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      Can an ‘Anarcho-Capitalist’ President Save Argentina’s Economy?

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      Carlos Prieto, Rachelle Bonja and M.J. Davis Lin and Marion Lozano and Listen and follow The DailyApple Podcasts | Spotify | Amazon MusicWarning: this episode contains strong language.With Argentina again in the midst of an economic crisis, Argentine voters turned to Javier Milei, a far-right libertarian who has drawn comparisons to Donald J. Trump.Jack Nicas, who covers South America for The New York Times, discusses Argentina’s incoming president, and his radical plan to remake the country’s economy.On today’s episodeJack Nicas, the Brazil bureau chief for The New York Times.In his first decree as president of Argentina, Javier Milei cut the number of government ministries from 18 to nine.Sarah Pabst for The New York TimesBackground readingArgentina’s incoming president is a libertarian economist whose brash style and embrace of conspiracy theories has parallels with those of Donald J. Trump.Argentina braces itself for an “anarcho-capitalist” in charge.There are a lot of ways to listen to The Daily. Here’s how.We aim to make transcripts available the next workday after an episode’s publication. You can find them at the top of the page.Jack Nicas More

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      Mayor Adams’s Swagger Is Diminished. His Foes Are Ready to Pounce

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      Eric Adams is facing stronger pushback from the City Council and progressives, and prominent Democrats in New York are considering running for mayor.If Mayor Eric Adams were in search of evidence that his recent spate of troubles had cost him some standing in New York, he would not need to look far.The city comptroller, Brad Lander, recently restricted the mayor’s spending powers on the migrant crisis, and has playfully alluded to the F.B.I.’s investigation of Mr. Adams’s fund-raising in his own pitch to donors.The City Council is preparing to fight the mayor over his painful budget cuts to city services and could soon override his objection to banning solitary confinement in city jails. Even his friend, former Gov. Andrew M. Cuomo, is eyeing his job.The reasons for the discontent surrounding Mr. Adams are plenty. He faces a federal investigation into his campaign fund-raising, and widespread criticism over his handling of the migrant crisis. He was named in a legal claim accusing him of sexual assault in 1993 and he made unpopular budget cuts to the police, schools and libraries.The extent of his unpopularity was quantified this week in a stunning Quinnipiac University poll: Only 28 percent of New Yorkers approve of the job Mr. Adams is doing, the lowest for any New York City mayor in a Quinnipiac poll since it began surveying the city in 1996.Mr. Adams has not been accused of wrongdoing in the F.B.I. investigation, and he is hardly the first mayor who has faced an investigation: His predecessor, Bill de Blasio, also faced an inquiry into his campaign’s finances. But the political world remains abuzz about his future, especially after the F.B.I. seized his cellphones on the street.One political consulting firm was so curious to know how far the mayor’s star had fallen that it commissioned its own poll to ask New Yorkers who they would support in a special election if Mr. Adams resigned.“We’re in a period of enormous political uncertainty,” said Evan Roth Smith, a founding partner at Slingshot Strategies. He added, “A special election is far from a certainty, but it’s clearly a possibility.”The poll found that Mr. Cuomo would be the most popular candidate at 22 percent, followed by the city’s public advocate, Jumaane Williams, at 15 percent. Kathryn Garcia, a former sanitation commissioner who finished second in the 2021 Democratic mayoral primary, came in third at 12 percent.Mr. Adams, famously known for his swagger, has appeared chastened in recent weeks, and has seemed on the defensive.His aides immediately responded to the Quinnipiac poll by calling it “misleading” and sending out a torrent of book blurb-like hosannas of the mayor — some with nearly identical wording — from loyalists like Representative Adriano Espaillat, a key Dominican American power broker, and Assemblywoman Jenifer Rajkumar.Rob Speyer, the chief executive of the real estate investment firm Tishman Speyer, praised Mr. Adams’s “hustle and successes.” Steven Rubenstein, chairman of the Association for a Better New York, called the mayor a “champion for all New Yorkers.” The mayor’s stalwarts included other business and union leaders, a signal to potential challengers that the mayor still enjoys broad support from some of the city’s most influential constituencies.At a recent town hall meeting in East Harlem, Mr. Adams addressed his weaknesses head on. He started the event by addressing “two tough issues that you have been reading about,” and told the crowd that he did not break the law by helping the Turkish Consulate and that he did not sexually assault a woman who filed a legal claim against him for an incident she said happened in 1993.Mr. Adams’s ties to Turkish interests, including the Turkish Consulate, are being examined by federal investigators.Sara Hylton for The New York Times“You know my character,” he said. “You know what I stand for.”In most mayoral election cycles in New York, Democratic incumbents are virtually untouchable. But amid Mr. Adams’s problems, more Democrats are weighing potential candidacies — either when Mr. Adams faces re-election in 2025, or in the case of a special election if he were to resign or be forced from office.One past Adams donor, Jean Shafiroff, the wife of a prominent banker, said that she was waiting to see what happens with the F.B.I. investigation and the sexual assault allegation before participating in any more fund-raisers. She said that she works on women’s rights issues and felt conflicted.“It’s difficult for me right now, as much as I believe the mayor is innocent,” she said in a phone interview on Friday from Miami where she was attending the Art Basel art event.Mr. Cuomo has spoken to people about potentially running for mayor under the right circumstances, according to three people who have spoken to him and who were granted anonymity to discuss a sensitive matter.Mr. Cuomo’s allies have insisted that the former governor, who resigned in 2021 after facing a series of sexual harassment allegations, would consider running for mayor only if Mr. Adams was no longer in the race.“He is not going to run against the mayor,” Charlie King, a Democratic strategist who is close to Mr. Cuomo, said in an interview.Matt Wing, a former adviser to Ms. Garcia, signaled that she might be open to running, saying in a statement: “In the chaos of a special election, New York City will need stability over political spectacle. And there’s only one leader in the potential field ready to meet the moment with competence, character and deep-rooted city management experience, which is perhaps why Kathryn stands out.”Scott Stringer, a former city comptroller whose bid for mayor in 2021 was derailed by sexual misconduct allegations, has had conversations with former staffers about moving quickly to run in a special election, according to a person who was familiar with the matter.When Mr. Adams took office two years ago, he was heralded as a national Democratic star and a moderate who made a compelling case for improving public safety. He called himself the “Biden of Brooklyn.”President Biden, who once counted the mayor as a trusted ally, has not spoken to Mr. Adams in months, and his aides and allies now view the mayor as a grandstanding opportunist because he publicly criticized the White House for not providing enough help to the city to deal with the migrant crisis.Now, as the mayor faces questions about his management ability, even his agenda seems more uncertain.On Monday, City Council leaders will hold an oversight hearing to scrutinize the mayor’s cuts to the Police Department, schools and libraries. They are hoping to reverse some of the cuts and to find ways to raise additional revenue.Progressive leaders say that the mayor’s low approval rating shows that his budget cuts are unpopular, and they are hoping to capitalize on his weakened political position by pushing to raise taxes on the wealthy.“What we hear from this poll is that New Yorkers are asking elected officials to invest in a progressive agenda — affordable housing, schools, sanitation, libraries,” said Ana María Archila, a state director of the Working Families Party, which has had conversations with left-leaning candidates about running against Mr. Adams.Later this month, the mayor may face a battle with the City Council over solitary confinement in city jails. Mr. Adams has threatened to veto a ban, arguing that it would put correction officers in harm’s way. But Mr. Williams and City Council leaders have pushed forward with a bill, saying that the practice is torture.The City Council may vote on the ban at its Dec. 20 meeting, and likely has enough votes to override a veto, should the mayor choose to do so. Mr. Adams’s first major veto in June — aimed to stop a housing bill that expanded a rental voucher program — was overridden by the Council.That rental voucher expansion is nearing a Jan. 9 deadline for implementation, and leaders in the City Council are contemplating suing the Adams administration because they believe it is intentionally not moving forward with the plan, according to Council officials.Diana Ayala, the deputy speaker of the City Council who is considering running for mayor, said that Mr. Adams had undermined the Council and refused to work with leadership to address the city’s many crises.“He’s arrogant, and that arrogance is not helpful,” she said.Shahana Hanif, a chair of the Council’s progressive caucus, said that Council members were becoming more comfortable challenging the mayor given his issues.“These incidents are emboldening our colleagues to feel like this is a mayor who doesn’t have his campaign, personal life, nor the city’s best interests at heart,” Ms. Hanif said. “He is a mess.”Perhaps the most telling sign of Mr. Adams’s diminished stature can be seen in the recent responses of Mr. Lander, the city comptroller and another possible mayoral candidate. He recently curtailed Mr. Adams’s ability to quickly spend hundreds of millions of dollars on the migrant crisis.Earlier this year, Mr. Adams openly mocked Mr. Lander’s voice and his left-leaning politics at news conferences. Now Mr. Lander has returned the favor in a recent fund-raising email, chiding the mayor for his campaign’s ties to the Turkish government.“Turkey should have a special place on your Thanksgiving table,” Mr. Lander’s fund-raising email said. “And that’s the only kind of special treatment that Turkey should have in New York City.”Nicholas Fandos More

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      Putin Says He Will Seek Another Term as Russia’s President

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      The announcement was long expected after the Constitution was amended in 2020, effectively allowing the Russian leader to stay in power until 2036.President Vladimir V. Putin said on Friday that he would seek another term as Russia’s leader at an election scheduled for March 17, setting in motion a campaign that is widely expected to result in another victory.With the war in Ukraine as a backdrop, Mr. Putin’s announcement was laden with symbolism. According to Tass, a Russian state news agency, he made it during a military awards ceremony in the Kremlin, responding to a question posed by Artyom Zhoga, a Russian military officer and official from Donetsk, a city in eastern Ukraine.“I won’t hide it, I had different thoughts at different times,” Mr. Putin said. “But now you are right, the time is such when a decision needs to be made,” he said. “I will run for president of Russia.”It was a long-expected announcement, awaited by observers at least since the Russian Constitution was amended in 2020 to effectively allow Mr. Putin to stay in power until 2036. He has led Russia as either president or prime minister since 1999.While there is little doubt about the outcome of the election, the coming vote carries more significance because it is the first presidential election since Mr. Putin, 71, ordered the full-scale invasion of Ukraine in 2022.Nikolay Petrov, an analyst with the German Institute for International and Security Affairs, said, “This is not an election, this is the re-election of the same leader.”“Mr. Putin is essentially competing with himself — with the younger Putin,” Mr. Petrov added. “It is important for him to show that he is not in a worse place than he was 25 years ago.”The invasion of Ukraine was perhaps the most consequential decision Mr. Putin had taken for Russia during his 23 years in power. He also ordered an unpopular mobilization campaign last year, in which hundreds of thousands of men were called up to fight in the war.So far, the conflict has not figured heavily in Mr. Putin’s public appearances in the months running up to the election — a strategy that observers say is intentional. More

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      Russia Sets Date for Presidential Election

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      The winner of the contest is widely seen as a foregone conclusion: Vladimir V. Putin.Lawmakers in Russia on Thursday set March 17 as the date for the country’s next presidential election, launching a race that few doubt will result in President Vladimir V. Putin’s re-election for another six-year term.While the vote’s outcome is widely seen as a foregone conclusion in Russia, the campaign will take place under drastically different circumstances than the previous one in 2018.It will be the first presidential election since Mr. Putin ordered the full-scale invasion of Ukraine in February 2022. It also will be the first election since the passage of constitutional amendments in 2020 that allowed Mr. Putin, 71, to reset his term limit clock. (Some constitutional lawyers and experts still debate the legality of the reset.)The vote on Thursday in the Federation Council, the upper chamber of the Russian parliament, marked the formal start of the election campaign. Speaking before the vote, Valentina I. Matviyenko, the council’s speaker, gave a strong indication of who she thought would win.“Our people will confidently make the only right choice by casting their votes for Russia, victory, and a future in a strong and sovereign country,” said Ms. Matviyenko, referring to the priorities stated by Mr. Putin, even if she didn’t mention him by name.Mr. Putin is expected to announce his intention to run in the coming weeks, but some political parties rushed to endorse him on Thursday ahead of a formal declaration.Sergei M. Mironov, the leader of the Just Russia party, one of five represented in the Russian parliament, said his group was endorsing Mr. Putin, as did Vladimir A. Shamanov, a deputy from the ruling United Russia party.Ella A. Pamfilova, the head of Russia’s Central Electoral Commission, said the body would deliberate in the coming days about whether the vote would take place over a three-day period, instead of on one day — a more drawn out process that critics have said reduces transparency.The commission will also discuss whether the vote will be conducted in the areas of Ukraine occupied by Russia following the invasion, Ms. Pamfilova said.The presidential campaign got launched amid a period of intense diplomacy for Mr. Putin. On Wednesday, he made quick trips to the United Arab Emirates and Saudi Arabia. On Thursday, he spoke to international investors, many of them from China and India, at a conference in Moscow. Later Thursday, he was scheduled to meet with President Ebrahim Raisi of Iran.Many parties and potential candidates have featured in previous elections, but this time, following the invasion of Ukraine, the political landscape is vastly different.Numerous outspoken critics of Mr. Putin and his policies have had to flee Russia. Aleksei A. Navalny, whose presidential bid was rejected by the Central Electoral Commission, is serving a lengthy prison term in a penal colony. On Thursday, Mr. Navalny’s political allies called on Russians to vote for any candidate other than Mr. Putin.“Putin has been terrorizing our country for 24 years,” said Ivan Y. Zhdanov, the director of Mr. Navalny’s anti-corruption foundation, in a video announcing the effort. “He plans to do it indefinitely.”So far, three Russian politicians have announced their intention to run against Mr. Putin.Boris B. Nadezhdin, a municipal deputy in a suburban town near Moscow, has said the end of the war was his top priority. Igor Girkin, a nationalist warlord and blogger currently in jail awaiting trial on extremism charges, has argued for a tougher approach in Ukraine. Yekaterina S. Duntsova, who also campaigns against the war, has garnered limited national appeal so far.In order to register as candidates, they must collect thousands of signatures from supporters, a requirement that can be a tough bar to overcome for opposition politicians in a country where opposition activity has been sharply curtailed by the state. More

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      Inside Donald Trump’s Dominance of a Primary He Wasn’t Supposed to Win

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      Listen and follow ‘The Run-Up’Apple Podcasts | Spotify | AmazonDoug Mills/The New York TimesThere was a moment in early 2023 when Donald Trump seemed like a politician in decline.And it wasn’t just his political opponents who thought so. National Republicans, who blamed Mr. Trump for the party’s run of bad results in the midterms, largely agreed.But now it’s starting to set in: It appears the former president’s staying power was underestimated … again. Mr. Trump is the overwhelming favorite to be the Republican presidential nominee — and his supporters remain the most influential force in the party’s politics.This week, through conversations at an event with South Carolina Republicans, we try to understand why the party continues to back an embattled Mr. Trump — and how it came to feel as though this primary ended before it even began. Then, Astead talks with Jonathan Swan, a New York Times political reporter, about how the Trump team has approached this campaign with discipline and strategy, and what it is planning should he win back the White House.About ‘The Run-Up’“The Run-Up” is your guide to understanding the 2024 election. Through on-the-ground reporting and conversations with New York Times colleagues, newsmakers and voters across the country, our host, Astead W. Herndon, takes us beyond the horse race to explore how we got to this unprecedented moment in American politics. New episodes on Thursdays.Credits“The Run-Up” is hosted by More

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      Venezuela Orders Arrest of Top Opposition Figures on Treason

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      The move is the latest of several that undercut prospects of free elections next year, despite commitments made to the Biden administration in return for sanctions relief.Venezuela’s top prosecutor accused several top opposition figures of treason and ordered their arrest on Wednesday, the latest blow to prospects for credible elections that the government has agreed to hold next year in exchange for the lifting of crippling U.S. economic sanctions.The attorney general, Tarek William Saab, said that opponents of the leftist government had accepted money from ExxonMobil to sabotage President Nicolás Maduro’s recent referendum on annexing a large, oil-rich region in Guyana. The oil company could not immediately be reached for comment.Mr. Saab did not say what, specifically, the accused had done to thwart the referendum, but he said they would be charged with treason, conspiracy, money laundering and criminal association. He announced arrest warrants for 15 people, some of them prominent opposition members, including people who live abroad and two U.S. citizens.The Biden administration has tried to coax Venezuela into holding elections, relaxing some of the damaging American sanctions. In October, the government reached an agreement with the opposition on steps toward a vote, and it agreed last week that candidates who have been barred from running for office could appeal that penalty to the country’s top tribunal.But Mr. Maduro’s government has also repeatedly undercut the opposition’s ability to mount a meaningful challenge.More than 2.4 million Venezuelans voted in October in an opposition primary election for president, held without official government support. Since then, the government has questioned the primary’s legitimacy, has taken legal aim at its organizers and has barred the winner of the primary, María Corina Machado, from running for office for 15 years, claiming that she did not complete her declaration of assets and income when she was a legislator. Three of those Mr. Saab accused on Wednesday are members of Ms. Machado’s political party who live in Venezuela.Since Mr. Maduro took power in 2013, after the death of Hugo Chávez, the combination of growing oppression, rampant corruption and sanctions has made life much harder for ordinary Venezuelans, and millions have left the country. Under Mr. Maduro, international observers have called the country’s elections illegitimate.With the allegations of treason, President Biden must decide whether to continue betting that sanctions relief will persuade Mr. Maduro to allow a real vote, said Geoff Ramsey, a senior fellow for Venezuela at the Atlantic Council.“I think Maduro is really forcing Biden’s hand here,” he said. “It’s become clear that he can’t win a free and fair election, so he needs Washington to snap back the sanctions to justify a crackdown that allows the regime to revert to the status quo.”On Sunday, Venezuela held a referendum, backed by Mr. Maduro, on whether to annex the Essequibo region in Guyana. Mr. Maduro has cast the issue as a fight with ExxonMobil, the American oil company that has a deal with the Guyanese government. His critics say the vote was no more than a bid to divert attention from his political troubles by stoking nationalist fervor.Jorge Rodriguez, president of Venezuela’s National Assembly, with a map on Wednesday showing Essequibo as part of Venezuela.Pedro Rances Mattey/Agence France-Presse — Getty ImagesThe government reported a vote of more than 95 percent in favor. Though political analysts, social media users and New York Times journalists reported sparse turnout, the government claimed that it was heavy, with 10.5 million ballots cast.“With the inflated vote numbers, they’ve just become a mockery,” said Christopher Sabatini, a senior research fellow for Latin America at Chatham House, an international affairs research group in London. “Things really do seem to be falling apart.”The Essequibo region, with immense mineral and oil wealth but few people, is almost as large as Florida, taking up nearly three-quarters of the total area administered by Guyana. Venezuela and Britain both claimed it in the 19th century, and the dispute has continued since Guyana gained independence from Britain in 1966. The question is under consideration by the International Court of Justice in The Hague.At the same time that Mr. Saab was giving his news conference, Ms. Machado, a center-right former lawmaker, was holding one of her own at her party’s headquarters in Caracas, saying that the referendum had damaged the electoral authority’s credibility.As news of the charges and arrest orders spread on social media and through the room where Ms. Machado was speaking, her assistant pulled her campaign chief off the stage and whispered in her ear. Afterward, another party leader took the stage to say they were waiting for formal notice from the attorney general.The three party members who were charged left the headquarters without giving statements. They are the international relations coordinator, Pedro Urruchurtu; the political coordinator, Henry Alviarez, and the communications coordinator, Claudia Macero.The Americans accused by Mr. Saab are Damian Merlo, a consultant who has advised the authoritarian president of El Salvador, Nayib Bukele; and Savoi Jandon Wright. Mr. Saab gave no information about Mr. Wright, except that he was already imprisoned in Venezuela. More

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      Big Donors Rally Around Nikki Haley

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      The former governor of South Carolina is winning support from some Democrats and business-minded conservatives as the G.O.P. candidate who can beat Donald Trump.Nikki Haley is beginning to gain in the polls and has won financial backing from donors such as Reid Hoffman, the LinkedIn co-founder and Democratic donor, and the Koch brothers.Maansi Srivastava/The New York TimesA bipartisan boost for HaleyAs the four remaining prominent Republican presidential contenders not named Donald Trump assemble for the latest G.O.P. primary debate tonight, just one will arrive with any sort of positive momentum.Nikki Haley is gaining traction as the leading anti-Trump Republican, particularly among Democrats and business-minded conservatives alike. But growing support from elites may not be enough to help her catch the former president.Reid Hoffman recently donated $250,000 to a super PAC supporting Haley. The LinkedIn co-founder and a major Democratic donor has funded an array of anti-Trump initiatives. His donation, first reported by The Times, is the latest sign that some Democrats see bolstering Haley as the best way to beat Trump.News of Hoffman’s contribution came after Jamie Dimon, JPMorgan Chase’s C.E.O., urged liberals to back Haley. “Get a choice on the Republican side that might be better than Trump,” he said at the DealBook Summit last week. That’s on top of growing support from business-minded Republicans. The political network founded by Charles and David Koch recently endorsed Haley, and deep-pocketed donors including Stanley Druckenmiller and Andy Sabin have attended fund-raising events for her.A reality check: Despite skipping all of the Republican primary debates and facing a staggering array of criminal and civil trials, Trump still leads Haley and the rest of the G.O.P. field in polls.And support from Democrats and corporate moguls may not endear Haley to the Republican base that will start voting on the G.O.P. candidate next month: A recent fund-raising email from Trump argued that “globalist special interest donors from both parties” are forging “an unholy alliance to beat us.”Other Republican contenders are faring even worse. The campaign of Ron DeSantis, Florida’s governor, is in turmoil. Chris Christie, the former New Jersey governor, barely qualified for the debate and faces calls to drop out to avoid fracturing the anti-Trump opposition. And Vivek Ramaswamy, the outspoken “anti-woke” entrepreneur, is fading in the polls.Some donors are just throwing up their hands. Marc Rowan, the C.E.O. of Apollo Global Management, said that the 2024 race would come down to President Biden and Trump. “Personally, I’m disappointed,” he told Bloomberg on Tuesday.In other 2024 news: Liz Cheney, the former Wyoming representative who vehemently opposes Trump, is weighing a third-party presidential run. And Biden said “I’m not sure I’d be running” for re-election were Trump not in the race for the White House.HERE’S WHAT’S HAPPENING The Supreme Court appears wary of broadly disrupting the U.S. tax code. In oral arguments for Moore v. United States, a majority of justices seemed to favor narrowly upholding a Trump-era one-time tax on foreign income. Legal experts warned that a broad ruling could lead to a redefinition of income, potentially requiring major portions of American tax law to be rewritten.CVS will change how its pharmacies are paid for drugs. The nation’s biggest pharmacy chain said it would move to a system based on how much it pays for medicines, rather than the current model that involves complex formulas. CVS said the new arrangement would give more insight into drug pricing, but skeptics argued that it may not lead to lower costs for consumers.The N.C.A.A.’s president proposes uncapped compensation for college athletes. Charlie Baker suggested that top schools set aside educational trust funds of a minimum of $30,000 annually for at least half of their athletes, and raise compensation for women. The plan — which would take a long time to put in effect — is aimed at helping protect the N.C.A.A. from antitrust inquiries.Patrick McHenry, the chair of the House Financial Services Committee, will retire. The North Carolina Republican, the first interim speaker and a champion of the crypto industry, said he wouldn’t seek re-election. Because of term limits, he wouldn’t be able to hold onto his chairmanship anyway, though his district will most likely remain in Republican hands.Bank bosses head to the Hill The heads of America’s biggest banks, including Jamie Dimon of JPMorgan Chase and David Solomon of Goldman Sachs, are expected to go on the offensive on Wednesday at a Senate Banking Committee hearing, arguing that new regulation would help create further instability in the sector and harm borrowers.Capital rules will be in focus. Industry lobbying groups have pushed back in recent months against the so-called Basel III Endgame that would require banks to keep billions on their books as a backstop for potential losses. (Basel refers to the international banking standards committee.) The Fed and the Federal Deposit Insurance Corporation are among the regulators seeking higher capital requirements after the regional banking crisis set off by the collapse of Silicon Valley Bank.The hearing may be the bankers’ last best chance to push their case that the Basel proposal should be watered down or scrapped. In prepared remarks, Dimon said the proposal “would unjustifiably and unnecessarily increase capital requirements by 20-25 percent for the largest banks.” That would force lenders to pull back, creating “a harmful ripple effect on the economy, markets, businesses of all sizes and American households,” he said.The proposal would have an inflationary side effect, driving up the cost of credit for its clients, Solomon warned in his prepared remarks, which in turn “will likely get passed on to consumers.”The pushback comes as America’s lenders contend with a slew of challenges. High interest rates and a slowing economy have put the crimp on their core lending business. Banking watchdogs, meanwhile, remain concerned about lenders’ exposure to the pandemic-hit commercial real estate sector.Don’t expect progressive senators to be swayed. In a statement, the committee wrote that “while Wall Street banks argue that stronger rules to protect the public will be too expensive, they are actually making trillions of dollars in profits every year and paying C.E.O.s several hundred times more than their median workers.”Europe races to regulate A.I. The first big regulatory regime for artificial intelligence could be signed as early as Wednesday, with European Union lawmakers in the final stages of debating the A.I. Act. The rules wouldn’t take effect for 18 months, but they represent an effort by governments to catch up with the development of a transformative technology that has exploded into the public consciousness since the introduction of ChatGPT a year ago.Europe has long been one of the most aggressive tech regulators. From data privacy to tech sector M&A, the E.U. has often been ahead of others. But the fast pace of A.I. development is testing regulators’ ability to keep up. The A.I. Act was introduced in 2021, but the tech has advanced significantly during that time. Other governments are deliberating their own rules. President Biden issued an executive order in October focused on A.I. and national security; Japan is drafting nonbinding guidelines for the technology and China has imposed restrictions on certain types of A.I. Last month, Britain hosted an A.I. safety summit for tech leaders and policymakers that included the U.S. and China.E.U. lawmakers are trying to impose guardrails without killing innovation. Some say the rules need to address the underlying technology, and are pushing to stop the use of A.I. in biometric surveillance.But some member states want opt-out options. Last month, France, Germany and Italy came out against strict regulation of general-purpose A.I. models for fear of hurting domestic start-ups. Some member states also want exceptions for national security, defense and military purposes.The latest draft of the A.I. Act focuses on “high risk” uses, including law enforcement, school admissions and hiring. Some applications, like chatbots and software that creates manipulated images, will have to make clear to people that they are A.I.-generated. Congress takes on campus battles The presidents of Harvard, M.I.T. and the University of Pennsylvania faced a congressional grilling on Tuesday over a growing wave of hate speech and antisemitism on their campuses that has angered some business leaders and prominent donors since the war in Gaza began in October.College leaders admitted to difficulties in confronting hate and preserving free speech. “I know that I have not always gotten it right,” Claudine Gay, Harvard’s president, told the House Committee on Education and the Workforce. She has come under intense pressure from influential professors, graduates and donors, including the former Treasury secretary Larry Summers and Pershing Square Capital Management’s Bill Ackman, to do more to protect students.After the hearing, Ackman called on all three to “resign in disgrace.” Summers said that Gay’s ideals were “just the right ones,” but that “there’s a lot of work to do.”Preserving students’ safety and civil rights has become a national focus. The Education Department’s Office for Civil Rights recently opened an investigation into complaints of antisemitism at Harvard. That came after a series of federal civil rights investigations into complaints of discrimination against students at some of America’s most prestigious universities, including Harvard, Penn and Columbia. Some schools have formed new task forces to address the growing concerns.The financial stakes are high. Schools that run afoul of civil rights laws could risk losing federal funding. Meanwhile, major university donors are using their clout to call attention to the rise of antisemitism on campus, pushing schools to do more to address the matter. These wealthy alumni are urging others to fight back, too.“We have our own war here in the U.S.,” Marc Rowan, the C.E.O. of Apollo Global Management, said at a recent fund-raiser. Rowan, who has criticized his alma mater, Penn, for its handling of antisemitism, renewed his call to hold the institutions accountable, “financially or otherwise.”THE SPEED READ DealsShares in British American Tobacco tumbled after the company announced a $31.5 billion write-down of its U.S. cigarette brands, six years after buying Reynolds American for $49 billion. (NYT)Elon Musk’s artificial intelligence start-up, xAI, filed to raise up to $1 billion in new capital. (The Verge)How Jeff Ubben’s second act, as an environmentally minded activist investor, fell apart. (FT)PolicyChina’s leader, Xi Jinping, is conducting a purge of the top ranks of the country’s political system, a move that could have implications for the global economy and regional stability. (Politico)A group of nuns that owns a stake in Smith & Wesson sued the gun maker, arguing that its sales and marketing strategy for the AR-15 rifle is putting shareholders’ investments at risk. (WSJ)Best of the restHollywood actors ratified their union’s labor deal with movie and television studios, but some had reservations about its guardrails on the use of artificial intelligence. (NYT)Israeli securities regulators said they found no trading abnormalities ahead of the Oct. 7 Hamas-led attacks, after researchers said they had found a spike in short-selling. (Bloomberg)Is it time to give up vinyl records in the name of climate change? (Guardian)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More