. But a Biden administration official familiar with the talks said that any action related to Chevron in Venezuela “is contingent on if the parties actually announce specific commitments to support the people of Venezuela.”The official requested anonymity to be able to speak freely about the matter.For years, Chevron and other oil companies have been prevented from large-scale operations in Venezuela by U.S. sanctions designed to starve Mr. Maduro’s government.President Nicolás Maduro of Venezuela speaking in Caracas earlier this month.Federico Parra/Agence France-Presse — Getty ImagesFollowing the expected accord, other companies are likely to press the United States to further lift Venezuela-related restrictions, including sanctions that ban entities in India and elsewhere from importing Venezuelan oil, said Francisco Monaldi, director of Rice University’s Latin America Energy Program.The United States is likely to tie such actions to further concessions by Mr. Maduro. But if it does lift the sanctions, that would be an economic “game changer” for Venezuela’s authoritarian leader, Mr. Monaldi added.“My concern,” he said of the expected Chevron license, “is that the U.S. seems to be giving a lot for very little.”A Chevron spokesman would not comment on the expected agreement.The meeting between the Venezuelan government and opposition leaders, held in Mexico, is the outcome of more than a year of conversations between the two sides about how to address the country’s economic, political and humanitarian crisis, which dates to at least 2014.But the talks also are part of a larger softening of U.S. policy toward Venezuela, which many analysts say is related to a growing global need for non-Russian oil sources. Venezuela is believed to hold the largest oil reserves of any country.The United States is a supporter of the Venezuela dialogue, not a participant.The Biden administration official said that any action related to Chevron in Venezuela was not a response to energy prices. “This is about the regime taking the steps needed to support the restoration of democracy in Venezuela,” the person said.Any new license would be time-limited and would prevent Venezuela from receiving profits from the oil sales by Chevron, the official added, explaining that the Biden administration “would retain the authority to amend or revoke authorizations should the Maduro regime fail to negotiate in good faith.”For years, the Trump administration tried to weaken Mr. Maduro through sanctions and isolation, recognizing the opposition leader Juan Guaidó as president and pulling Washington’s top diplomats out of Caracas.The Biden administration has opted for more engagement.In June, the American ambassador to Venezuela, James Story, who is now based in neighboring Colombia, flew to Caracas to meet with government and opposition leaders. In October, the United States granted clemency to two nephews of Mr. Maduro’s wife in exchange for seven Americans held captive in Venezuela. The nephews had been sentenced to 18 years in prison for conspiring to smuggle cocaine.The Venezuelan opposition leader, Juan Guaidó, speaking in Caracas on Monday.Miguel Gutierrez/EPA, via ShutterstockIt would take years for Venezuela’s neglected oil infrastructure to have an impact on the global market. But with no sign that tensions between Russia and the West could ease soon, some leaders believe the wait could be worth it.“I think energy was one of the things that made it possible, perhaps politically, for Biden to take the rather bold step of communicating directly” with Mr. Maduro’s government, said Phil Gunson, an analyst with the International Crisis Group who has lived in Venezuela for more than two decades.But he cautioned that the American softening on Venezuela predated the war in Ukraine.“Energy is a factor” in the strategy shift, he said, but “it’s not the only factor.”Venezuela was once among the most affluent countries in Latin America, its economy buoyed by oil. But mismanagement and corruption by leaders claiming socialist ideals plunged the economy into disarray, while Mr. Maduro and his predecessor, Hugo Chávez, gutted its democratic institutions.The situation has prompted the largest cross-border migration crisis in the Western Hemisphere, with more than 7 million Venezuelans — a quarter of the population — fleeing, according to the United Nations. Recently, a record number of Venezuelans have arrived at the U.S. border, most of them trekking through a harrowing jungle called the Darién Gap to get there.The talks in Mexico are supposed to be part of a series of meetings between the Venezuelan government and opposition. Much of the opposition hopes that political concessions will be next on the agenda.Mr. Maduro is focused on getting American sanctions lifted, which would help him improve the economy — and perhaps win a presidential election already slated for 2024.The Venezuelan opposition has long said its goal is to push Mr. Maduro to set free and fair conditions that would give them the opportunity to oust in him in that election.Mr. Guaidó recently called that vote “the door to democracy, freedom and the reunion of the family.”Lining up to vote during regional elections in Caracas last November.Adriana Loureiro Fernandez for The New York TimesIn the past, Mr. Maduro has controlled the vote by banning many opposition figures from political participation, jailing others and co-opting many political parties. He holds elections to project a veneer of legitimacy.Speaking on state television about the Mexico talks this week, Mr. Maduro said he wanted to make it clear: “Nobody is going to impose anything on us, not today, not tomorrow, not ever.”The United States still recognizes Mr. Guaidó as the country’s president, though his global influence has fallen significantly after a bid to support him failed to oust Mr. Maduro.Mr. Monaldi, the energy expert, said the Chevron deal was not merely symbolic — within two years, the company could be pumping more than 200,000 barrels a day in Venezuela, adding to the approximately 765,000 barrels pumped daily today, according to Argus, an industry monitor.For the United States and for the opposition, the talks are a gamble.On the one hand, simply getting Mr. Maduro to negotiate is a victory, and the $3 billion humanitarian deal could be a major step toward alleviating suffering.On the other hand, said Mr. Gunson, the aid and the Chevron deal could improve economic conditions, lifting Mr. Maduro’s popularity.Still, he hasn’t given an inch on the political front.“That’s why there’s so much nail biting for the people in the administration who are pushing this policy,” said Mr. Gunson. “Because if Maduro essentially says, ‘Thank you very much,’ and doesn’t offer any concessions, then they’re going to look pretty foolish.”Isayen Herrera contributed reporting from Caracas, Venezuela, and Clifford Krauss from Houston. 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      Targeting ‘Woke Capital’

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      West Virginia’s banning of five big Wall Street banks for doing business with the state is yet another step toward a politicized world of red brands and blue brands. Florida’s DeSantis: Make profits great again.Phelan M. Ebenhack/Associated PressStates take action against ‘woke C.E.O.s’ Five big Wall Street firms woke up to a headache yesterday, and the ailment seems to be spreading fast. Riley Moore, the outspoken treasurer of West Virginia, announced that Goldman Sachs, JPMorgan, BlackRock, Morgan Stanley and Wells Fargo were banned from doing business with the state because they had stopped supporting the coal industry, reports The Times’s David Gelles.The banks have sharply reduced financing for new coal projects, while BlackRock has been reducing its actively managed holdings in coal companies since 2020. Coal, the most polluting fossil fuel, has become less profitable in recent years.Some of the firms do business with West Virginia in various ways. JPMorgan, for example, handles some banking services for West Virginia’s public university. But the dollar figures are relatively small, and the law does not affect the holdings of the state’s pension fund.The development is yet another step toward a politicized world of red brands and blue brands. In these hyperpartisan times, companies are increasingly being caught between conservatives and progressives, and some brands are being typecast as Republican or Democratic. The timing of the announcement was striking, coming just hours after Senator Joe Manchin of West Virginia, who had been the chief Democratic holdout on climate legislation, relented and agreed to sign on.Meanwhile in Florida, Gov. Ron DeSantis unloaded on the supposedly “woke” ideology of some financial services firms, criticizing E.S.G. investing and announcing plans for legislation that would “prohibit big banks, credit card companies and money transmitters from discriminating against customers for their religious, political or social beliefs.” At a news conference this week, he also said he wanted to prohibit the state’s pension fund managers from considering environmental factors when making investment decisions. Instead, he said, they need to be focusing only on “maximizing the return on investment.”Businesses now “marginalize” people because of political disagreements, DeSantis said. “That is not the way you can run an economy effectively.” He singled out PayPal, which has cut off accounts associated with far-right groups that participated in the Jan. 6 Capitol riot, and GoFundMe, which blocked donations to a group supporting truckers who occupied Ottawa this year.HERE’S WHAT’S HAPPENING Amazon’s shares soar as the company says consumer demand remains strong. The positive comments from C.E.O. Andrew Jassy and other top executives caused investors to shrug off the fact that the giant internet retailer reported its slowest quarterly sales growth in two decades, and has cut nearly 100,000 workers. Apple’s quarterly results were also better than expected, as Big Tech’s profits have been resilient even as the economy has slowed.The eurozone economy grew faster than expected, but so did inflation. Positive G.D.P. growth for the region, a day after the U.S. reported that economic growth slumped for the second quarter in a row, relieved some worries about growing stagflation. Still, inflation in the eurozone hit 8.9 percent in July compared with a year ago, a fresh record.The Biden administration plans to offer updated booster shots in September. With reformulated shots from Pfizer and Moderna on the horizon, the F.D.A. has decided that Americans under 50 should wait to receive second boosters.Read More About Oil and Gas PricesPrices Drop: U.S. gas prices have been on the decline, offering some relief to drivers. But weather, war and demand will influence how long it lasts.Stock Market: As financial markets around the world fell this spring amid worries about inflation and rising interest rates, energy was the only sector gaining ground. Summer Driving Season: The spike in gas prices is being driven in part by vacationers hitting the road. Here’s what our reporter saw on a recent trip.Gas Tax Holiday: President Biden called on Congress to temporarily suspend the federal gas tax, but experts remain skeptical the move would benefit consumers much, because tax is such a small percentage of the price you pay at the pump..A new book reignites a debate about how L.A. Times editors handled a 2017 exposé. Paul Pringle, a veteran reporter at the L.A. Times, writes in his book “Bad City” that top editors tried to slow-walk the paper’s initial groundbreaking article, which detailed how the dean of the University of Southern California’s medical school used drugs with young people.Trader Joe’s workers at a Massachusetts store form a union. It is the only one of the supermarket chain’s more than 500 stores with a formal union, but similar moves are afoot elsewhere, just as the union campaign has spread at Starbucks. Trader Joe’s will face at least one more union vote soon, at a Minneapolis store next month, and workers at a store in Colorado filed an election petition this week.Big oil’s big profitsOil companies are reporting surging profits, even as consumers and world leaders are dealing with the hardships caused by higher energy prices.Buoyed by high oil and gas prices, the energy sector is expected to have swelled earnings by more than 250 percent in the second quarter. Exxon Mobil and Chevron, the U.S.’s two largest oil companies, reported record profits this morning, with Exxon’s profit more than tripling from a year ago. Europe’s biggest oil companies, Shell and TotalEnergies, yesterday reported a combined $21 billion in profits.The fallout from Russia’s invasion of Ukraine has led to significant financial benefits for energy companies and their investors. The pain of rising energy prices and shortages, though, has been felt particularly strongly by consumers and businesses in Europe, which received roughly half of Russia’s oil exports before the invasion. In Asia and Africa, higher energy prices could push millions of people back into energy poverty, the International Energy Agency warned last month.It’s also led to claims of profiteering. President Biden said last month that oil companies were benefiting from their own underinvestment in refining capacity. In Britain, Boris Johnson, the outgoing prime minister, imposed a windfall tax on major oil and gas companies. But a top contender to replace him, Liz Truss, said that she opposed the tax because it would send “the wrong signal to the world,” and that Shell should be encouraged to invest in Britain.Oil companies have pointed the finger back at politicians. Ben van Beurden, Shell’s chief executive, said yesterday that energy prices were high in part because of government policies that discouraged investment in oil and natural gas in recent years.Gas prices in the U.S. have fallen over the last month, and there are some indications that more relief could be ahead. Citigroup said in a research note today that it expected growth in the supply of oil to outpace weaker demand. Still, geopolitical factors and the weather could change the trajectory of prices, particularly if the U.S. has an active hurricane season that disrupts refining capacity. “Just a few of these risks materializing could work up a continued perfect storm of high volatility,” Citigroup said.“There is a principle at stake. What can you buy if you have unlimited cash? Can you bend every rule? Can you take apart monuments?”— Stefan Lewis, a former member of Rotterdam’s City Council, explaining the outrage over the city’s decision, which has since been reversed, to temporarily dismantle a bridge to accommodate Jeff Bezos and his superyacht.The dark secrets of corporate subsidy deals Every year, state and local officials negotiate about $95 billion in economic development deals, competing with one another to recruit companies to their communities with lucrative subsidies in exchange for their business.But some corporations are becoming increasingly aggressive about forcing officials to sign nondisclosure agreements that could end up hurting the communities that the businesses were supposed to help, according to a new report by the American Economic Liberties Project, a progressive antitrust advocacy group. The N.D.A.s sometimes prohibit officials from disclosing basic information about a corporation, like its name and the type of business it’s building, Pat Garofalo, an author of the report, told DealBook.These N.D.A.s prevent community members, like workers and local businesses, from sharing their input on the deal until after it is completed. One recent example is the $4 billion battery factory that Panasonic will build in Kansas, which will get nearly $1 billion in subsidies. Before the deal was completed, Panasonic was also negotiating with Oklahoma, and the states were in a bidding war over the electronics giant’s business. But lawmakers could not talk about the corporation on the other side of the bargaining table in public — and sometimes didn’t even know its name. In April, Oklahoma officials complained that they had two hours to contemplate a complex incentive package worth $700 million, or about 8 percent of the state budget. “How am I supposed to go back to my constituents and say, ‘I gave away three-quarters of a billion dollars to a company that I don’t even know their name?’ Is that responsible?” State Representative Collin Walke said during an appropriations meeting.Some states have introduced bills to ban these N.D.A.s, which the report calls “an extremely common tactic” in development deals. This year, such legislation was introduced in New York, Michigan, Illinois, and Florida. New York’s State Senate voted unanimously to approve a ban. Garofalo thinks the New York lawmakers were galvanized by the Amazon HQ2 bid that fell apart in 2019. But he notes that communities don’t have to wait for politicians to fix the problem. Engaged citizens have used public meeting and records laws to solve subsidy mysteries, and sometimes a little transparency is all it takes, Garofalo said. “When the public does get a say,” he told DealBook, “the deals are better, or bad deals are knocked off right away.”THE SPEED READ Deals“Private equity giant Carlyle’s latest big play: Small Brooklyn buildings” (The Real Deal)Ernst & Young’s plan to split is reportedly being held up by debt issues. (WSJ)Newsmax renewed a deal to be carried by Verizon’s Fios, days before its rival One America News is to be dropped. Both are known for their loyalty to former President Trump. (NYT)PolicyThe private equity industry is objecting to a proposed U.S. tax increase on carried-interest income. (NYT)“Dry Fountains, Cold Pools, Less Beer? Germans Tip-Toe Up the Path to Energy Savings” (NYT)The big question is not whether the U.S. is in a recession. It’s whether the economy’s problems will worsen. (NYT’s The Morning)Best of the restArchitects have a reimagined vision for the former Deutsche Bank atrium at 60 Wall Street, with plans to make it look less like a Mediterranean spa and more like a Singapore airport. (NYT)Instagram is rolling back some product changes after celebrities like Kylie Jenner and Kim Kardashian criticized them. (NYT)TV showrunners are demanding that studios create protocols to protect employees in states where abortion has been outlawed. (Variety)Richard Rosenthal, the top defense lawyer for dangerous dogs, has even frustrated animal rights groups. (NYT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More