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    The End of Economic Pessimism?

    Seven reasons Americans are down on the economy. By many measures, the U.S. economy is strong right now. Unemployment is near its lowest point in decades. Inflation has slowed down. Wages have grown faster than prices since last year. Stock prices have surged.But many Americans are not feeling it, and say the economy is in bad shape. The persistent pessimism has baffled many economists.The situation may be changing. American confidence in the economy has picked up in recent months, surveys show. And President Biden’s campaign hopes the turnaround will boost his re-election prospects.Still, measures of consumer confidence remain lower than normal. Why have Americans resisted the good economic news? Experts have tried to answer that question for months. Today’s newsletter will cover seven of their leading explanations.1) InflationThe first, and most obvious, explanation is rising prices. Historically, Americans hate high inflation. For one, it is universal; high prices affect everyone. In comparison, high unemployment directly affects only a minority, even during recessions.“When prices rise, it feels like something is taken away from you,” my colleague Jeanna Smialek, who covers the economy, told me.Inflation More

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    GOP Donors Face Dilemma as DeSantis Drops Out

    Ron DeSantis’s exit, and Nikki Haley’s struggle to make headway against Donald Trump, are forcing Republicans to make a tough choice.The narrowing race for the Republican presidential nomination is creating tough choices for anti-Trump donors.Sophie Park for The New York TimesIt’s down to Trump and Haley now The effort to pick anyone but Donald Trump as the Republican presidential nominee took another big, if expected, blow on Sunday when Ron DeSantis dropped out of the race and endorsed the former president. (Other former hopefuls, including Vivek Ramaswamy and Tim Scott, have also endorsed Trump.)The Republican faithful are coalescing around Trump in a way that raises questions about the next move by the wealthy donors who have sought to stop him.Nikki Haley is now the only potential roadblock to a Trump nomination. DeSantis came into the race as the most daunting opponent to the former president, but his misstep-laden campaign never turned into a serious threat. Among his strategic errors was betting that “anti-woke” fights, including his battle against Disney, would resonate with voters. (Politico reports that a top DeSantis fund-raiser had proposed a legally untested way for the campaign to remain afloat, but the Florida governor eventually yielded to electoral reality.)Haley has embraced her status as the last anti-Trump candidate standing: “May the best woman win,” she said on Sunday. But polls put her some 15 percentage points behind Trump in New Hampshire, as voters head to the polls tomorrow.It’s a sign that the influence of big-money donors is limited. DeSantis’s war chest was financed largely by deep-pocketed benefactors. And in recent months, Haley has drawn support from a bipartisan group of anti-Trump moguls, including the hedge fund billionaire Stanley Druckenmiller and the Democratic investor and LinkedIn founder Reid Hoffman. (JPMorgan Chase’s Jamie Dimon has publicly exhorted people of all political stripes to back Haley.)But as The Times’s Ken Vogel notes, winning over the moneyed class hasn’t guaranteed electoral success for years. Just ask Jeb Bush.What will those anti-Trump donors do? Some are continuing to back Haley: Several Wall Street titans, including Druckenmiller and Henry Kravis, will host a fund-raiser for her on Jan. 30, a week after the Republican and Democratic New Hampshire primaries. And Americans for Prosperity, a super PAC backed by the Koch business empire, said it would continue to back Haley through at least Super Tuesday in early March.But if Haley loses badly in New Hampshire, how long will business leaders accustomed to success stick with a failing bet? Ken Langone, a co-founder of Home Depot and one of her backers, said recently that he wants to see how she does tomorrow before giving more money.In other election news: The top outside political group backing President Biden raised $208 million last year. And Treasury Secretary Janet Yellen is heading to the Midwest this week to tout Biden’s economic record as data points increasingly turn positive.HERE’S WHAT’S HAPPENING The war in Gaza hits the Middle East’s economy. Three months in, the conflict has cost Egypt, Lebanon and Jordan more than $10 billion in economic losses, and risks pushing 230,000 into poverty. Meanwhile, international support for Israel is fraying as casualties in Gaza mount and as attacks by Houthi rebels on commercial vessels in the Red Sea are driving up shipping costs.Exxon Mobil sues climate investors to stop a proxy fight. The fossil-fuel giant asked a federal court in Texas to throw out a proposal from Follow This and Arjuna Capital that calls for speeding up the company’s efforts to cut greenhouse gases. A decision could clarify S.E.C. guidance on which shareholder proposals can be put up for a vote by company shareholders.Another Boeing model comes under regulatory scrutiny. The F.A.A. said on Sunday that airlines should inspect the door plugs on Boeing 737-900ER planes “as an added layer of safety.” Confidence in Boeing’s engineering and quality control has fallen after hundreds of Boeing 737 Max 9s were grounded in the wake of a door panel tearing off an Alaska Airlines jet in flight.S&P 500 futures are up again on Monday. After hitting a record on Friday, the benchmark index looks set to extend those gains. Last week’s rally was driven by investor bets on interest rates cuts and the artificial intelligence boom buoying tech stocks.Could Macy’s get hostile? Macy’s has rejected a $5.8 billion takeover bid from the investment firms Arkhouse Management and Brigade Capital that valued the struggling department store chain at roughly 20 percent above its closing share price on Friday.The investor group is now threatening to take the offer to shareholders. With a potential hostile bid looming, here are DealBook’s questions about what may come next.How would Arkhouse and Brigade pull off a deal? Macy’s board cited doubts about the investment firms’ financing when it rejected the proposal on Sunday. The company said the firms had proposed to pay 25 percent of the offer in equity. The rest would most likely be from debt such as leveraged loans, the market for which has been tight thanks in part to high interest rates.Could the rejection open the door to other bids? Arkhouse’s 2021 offer for Columbia Property Trust led to another buyer entering the picture. Macy’s has not reached out to prospective buyers, people familiar with the matter tell DealBook. But the retailer indicated in a statement that it would “be open to opportunities that are in the best interests of the company and all of our shareholders.”The list of prospective suitors is short, given the challenges facing the retail sector and the scarring memories of buyouts-gone-bad like with Sears.What is Macy’s turnaround plan? The retailer’s shares have fallen about 30 percent over the past five years, as the company lost significant market share, forcing it to close stores and lay off staff — including an announcement last week that it would cut 2,350 jobs.All eyes are on Tony Spring, who takes over as C.E.O. next month after having led Bloomingdale’s, Macy’s much-healthier higher-end brand. But duplicating that kind of success could be challenging, given Macy’s large and underperforming store base and its different shopper demographics.Taking the temperature of tech C.E.O.s Tech sector C.E.O.s are more optimistic about the economy this year, especially the potential for artificial intelligence and the I.P.O. market. But they also remain wary that geopolitical tensions could disrupt trade and increase headwinds in the capital markets, SoftBank’s latest annual survey of its portfolio companies shows.DealBook got an exclusive first look at the report, which includes start-ups backed bySoftBank’s two Vision Funds and its Latin America fund.Hope is returning after a dismal two years. Almost half of the C.E.O.s surveyed were more upbeat about the economy than they were a year ago and expected to raise capital this year.The improvement in sentiment is from a low base, cautioned Alex Clavel, co-C.E.O. of SoftBank Investment Advisers, which manages the funds. Last year was a hangover from 2022, when the fund-raising “faucets were turned off,” he said. Hopes didn’t pan out that I.P.O.s at the end of 2023 — including of the SoftBank-backed Arm — would lead to a flow of new listings, but 37 percent of C.E.O.s said public listings would pick up in the second half of 2024.A.I. excitement is high, even if it’s unclear how it will be deployed. “There is an increasing sense that 2024 is the year when we go from A.I. enthusiasm to A.I. impact,” Clavel said. A third of the C.E.O.s said they had increased A.I. investment by 50 percent last year and were using it to make products more cheaply or to improve efficiency.But some are proceeding cautiously. Clavel said one company has used A.I. to cut costs significantly but is holding off on more changes “because it’s going to be too unsettling” for the work force.The C.E.O.s said tensions with China were the top geopolitical risk. Still, that obstacle hasn’t significantly affected their businesses yet. The biggest concern for 2024: that wider instability, including war in the Middle East, could sap investor interest in I.P.O.s or raise energy costs in Europe.“I have lost confidence in the determination and ability of the Harvard Corporation and Harvard leadership to maintain Harvard as a place where Jews and Israelis can flourish.” — Larry Summers, the former Treasury secretary and ex-president of Harvard, after the university announced a new antisemitism task force on Friday. The committee is set to be co-chaired by Derek Penslar, a professor of Jewish history who Summers said was “unsuited” for the role in part because of his position on the extent of the school’s antisemitism problem.The week ahead On the agenda this week: earnings, inflation and central bank decisions.Tomorrow: Netflix, Procter & Gamble, Johnson & Johnson and Lockheed Martin release quarterly results. Also, the Bank of Japan is expected to maintain its ultra-loose monetary policy; the markets predict the country will exit its negative rates regime as soon as March.Elsewhere, the Academy Awards nominees are set to be announced.Wednesday: The Dutch chips-equipment manufacturer ASML, Tesla and AT&T report earnings.Thursday: It’s decision day for the European Central Bank, which is expected to hold steady on interest rates. On the other side of the Atlantic, U.S. fourth-quarter G.D.P. is set to be published.In earnings, LVMH, Intel, Visa and a slew of airlines including American, Southwest and Alaska Air Group are due to report.Friday: The Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, will be released.THE SPEED READ DealsSony ended a $10 billion deal to combine its Indian assets with Zee Entertainment, a Mumbai-based media company. (Reuters)Macquarie, the big Australian investment firm, has raised 8 billion euros ($8.7 billion) for its latest European infrastructure fund. (FT)What Citigroup’s exit from the $4 trillion market for municipal bonds, a field it once dominated, means for the business of financing state and local governments. (WSJ)Artificial intelligenceEleven Labs, an A.I voice-cloning start-up, raised $80 million in new funds from investors led by Andreessen Horowitz at a valuation of more than $1 billion. (Bloomberg)How Japan is turning to avatars, robots and A.I. to tackle its labor crisis. (FT)Best of the rest“‘America is Under Attack’: Inside the Anti-D.E.I. Crusade” (NYT)American clothing makers are pushing to change a trade rule that effectively lets foreign manufacturers ship directly to U.S. consumers without paying tariffs. (NYT)The Chinese electric carmaker BYD is going upmarket with a Lamborghini-style E.V. to step up its fight with Tesla. (WSJ)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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    The Davos Consensus: Donald Trump Will Win Re-Election

    In private, many business and political leaders at the World Economic Forum say they expect Donald Trump to return to the White House. Many business leaders at the World Economic Forum in Switzerland say Donald Trump will win the race for the White House.Denis Balibouse/ReutersThe Davos consensus on the presidential election Publicly, the global business leaders who gathered at the World Economic Forum in Davos, Switzerland, haven’t wanted to predict the winner of the upcoming U.S. presidential election. The closest they’ve come? Referring to it as a “geopolitical risk.”But talk to executives privately, and they’re more explicit: They expect Donald Trump to win and while many are worried about that, they are also resigned to it.The predictions of a Trump victory came in different forms. Many pointed to the headlines and the mood in the U.S. One senior banker told DealBook that you only had to look at the polls to figure out that Trump was on track to win.Jamie Dimon of JPMorgan Chase also got a lot of attention for his comments. In an interview with Andrew on CNBC, he didn’t predict that Trump would win, but suggested that dismissing the former president and his supporters would be a mistake.“Just take a step back and be honest,” Dimon said, listing the things that he thought Trump got at least partially right: NATO, immigration, the economy, China and more. “He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him,” he said.“I think this negative talk about MAGA will hurt [President] Biden’s campaign,” he added.That said, the Davos crowd often gets things wrong. A common critique of those who attend the forum is that they are a contra-indicator of what’s to come, so their expectations could bode well for Biden or for Trump’s Republican rivals. “Trump is already the president at Davos — which is a good thing because the Davos consensus is usually wrong,” Alex Soros, the son of George Soros, said on a panel.A little history: The Davos consensus was that Hillary Clinton would beat Trump in 2016. And in 2020, the prevailing view was that there were few risks to the economy … as the pandemic began to explode.Seen and heard:Perhaps the biggest complaint among attendees was about the long lines everywhere, especially at the Grandhotel Belvédère. Many complained that the process of entering the building — with wait times sometimes reaching an hour — was worse than ever and it didn’t matter whether you were a business titan or a less famous guest. One executive complained to DealBook that the security was more restrictive than at U.S. airports because he had to take off his Apple Watch every time. At previous gatherings, executives wanted a room at the Belvédère because the hotel was considered the best in town and was closest to the main venue — but many told DealBook that they no longer do.Despite the rigid class system — people are assigned different colored badges that grant various levels of access — the event has odd ways of leveling the playing field, at least a little. At last night’s Salesforce party, the hottest ticket of the week, even billionaires had to wait outside with everyone else to get in to watch Sting perform.HERE’S WHAT’S HAPPENING Congress approved a stopgap spending bill to avert a government shutdown. President Biden is expected to sign the bill into law on Friday to keep the federal government operating through to early March. It’s the third such stopgap bill since October.Jamie Dimon gets a big bump in pay. JPMorgan Chase’s board granted its C.E.O. $36 million in compensation for 2023, a year in which the bank weathered a banking crisis and rising interest rates, and generated record profit. The 67-year-old, the longest tenured chief of a large American bank, has not given any indication on when he might retire.Reddit reportedly considers a March public listing. The social media platform is said to be moving forward with a long-held plan to file for an I.P.O. in the first quarter, according to Reuters. The market for new listings has been a bumpy one and the outlook looks little improved this year.Macy’s will cut thousands of jobs. The country’s biggest department store operator will lay off 2,350 employees, about 3.5 percent of the work force. The cuts come as Tony Spring, a veteran retail executive, prepares to take over as C.E.O. next month. Macy’s has been struggling with slowing sales since the pandemic-inspired shop-from-home boom shook up the retail sector.BYD doubles down on overseas expansion. The Warren Buffett-backed Chinese maker of electric vehicles plans to invest $1.3 billion in a new Indonesian factory as it continues its aggressive push beyond its home market. Indonesia is home to the world’s largest reserves of nickel, a crucial mineral in production of E.V.s.The E.S.G. exodus intensifies The money flowing out of E.S.G. funds has gone from a trickle to a torrent as investors sour on a sector hit by greenwashing concerns, red-state boycotts and boardroom debates.The investing strategy has become increasingly politicized after being used by companies to address environmental, social, and governance issues among their employees, customers and other stakeholders. In a sign of the times, the phrase has been scrubbed from the World Economic Forum’s official program in Davos, after being on the agenda in previous years.Investors pulled $5 billion out of E.S.G.-focused “sustainable” investment funds last quarter, according to a new report by Morningstar. The withdrawals occurred despite a wider market rally at the end of 2023.E.S.G. funds saw outflows of $13 billion for the full year. All in all, it was the “worst calendar year on record,” wrote Alyssa Stankiewicz, Morningstar’s director of sustainability research.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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    Ruth Bader Ginsburg’s Collars, Captured by Camera

    An exhibit at the Jewish Museum features photos of collars worn by the late Supreme Court justice.Good morning. It’s Friday. We’ll look at an exhibition of photographs of the collars that Justice Ruth Bader Ginsburg wore. We’ll also look at a Manhattan Democrat whose City Hall hopes were dashed in 2021 but who is now looking into challenging Mayor Eric Adams in 2025.Kris GravesIn the soft stillness of a museum gallery, you could forget that the photographs on the walls around you were shot under time pressure.Six minutes each, the photographer Elinor Carucci told me.The photographs, on view at the Jewish Museum in Manhattan, are haunting, almost three-dimensional images of collars and necklaces that belonged to Justice Ruth Bader Ginsburg of the Supreme Court.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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    The Volodymyr Zelensky-Donald Trump Divide Looms at Davos

    Ukraine’s leader and the potential re-election of Donald Trump as president are dominating discussion at the World Economic Forum. Volodymyr Zelensky, Ukraine’s president, tried to tamp down worries about Donald Trump, and whether his potential re-election would lead to a drop in support for his country.Radek Pietruszka/EPA, via ShutterstockZelensky and Trump loom over Davos Two people are having an outsize impact at the World Economic Forum, and one of them isn’t even there.One is Volodymyr Zelensky, Ukraine’s president, who put on a full-court press of business and global leaders at the forum in Davos, Switzerland. The other is Donald Trump, whose potential re-election is dominating the discussion among attendees.Zelensky used an expletive to describe a Trump claim about containing Vladimir Putin. At a Q. and A. with journalists that Andrew moderated, Zelensky dismissed the idea that Trump could stop the Russian president from going after other parts of Europe. Putin, he added, “will not stop — but the question is what will the U.S. and Trump do after this point, because in this case it will mean that Europe lost the most useful and most strong army in Europe because we lost Ukraine.”Zelensky initially sought to tamp down worries about Trump, and whether his potential re-election would lead to a drop in support for Ukraine. But he also appeared somewhat fearful about the prospect. “One man cannot change the whole nation,” Zelensky said in the Q. and A., adding that deciding on the next president is “a choice for the American nation and only the American nation.”The Ukrainian leader acknowledged that a win for Trump, who has opposed U.S. aid to Ukraine, could affect his country’s military campaign or settlement talks. “Radical voices from the Republican Party” have created tension and pain for the Ukrainian people, he said.Zelensky isn’t the only leader at Davos worried about Trump. Multiple attendees have told DealBook that the outcome of the election is a potential risk for business, particularly after the former president thumped his Republican rivals in the Iowa caucuses.The Ukrainian leader has sought to shore up global business support. He spoke at a private gathering of executives organized by JPMorgan Chase, which is advising Ukraine on its reconstruction efforts.In the audience at the Congress Center for the talk were Steve Schwarzman of Blackstone, Ray Dalio of Bridgewater, David Rubenstein of Carlyle and Michael Dell of Dell, DealBook hears.Zelensky also spoke about how U.S.-China tensions are affecting Ukraine. Bringing Beijing on board with the country’s reconstruction is important, given China’s size and influence on Russia, he told the C.E.O.s. But Ukraine is seen as an American concern, not a global one.Seen and heard around town: The traffic on the main street was so bad that John Kerry, President Biden’s climate envoy, hoofed it to a meeting. And the annual wine tasting hosted by Anthony Scaramucci, the financier and former Trump official, well, ran out of wine.HERE’S WHAT’S HAPPENING Rate-cut concerns rattle the markets. European stocks and bonds are down this morning, after Christine Lagarde, the European Central Bank president, warned that interest rates may not fall until the summer, and inflation in Britain rose unexpectedly. U.S. futures are also down after Christopher Waller, a Fed governor, signaled yesterday that it was premature to consider a rate cut in the first quarter.Disney formally rejected Nelson Peltz’s board nominees. The entertainment giant has submitted a slate of directors — including James Gorman of Morgan Stanley and Mary Barra of General Motors — and snubbed the activist investor, who has criticized Disney over strategy and succession planning. Separately, compensation for Bob Iger, Disney’s C.E.O., for fiscal 2023 topped $31 million.BP appoints a new C.E.O. The energy giant today named as its new chief Murray Auchincloss. The former C.F.O. stepped in as interim chief four months ago after his predecessor, Bernard Looney resigned for failing to disclose relationships with employees. Auchincloss has indicated that he will follow Looney’s strategy to build up the company’s renewables business and cut back its oil and gas production by the end of the decade.China’s conundrum China delivered a double dose of bad news this morning, pushing down markets in Asia. Official data shows that the economy grew last year at its slowest pace in decades and that the country’s population declined again.The readings are another sign of deeper problems in the world’s second-largest economy, as it grapples with a property crisis, weak consumer confidence, falling exports, deflationary pressures and big demographic challenges.The economy grew 5.2 percent last year, up from 3 percent in 2022 when strict coronavirus restrictions were in place. That was better than the official target of about 5 percent but 2024 is expected to be tougher, with a Reuters poll of analysts forecasting growth that will probably slow to 4.6 percent.The population decline points to bigger challenges. The country recorded more deaths than births for a second straight year. Beijing is worried because fewer people means fewer consumers, and it needs working-age people to fuel growth. Retail sales in December were lower than expectations, too, while industrial output barely surpassed them.A post-Covid boost hasn’t materialized. “Chinese authorities and some international economists believed that China’s economic downturn in the past few years was caused by the “zero Covid” policy,” Yi Fuxian, a scientist at the University of Wisconsin–Madison and an expert on Chinese demographics, told DealBook. “But China’s economic recovery was much weaker than expected last year, as the core drivers of the downturn were aging and a declining work force.”Structural reforms are needed to address these new realities. But for the short term, China will continue to rely on export-led growth at a time when many Western companies are already looking to move parts of their supply chains elsewhere.A federal judge has struck down JetBlue’s proposed $3.8 billion deal to buy Spirit Airlines, which would have been the biggest such tie-up in a decade.Allison Dinner/EPA, via ShutterstockAn airline deal hits turbulence The Biden administration scored a major victory yesterday after a federal judge struck down JetBlue’s proposed $3.8 billion acquisition of Spirit Airlines, a low-cost rival, ruling that the merger would harm competition.The decision blocks the airline sector’s biggest attempted tie-up in the U.S. in over a decade, and throws into question the industry’s efforts to consolidate. President Biden hailed the ruling as “a victory for consumers everywhere who want lower prices and more choices.”The Biden administration says airline mergers have made travel more costly. Last year, the Justice Department won a lawsuit that forced JetBlue and American Airlines to end a regional code-sharing alliance.The Justice Department argued that a JetBlue-Spirit combination would remove a low-cost competitor from the market, messing with the economics of airfares. The judge, William Young, agreed, saying that combining forces would “likely incentivize JetBlue further to abandon its roots as a maverick, low-cost carrier.”Shares in Spirit plunged after the decision. Stock in the budget airline, which received bailout funding during the coronavirus pandemic’s early days and is known for its yellow planes and no-frills service, sank 47 percent yesterday. The companies have not yet said whether they will appeal.What next? Alaska Airlines’s $1.9 billion deal to acquire Hawaiian Airlines could also face tough scrutiny.Big fish to fry at the Supreme Court The Supreme Court justices will hear a case today that started with commercial herring fishermen challenging a rule about paying the regulators who oversaw them. The legal fight is hugely consequential, and could ultimately limit the powers of federal agencies.The case challenges the power of administrative law. Courts today must defer to the hundreds of agencies that interpret a mountain of federal rules in regulating industry. Critics say this doctrine — known as Chevron deference — handcuffs judges, robbing them of the power to review and reverse agency actions.Lawyers for the fishermen are expected to argue that the principle should be overruled, or at least simplified. The arguments won’t fall on deaf ears. Justice Neil Gorsuch has written that the Chevron deference doctrine “deserves a tombstone.”The death of the principle could hobble regulators because their decisions could be overturned in court. Such a prospect is key to conservatives seeking a weaker administrative state. Court records show that the fishermen’s lawyers have links to Americans for Prosperity, a group funded by the petrochemicals billionaire Charles Koch, The Times’s Hiroko Tabuchi reports. Koch, the chairman of Koch Industries, is a longtime supporter of anti-regulatory causes.This case is part of a larger conservative campaign. A 2022 Supreme Court decision that constrained the Environmental Protection Agency’s authority on emissions regulation bolstered right-leaning activists. That case has helped opened the door to further legal challenges to regulators’ powers, including one this term involving the S.E.C.What to watch for in 2024 The Atlantic Council, an international affairs research organization, gave DealBook a first look at its annual list of the top risks, opportunities and under-the-radar phenomena to watch this year.Geopolitical conflict is a big focus. There is a “medium to high” probability that the Israel-Hamas war widens, according to the analysis, and that is underscored by intensifying U.S.-led strikes on Iran-backed Houthi rebels who are attacking commercial ships in the Red Sea corridor.Other hot spots include Ukraine and Taiwan. The West could pull back funding for Ukraine, the report’s authors write, making a Russian victory more likely. Meanwhile, China could choke off Taiwanese ports with a naval blockade rather than risking an invasion of the self-governed island nation.“Smartifacts” may be an opportunity. Cars, appliances and personal electronics will increasingly be equipped with artificial intelligence to better interact with the physical world, the analysts write. They predict that “2024 will be the year when A.I. goes mainstream, and not just on our screens,” potentially yielding an “entirely new class of devices.”Could white paint be an under-the-radar opportunity? The Atlantic Council also compiles an annual list of underappreciated risks and opportunities that it calls “snow leopards,” named for the well-camouflaged mountain cats.This year, the list includes super reflective white paint that can help reduce emissions and reliance on energy by reflecting 98 percent of the sun’s rays. “It’s one of those things that seems pretty simple, but it could have an outsize impact,” said Imran Bayoumi, an associate director at the organization.THE SPEED READ DealsUber is shutting Drizly, the alcohol-delivery business it bought in 2021 for $1.1 billion. (WSJ)Investors are raising billions to buy discounted stakes in venture capital-backed tech start-ups. (FT)Synopsys, a supplier to the chips sector, has agreed to buy Ansys, a software firm, for $35 billion. (NYT)PolicyThe Supreme Court denied a request to hear an antitrust case between Epic Games and Apple, leaving a lower-court ruling that was seen as a win for Apple in place. (Axios)Congressional leaders agreed a $78 billion deal to expand the child tax credit and other popular expired business tax breaks. (NYT)Best of the restHarvard is trying to smooth relations with Silicon Valley after turmoil over antisemitism on campus. (WSJ)“Airbus Is Pulling Ahead as Boeing’s Troubles Mount” (NYT)Hockey die-hards are building snazzy new rinks in their backyards. (WSJ)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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    Artificial Intelligence, Ukraine, China — The Big Buzz at Davos

    C.E.O.s and world leaders gather in the Swiss Alps this year as war, trade risks and disruptive new technologies loom large.The topics on the mind of attendees at this year’s World Economic Forum in Davos, Switzerland, include artificial intelligence, the war in Gaza and the future of Ukraine.Denis Balibouse/ReutersThe meetings behind the meeting Thousands of global leaders have once again descended on snowy Davos, Switzerland, for the World Economic Forum’s annual meeting. The theme of this year’s event: “rebuilding trust.”But there are the public meetings, and then there are the real ones behind closed doors that the attendees are talking about most. These include discussions touching on U.S.-China tensions, the war in Gaza, artificial intelligence and the future of Ukraine.There is a kind of game that some C.E.O.s play with one another: How many public panels are you on, or how many times have you been in the Congress Center, the main hub for the forum’s big presentations? If the answer is zero, you’ve won. Top U.S. officials are set to appear on the main stage, including Secretary of State Antony Blinken and Jake Sullivan, the national security adviser. But speculation abounds about whom they’re seeing behind the scenes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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    Honor Roberto Clemente With a Coin, Congressman Says

    The right fielder for the Pittsburgh Pirates deserves to be commemorated with a coin, Representative Adriano Espaillat says.Good morning. It’s Thursday. Today we’ll find out why a congressman from the Bronx is pressing for a coin to commemorate a baseball player from the Pittsburgh Pirates. We’ll also see what to expect as Donald Trump’s civil fraud trial moves into its final phase.Preston Stroup/Associated PressRepresentative Adriano Espaillat has introduced 49 bills in this session of Congress. One would direct colleges to send information about hate crimes to the federal Department of Education. Another would simplify the requirements for federal assistance after disasters like Hurricane Maria, which devastated Puerto Rico in 2017.Yet another bill would authorize a coin commemorating Roberto Clemente, the superlative right fielder who played for only one team in 18 years in the major leagues, the Pittsburgh Pirates.Why is a congressman from the Bronx cheering on a star of a team that beat the Yankees in the World Series?“I watched him play,” Espaillat said, before talking about how deep the Pirates’ stadium was when Clemente played there — 457 feet to the center-field wall.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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    A Major Trump Hearing

    A case before an appeals court in Washington could influence how the former president’s trials will play out this year. Donald Trump’s four criminal trials can seem dizzying, including both federal and state cases, across Florida, Georgia, New York and Washington. But it’s worth remembering that the cases have different timetables. And any case that might produce a verdict before Election Day is probably more important than the others.The cases that don’t reach a verdict before November may become moot if Trump wins the 2024 presidential election. As president, he could try to end the two federal cases, while many legal scholars believe that the Constitution prevents state prosecutors from pursuing charges against a sitting president.This reality explains why Trump’s defense strategy revolves around delaying the cases. Any case he can push into 2025 may be irrelevant, at least for another four years.Today in Washington, an appeals court will hear an argument that will shape the timing of the case that seems to be furthest along: the federal trial involving Trump’s efforts to remain in power despite losing the 2020 election. Trump claims he is immune from prosecution because the charges stem from actions that he took while he was president. Adding to the drama, he has said that he will attend today’s argument in person.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More