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      Is Russia Open for Business — and at What Cost?

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      Investors seem open to the prospect of peace talks, but Western companies face a dilemma just three years after many retreated from the country.The return of Western businesses would be an enormous lift to President Vladimir Putin of Russia. But would they dare risk it?Pool photo by Mikhail MetzelWe’re taking a look at President Trump’s plans to consolidate control over many of the agencies that oversee business, including the S.E.C., the Federal Trade Commission, the Federal Communications Commission and the National Labor Relations Board.For years, industry has complained about the alphabet soup of agencies, which often compete with one another. Some officials argue that is a feature, not a bug, while others have called for a complete rethinking of the regulatory apparatus in the country. What do you think?Meanwhile, President Trump is expected to speak on Wednesday at the Saudi-hosted FII Priority conference in Miami Beach, the event that’s increasingly a gathering of power players including Ken Griffin of Citadel, Dara Khosrowshahi of Uber and Masa Son of SoftBank. DealBook’s Lauren Hirsch will be reporting on the ground there and we’ll bring you the latest Thursday morning.“Incredible opportunities” Frozen out of potential Russia-Ukraine peace talks, European leaders are either feeling dazed or are fuming. But investors are feeling increasingly optimistic about the prospects of the nearly three-year war ending, especially as President Trump indicates he may meet with President Vladimir Putin of Russia this month.One big question is how corporate leaders feel about U.S. and Russian officials signaling that Russia may reopen to Western businesses. Concerns like the future of Western sanctions on Moscow remain unresolved, while companies may still feel burned by their hasty and costly exodus from the country.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? Log in.Want all of The Times? Subscribe. More

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      Ukraine’s Equation

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      The West has fractured, and Putin knows it.For Ukraine, a peace deal with Russia is not just about stopping the war. A deal should also prevent the next one — by convincing Russia that its invasion was a costly failure.In that context, the past week brought a lot of bad news for Ukraine. American officials conceded that Ukraine would not reclaim all of its territory or join NATO. They also said that U.S. troops would not help protect Ukraine’s borders after the war.Maybe a truce would have eventually included those conditions. But by granting them now, the concessions push a peace deal in Russia’s favor — and may get Vladimir Putin to think that, after all of this, the war was worth the costs. “The United States is intent on ending this war,” said my colleague Julian Barnes, who covers international security. “And ending it quickly likely means trying to end it on Russia’s terms.”Today’s newsletter looks at why Ukraine is increasingly concerned about a future Russian invasion.Imposing costsSince the beginning of the war, Ukraine has worried that an eventual cease-fire will simply give Russia time to rebuild and come back. So Ukraine and its allies have tried to prevent this scenario through two approaches.First, they have tried to make the war as costly as possible for Russia. On the diplomatic front, Ukraine’s allies have imposed economic sanctions on Russia. On the battlefield, Russia has lost hundreds of thousands of soldiers to death and injuries. At the same time, Ukraine has tried to retake as much territory as possible. If Russia ended the war with an economy in ruins, a colossal death toll and little new territory, it would likely look at the invasion as a mistake.Sources: The Institute for the Study of War | Map is as of Feb. 18. | By The New York TimesWe 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? Log in.Want all of The Times? Subscribe. More

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      Courts Force a Window Into Musk’s Secretive Unit

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      When President Trump signed an order imbuing the so-called Department of Government Efficiency with even more power over the federal work force, Elon Musk was there, championing the work as an exercise in transparency.“All of our actions are maximally transparent,” Mr. Musk said last week, standing in the Oval Office. “In fact, I don’t think there’s been — I don’t know of a case where an organization has been more transparent than the DOGE organization.”But in case after case, federal judges have begged to differ.The work of Mr. Musk, who Mr. Trump has said is the leader of the operation tasked with making “large scale” reductions across every department, has been largely shrouded in secrecy. Team members have spent weeks burrowing into multiple federal agencies, demanding access to data for undisclosed purposes.Anxious career employees have received little direct information, leaving them reliant on office rumors and news reports for updates. The identities of the members of Mr. Musk’s team, too, have been closely held.Court filings in the torrent of lawsuits challenging the incursions have offered a crucial, though limited, window. As some of the only firsthand accounts of what Mr. Musk’s associates are doing across a number of departments, they paint a picture of a tightly managed process in which small groups of government employees have swept in and out of agencies, grabbing up data in apparent pursuit of larger political projects.The filings have also offered revelations about what information security and ethics trainings those employees have undergone. But many questions remain, frustrating the judges trying the cases.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? Log in.Want all of The Times? Subscribe. More

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      DOGE Claimed It Saved $8 Billion in One Contract. It Was Actually $8 Million.

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      The biggest single line item on the website of Elon Musk’s cost-cutting team appears to include an error.The Department of Government Efficiency, the federal cost-cutting initiative championed by Elon Musk, published on Monday a list of government contracts it has canceled, together amounting to about $16 billion in savings itemized on a new “wall of receipts” on its website.Almost half of those line-item savings could be attributed to a single $8 billion contract for the Immigration and Customs Enforcement agency. But it appears that the DOGE list vastly overstated the actual intended value of that contract. A closer scrutiny of a federal database shows that a recent version of the contract was for $8 million, not $8 billion. A larger total savings number published on the site, $55 billion, lacked specific documentation.The contract, with a company called D&G Support Services, was to provide “program and technical support services” for the Office of Diversity and Civil Rights at ICE. The Trump administration has been purging diversity programs from the federal government.By examining past versions of the contract listed on the Federal Procurement Data System, The Upshot determined that the federal award, approved in September 2022, had initially listed a total value of $8 billion. But on Jan. 22 this year, that figure was updated to $8 million. According to the database, the contract was terminated about a week later. (For context, $8 billion is nearly the size of the entire budget of the Centers for Disease Control and Prevention.)It’s possible that DOGE or someone else in the Trump administration can claim credit for fixing the error in the contracting database, given that the value was downgraded to $8 million two days after President Trump took office. But it is also clear that the government was not spending $8 billion on the contract. In the two and a half years since it was signed, $2.5 million had been spent; the contract appeared set to expire in 2027.The DOGE website initially included a screenshot from the federal contracting database showing that the contract’s value was $8 million, even as the DOGE site listed $8 billion in savings. On Tuesday night, around the time this article was published, DOGE removed the screenshot that showed the mismatch, but continued to claim $8 billion in savings. It added a link to the original, outdated version of the contract worth $8 billion.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? Log in.Want all of The Times? Subscribe. More

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      PGA Tour and LIV Golf Look for Merger Deal Under Trump

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      A tie-up involving the tour and LIV Golf was stalled under President Biden. They’re aiming to forge a new agreement under President Trump.The PGA Tour and Saudi Arabia’s sovereign wealth fund are racing to reshape their plans to combine their rival golf circuits, emboldened by President Donald J. Trump’s eagerness to play peacemaker for a fractured sport, according to four people familiar with the matter.Since the start of secret talks in April 2023, PGA Tour executives and their Saudi counterparts have been weighing how they could somehow blend the premier American golf circuit with the Saudis’ LIV Golf operation. But negotiators have struggled to design a deal that would satisfy regulators along with players, investors and executives.Mr. Trump’s return to Washington has offered a new opening: After an Oval Office meeting this month that ethics experts have said tested the bounds of propriety, the two sides are considering options that might have stalled during Joseph R. Biden Jr.’s presidency but that the Trump administration’s antitrust enforcers could offer a friendlier glance.The details of any prospective agreement, including LIV’s fate, remain in flux. In general, regulators would see any transaction that led to the dissolution of one of the leagues as anticompetitive; under Mr. Trump, though, antitrust regulators could take a more relaxed view.The two sides are looking beyond a simple cash transaction, though it is unclear how exactly the deal would be structured. The PGA Tour commissioner, Jay Monahan, has said they are looking at a “reunification,” but there are many complicating factors, including how to value both ventures.There is also the matter of how to handle any deal alongside a separate $1.5 billion investment in the PGA Tour by a band of American sports magnates.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? Log in.Want all of The Times? Subscribe. More

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      Federal Prosecutor Responsible for Overseeing Major Criminal Cases Resigns

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      A veteran federal prosecutor in Washington responsible for overseeing major criminal cases in one of the nation’s most important offices abruptly resigned on Monday, according to an email sent to colleagues.Denise Cheung, the head of the criminal division in the U.S. attorney’s office in Washington, resigned rather than carry out a directive from the office’s Trump-appointed leadership, according to several people with knowledge of her actions who spoke on the condition of anonymity for fear of reprisal.Ms. Cheung did not say what precipitated her decision in her email, but she thanked her colleagues for adhering to the highest standards of professional conduct.“This office is a special place,” she wrote. “I took an oath of office to support and defend the Constitution, and I have executed this duty faithfully.”Ms. Cheung, a Harvard Law School graduate, said prosecutors in the office had conducted themselves “with the utmost integrity” by “following the facts and the law and complying with our moral, ethical and legal obligations.”The resignation came less than a day after President Trump nominated Ed Martin, a right-wing activist who sat on a board that raised cash for rioters at the Capitol on Jan. 6, 2021, and pushed for their mass reprieve, to run the office permanently.A spokesman for Mr. Martin did not immediately respond to a request for comment.Decisions by Mr. Trump’s appointees have roiled the Justice Department. Last week, seven career officials, in the U.S. attorney’s office in Manhattan and at department headquarters, resigned rather than signing the dismissal of federal corruption charges against Mayor Eric Adams of New York, saying the request by the department’s acting No. 2 official was inappropriate and undermined an appropriate investigation. More

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      Who Runs Elon Musk’s DOGE? Not Musk, the White House Says.

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      Who, exactly, runs the so-called Department of Government Efficiency?You might think it would be Elon Musk, the man who President Trump said “will lead the Department of Government Efficiency” alongside Vivek Ramaswamy, before Mr. Ramaswamy stepped away from it last month.But when Mr. Trump set up the cost-cutting body in an executive order on his first day, the order did not say who its “administrator” would be. Section 3(b) of the order reads: “There shall be a USDS Administrator established in the Executive Office of the President who shall report to the White House Chief of Staff,” using the abbreviation for United States DOGE Service, the official name of the effort, which is not actually a cabinet-level department. Last week, White House representatives did not respond to repeated requests to identify that administrator.Then on Monday evening, a White House official stated plainly that “Mr. Musk is not the U.S. DOGE Service Administrator.” The official, Joshua Fisher, made the statement in a declaration to a judge, U.S. District Judge Tanya S. Chutkan, who is hearing a case filed by Democratic attorneys general against Mr. Musk and the DOGE effort.Mr. Fisher added that Mr. Musk was “an employee in the White House Office” and “not an employee of the U.S. DOGE Service.”Mr. Trump often talks about Mr. Musk as the functional leader of the DOGE effort, featuring him in a news conference last week where Mr. Musk answered questions about it.A lot of secrecy has surrounded DOGE despite Mr. Musk’s attempts to position it as “maximally transparent.” The White House’s unwillingness to state who its administrator is only adds to that sense of opacity.DOGE’s predecessor organization, the U.S. Digital Service, had administrators whose roles were public, most recently Mina Hsiang.Leaders of Mr. Musk’s effort who could conceivably be its “administrator” include Steve Davis, Mr. Musk’s right-hand man for two decades, who has overseen the day-to-day work of his efforts in Washington, and Brad Smith, an official in the first Trump administration who has been intimately involved in DOGE’s moves. A White House spokesperson did not respond to another request for comment on Monday evening in response to Mr. Fisher’s declaration.The administrator has several powers, according to the executive order. Those include helping agency heads choose their DOGE team members and starting a “Software Modernization Initiative” to update the government’s technology. A second executive order, released last week, said the DOGE administrator would receive a monthly hiring report from each federal agency and would submit a report in 240 days to Mr. Trump on the order’s implementation.It is not known who that report’s author will be. More

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      Elon Musk Zeroes In on the I.R.S.

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      The tech mogul’s cost-cutting initiative is seeking sensitive taxpayer data, drawing concerns about privacy, potential political retribution and more.Elon Musk, President Trump’s chief cost-cutter, has his sights now on the I.R.S., and Americans’ tax records.Eric Lee/The New York TimesThe fire hose of Elon Musk news continues: We’ve got more on the controversy over the access to sensitive I.R.S. data that Musk’s cost-cutting team is seeking and the resignation of a senior official at the Social Security Administration over a similar issue.And in case you missed it, there were two revealing long reads about the Murdoch family’s internal battles: one in The Times Magazine based on more than 3,000 pages of secret court transcripts, and another in The Atlantic that included intimate details directly from James Murdoch. Finally, here’s a great watch from over the weekend: Adam Sandler’s tribute on “Saturday Night Live” to Lorne Michaels, whom we profiled last year, during the show’s 50th anniversary special. Who gets access?Elon Musk’s cost-cutting team is continuing to burrow deeper into the federal bureaucracy in search of what the tech mogul says are trillions in potential cost cuts.But the organization’s latest accomplishments, including the potential gaining of access to sensitive I.R.S. and Social Security Administration data, have raised yet more concerns about how much power Musk is amassing — and what the consequences could be.The latest: The I.R.S. is preparing to give Gavin Kliger, a young software engineer working with the so-called Department of Government Efficiency, access to sensitive taxpayer information as a senior adviser to the I.R.S.’s acting commissioner. The I.R.S. is still working out the terms of his assignment, but as of Sunday evening, he hadn’t yet gained access to the data.Separately, the top official of the Social Security Administration, Michelle King, resigned after Musk’s team sought access to an internal database that contains personal information about Americans.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? Log in.Want all of The Times? Subscribe. More