point out flaws — understaffing, insufficient training, low seniority pay, all of which they want to improve — they embrace Starbucks and its distinctive culture.

They talk up their sense of camaraderie and community — many count regular customers among their friends — and delight in their coffee expertise. On mornings when Ms. Brisack’s store isn’t busy, employees often hold tastings.

A Starbucks spokesman said that Mr. Schultz believes employees don’t need a union if they have faith in him and his motives, and the company has said that seniority-based pay increases will take effect this summer.

onetime auto plant. The National Labor Relations Board was counting ballots for an election at a Starbucks in Mesa, Ariz. — the first real test of whether the campaign was taking root nationally, and not just in a union stronghold like New York. The room was tense as the first results trickled in.

“Can you feel my heart beating?” Ms. Moore asked her colleagues.

win in a rout — the final count was 25 to 3. Everyone turned slightly punchy, as if they had all suddenly entered a dream world where unions were far more popular than they had ever imagined. One of the lawyers let out an expletive before musing, “Whoever organized down there …”

union campaign he was involved with at a nearby Nissan plant. It did not go well. The union accused the company of running a racially divisive campaign, and Ms. Brisack was disillusioned by the loss.

“Nissan never paid a consequence for what it did,” she said. (In response to charges of “scare tactics,” the company said at the time that it had sought to provide information to workers and clear up misperceptions.)

Mr. Dolan noticed that she was becoming jaded about mainstream politics. “There were times between her sophomore and junior year when I’d steer her toward something and she’d say, ‘Oh, they’re way too conservative.’ I’d send her a New York Times article and she’d say, ‘Neoliberalism is dead.’”

In England, where she arrived during the fall of 2019 at age 22, Ms. Brisack was a regular at a “solidarity” film club that screened movies about labor struggles worldwide, and wore a sweatshirt that featured a head shot of Karl Marx. She liberally reinterpreted the term “black tie” at an annual Rhodes dinner, wearing a black dress-coat over a black antifa T-shirt.

climate technology start-up, lamented that workers had too little leverage. “Labor unions may be the most effective way of implementing change going forward for a lot of people, including myself,” he told me. “I might find myself in labor organizing work.”

This is not what talking to Rhodes scholars used to sound like. At least not in my experience.

I was a Rhodes scholar in 1998, when centrist politicians like Bill Clinton and Tony Blair were ascendant, and before “neoliberalism” became such a dirty word. Though we were dimly aware of a time, decades earlier, when radicalism and pro-labor views were more common among American elites — and when, not coincidentally, the U.S. labor movement was much more powerful — those views were far less in evidence by the time I got to Oxford.

Some of my classmates were interested in issues like race and poverty, as they reminded me in interviews for this article. A few had nuanced views of labor — they had worked a blue-collar job, or had parents who belonged to a union, or had studied their Marx. Still, most of my classmates would have regarded people who talked at length about unions and class the way they would have regarded religious fundamentalists: probably earnest but slightly preachy, and clearly stuck in the past.

Kris Abrams, one of the few U.S. Rhodes Scholars in our cohort who thought a lot about the working class and labor organizing, told me recently that she felt isolated at Oxford, at least among other Americans. “Honestly, I didn’t feel like there was much room for discussion,” Ms. Abrams said.

typically minor and long in coming.

has issued complaints finding merit in such accusations. Yet the union continues to win elections — over 80 percent of the more than 175 votes in which the board has declared a winner. (Starbucks denies that it has broken the law, and a federal judge recently rejected a request to reinstate pro-union workers whom the labor board said Starbucks had forced out illegally.)

Twitter was: “We appreciate TIME magazine’s coverage of our union campaign. TIME should make sure they’re giving the same union rights and protections that we’re fighting for to the amazing journalists, photographers, and staff who make this coverage possible!”

The tweet reminded me of a story that Mr. Dolan, her scholarship adviser, had told about a reception that the University of Mississippi held in her honor in 2018. Ms. Brisack had just won a Truman scholarship, another prestigious award. She took the opportunity to urge the university’s chancellor to remove a Confederate monument from campus. The chancellor looked pained, according to several attendees.

“My boss was like, ‘Wow, you couldn’t have talked her out of doing that?’” Mr. Dolan said. “I was like, ‘That’s what made her win. If she wasn’t that person, you all wouldn’t have a Truman now.’”

(Mr. Dolan’s boss at the time did not recall this conversation, and the former chancellor did not recall any drama at the event.)

The challenge for Ms. Brisack and her colleagues is that while younger people, even younger elites, are increasingly pro-union, the shift has not yet reached many of the country’s most powerful leaders. Or, more to the point, the shift has not yet reached Mr. Schultz, the 68-year-old now in his third tour as Starbucks’s chief executive.

She recently spoke at an Aspen Institute panel on workers’ rights. She has even mused about using her Rhodes connections to make a personal appeal to Mr. Schultz, something that Mr. Bensinger has pooh-poohed but that other organizers believe she just may pull off.

“Richard has been making fun of me for thinking of asking one of the Rhodes people to broker a meeting with Howard Schultz,” Ms. Brisack said in February.

“I’m sure if you met Howard Schultz, he’d be like, ‘She’s so nice,’” responded Ms. Moore, her co-worker. “He’d be like, ‘I get it. I would want to be in a union with you, too.’”

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Intercontinental Exchange Chair & CEO Jeffrey C. Sprecher to Present at the Bernstein 38th Annual Strategic Decisions Conference on June 1

ATLANTA & NEW YORK–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, announced today that Jeffrey C. Sprecher, Chair and CEO, will present at the Bernstein 38th Annual Strategic Decisions Conference. The presentation will take place on Wednesday, June 1 at 3:30 p.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE’s website at www.ir.theice.com.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.

SOURCE: Intercontinental Exchange

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Small players lose faith in crypto after sell-off

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WASHINGTON/MUMBAI, May 17 (Reuters) – Nofe Isah, a 25-year old based in Nigeria, has been investing in crypto since January. Last week, she lost all of her $5,000 in savings as cryptocurrency luna went into free fall.

Isah, a recently unemployed administrative officer, vowed she would never invest in crypto again.

“I can’t believe I fell for crypto,” she told Reuters by phone. “I’m just trying not to get myself depressed. Crypto has taken my money, fine. It shouldn’t take my head.”

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The crypto market, known for its wild price swings, slumped last week as investors yanked money from riskier assets amid worries over soaring inflation and rising interest rates.

Bitcoin, the world’s largest cryptocurrency, fell as low as $25,401 on Thursday, its lowest since Dec. 2020. It hit a record high of $69,000 in November.

Small tokens were hit too, with ether, the second-largest token, dropping more than 15% to its lowest since June. Luna – a digital coin widely hyped on social media and backed by institutional crypto investors – shed nearly all of its value.

Small traders such as Isah have flocked to cryptocurrencies in the hope of quick returns, despite warnings from regulators that the emerging assets can be high risk.

Platforms such as Robinhood, which has 23 million customers across a variety of assets, have helped spur retail investing, including in crypto. Around a quarter of Robinhood’s transaction-based revenues came from cryptocurrencies in the first quarter of this year, Robinhood said in its latest earnings statement.

Overall user numbers at crypto platforms have ballooned. Binance, the world’s biggest crypto exchange, had some 118 million clients last month, up from 43.4 million in the first quarter of last year.

But after last week’s turmoil, online forums were awash with tales of woe, as retail investors expressed anguish about their losses.

“I’m 49, big mortgage, 3 kids etc. My retirement party is on ice for the foreseeable future!”, a user with the handle Boring-Fun-3646 said on Reddit.

Another user with the handle AdventurousAdagio830 posted on Reddit: “It doesn’t seem real that I lost $180,000.”

‘DEATH SPIRAL’

Emblematic of crypto risks was the collapse last week of terraUSD, a stablecoin designed to keep a constant value via a complex algorithm that involved luna.

When the coins came under heavy selling pressure, the system broke down. TerraUSD – designed to keep a value of $1 – traded around 9 cents on Tuesday while luna plunged to near-zero, based on CoinGecko data. read more

Tejan Shrivastava, a 31-year old graphic designer from Mumbai, who has been investing in cryptocurrencies for the last year, had his $250 investment wiped out by luna’s collapse.

“It was stuck in a death spiral. All the money was gone in 15 minutes,” he told Reuters.

“I don’t even know if I’ll invest in crypto in the future. I have a crypto portfolio, but I am planning to liquidate it once it reaches break even.”

Luna’s fall wiped out most of its market value which had been above $40 billion as recently as early April, CoinGecko data shows.

Retail investors’ online frustration even spilled over into the real world.

Seoul police last week said they were seeking a suspect after an unidentified individual rang the doorbell of the apartment of Do Kwon, the founder of terraUSD, and ran away.

Police would investigate whether the suspect had invested in cryptocurrencies, a Seoul police officer told Reuters.

PATCHY REGULATION

Through its 13-year life, the crypto sector has been peppered by vertiginous climbs and sudden free falls. In November, for instance, bitcoin slumped by a fifth in just under two weeks after touching a record $69,000. Six months earlier, it had tumbled by almost 40% in just nine days.

Yet crypto’s latest crash – which pushed the sector’s combined value to $1.2 trillion, less than half of where it was last November – led to the crushing of luna, which on May 1 was the eighth-largest cryptocurrency by market capitalisation.

Cryptocurrencies are subject to patchy regulation across the world, with traders of bitcoin and the panapoly of smaller tokens typically unprotected against price slumps.

But it is difficult to gauge the scale of retail investors’ pain from the crypto plunge and the repercussions on future appetite given the opaque nature of the market.

In Britain more than 4% of adults – some 2.3 million people – own cryptocurrencies, data published last year by the UK financial watchdog showed.

Britain’s watchdog said understanding of crypto was falling compared with a year earlier, “suggesting that some crypto users may not fully understand what they are buying”.

Still, some small investors are keeping the faith.

Eloisa Marchesoni, based near Tulum in Mexico and investing with a crypto syndicate, said she would not give up.

“I am looking to buy the dip – we are all waiting for bitcoin to go down to $22,000, which is not something too probable but not something that’s ‘not probable at all’.”

Marchesoni is also hedging her crypto bets with physical assets — “cars because you can lease them, watches, real estate”.

Bitcoin was hovering around $30,000 on Tuesday, having lost more than 20% so far this month.

Regulators remain on alert. The British government said last month it will regulate stablecoins. read more

The U.S. Securities and Exchange Commission is toughening its stance. Gary Gensler, SEC chair, said this week investors in cryptocurrencies needed more protections. read more

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Additional reporting by Alun John in Hong Kong and Soo-hyang Choi in Seoul; Writing by Carolyn Cohn, Elizabeth Howcroft and Tom Wilson in London. Editing by Jane Merriman

Our Standards: The Thomson Reuters Trust Principles.

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Starbucks CEO Schultz says days of ‘false promises’ are over, article with image

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Starbucks Chairman and CEO Howard Schultz delivers remarks at the Starbucks 2016 Investor Day in Manhattan, New York, U.S. December 7, 2016. REUTERS/Andrew Kelly

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April 15 (Reuters) – Starbucks Corp (SBUX.O) Chief Executive Officer Howard Schultz said there have been “a lot of false promises over the last few years” and assured his employees that those “days are over” in a video addressed to the company’s employees on Monday.

“We are going to make promises that we will keep, promises that are real and going to solve the problems that exist in your stores,” Schulz said in the video released to Reuters on Friday.

Schultz, who returned to lead the company for the third time last month, is in the midst of dealing with a growing union drive at U.S. cafes. read more

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He added that he plans to focus on issues raised by employees in their “co-creation sessions” such as need for more training, need for guaranteed hours, problems with ice machines breaking, maintenance and repairs not coming in a timely manner.

“I have realized there have been many short term decisions that have had an adverse affect. We are going to reverse that,” the CEO who has been practically synonymous with the company he took over in 1987 said.

Baristas at more than 170 U.S. Starbucks locations have asked the NLRB for union elections since August, with at least 10 locations voting in favor of the Workers United union. read more

Last month, a federal labor board accused Starbucks of unlawfully retaliating against two employees in a Phoenix, Arizona, cafe for trying to unionize their store.

The same day, a group of investors with $3.4 trillion under management urged the company to stop sending anti-union communications to its employees and to adopt a neutral policy towards unions.

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Reporting by Kannaki Deka in Bengaluru

Our Standards: The Thomson Reuters Trust Principles.

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Live Updates: Initial Talks End Between Russia and Ukraine

An article of faith in global sports — that athletes should not be punished for the actions of their governments — crumbled on Monday, when executives worldwide moved to banish Russians from competitions and deepen the country’s isolation for its invasion of Ukraine.

The International Olympic Committee recommended that athletes from Russia and Belarus, which has allowed Russian troops to use its territory, be barred from events. FIFA, soccer’s international governing body, effectively blocked Russia from qualifying for this year’s men’s World Cup. And ice hockey associations in the Czech Republic, Finland and Sweden suspended Russia from a tournament they had staged jointly for decades.

Although there were loopholes and scattered uncertainties, the penalties amounted to a bracing rebuke of Moscow and Minsk by a sports world that has long labored furiously, if sometimes unconvincingly, to depict competition as separate from politics.

The International Paralympic Committee will decide on Wednesday whether to allow Russian and Belarusian athletes to compete in the Paralympic Games, which are scheduled to open in Beijing on Friday.

But the day’s events left little doubt that Russia and Belarus, which had already drawn scrutiny for doping violations and oppression, would become further separated from the wider athletic world.

“This will continue to be a contest of two different visions of what sport is and who is allowed to participate in and control sport,” said Andrés Martinez, a research scholar at Arizona State University’s Global Sport Institute. “I think this is a bit of a reset, though, in that it does set an important precedent and a standard that sporting federations cannot continue to act with impunity and just let the highest bidder dictate what happens in sport, oblivious to other considerations, including the behavior of those highest bidders.”

The most potentially far-reaching effort on Monday came from the I.O.C., which cited “the integrity of global sports competitions” and “the safety of all the participants” when it recommended that Russian and Belarusian athletes be blocked from competitions.

“While athletes from Russia and Belarus would be able to continue to participate in sports events, many athletes from Ukraine are prevented from doing so because of the attack on their country,” the I.O.C. said in a statement, which noted that it issued its recommendation “with a heavy heart.”

It will fall to event organizers and the federations that administer individual sports to decide how, or if, to adopt the I.O.C.’s recommendation, which the committee suggested might not be enforced “on short notice for organizational or legal reasons.”

That qualifier appeared to be a nod to the imminence of the Paralympic Games, which have been expected to draw more than 70 athletes from Russia and about a dozen from Belarus.

The International Paralympic Committee did not immediately respond to a request for comment, nor did Belarusian officials or the Russian Paralympic Committee. But Stanislav Pozdnyakov, the president of the Russian Olympic Committee, said in a statement that he and other Russian officials “strongly” objected to the I.O.C. recommendation, which he said contradicted “the spirit of the Olympic movement, which should unite and not divide.”

The I.O.C.’s recommendation came hours before FIFA announced that it had suspended Russia and its teams from all competitions and ejected the country from qualifying for the 2022 World Cup only weeks before it was to play for one of Europe’s final places in this year’s tournament.

FIFA, which had come under pressure for its initial hesitance to bar Russia from competition, and its European counterpart, UEFA, said the ban on Russia would be in place “until further notice.”

“Football is fully united here and in full solidarity with all the people affected in Ukraine,” FIFA said in a statement. Ukraine’s team, which is set to play Scotland in its own World Cup playoff in March, will remain in the competition.

UEFA, which has decided to move this year’s Champions League final to St.-Denis, France, from St. Petersburg, Russia, then went a step further in breaking its deep ties to Russia: It announced that it had ended a sponsorship agreement with the Russian energy giant Gazprom. The deal was worth a reported $50 million a year to European soccer.

It was unclear whether FIFA’s decision to bar Russia would face a court challenge. Russia and some its athletes have successfully fought exclusion from other events, including the Olympic Games, by getting punishments watered down through appeals to the Court of Arbitration for Sport.

Any efforts to keep Russian athletes out of other competitions could also spark legal battles. Pozdnyakov, the Russian Olympic Committee chairman, said Russian officials intended to “consistently defend the rights and interests of Russian athletes and provide all necessary assistance to our national sports federations to challenge discriminatory decisions.”

Some penalties could prove harder to fight than others.

Hockey executives in the Czech Republic, Finland and Sweden said Monday that Russia would not be allowed to participate in this year’s Euro Hockey Tour, and executives signaled that they were looking to replace Russia permanently.

“The Russian invasion of Ukraine is a terrible situation, and we in the ice hockey world are completely behind the people of Ukraine,” said Anders Larsson, the Swedish Ice Hockey Association’s chairman. “Inviting a Russian national ice hockey team to the Euro Hockey Tour tournaments in Stockholm, Helsinki and Prague is therefore completely unthinkable at the moment.”

The application of the I.O.C.’s recommendation could also be particularly thorny in individual sports and competitions in which athletes are competing more for themselves than for their nations.

In cross-country skiing, Natalia Nepryaeva of Russia holds the top spot in the World Cup standings but could lose that ranking if she cannot participate in several coming races.

Tennis has the complexity of seven ruling organizations. On the same day the I.O.C. recommended the ban, Daniil Medvedev, a Russian, took over the top sport in the men’s world rankings.

The ATP Tour heralded the achievement on its website with a picture of Medvedev next to the Russian flag. However, Medvedev moved to Monaco years ago and has campaigned for peace on his social media channels.

The ATP Tour made no immediate announcement about whether it would follow the I.O.C. recommendation, nor did the WTA, which manages the women’s professional tour and has three players from Russia and Belarus in the top 20, including Victoria Azarenka, who is on the organization’s board.

On Monday, Elina Svitolina, a top player from Ukraine and the top seed this week in a tournament in Mexico, announced that she would not play her first-round match against Anastasia Potapova of Russia. In a Twitter post, Svitolina urged the governing bodies of tennis to follow the I.O.C.’s guidance.

Although Monday’s maneuvers against Russia were particularly forceful, the country has clashed with sports executives in recent years over its reliance on a state-run doping operation. Still, Russian athletes and teams had faced the most marginal of consequences. At the Beijing Olympics, which ended Feb. 20, Russian athletes appeared as members of the “Russian Olympic Committee,” and did not formally compete under the Russian tricolor flag or hear the Russian national anthem at medal ceremonies.

And in December, Olympic officials barred the Belarusian president, Alexander Lukashenko, from I.O.C. events, including the Beijing Games. Olympic officials complained at the time that Belarusian athletes were “not appropriately protected” from what they described as “political discrimination.”

Monday’s wave of condemnation, though, proved far broader and came after days of swelling anger among sports executives and demands from political leaders and athletes alike. Last week, Olympic executives pressed federations to cancel or move competitions from Belarus and Russia.

Vladimir V. Putin, the president of Russia, who has long heralded the role of sports in his own life and the role of athletics in his country’s ambitions, has also increasingly come under personal pressure. The International Judo Federation recently suspended him from his role as its honorary president, and World Taekwondo rescinded the honorary black belt it gave him in 2013.

On Monday, the I.O.C. withdrew its highest honor from Putin, who received it in 2001. He attended the opening ceremony of the Beijing Games on Feb. 4, when his forces were massing at the Ukrainian border ahead of their invasion.

Matthew Futterman contributed reporting.

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Intercontinental Exchange Announces Strategic Investment in tZERO Group, Inc.

NEW YORK & ATLANTA–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced today that it is making a strategic investment in tZERO, a leader in blockchain innovation and liquidity for digital assets. In connection with ICE’s investment in tZERO, David Goone, a longtime member of ICE’s management team and currently ICE’s Chief Strategy Officer, will join tZERO as its next Chief Executive Officer and will serve on tZERO’s Board of Directors.

Goone, who joined ICE in 2001, will continue to serve ICE and its Chairman and CEO, Jeff Sprecher, in a consulting capacity.

“David Goone was present at many of ICE’s milestone moments and deals over two decades, a key player on our management team as we built our world-class trading, clearing and data infrastructure and product line, and has been a steward of our problem-solving culture,” said Jeff Sprecher, Founder, Chairman and CEO of Intercontinental Exchange. “David’s leadership and his mastery of trading, data, and clearing technology will be a big asset as tZERO begins its next chapter leading the growth and adoption of next-generation market infrastructure.”

During his tenure at ICE, Goone developed and managed many of the company’s product lines and oversaw ICE Benchmark Administration, which has administered LIBOR and the global gold and silver fixings. He has served on many of ICE’s subsidiary exchange boards and represents ICE on several industry boards, including the Depository Trust Clearing Corporation (DTCC), Options Clearing Corporation (OCC), and the National Futures Association (NFA). Goone also served as Vice Chairman of CETIP S.A. until its merger with B3 exchange in Brazil.

tZERO, through a wholly owned subsidiary, operates an SEC-regulated alternative trading system (ATS) and broker-dealer in the digital asset space, and is a technology firm with the goal of democratizing access to capital markets. tZERO brings together issuers and financial firms seeking a transparent, automated, digitally enabled marketplace and investors seeking access to unique private assets, public equities, cryptocurrencies, and other digital assets, including non-fungible tokens (NFTs).

Terms of ICE’s investment in tZERO, which will make ICE a significant minority shareholder in tZERO, are not being disclosed, and the financial impact of the transaction will not be material to ICE or impact ICE’s capital return plans. Other participants in tZERO’s fundraising round include Overstock.com, Inc. (NASDAQ: OSTK), an original investor in tZERO, and Medici Ventures, L.P., a blockchain-focused fund whose general partner is an entity affiliated with Pelion Venture Partners, among others.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.

Source: Intercontinental Exchange

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How China’s Xi Jinping Is Staging the Beijing Olympics on His Terms

When the International Olympic Committee met seven years ago to choose a host for the 2022 Winter Games, China’s leader, Xi Jinping, sent a short video message that helped tip the scale in a close, controversial vote.

China had limited experience with winter sports. Little snow falls in the distant hills where outdoor events would take place. Pollution was so dense at times that it was known as the “Airpocalypse.”

Mr. Xi pledged to resolve all of this, putting his personal prestige on what seemed then like an audacious bid. “We will deliver every promise we made,” he told the Olympic delegates meeting in Malaysia’s capital, Kuala Lumpur.

host of the Summer Olympics, the Games have become a showcase of the country’s achievements. Only now, it is a very different country.

China no longer needs to prove its standing on the world stage; instead, it wants to proclaim the sweeping vision of a more prosperous, more confident nation under Mr. Xi, the country’s most powerful leader since Mao Zedong. Where the government once sought to mollify its critics to make the Games a success, today it defies them.

Beijing 2022 “will not only enhance our confidence in realizing the great rejuvenation of the Chinese nation,” said Mr. Xi, who this year is poised to claim a third term at the top. It will also “show a good image of our country and demonstrate our nation’s commitment to building a community with a shared future for mankind.”

Mr. Xi’s government has brushed off criticism from human rights activists and world leaders as the bias of those — including President Biden — who would keep China down. It has implicitly warned Olympic broadcasters and sponsors not to bend to calls for protests or boycotts over the country’s political crackdown in Hong Kong or its campaign of repression in Xinjiang, the largely Muslim region in the northwest.

combat Covid and imposed stricter safety measures than those during the Summer Olympics in Tokyo last year. It has insisted on sustaining its “zero Covid” strategy, evolved from China’s first lockdown, in Wuhan two years ago, regardless of the cost to its economy and its people.

an accusation of sexual assault by the tennis player Peng Shuai, a three-time Olympian, the I.O.C. did not speak out. Instead, it helped deflect concerns about her whereabouts and safety.

staggering costs of the 2014 Winter Games in Sochi, Russia, and the white-knuckle chaos of preparations for the 2016 Summer Games in Rio de Janeiro.

blue skies. High-speed railways have slashed the trip from Beijing to the most distant venues from four hours to one.

In an area perennially short of water, China built a network of pipelines to feed a phalanx of snow-making machines to dust barren slopes in white. Officials this week even claimed the entire Games would be “fully carbon neutral.”

Christophe Dubi, executive director of the upcoming Games, said in an interview that China proved to be a partner willing and able to do whatever it took to pull off the event, regardless of the challenges.

“Organizing the Games,” Mr. Dubi said, “was easy.”

The committee has deflected questions about human rights and other controversies overshadowing the Games. While the committee’s own charter calls for “improving the promotion and respect of human rights,” officials have said that it was not for them to judge the host country’s political system.

Instead, what matters most to the committee is pulling off the Games. By selecting Beijing, the committee had alighted on a “safe choice,” said Thomas Bach, the committee’s president.

unseasonably warm weather. Sochi 2014 — intended as a valedictory of Vladimir V. Putin’s rule in Russia — cost a staggering $51 billion.

Growing wariness of organizing the quadrennial event gave China an unexpected advantage. Beijing — no one’s idea of a winter sports capital — could reuse sites from the 2008 Games, including the iconic Bird’s Nest stadium for the opening ceremony. The Water Cube, which held the swimming and diving events 14 years ago, was rebranded as the Ice Cube.

Almaty, the former capital of Kazakhstan, once a republic of the Soviet Union.

The final tally was 44 to 40 for Beijing, with one abstention. Almaty’s supporters were left to fume over a glitch in the electronic voting system that prompted a manual recount to “protect the integrity of the vote.” That Kazakhstan has plunged into political turmoil on the eve of the Games seems now, in hindsight, further validation of the choice to pick Beijing.

Xinhua, compared to 480,000 three years before.

ceremonial scepter popular in the Qing dynasty, complete with a 6,000-seat stadium at the bottom that is supposed to hold soccer matches after the Olympics.

military preparations for the Games, including the installation of 44 antiaircraft batteries around Beijing, even though the likelihood of an aerial attack on the city seemed far-fetched.

“A safe Olympics is the biggest symbol of a successful Beijing Olympic Games, and is the most important symbol of the country’s international image,” he said then.

accusation of sexual harassment rocked the sports world last fall, the committee found itself caught in the furor.

fumed in private. Without the protective cover of the international committee, they feared reprisals if they spoke out individually.

The 2008 Olympics also faced harsh criticism. A campaign led by the actress Mia Farrow called the event the “genocide games” because of China’s support for Sudan despite its brutal crackdown in the Darfur region. The traditional torch relay was hounded by protests in cities on multiple continents, including Paris, London, San Francisco and Seoul.

The accusations against China today are, arguably, even more serious. The United States and other countries have declared that China’s crackdown against the Uyghur Muslims in Xinjiang amounts to genocide. Ms. Farrow’s biting sobriquet has resurfaced for 2022, with a Twitter hashtag.

only screened spectators of its own choosing. It will mostly be a performance for Chinese and international television audiences, offering a choreographed view of the country, the one Mr. Xi’s government has of itself.

If the coronavirus can be kept under control, Beijing could weather the Olympics with fewer problems than seemed likely when it won the rights to the Games seven years ago. Mr. Xi’s government has already effectively declared it a success. A dozen other Chinese cities are already angling for the 2036 Summer Olympics.

“The world looks forward to China,” Mr. Xi said in an New Year’s address, “and China is ready.”

Chris Buckley contributed reporting. Claire Fu, Liu Yi and Li You contributed research.

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‘Davos Man,’ Marc Benioff and the Covid Pandemic

He frequently tells the story of his supposed inspiration for founding Salesforce. Despite success at Oracle, where he worked early in his career, Mr. Benioff was plagued by existential doubt, prompting him to take a sabbatical to southern India. There, he visited a woman known as “the hugging saint,” who urged him to share his prosperity.

From the incorporation of Salesforce in 1999, Mr. Benioff pledged that he would devote 1 percent of its equity and product to philanthropic undertakings, while encouraging employees to dedicate 1 percent of their working time to voluntary efforts. Salesforce employees regularly volunteer at schools, food banks and hospitals.

“There are very few examples of companies doing this at scale,” Mr. Benioff told me in an interview. He noted that people were always talking to him about another business known for its focus on doing good, Ben & Jerry’s. He said this with a chuckle, clearly amused that his company — now worth more than $200 billion — could be compared to the aging Vermont hippies who had brought the world Cherry Garcia ice cream.

Mr. Benioff is by many indications a true believer, not just idly parroting Davos Man talking points. In 2015, when Indiana proceeded with legislation that would have allowed businesses to discriminate against gay, lesbian and transgender employees, he threatened to yank investment, forcing a change in the law. He shamed Facebook and Google for abusing the public trust and called for regulations on search and social media giants. Early in the pandemic, Salesforce embraced remote work to protect employees.

“I’m trying to influence others to do the right thing,” he told me. “I feel that responsibility.”

I found myself won over by his boyish enthusiasm, and his willingness to talk at length absent public relations minders — a rarity for Silicon Valley.

His philanthropic efforts have been directed at easing homelessness in San Francisco, while expanding health care for children. He and Salesforce collectively contributed $7 million toward a successful 2018 campaign for a local ballot measure that levied fresh taxes on San Francisco companies to finance expanded programs. The new taxes were likely to cost Salesforce $10 million a year.

That sounded like a lot of money, ostensible evidence of a socially conscious C.E.O. sacrificing the bottom line in the interest of catering to societal needs. But it was less than a trifle alongside the money that Salesforce withheld from the government through legal tax subterfuge.

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China talks up ‘green’ Olympics but prepares to fight smog

ZHANGJIAKOU, China, Dec 27 (Reuters) – China is using the Winter Olympic Games to drive its efforts to improve the environment, but smog-prone capital Beijing is still preparing for the worst as the opening ceremony looms.

Beijing has improved its air quality since China won its bid to host the Games, but the Ministry of Ecology and Environment has said winter smog risks remained “severe”.

Ministry spokesman Liu Youbin told reporters on Thursday that contingency plans were in place.

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“When the time comes, Beijing and Hebei will be guided to adopt reasonable environmental protection measures in accordance with the law,” he said.

Rumours that polluting heavy industries in the area would be shuttered from Jan. 1 were “not true”, however, he said.

Critics warned in 2015 – when China won its bid – that the Winter Olympics could be overshadowed by hazardous smog in a region dominated by heavy industry. Chinese President Xi Jinping subsequently vowed to run a “green” Games, and Hebei promised to “transform and upgrade” its industrial economy.

Since then, China has planted thousands of hectares of trees in Beijing and surrounding Hebei province, built sprawling wind and solar farms, and relocated hundreds of enterprises.

In Zhangjiakou city, 200 km (125 miles) northwest of Beijing and host to skiing and snowboarding events, 26-year-old amateur skier Deng Zhongping said he has already felt the difference.

“When I came to Beijing a few years back I would suffer with rhinitis because of pollution, but the air quality in Beijing-Tianjin-Hebei has improved a lot,” he said.

“I think the air quality at Zhangjiakou ski resort is even better than some foreign ski resorts.”

Wind turbines stand behind a snow gun operating at Genting Snow Park during a government-organised media tour to Beijing 2022 Winter Olympics venues in Zhangjiakou, Hebei province, China December 21, 2021. REUTERS/Carlos Garcia Rawlins

In 2016, average concentrations of PM2.5 in the Beijing-Tianjin-Hebei region stood at 71 micrograms per cubic metre and soared to more than 500 micrograms over winter. That compares to an average 40 micrograms from January to September this year.

The reading in Beijing was 33 micrograms in the first three quarters, meeting China’s 35-microgram standard, although exceeding the recommended World Health Organization level of 5 micrograms and likely to rise much higher over winter.

“China will win many medals at the Winter Olympics, but the smog … could plunge the Games into difficulties,” the Washington-based International Fund for China’s Environment said earlier this year.

GREENING THE GAMES

Officials said during a government-organised tour this week that all 26 Olympic venues in Beijing and Hebei province would be 100% powered by renewable energy. More than 700 hydrogen-fuelled vehicles will also be deployed, despite the government falling short of a hydrogen production target.

Preparations have included a tree-planting programme that increased forest coverage in Zhangjiakou to 70%-80%, up from 56% previously.

China has also said it would make the Games “carbon neutral” for the first time. Environmental group Greenpeace, though, said without more data it would be hard to evaluate whether the goal was actually met.

Water scarcity is another concern, especially when it comes to creating artificial snow and ice.

Organisers said the Games would not put additional pressure on local water supplies and rely instead on cisterns that collected mountain runoff and rainfall during the summer – in line with China’s wider efforts to create a “circular” economy in which resources are fully utilised and recycled.

“We are all self-sufficient and ecologically circular,” said Wang Jingxian, a member of the 2022 Games planning committee.

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Reporting by Muyu Xu and David Stanway; Editing by Tom Hogue

Our Standards: The Thomson Reuters Trust Principles.

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