“Francis has been less than forthright with his ever-changing stories,” Ms. deSouza’s lawyers claimed in one filing.
No secret stash ever materialized. A spokeswoman for Mr. deSouza said he had disclosed the entirety of his cryptocurrency holdings at the beginning of the divorce. “As soon as Francis knew that the Bitcoin was caught up in the Mt. Gox bankruptcy, he told his ex-wife,” the spokeswoman said. “Had the Mt. Gox bankruptcy not occurred, the division of the BTC would have been entirely uncontroversial.”
Ms. deSouza declined to comment through her lawyer.
But the appeals court found that Mr. deSouza, 51, who is now the chief executive of the biotech company Illumina, had violated rules of the divorce process by failing to keep his wife fully apprised of his cryptocurrency investments.
He was ordered to give Ms. deSouza about half the total number of Bitcoins he had owned before the Mt. Gox bankruptcy, leaving him with 57 Bitcoins, worth roughly $2.5 million at today’s prices. Ms. deSouza’s Bitcoins are now worth more than $23 million.
Not all crypto divorces involve such large sums. A few years ago, Nick Himonidis, a forensic investigator in New York, worked on a divorce case in which a woman accused her husband of underreporting his cryptocurrency holdings. With the court’s authorization, Mr. Himonidis showed up at the husband’s house and searched his laptop. He found a digital wallet, which contained roughly $700,000 of the cryptocurrency Monero.
“He was like: ‘Oh, that wallet? I didn’t think I even had that,’” Mr. Himonidis recalled. “I was like, ‘Seriously, dude?’”
A Guide to Cryptocurrency
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A glossary. Cryptocurrencies have gone from a curiosity to a viable investment, making them almost impossible to ignore. If you are struggling with the terminology, let us help:
Bitcoin. A Bitcoin is a digital token that can be sent electronically from one user to another, anywhere in the world. Bitcoin is also the name of the payment network on which this form of digital currency is stored and moved.
Blockchain. A blockchain is a database maintained communally, that reliably stores digital information. The original blockchain was the database on which all Bitcoin transactions were stored, but non-currency-based companies and governments are also trying to use blockchain technology to store their data.
Coinbase. The first major cryptocurrency company to list its shares on a U.S. stock exchange, Coinbase is a platform that allows people and companies to buy and sell various digital currencies, including Bitcoin, for a transaction fee.
Crypto finance. The development of cryptocurrencies spawned a parallel universe of alternative financial services, known as Decentralized Finance, or DeFi, allowing crypto businesses to move into traditional banking territory, including lending and borrowing.
In another case, Mr. Himonidis said, he discovered that a husband had moved $2 million in cryptocurrency out of his account on the Coinbase exchange, a platform where people buy, sell and store digital currencies. A week after his wife filed for divorce, the man transferred the funds to digital wallets, and then left the United States.
LOS ANGELES — Wearing blazers and bedazzled dresses, downing cocktails, swapping industry gossip, and hobnobbing with some of Hollywood’s biggest names, the stars of America’s video game industry assembled on Thursday night for a long-delayed reunion at the Game Awards.
The lavish event was a victory lap of sorts for the video game community. While the movie industry has fretted over ticket sales and cannibalization by streaming services like Netflix, the video game industry has enjoyed tremendous growth during the pandemic. An estimated 2.9 billion people — more than one out of every three people on the planet — have played a video game this year, according to the video game analytics firm Newzoo.
Thursday’s awards were also a welcome opportunity for the industry to gather under the same roof, since last year’s event was held online because of the pandemic. Gaming luminaries arrived on the red carpet at the vast Microsoft Theater in downtown Los Angeles, joined by celebrities better known for their work in other entertainment industries.
Sting, the rock music icon, was backed by an orchestra as he opened the show with a performance of the haunting song “What Could Have Been” from the Netflix series “Arcane,” which is based on the video game hit “League of Legends.” The hit band Imagine Dragons performed “Enemy,” another song featured in “Arcane.”
entertainment award events, you would also have been on the nose.
At the center of the gaming industry’s answer to the Oscars was Geoff Keighley, the video game and television personality who created and hosts the annual event and who tried, with seemingly endless reserves of energy and enthusiasm, to steer an increasingly antsy audience through more than three hours of awards presentations and trailers for upcoming games, interspersed with music from the orchestra.
The show began in 2014 and has attracted millions more eyeballs each year on YouTube and Twitch. Last year’s fully remote version garnered 83 million live streams, according to organizers, and Mr. Keighley said after Thursday’s show that he expected more people to have watched live this year, though preliminary numbers were not yet available.
bnans, said in the crowded lobby after the show. “We’ve been in quarantine for so long, but it’s really nice to actually get to hang out with everyone again and see each other after two years.”
More than two dozen awards were handed out in categories like best action game and best art direction. The most prestigious title, game of the year, went to “It Takes Two,” a two-player puzzle adventure game developed by Hazelight Studios about a married couple navigating a divorce and journeying through a fantastical world.
Microsoft’s gaming division brought home a number of awards, with “Age of Empires IV” winning best strategy game, “Halo Infinite” winning a fan award called players’ voice, and “Forza Horizon 5,” a car-racing game, taking home three honors. “Deathloop,” a first-person shooting game developed by Arkane Studios, also won multiple awards.
The winners were determined by a vote of industry insiders and the general public.
For many watching, though, the awards were just a sideshow. The Game Awards is also used by the industry to introduce new game announcements and debut trailers for upcoming titles. If audience reaction is any indication, the fantasy game “Elden Ring” continues to be one of next year’s most hotly anticipated titles.
debuted on the stock exchange, topping a $45 billion valuation on its first day of trading.
The increased mainstream interest in online worlds has also been a validation for industry insiders and gamers that were using the term “metaverse” years before Mark Zuckerberg decided that Facebook was going to change its name to Meta. Even Mr. Carrey, appearing at the awards show on a prerecorded video, joked about it.
“I’m sorry I couldn’t be there with you, but I look forward to meeting all of your avatars in the metaverse, where we can really get to know each other,” he said.
As the industry has grown, it has faced increasing challenges, none more pressing Thursday night than the treatment of its employees. A shadow was cast over the event by the scandal trailing Activision Blizzard — the game publisher that has been under fire for months following a lawsuit from California accusing it of fostering a workplace environment in which mistreatment and harassment of women was commonplace.
A handful of protesters stood with signs supporting Activision employees outside the theater Thursday evening, and Mr. Keighley faced pressure in the lead-up to the event to condemn the company.
He tweeted last week that Activision would not be a part of the awards show, and he opened the event by saying that “game creators need to be supported by the companies that employ them.”
“We should not, and will not, tolerate any abuse, harassment and predatory practices,” Mr. Keighley said, though he did not mention Activision by name. Rob Kostich, the president of Activision, is on the board of advisers for the Game Awards.
Before the event, Mr. Keighley said in an interview that he wanted to strike a balance between using his platform for good and maintaining the upbeat vibe of an awards show.
“Are we going to use our platform to take companies to task publicly inside the show? It’s always something worth thinking about,” he said, “but it’s not a referendum on the industry.”
Before Zhang Gaoli was engulfed in accusations that he had sexually assaulted a tennis champion, he seemed to embody the qualities that the Chinese Communist Party prizes in officials: austere, disciplined, and impeccably loyal to the leader of the day.
He had climbed steadily from running an oil refinery to a succession of leadership posts along China’s fast-growing coast, avoiding the scandals and controversy that felled other, flashily ambitious politicians. He became known, if for anything, for his monotone impersonality. On entering China’s top leadership, he invited people to search for anything amiss in his behavior.
“Stern, low-key, taciturn,” summed up one of the few profiles of him in the Chinese media. His interests, Xinhua news agency said, included books, chess and tennis.
Now the allegation from Peng Shuai, the professional tennis player, has cast Mr. Zhang’s private life under a blaze of international attention, making him a symbol of a political system that prizes secrecy and control over open accountability. The allegation raises questions about how far Chinese officials carry their declared ideals of clean-living integrity into their heavily guarded homes.
entrusted with overseeing China’s initial preparations for the 2022 Winter Olympics, which is now being overshadowed by the furor.
About three years ago, after stepping down, Mr. Zhang called the head of a tennis academy to summon Ms. Peng to play tennis with him at a party-owned hotel in Beijing, called the Kangming, that plays host to retired officials, according to her post.
Later that day, she said, he forced her to have sex in his home. They resumed a relationship, but he insisted it remain furtive. She had to switch cars to be able to enter the government compound where he lives in Beijing, she wrote. He warned her to tell no one, not even her mother.
With rarely a word or hair out of place, Mr. Zhang has seemed an unlikely protagonist for a scandal that has rippled around the world. He belongs to a generation of officials who rose after the upheavals of the Cultural Revolution, taking on the self-effacing ethos of collective leadership under Hu Jintao, who preceded the country’s current leader, Xi Jinping.
faltered under debt and inflated expectations, but Mr. Zhang moved upward into the central leadership in 2012. He became executive vice premier: in effect, China’s deputy prime minister.
“I hope that all the party members, officials and members of the public in this city will continue to exercise strict oversight over me,” Mr. Zhang said in 2012 as he left Tianjin for Beijing.
negotiated oil deals with Russia’s president, Vladimir V. Putin, and promoted Mr. Xi’s Belt and Road Initiative.
met with Thomas Bach, the president of the International Olympic Committee, as Mr. Bach was visiting the city.
It was Mr. Bach who on Sunday held a video call with Ms. Peng intended to reassure athletes and others worried about her disappearance in the days after her post appeared.
Earlier in Mr. Xi’s term, lurid reports about officials’ sexual misdeeds at times surfaced in state media, disclosures intended to signal that he was serious about purifying the party.
Mr. Xi’s priority now appears to be fending off any odor of scandal tainting the party’s top echelons. References to Ms. Peng’s account were nearly wiped off the internet inside China. A Chinese foreign ministry spokesman, Zhao Lijian, suggested that the attention around Ms. Peng had become “malicious hype.” Official media have not shown or reported on Mr. Zhang since Ms. Peng went public; nor have they directly challenged her account.
“Even to deny her allegations would be to give them a level of credence that you couldn’t then roll back,” said Louisa Lim, a former journalist who long worked in China and the author of “The People’s Republic of Amnesia.”
When Mr. Zhang retired in 2018, he dropped from public view, as is the norm in Chinese politics. Retirement often comes with perks like high quality health care, housing and travel within China, but also some monitoring.
“Once you retire, your movements are reported to the party’s department of organization,” said Minxin Pei, a professor of government at Claremont McKenna College in California who studies the party.
In her post, Ms. Peng seemed to indicate that she and Mr. Zhang had recently had a disagreement, and that he had once again “disappeared” as he did before. She wrote, though, that she expected that her account would have little effect on Mr. Zhang’s eminence.
“With your intelligence and wits,” she wrote, “I am sure you will either deny it, or blame it on me, or you could simply play it cool.”
When Nabila was a judge in Afghanistan’s Supreme Court, she granted divorces to women whose husbands were sometimes jailed for assaulting or kidnapping them. Some of the men threatened to kill her after they had served their time, she said.
In mid-August, as the Taliban poured into Kabul and seized power, hundreds of prisoners were set free. Men once sentenced in Nabila’s courtroom were among them, according to the judge. Like the other women interviewed for this article, her full name has been withheld for her protection.
Within days, Nabila said, she began receiving death threat calls from former prisoners. She moved out of her house in Kabul and went into hiding as she sought ways to leave Afghanistan with her husband and three young daughters.
“I lost my job and now I can’t even go outside or do anything freely because I fear these freed prisoners,” Nabila said by phone from a safe house. “A dark future is awaiting everyone in Afghanistan, especially female judges.”
gains made by women over the past two decades. Female judges and lawyers have left the courts under Taliban pressure, abruptly erasing one of the signal achievements of the United States and allied nations since 2001.
The women have not only lost their jobs, but also live in a state of perpetual fear that they or their loved ones could be tracked down and killed.
worked in Afghanistan for several years. She said she is representing 13 female lawyers and judges who are trying to leave the country.
nearly 90 percent of women experienced some form of domestic abuse in their lifetime, according to a 2008 study by the United States Institute of Peace.
These judges helped to bring some reform to many courts, particularly in urban areas, delivering justice to growing numbers of women and girls beaten and abused by husbands or male relatives.
The women defied a legal system that favored husbands, granting divorces to Afghan wives who in many cases would previously have been doomed to stay in abusive marriages. Among those now in hiding are former lawyers and judges who defended abused women or pursued cases against men accused of beating, kidnapping or raping women and girls.
the Taliban takeover on Aug. 15. She is trying to leave Afghanistan with her mother and two brothers, one of them a former government soldier, she said.
“I lost my job, and now my whole family is at risk, not just me,” Behista said.
shot and killed on their way to work in Kabul.
Understand the Taliban Takeover in Afghanistan
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Who are the Taliban? The Taliban arose in 1994 amid the turmoil that came after the withdrawal of Soviet forces from Afghanistan in 1989. They used brutal public punishments, including floggings, amputations and mass executions, to enforce their rules. Here’s more on their origin story and their record as rulers.
Who are the Taliban leaders? These are the top leaders of the Taliban, men who have spent years on the run, in hiding, in jail and dodging American drones. Little is known about them or how they plan to govern, including whether they will be as tolerant as they claim to be. One spokesman told The Times that the group wanted to forget its past, but that there would be some restrictions.
Male judges and police officers often resisted reforms to the justice system, and pressured women to rescind their complaints from the court. A Human Rights Watch report released in August said the system had failed to provide accountability for violence against women and girls and had undermined progress to protect women’s rights.
The report said landmark legislation passed in 2009, the Elimination of Violence Against Women law, was often sabotaged by male officials despite some progress in bringing justice to victims under the law.
World Bank, more than half of all Afghan women lack national ID cards compared with about 6 percent of men. And for many of the women who do have documents, theirs efforts to escape are complicated by a husband or child who does not.
To assist Afghan women, Ms. Motley suggested reviving Nansen Passports, first issued in 1922 to refugees and stateless people after World War I and the Russian Revolution.
Some female judges and lawyers have managed to escape Afghanistan. Polish authorities recently helped 20 women and their families leave, Justice Glazebrook said, and 24 female judges have been evacuated to Greece since August, according to the Greek foreign ministry.
November 2016 suicide bomb attack on the German consulate.
“I was getting threats for the past five years,” Friba said.
In 2014, she secured a divorce for her sister who had been forced to marry a Talib at age 17 under the movement’s first regime. Her sister has since fled to Egypt with their three children. “He is still after her,” she said.
Mr. Karimi, a member of the Taliban cultural commission, denied that the former judges and lawyers were at risk. He said they were covered by a general amnesty for all Afghans who served the previous government.
“To those people who are living in hiding: We are telling them that they should feel free, we won’t do anything to you,” Mr. Karimi said. “It’s their own country. They can live very freely and easily.”
Justice Glazebrook rejected this.
“These women believed in their country, believed in human rights and believed in the importance of the rule of law and their duty to uphold it,” she said.
As a result, she said, “They are at risk of losing their lives.”
Niki Kitsantonis contributed reporting from Athens, and Ruhullah Khapalwak from Vancouver.
Bill Gates and Melinda French Gates have at times referred to the foundation they established together as their “fourth child.” If over the next two years they can’t find a way to work together following their planned divorce, Mr. Gates will get full custody.
That was one of the most important takeaways from a series of announcements about the future of the world’s largest charitable foundation made on Wednesday by its chief executive, Mark Suzman, overshadowing an injection of $15 billion in resources that will be added to the $50 billion previously amassed in its endowment over two decades.
“They have agreed that if after two years either one of them decides that they cannot continue to work together, Melinda will resign as co-chair and trustee,” Mr. Suzman said in a message on Wednesday to employees of the Bill and Melinda Gates Foundation. If that happened, he added, Ms. French Gates “would receive personal resources from Bill for her philanthropic work” separate from the foundation’s endowment.
The money at stake underscores the strange mix of public significance — in global health, poverty reduction and gender equality, among other important areas — and private affairs that attends any move made by the first couple of philanthropy, even after the announcement of their split. The foundation plans to add trustees outside their close circle, a step toward better governance that philanthropy experts had urged for years.
announced their divorce in May, Mr. Gates and Ms. French Gates noted the importance of the work done by the foundation they had built and said they “continue to share a belief in that mission.” In the announcement on Wednesday, each echoed those sentiments.
“These new resources and the evolution of the foundation’s governance will sustain this ambitious mission and vital work for years to come,” Mr. Gates said in a statement.
Ms. French Gates emphasized the importance of expanding the board. “These governance changes bring more diverse perspectives and experience to the foundation’s leadership,” she said in a statement. “I believe deeply in the foundation’s mission and remain fully committed as co-chair to its work.”
In the immediate aftermath of the divorce announcement, it was unclear how they would share control of the institution. Wednesday’s announcement indicated that if they cannot work out their differences, it is the Microsoft co-founder Mr. Gates who will maintain control, as he essentially buys his ex-wife out of the foundation.
Mr. Suzman said he did not know how much Ms. French Gates would get if it came to that. But any payout would most likely be significant.
Ms. French Gates’s name since the divorce was announced. She pursues her own priorities through a separate organization known as Pivotal Ventures. Mr. Gates also has his own group, Gates Ventures.
Less than a year ago, the Gates Foundation was run by Mr. Gates, Ms. French Gates, his father and one of his closest friends, the billionaire investor Warren E. Buffett. It was a remarkable concentration of power for one of the most influential institutions in the world, a $50 billion private foundation that works in every corner of the globe.
The restructuring announced Wednesday could begin the process of making the Gates Foundation more responsive to the people its mission aims to help and loosen the grip on the reins that its founders have held for more than two decades.
“We’re trying to do this in a very careful and deliberate manner, thinking for the long term,” Mr. Suzman said in an interview.
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In a larger sense, the planned changes at the Gates Foundation reflect the tensions within philanthropy as a whole — between the wishes of the wealthy, powerful donors who provide the millions and even billions of dollars and the nonprofits using those funds to feed, shelter and treat those in need.
“The problems with the governance predated the separation and divorce just as those problems are an issue with all family foundations,” said Rob Reich, co-director of the Center on Philanthropy and Civil Society at Stanford.
Two former senior Gates Foundation officials called for an expanded board in an article a few weeks after the divorce announcement, including “a chair who is not the foundation’s C.E.O., founder or a founder’s family member.”
“Given that founders receive a substantial tax benefit for their donations, the assets the board oversees should be regarded as belonging to the public, with the board being held accountable to a fiduciary standard of care,” wrote Alex Friedman, the former chief financial officer, and Julie Sunderland, the former director of the foundation’s Strategic Investment Fund.
The Gates Foundation is trying to fight Covid-19, eradicate polio and reshape the struggle for gender equality, even as its two co-chairs extricate themselves from a 27-year marriage. The foundation has more than 1,700 employees and makes grants in countries around the world. Since 2000, the foundation has made grants totaling more than $55 billion, much of it from Mr. Gates and Ms. French Gates, but tens of billions also came from Mr. Buffett, the chief executive of Berkshire Hathaway.
Yet, in significant ways, the future of such an influential institution, one that touches the lives of millions of people through its grant recipients, is being decided in a separation agreement between two billionaires.
Mr. Buffett’s announcement last month that he was stepping down as the third trustee of the foundation made clear that the divorce had set significant changes in motion. Mr. Suzman promised at the time that governance changes would be announced this month, with many observers anticipating that a new slate of independent trustees would be revealed.
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Details on what that might look like remained few on Wednesday, with neither names of candidates for the board of trustees nor even the ultimate number of new trustees released. Mr. Gates and Ms. French Gates will approve changes to the foundation’s governance structures by the end of the year and the new trustees will be announced in January, according to the statement.
At the center of the impending changes stands Mr. Suzman, a 14-year veteran of the Gates Foundation, who was named chief executive just as the spread of Covid-19 in the United States was becoming apparent. Born in South Africa, the Harvard- and Oxford-educated Mr. Suzman served as a correspondent for The Financial Times in London, South Africa and Washington before going to work at the United Nations. He joined the foundation in 2007 to work on global development policy before claiming the top post last year.
Mr. Suzman said in an interview that he had heard that Mr. Gates and Ms. French Gates would be divorcing only about 24 hours before the news was announced. He said they had started talking about possible governance changes “almost right away” after that.
He said he was in regular contact with both. “I’m having three-way conversations with them,” Mr. Suzman said. “We’re having regular three-way email exchanges and other discussions.”
He noted that the hands-on leadership of Mr. Gates and Ms. French Gates meant the changes will take some time to enact.
“The degree and depth of engagement of our co-chairs and trustees goes significantly beyond what a traditional board does and how it does it,” he said in the interview. “So we’ll need some time to think through how we balance that with the people we bring on board.”
Mr. Suzman will work with Connie Collingsworth, the foundation’s chief operating officer and chief legal officer, to handle the process. The final decisions on both the new trustees and the changes to the foundation’s governance documents will be made by Mr. Gates and Ms. French Gates. It is a reminder that, at least for now, power remains concentrated in the former couple.
BELFAST, Northern Ireland — The pandemic was hard on David Milliken, who sells drums, flags and pro-British banners from his brightly-colored shop in Sandy Row, a loyalist stronghold in Belfast. But now, he said, “things have started to open up again,” especially since “the unrest is back.”
Two months ago, Sandy Row exploded in flames as masked demonstrators hurled stones and gasoline bombs at the police to protest what they call the “Brexit betrayal.” With the loyalist marching season kicking off next month, there are fears that the eruption of violence was only a warm-up act.
Like others in Sandy Row, Mr. Milliken, 49, said he did not want a return to the Troubles, the bloody 30-year guerrilla war between Catholic nationalists, seeking unification with the Republic of Ireland, and predominantly Protestant loyalists and unionists, who want to stay in the United Kingdom.
iconic military victory over a Catholic king, James II, in 1690.
the 1998 Good Friday Agreement, which ended decades of sectarian strife, in part by tamping down Northern Ireland’s identity politics. Brexit has reawakened those passions, and they could flare further next year if, as polls currently suggest, the main Irish nationalist party, Sinn Fein, becomes the biggest party in a field of divided, demoralized unionists.
the Northern Ireland Protocol, a post-Brexit legal construct that has left the North awkwardly straddling the trading systems of Britain and the European Union. The protocol grew out of a deal between London and Brussels to avoid resurrecting a hard border between Northern Ireland and the Republic of Ireland. The catch is, it requires checks on goods flowing between the North and the rest of the United Kingdom, which carries both a commercial and psychological cost.
“It has hit the community here like a ton of bricks that this is a separation of Northern Ireland from the rest of the United Kingdom,” said David Campbell, chairman of the Loyalist Communities Council, which represents paramilitary groups that some say are stirring up unrest.
Mr. Campbell said that the paramilitaries actually tried to keep people off the streets. But he warned that unless the protocol was either scrapped or radically rewritten, violence would break out again during the marching season.
bitter divorce with the European Union.
Jonathan Powell, a former chief of staff to Tony Blair, the British prime minister at the time of the Good Friday Agreement, acknowledged that, “Biden could be important on the protocol.”
“Britain is rather friendless outside the E.U., so there is a limit to how far they can go against what the administration wants,” Mr. Powell added.
Until now, Mr. Johnson has taken a hard line in negotiations over the protocol. His senior aide, David Frost, says it is up to the European Union to propose remedies to the disruptions of the border checks. If it does not, Britain could abandon the protocol — a move the European Union says would breach the withdrawal agreement, though the bloc’s officials briefly threatened to scrap the protocol themselves in January.
the Democratic Unionists, a Northern Irish party that supported Brexit and has now fallen into disarray because of the fierce blowback from Mr. Johnson’s deal.
The party recently deposed its leader, Arlene Foster, and is squabbling over how to prepare for elections to the Northern Irish Assembly in May 2022. That has opened the door to something once thought inconceivable: that Sinn Fein could emerge as the largest party, with the right to appoint the first minister.
With Sinn Fein’s vestigial links to the paramilitary Irish Republican Army and bedrock commitment to Irish unification, an Assembly led by the party could prove far more destabilizing to Northern Ireland’s delicate power-sharing arrangements than the post-Brexit trading rules, which are difficult to explain, let alone use as a rallying cry.
But Sinn Fein’s leaders say that, with a growing Catholic population and the fallout from Brexit, momentum is on their side. The unionist parties supported Brexit, while they opposed it. They view the campaign against the protocol as a futile effort that only lays bare the costs of leaving the European Union.
“You have a very stark choice,” Michelle O’Neill, the party’s leader and the deputy first minister of Northern Ireland, said in an interview. “Do you want to be part of inward-looking Brexit Britain or outward-looking inclusive Ireland?”
Another question is how the authorities will deal with further unrest. In April, the police moved carefully against the rock-throwing crowds, treating them as a local disturbance rather than a national security threat. But if the violence escalates, that could change.
Monica McWilliams, an academic and former politician who was involved in the 1998 peace negotiations, said, “Loyalist threats, or violent actions, against a border down the Irish Sea may no longer be seen as a domestic problem.”
But the greater challenge, she said, is reassuring unionists and loyalists at a time when politics and demographics are moving so clearly against them. While there is little appetite in the Irish Republic for a near-term referendum on unification, Sinn Fein is within striking distance of being in power on both sides of the border — a development that would put unification squarely on the agenda.
In Sandy Row, the sense of a community in retreat was palpable.
Paul McCann, 46, a shopkeeper and lifelong resident, noted how real-estate developers were buying up blocks on the edge of the neighborhood to build hotels and upscale apartments. The city, he said, wants to demolish the Boyne Bridge — a predecessor of which William of Orange is said to have crossed on his way to that fateful battle with James II — to create a transportation hub.
“They’re trying to whitewash our history,” Mr. McCann said. “They’re making our loyalist communities smaller and smaller.”
For Gordon Johnston, a 28-year-old community organizer, it’s a matter of fairness: loyalists accepted the argument that reimposing a hard border between the north and south of Ireland could provoke violence. The same principle should apply to Northern Ireland and the rest of the United Kingdom.
“You can’t have it both ways,” he said. “You either have no borders or you have violence in the streets.”
Carmakers have been promising to scrap the internal combustion engine, and now it’s the truckmakers’ turn. But the makers of giant 18-wheelers are taking a different route.
Daimler, the world’s largest maker of heavy trucks, whose Freightliners are a familiar sight on American interstates, said last week that it would convert to zero-emission vehicles within 15 years at the latest, providing another example of how the shift to electric power is reshaping vehicle manufacturing with significant implications for the climate, economic growth and jobs.
The journey away from fossil fuels will play out differently and take longer in the trucking industry than it will for passenger cars. For one thing, zero emission long-haul trucks are not yet available in large numbers.
And different technology may be needed to power the electric motors. Batteries work well for delivery vehicles and other short-haul trucks, which are already on the roads in significant numbers. But Daimler argues that battery power is not ideal for long-haul 18-wheelers, at least with current technology. The weight of the batteries alone subtracts too much from payload, an important consideration for cost-conscious trucking companies.
online presentation Thursday, Daimler executives announced a partnership with Shell to build a “hydrogen corridor” of fueling stations spanning northern Europe. For shorter-haul trucks, Daimler announced a partnership with the Chinese company CATL to develop batteries, and partnerships with Siemens and other companies to install high-voltage charging stations in Europe and the United States.
Trevor Milton, resigned last year facing accusations he had made numerous false assertions about the company’s hydrogen fuel-cell technology.
Nikola at least demonstrated how eager investors are to put their money into hydrogen trucks. Another example is Hyzon, a maker of fuel cells based in Rochester, N.Y., that has begun offering complete trucks and buses. In February, Hyzon was acquired by Decarbonization Plus Acquisition Corporation, a so-called SPAC that raises money before it has any assets.
Tesla unveiled a design for a battery-powered semi truck in 2017, which the company has said it will begin delivering this year. Tesla, Scania and some other truckmakers are skeptical of hydrogen technology, which they regard as too expensive and less energy-efficient.
The traditional truckmakers like Daimler and Volvo have some advantages over the start-ups. Truck buyers tend to be practical hauling firms or drivers who carefully calculate the costs of maintenance and fuel consumption before they make a decision. Managers of big fleets may also be reluctant to take a chance on a manufacturer without a long track record.
President Biden has been promoting electric vehicles, but has not yet defined what that means for the trucking industry.
Trucking companies, which have depended on diesel for most of the last century, will have to revamp their maintenance departments, install their own charging or hydrogen fueling stations in some cases, retrain drivers and learn to plan their routes around hydrogen or electric charging points.
But Mr. Kedzie said that emission-free trucks also had some advantages. Fuel costs for battery-powered vehicles are much lower than for diesel trucks. Maintenance costs may be lower because electric vehicles have fewer moving parts. Drivers like the way electric trucks perform — an important factor at the moment when there is a driver shortage in America.
Many companies that ship a lot of goods, like Walmart or Target, are trying to reduce their carbon footprints and taking an interest in zero-emission trucks. “There are a lot of potential benefits” Mr. Kedzie said.
Daimler says its aim is to make battery-powered short-haul trucks that can compete on cost with diesel by 2025, and long-haul fuel-cell trucks that achieve diesel parity by 2027.
“In that very moment when the customer starts benefiting more from a zero-emission truck than a diesel truck, well, there’s no reason to buy a diesel truck anymore,” Andreas Gorbach, chief technology officer for Daimler’s trucks and buses division, said during the presentation Thursday. “This is the tipping point.”
Paul J. Hanly Jr., a top trial lawyer who had been central to the current nationwide litigation against pharmaceutical companies and others in the supply chain for their role in the deadly opioid epidemic, died on Saturday at his home in Miami Beach. He was 70.
The cause was anaplastic thyroid cancer, an extremely rare and aggressive disease, said Jayne Conroy, his longtime law partner.
Over his four-decade career, Mr. Hanly, a class-action plaintiffs’ lawyer, litigated and managed numerous complex legal cases, involving among other things the funding of terrorists, stemming from the attacks of Sept. 11, 2001, and allegations of the sexual abuse of dozens of boys by a man who ran an orphanage and school in Haiti.
But nothing compares to the national opioid cases that are pending in federal court in Cleveland on behalf of thousands of municipalities and tribes against the manufacturers and distributors of prescription opioid pain medications. The federal opioid litigation is regarded by many as perhaps the most complex in American legal history — even more entangled and far-reaching than the epic legal battles with the tobacco industry.
settled with Purdue for $75 million. It was one of the few instances in which a drug maker agreed to pay individual patients who had accused it of soft-pedaling the risk of addiction.
Mr. Hanly had a history of taking on complex cases with vast numbers of plaintiffs. Shortly after the 2001 terrorist attacks, he represented some of the families who had lost loved ones on the planes and in the World Trade Center. He also filed suit to stop the sale of tanzanite, a raw stone used as a cash alternative to fund terrorist activities. That lawsuit was expanded to include foreign governments, banks and others that supported Al Qaeda. Portions of it remain pending.
Another of his important cases was a 2013 landmark settlement of $12 million on behalf of 24 Haitian boys who said they had been sexually abused by Douglas Perlitz, who ran programs for underprivileged boys and was subsequently sentenced to 19 years in prison. Mr. Hanly said the defendants, including the Society of Jesus of New England, Fairfield University and others, had not properly supervised Mr. Perliitz. Mr. Hanly filed additional charges in 2015, bringing the total number of abused youths to more than 100 between the late 1990s and 2010.
“Paul was a lawyer’s lawyer,” said Ms. Conroy, his law partner. She said he was renowned for his exhaustive trial preparation, his creative trial strategies and his nearly photographic memory of the contents of documents.
He was also known for veering sartorially from the muted grays and blacks of most lawyers to more jaunty attire in bright yellows, blues and pinks. He favored bespoke styles that were flashy yet sophisticated. His two-tone shoes were all handmade.
John V. Kenny, a former mayor of Jersey City and a powerful Hudson County Democratic boss known as “the pope of Jersey City,” who was jailed in the 1970s after pleading guilty to charges of income tax evasion.
Mr. Hanly took a different path. He went to Cornell, where his roommate was Ed Marinaro, who went on to play professional football and later became an actor (best known for “Hill Street Blues”). Mr. Hanly, who played football with him, graduated in 1972 with a major in philosophy and received a scholar-athlete award as the Cornell varsity football senior who combined the highest academic average with outstanding ability.
He earned a master’s degree in philosophy from Cambridge University in 1976 and a law degree from Georgetown in 1979. He then clerked for Lawrence A. Whipple, a U.S. District Court judge in New Jersey.
Mr. Hanly’s marriage in the mid-1980s to Joyce Roquemore ended in divorce. He is survived by two sons, Paul J. Hanly III and Burton J. Hanly; a daughter, Edith D. Hanly; a brother, John K. Hanly; and a sister, Margo Mullady.
He began his legal career as a national trial counsel and settlement counsel to Turner & Newall, a British asbestos company, one of the world’s largest, in its product-liability cases. The company was purchased by an American firm, Federal-Mogul, in 1998, after which it was overwhelmed with asbestos claims and filed for bankruptcy in 2001.
Mr. Hanly and Ms. Conroy spent much of their time steeped in negotiations with plaintiffs’ lawyers. They soon switched to representing plaintiffs themselves.
“We recognized over time that that was more important to us,” Ms. Conroy said, “to make sure victims were compensated for what happened.”
An eviction in East Jerusalem lies at the center of a conflict that led to war between Israel and Hamas. But for millions of Palestinians, the routine indignities of occupation are part of daily life.
By David M. Halbfinger and Adam Rasgon
JERUSALEM — Muhammad Sandouka built his home in the shadow of the Temple Mount before his second son, now 15, was born.
They demolished it together, after Israeli authorities decided that razing it would improve views of the Old City for tourists.
Mr. Sandouka, 42, a countertop installer, had been at work when an inspector confronted his wife with two options: Tear the house down, or the government would not only level it but also bill the Sandoukas $10,000 for its expenses.
Such is life for Palestinians living under Israel’s occupation: always dreading the knock at the front door.
six Palestinian families from their homes in East Jerusalem set off a round of protests that helped ignite the latest war between Israel and Gaza. But to the roughly three million Palestinians living in the West Bank and East Jerusalem, which Israel captured in the 1967 war and has controlled through decades of failed peace talks, the story was exceptional only because it attracted an international spotlight.
For the most part, they endure the frights and indignities of the Israeli occupation in obscurity.
Even in supposedly quiet periods, when the world is not paying attention, Palestinians from all walks of life routinely experience exasperating impossibilities and petty humiliations, bureaucratic controls that force agonizing choices, and the fragility and cruelty of life under military rule, now in its second half-century.
Underneath that quiet, pressure builds.
If the eviction dispute in East Jerusalem struck a match, the occupation’s provocations ceaselessly pile up dry kindling. They are a constant and key driver of the conflict, giving Hamas an excuse to fire rockets or lone-wolf attackers grievances to channel into killings by knives or automobiles. And the provocations do not stop when the fighting ends.
Home on the Edge
No homeowner welcomes a visit from the code-enforcement officer. But it’s entirely different in East Jerusalem, where Palestinians find it nearly impossible to obtain building permits and most homes were built without them: The penalty is often demolition.
shot and killed a teenager who was wandering among the rock-throwers and spent tear-gas canisters.
Al Mughrayyir was one of the few villages still mounting regular Friday protests. They began after settlers cut off access to some of the villagers’ farmland. The boy’s death became a new rallying cry.
The army says it raids Palestinian homes at night because it is safer, and ransacks them to search for weapons, in routine crackdowns aimed at keeping militance in check.
But the raids also inspire militance.
Mr. Abu Alia seethed as he described seeing his son outside in the dark, “afraid, crying because of the soldiers, and I can do nothing to protect him.”
“It makes you want to take revenge, to defend yourself,” he went on. “But we have nothing to defend ourselves with.”
Stone-throwing must suffice, he said. “We can’t take an M-16 and go kill every settler. All we have are those stones. A bullet can kill you instantly. A little stone won’t do much. But at least I’m sending a message.”
Settlers send messages, too. They have cut down hundreds of Al Mughrayyir’s olive trees — vital sources of income and ties to the land — torched a mosque, vandalized cars. In 2019, one was accused of fatally shooting a villager in the back. The case remains open.
A Family Divided
For Majeda al-Rajaby the pain of occupation never goes away. It slices straight through her family.
A twice-divorced teacher, Ms. al-Rajaby, 45, is divided from her five children by the different ways Israel treats Palestinians depending on where they are from.
She grew up in the West Bank, in Hebron. But both her ex-husbands were Jerusalem residents, allowing them to travel anywhere an Israeli citizen may go. The children were entitled to the blue IDs of Jerusalem residents, too. Hers remained West Bank green.
Both her husbands lived in Shuafat refugee camp, a lawless slum inside the Jerusalem city limits but just outside Israel’s security barrier. West Bankers are not allowed to live there, but the rule is not enforced.
She had thought she was marrying up. Instead, she said her husbands “always made me feel inferior.”
After the second divorce, she was left on her own, with her green ID, to raise all five children with their blue IDs. The distinction could be life-threatening.
When a daughter accidentally inhaled housecleaning chemicals, Ms. al-Rajaby tried to race her to the closest hospital, in Jerusalem. Soldiers refused to let her in. As a teacher in Shuafat, she had a permit to enter Jerusalem, but only until 7 p.m. It was 8:00.
The Israeli-Palestinian Conflict
Her children are older now, but the distinction is just as keenly felt: Ms. al-Rajaby allows herself to be excluded from joyful moments and rites of passage so her children can enjoy advantages unavailable to her.
She stays behind on the Palestinian side of the security barrier while they head off to Jaffa or Haifa, or on shortcuts to Hebron through Jerusalem, a route forbidden to her. “West Banker,” they tease her, waving goodbye.
One daughter is 21 now and engaged and goes on jaunts into Israel with her fiancé’s mother. “I should be with them,” Ms. al-Rajaby said.
Last summer, Ms. al-Rajaby moved out of Shuafat to a safer neighborhood just outside the Jerusalem city limits, in the West Bank. That means her children could lose their blue IDs if Israel determined that their primary residence was with her.
“I’m not allowed to live there,” she said of Shuafat, “and my daughters are not allowed to live here.”
Constrained as she is, Ms. al-Rajaby wants even more for her children than freedom to move about Israel.
In 2006, her daughter Rana, then 7, was burned in a cooking accident. An Italian charity paid for treatment at a hospital in Padua. Mother and child stayed for three months.
The experience opened Ms. al-Rajaby’s eyes. She saw green parks, children in nice clothes, women driving cars.
“It was the moment of my liberation,” she said. “I started thinking: ‘Why do they have this? Why don’t we?’”
Today, she urges all her children to see the world, and holds out hope that they might emigrate.
“Why,” she asked, “should someone keep living under the mercy of people who have no mercy?”
Working for the Occupation
Try as they might to make their accommodations with Israel, Palestinians often find themselves caught in the occupation’s gears.
Majed Omar once earned a good living as a construction worker inside Israel. But in 2013, his younger brother was spotted crossing through a gap in Israel’s security barrier. A soldier shot him in the leg.
Mr. Omar, 45, was collateral damage. Israel revoked his work permit just in case he had ideas about taking revenge — something Israel says happens too often.
He sat unemployed for 14 months. When Israel reissued his permit, it only allowed him to work in the fast-growing West Bank settlements, where workers are paid half as much, searched each morning and supervised by armed guards all day.
Which is how he came to be the foreman on a crew that remodels Jewish homes and expands Israeli buildings on land the Palestinians have long demanded as part of their hoped-for state.
In a small way, it’s like digging his own grave, Mr. Omar said. “But we’re living in a time when everyone sees what’s wrong and still does it.”
Violence is often sudden and brief. But the nagging dread it instills can be just as debilitating.
Nael al-Azza, 40, is haunted by the Israeli checkpoint he must pass through while commuting between his home in Bethlehem and his job in Ramallah.
At home, he lives behind walls and cultivates a lush herb and vegetable garden in the backyard. But nothing protects him on his drive to work, not even his position as a manager in the Palestinian firefighting and ambulance service.
Recently, he said, a soldier at the checkpoint stopped him, told him to roll down his window, asked if he had a weapon. He said no. She opened his passenger door to take a look, then slammed it shut, hard.
He wanted to object. But he stopped himself, he said: Too many confrontations with soldiers end with Palestinians being shot.
“If I want to defend my property and my self-respect, there’s a price for that,” he said.
His commute is a 14-mile trip as the crow flies, but a 33-mile route, because Palestinians are diverted in a wide loop around Jerusalem along a tortuous two-lane road of steep switchbacks. Even so, it ought to take less an hour — but often takes two or three, because of the checkpoint.
The Israelis consider the checkpoint essential to search for fleeing attackers or illegal weapons or to cut the West Bank in two in case of unrest. Palestinians call it a choke point that can be shut off on a soldier’s whim. It is also a friction point, motorists and soldiers each imagining themselves as the other’s target.
Idling and inching along, Mr. al-Azza compared traffic to blood flow. Searching one car can mean an hour’s delay. The soldiers are so young, he said, “They don’t feel the weight of stopping 5,000 cars.”
He thinks only of those delayed. “When they impede your movement and cause you to fail at your job, you feel like you’ve lost your value and meaning,” he said.
A few nights each week, delays force him to sleep at work and settle for video calls with his three children.
On weekend outings, the checkpoint takes a different toll on his family.
“I try to keep my kids from speaking about the conflict,” he said. “But they see and experience things I have no answer for. When we’re driving, we turn the music on. But when we reach the checkpoint, I turn it off. I don’t know why. I’ll see them in the mirror: All of a sudden, they sit upright and look anxious — until we cross and I turn the music back on.”
Deadly scenarios constantly play out in Mr. al-Azza’s head: What if a tire blew out or his engine stalled? What if a young soldier, trained to respond instantly, misconstrued it as a threat?
“It’s not possible to put it out of mind,” he said. “When you’re hungry, you think about food.”
In the Bubble
No Palestinian is insulated from the occupation’s reach — not even in the well-to-do, privileged “bubble” of Ramallah, where Israeli soldiers are seldom seen.
Everyone Sondos Mleitat knows bears the scars of some trauma. Her own: Hiding with her little brother, then 5, when Israeli tanks rolled into Nablus, where she was raised.
In the dark, she said, he pulled all his eyelashes out, one by one.
Today, Ms. Mleitat, 30, runs a website connecting Palestinians with psychotherapists.
Instead of reckoning with their lingering wounds, she said, people seek safety in social conformity, in religion, in the approval gleaned from Facebook and Instagram likes. But all of those, she said, only reinforce the occupation’s suffocating effects.
“This is all about control,” she said. “People are going through a type of taming or domestication. They just surrender to it and feel they can’t change anything.”
After her uncle was killed by Israeli soldiers at a protest, she said, his younger brother was pushed into marriage at 18 “to protect him from going down the same path.”
But a nation of people who reach adulthood thinking only about settling down, she said, is not a nation that will achieve independence.
“They think they’re getting out of this bubble, but they’re not,” she said.
Mr. Sandouka earns about $1,800 in a good month. He hoped the lawyer could quash the demolition order. “I thought they would just give us a fine,” he said.
Then he got another panicked call from home: “The police were there, making my family cry.”
Khalas, he said, enough. He would tear it down himself.
Early on a Monday, his sons took turns with a borrowed jackhammer. They almost seemed to be having fun, like wrecking a sand castle.
Finished, their moods darkened. “It’s like we’re lighting ourselves on fire,” said Mousa, 15.
“They want the land,” said Muataz, 22. “They want all of us to leave Jerusalem.”
In 2020, 119 Palestinian homes in East Jerusalem were demolished, 79 of them by their owners.
When all was rubble, Mr. Sandouka lit a cigarette and held it with three beefy fingers as it burned. His pants filthy with the dust of his family’s life together, he climbed atop the debris, sent photos to the police and contemplated his options.
Moving to the West Bank, and sacrificing Jerusalem residency, was unthinkable. Moving elsewhere in Jerusalem was unaffordable.
A friend offered a couple of spare rooms as a temporary refuge. Mr. Sandouka’s wife demanded permanency.
“She told me if I don’t buy her a home, that’s it — everyone can go their separate ways,” he said.
He turned his eyes uphill toward the Old City.
“These people work little by little,” he said. “It’s like a lion that eats one, and then another. It eventually eats everything around it.”
When Jeffrey Epstein gave The Times columnist James Stewart a tour of his apartment a few years ago, he boasted of his expansive Rolodex of billionaires — and the dirt he had on them. A year and a half after the financier’s death by suicide in a New York jail, the fallout for those in the registered sex offender’s orbit, and increasingly those a step or two removed from it, continues to spread.
For example, the latest management reshuffle at Apollo, as we reported yesterday, can be linked back to Epstein. Tracing all the resignations and reshuffles directly and indirectly tied to the scandal will take a while (we’re working on it), but here’s a tally of some so far:
The Apollo co-founder Leon Black said in January that he would resign as C.E.O. but stay on as chairman, after an internal inquiry found he had paid $158 million to Epstein for tax advice. He unexpectedly quit both posts in March, and later stepped down as chairman of the Museum of Modern Art. Josh Harris, a fellow co-founder who had unsuccessfully pushed Black to quit immediately, said yesterday that he was stepping back from Apollo after failing to become the next C.E.O.; Marc Rowan, Apollo’s third co-founder and Black’s pick as successor, now leads the firm.
When the details of meetings between Epstein and Bill Gates burst into public view in late 2019, the billionaire’s wife, Melinda French Gates, hired divorce lawyers. The couple’s split, announced this month, could upend their numerous investments and philanthropic ventures
Les Wexner announced last February that he would step down as C.E.O. of the Victoria’s Secret parent company L Brands, under pressure from multiple internal investigations about his close ties to Epstein. Earlier this year, he and his wife, Abigail Wexner, said they would not stand for re-election to the L Brands board this month. (The company is now in the process of spinning off Victoria’s Secret.) Mr. Wexner was Epstein’s biggest early client and, a Times investigation found, the original source of the financier’s wealth.
Prince Andrew of Britain gave up his public duties last November, days after a disastrous interview with the BBC centered on his relationship with Epstein. At least 47 charities and nonprofits of which he was a patron have since cut ties to the prince.
Joi Ito resigned as the director of the M.I.T. Media Lab, a prominent research group, in 2019 and as member of several corporate boards (including The New York Times Co.), after acknowledging that he had received $1.7 million in investments from Epstein.
Alexander Acosta resigned as Donald Trump’s labor secretary in 2019, amid criticism of his handling of a 2008 sex crimes case against Epstein when he was a federal prosecutor in Miami.
HERE’S WHAT’S HAPPENING
Morgan Stanley sets up its C.E.O. succession competition. The Wall Street firm gave new roles to four top executives, marking them as candidates to take over from James Gorman: Ted Pick and Andy Saperstein were named co-presidents; Jonathan Pruzan was named C.O.O.; and Dan Simkowitz was named co-head of strategy with Pick.
The U.S. endorses a global minimum tax of at least 15 percent. The proposal, which was lower than some had expected, is closely tied to the Biden administration’s plans to raise the corporate tax rate. Global coordination would discourage multinationals from shifting to tax havens overseas.
Treasury officials said they could capture at least $700 billion in additional revenue. That would involve hiring 5,000 new I.R.S. agents, imposing new rules on reporting crypto transactions and other measures.
U.S. customs officials block a Uniqlo shipment over Chinese forced labor concerns. Agents at the Port of Los Angeles acted under an order prohibiting imports of cotton items produced in the Xinjiang region.
U.S. steel prices are soaring. After years of job losses and mill closures, American steel producers have enjoyed a reversal of fortune: Nucor, for instance, is the year’s top-performing stock in the S&P 500. Credit goes to industry consolidation, a recovering economy and Trump-era tariffs. Unsurprisingly, steel consumers aren’t thrilled about it.
Oprah Winfrey to Blackstone, made its stock market debut yesterday, ending its first trading session with a valuation of about $13 billion. DealBook spoke with Oatly’s C.E.O., Toni Petersson, about the I.P.O. and what’s next for the company.
resignation letter offering both praise of SoftBank’s chief, Masa Son — and unusually pointed criticism of the company’s corporate governance.
Going out vs. staying in, charted
It’s been a while since we checked in on an alternative indicator of pandemic economic activity: the share price ratio of Clorox to Dave & Buster’s.
Wait, what? Nick Mazing, the director of research at the data provider Sentieo, came up with that metric to gauge the openness of the economy. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars. By this measure, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.
packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.” The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.
new book, “Noise: A Flaw in Human Judgment,” the Princeton psychology professor and Nobel laureate Daniel Kahneman, along with co-authors Olivier Sibony and Cass Sunstein, argue that these inconsistencies have enormous and avoidable consequences. Kahneman spoke to DealBook about how to hone judgment and reduce noise.
DealBook: What is “noise” in this context?
Kahneman: It’s unwanted and unpredictable variability in judgments about the same situations. Some decisions and solutions are better than others and there are situations where everyone should be aiming at the same target.
Can you give some examples?
A basic example is the criminal justice system, which is essentially a machine for producing sentences for people convicted of crimes. The punishments should not be too different for the same crime yet sentencing turns out to depend on the judge and their mood and characteristics. Similarly, doctors looking at the same X-ray should not be reaching completely different conclusions.
How do individuals or institutions detect this noise?
You detect noise in a set of measurements and can run an experiment. Present underwriters with the same policy to evaluate and see what they say. You don’t want a price so high that you don’t get the business or one so low that it represents a risk. Noise costs institutions. One underwriter’s decision about one policy will not tell you about variability. But many underwriters’ decisions about the same cases will reveal noise.
An arm of Goldman Sachs has raised $3 billion from clients to invest in later-stage start-ups. (WSJ)
SPACs have raised $100 billion this year through May 19, a record, but new fund listings dropped sharply last month. (Insider)
Politics and policy
President Biden issued an executive order directing government agencies to expand efforts to analyze and mitigate the economic risks tied to climate change. (Axios)
“As Paycheck Protection Program Runs Dry, Desperation Grows” (NYT)
CNN said the prime-time host Chris Cuomo inappropriately advised his brother, Gov. Andrew Cuomo of New York, on how to respond to sexual harassment allegations. (NYT)
Paul Romer was one of the tech industry’s favorite economists; now he is criticizing Silicon Valley giants for being too big. (NYT)
Amazon was recently pushed to ban prominent electronics accessory makers by the F.T.C. over fake-review schemes. (Recode)
Best of the rest
Bill Gates and Warren Buffett got more than 200 billionaires to pledge half their wealth to charity. Some are falling short, but still getting massive tax breaks. (Insider)
FIFA, the global soccer governing body, secretly considered supporting the European Super League, before reconsidering amid public outcry about the now-failed competition. (NYT)
Five questions to ask before you panic about inflation. (NYT)
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