Constance Cullen, a former director at Schering Plough, said this week that she was responsible for evaluating Theranos’s technology in 2009. She said she came away “dissatisfied” with Ms. Holmes’s answers to her technical questions, calling them “cagey” and indirect. She said she stopped responding to emails from Ms. Holmes.

Shane Weber, a director at Pfizer, looked into Theranos in 2008 and concluded that the company’s responses to his technical questions were “oblique, deflective or evasive,” according to a memo used as evidence. He recommended Pfizer cease working with Theranos.

But investors were less probing, especially when Ms. Holmes appealed to their egos. Her persona as a visionary, bolstered by magazine cover stories and personal eccentricities, created a sense that backing Theranos was an exclusive and elite opportunity.

In testimony and evidence, Ms. Holmes was shown to have guarded information about the business, calling it a trade secret. She told investors she sought out wealthy families who would not want to see a return on their investment anytime soon, making those that she picked feel special with formal invitations. And she controlled the company tightly with “supervoting” shares worth 100 times the power of other shares.

“She has a firm grasp on the company, let there be no mistake,” Christopher Lucas, a Theranos investor, said on a call with other investors that was recorded and played in court. “She would have the right to cast out investors.”

Mr. Lucas’s firm, Black Diamond Ventures, invested around $7 million into Theranos, despite not getting access to its financial information or examining all of its corporate records. This was unusual, Mr. Lucas testified on Thursday, but Ms. Holmes told him the information was sensitive because a leak could “give competitors a chance to crush the company.”

That secrecy extended to due diligence. Ms. Peterson testified that she was scared Ms. Holmes would cut her firm out of the deal if they dug deeper into the details of Theranos’s business.

“We were very careful not to circumvent things and upset Elizabeth,” she said. “If we did too much, we wouldn’t be invited back to invest.”

Mr. Nadkarni, the longtime investor, said such behavior sounded familiar. He said he had observed a loosening of diligence in deals he’s been involved with over the last year.

It hasn’t led to many problems while times were good, he said, but “if something happens to the economy, then everyone is going to be toast.”

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Global Leaders Pledge to End Deforestation by 2030

Leaders of more than 100 countries, including Brazil, China and the United States, vowed on Monday at climate talks in Glasgow to end deforestation by 2030, seeking to preserve forests crucial to absorbing carbon dioxide and slowing the rise in global warming.

The pledge will demand “transformative further action,” the countries’ declaration said, and it was accompanied by several measures intended to help put it into effect. But some advocacy groups criticized them as lacking teeth, saying they would allow deforestation to continue.

Prime Minister Boris Johnson of Britain was scheduled to announce the deforestation agreement at an event on Tuesday morning attended by President Biden and the president of Indonesia, Joko Widodo.

“These great teeming ecosystems — these cathedrals of nature — are the lungs of our planet,” Mr. Johnson is expected to say.

climate summit, known as COP26. Intact forests and peatlands, for example, are natural storehouses of carbon, keeping it sealed away from the atmosphere. But when these areas are logged, burned or drained, the ecosystems switch to releasing greenhouse gases.

If tropical deforestation were a country, it would be the third-biggest emitter of greenhouse gases in the world, according to the World Resources Institute, after China and the United States. Much of the world’s deforestation is driven by commodity agriculture as people fell trees to make room for cattle, soy, cocoa and palm oil.

even make rain, supporting agriculture elsewhere. They are fundamental to sustaining biodiversity, which is suffering its own crisis as extinction rates climb.

Previous efforts to protect forests have struggled. One program recognized in the Paris climate accord seeks to pay forested nations for reducing tree loss, but progress has been slow.

Previous promises to end deforestation also have failed. A United Nations plan announced in 2017 made similar commitments. An agreement in 2014 to end deforestation by 2030, the New York Declaration on Forests, set goals without a means to achieve them, and deforestation continued.

The same will happen this time, some environmentalists predicted.

“It allows another decade of forest destruction and isn’t binding,” said Carolina Pasquali, executive director of Greenpeace Brazil. “Meanwhile, the Amazon is already on the brink and can’t survive years more deforestation.”

Supporters of the new pledge point out that it expands the number of countries and comes with specific steps to save forests.

“What we’re doing here is trying to change the economics on the ground to make forests worth more alive than dead,” said Eron Bloomgarden, whose group, Emergent, helps match public and private investors with forested countries and provinces looking to receive payments for reducing deforestation.

The participating governments promised “support for smallholders, Indigenous Peoples and local communities, who depend on forests for their livelihoods and have a key role in their stewardship.”

have begun emitting more carbon than they store.

China is one of the biggest signatories to the deforest declaration, but the country’s top leader, Xi Jinping, did not attend the climate negotiations in Glasgow. China suffered heavy forest losses as its population and industry grew over the past decades, but more recently, it has pledged to regrow forests and to expand sustainable tree farming.

By China’s estimate, forests now cover about 23 percent of its landmass, up from 17 percent in 1990, according to the World Bank. Though some research has questioned the scale and the quality of that expanded tree cover, the government has made expanded reforestation a pillar of its climate policies, and many areas of the country are notably greener than they were a couple of decades ago.

Still, China’s participation in the new pledge may also test its dependence on timber imported from Russia, Southeast Asia and African countries, including large amounts of illegally felled trees.

In a written message to the Glasgow meeting, Mr. Xi “stressed the responsibility of developed countries in tackling climate change, saying that they should not only do more themselves, but should also provide support to help developing countries do better,” Xinhua news agency reported.

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Biden Finds Raising Corporate Tax Rates Easier Abroad Than at Home

ROME — President Biden and other world leaders endorsed a landmark global agreement on Saturday that seeks to block large corporations from shifting profits and jobs across borders to avoid taxes, a showcase win for a president who has found raising corporate tax rates an easier sell with other countries than with his own party in Congress.

The announcement in the opening session of the Group of 20 summit marked the world’s most aggressive attempt yet to stop opportunistic companies like Apple and Bristol Myers Squibb from sheltering profits in so-called tax havens, where tax rates are low and corporations often maintain little physical presence beyond an official headquarters.

It is a deal years in the making, which was pushed over the line by the sustained efforts of Mr. Biden’s Treasury Department, even as the president’s plans to raise taxes in the United States for new social policy and climate change programs have fallen short of his promises.

The revenue expected from the international pact is now critical to Mr. Biden’s domestic agenda, an unexpected outcome for a president who has presented himself more as a deal maker at home rather than abroad.

end the global practice of profit-shifting, celebrated the international tax provisions this week and said they would be significant steps toward Mr. Biden’s vision of a global economy where companies invest, hire and book more profits in the United States.

But they also conceded that infighting among congressional Democrats had left Mr. Biden short of fulfilling his promise to make corporations pay their “fair share,” disappointing those who have pushed Mr. Biden to reverse lucrative tax cuts for businesses passed under Mr. Trump.

The framework omits a wide range of corporate tax increases that Mr. Biden campaigned on and pushed relentlessly in the first months of his presidency. He could not persuade 50 Senate Democrats to raise the corporate income tax rate to 28 percent from 21 percent, or even to a compromise 25 percent, or to eliminate incentives that allow some large firms — like fossil fuel producers — to reduce their tax bills.

“It’s a tiny, tiny, tiny, tiny, step,” Erica Payne, the president of a group called Patriotic Millionaires that has urged tax increases on corporations and the wealthy, said in a statement after Mr. Biden’s framework announcement on Friday. “But it’s a step.”

The Treasury Department said on Friday that even the additional enforcement money for the I.R.S. could still generate $400 billion in additional tax revenue over 10 years and said that was a “conservative” estimate.

An administration official said that the difficulty in rolling back the Trump tax cuts was the result of the fact that the Democrats are a big tent party ideologically with a very narrow majority in Congress, where a handful of moderates currently rule.

In Rome, Mr. Biden’s struggle to raise taxes more has not complicated the sealing of the international agreement. The move by the heads of state to commit to putting the deal in place by 2023 looms as the featured achievement of the summit, and Mr. Biden’s surest victory of a European swing that also includes a climate conference in Scotland next week.

Briefing reporters on Friday evening, a senior administration official, speaking on the condition of anonymity in order to preview the first day of the summit, said Biden aides were confident that world leaders were sophisticated and understood the nuances of American politics, including the challenges in passing Mr. Biden’s tax plans in Congress.

The official also said world leaders see the tax deal as reshaping the rules of the global economy.

The international tax agreement represented a significant achievement of economic diplomacy for Mr. Biden and Ms. Yellen, who dedicated much of her first year on the job to reviving negotiations that stalled during the Trump administration. To show that the United States was serious about a deal, she abandoned a provision that would have made it optional for American companies to pay new taxes to foreign countries and backed away from an initial demand for a global minimum tax of 21 percent.

For months, Ms. Yellen cajoled Ireland’s finance minister, Paschal Donohoe, to back the agreement, which would require Ireland to raise its 12.5 percent corporate tax rate — the centerpiece of its economic model to attract foreign investment. Ultimately, through a mix of pressure and pep talks, Ireland relented, removing a final obstacle that could have prevented the European Union from ratifying the agreement.

Some progressives in the United States say that Mr. Biden’s ability to follow through on his end of the bargain was a crucial piece of the framework spending bill.

“The international corporate reforms are the most important,” said Seth Hanlon, a senior fellow at the liberal Center for American Progress, who specializes in tax policy, “because they are linked to the broader multilateral effort to stop the corporate race to the bottom. It’s so important for Congress to act this year to give that effort momentum.”

Jim Tankersley reported from Rome, and Alan Rappeport from Washington.

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As Western Oil Giants Cut Production, State-Owned Companies Step Up

Kuwait announced last month that it planned to invest more than $6 billion in exploration over the next five years to increase production to four million barrels a day, from 2.4 million now.

This month, the United Arab Emirates, a major OPEC member that produces four million barrels of oil a day, became the first Persian Gulf state to pledge to a net zero carbon emissions target by 2050. But just last year ADNOC, the U.A.E.’s national oil company, announced it was investing $122 billion in new oil and gas projects.

Iraq, OPEC’s second-largest producer after Saudi Arabia, has invested heavily in recent years to boost oil output, aiming to raise production to eight million barrels a day by 2027, from five million now. The country is suffering from political turmoil, power shortages and inadequate ports, but the government has made several major deals with foreign oil companies to help the state-owned energy company develop new fields and improve production from old ones.

Even in Libya, where warring factions have hamstrung the oil industry for years, production is rising. In recent months, it has been churning out 1.3 million barrels a day, a nine-year high. The government aims to increase that total to 2.5 million within six years.

National oil companies in Brazil, Colombia and Argentina are also working to produce more oil and gas to raise revenue for their governments before demand for oil falls as richer countries cut fossil fuel use.

After years of frustrating disappointments, production in the Vaca Muerta, or Dead Cow, oil and gas field in Argentina has jumped this year. The field had never supplied more than 120,000 barrels of oil in a day but is now expected to end the year at 200,000 a day, according to Rystad Energy, a research and consulting firm. The government, which is considered a climate leader in Latin America, has proposed legislation that would encourage even more production.

“Argentina is concerned about climate change, but they don’t see it primarily as their responsibility,” said Lisa Viscidi, an energy expert at the Inter-American Dialogue, a Washington research organization. Describing the Argentine view, she added, “The rest of the world globally needs to reduce oil production, but that doesn’t mean that we in particular need to change our behavior.”

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Ford Will Build 4 Factories in a Big Electric Vehicle Push

The top wage for a Ford assembly line worker represented by the United Auto Workers is $32 an hour under a contract the company and union reached in 2019. Unionized workers at parts factories typically make less than those assembling cars.

Other big automakers are also pouring billions into battery and electric car plants. G.M., which said this year that it aimed to end production of internal-combustion vehicles by 2035, plans to build four battery plants in the United States over the next few years. Ford expects electric models to make up 40 percent of its production by 2030.

Even companies that have resisted electric cars have been changing their tune. Toyota Motor, in a sudden shift in strategy, said this month that it planned to spend billions of dollars over the next decade to build battery factories and hoped to sell two million electric cars a year by the end of the decade. Previously, Toyota planned to focus on making hybrid cars and trucks and expressed doubts that fully electric vehicles would take off.

Several other automakers, including Volkswagen, Mercedes-Benz, BMW, Hyundai and Stellantis, which was formed by the merger of Fiat Chrysler and France’s Peugeot, are also investing billions of dollars to produce electric vehicles.

“All these companies are building battery plants because you have to have your own production if you’re going to make E.V.s in high volume,” said Mike Ramsey, a Gartner analyst. “The fact they are spending billions of dollars means they’re saying: ‘There’s no turning back. We’re really going to do this.’”

But Mr. Ramsey said it was not clear how quickly consumers would embrace electric vehicles, which are still more expensive than conventional cars and trucks even after federal and state incentives. Charging stations will also have to expand significantly as more electric models hit the road.

“There’s grounds to have real concerns about where demand will actually be,” Mr. Ramsey said.

Ford’s new truck plant and battery factory in Tennessee will be in Stanton, about 50 miles northeast of Memphis. To be called Blue Oval City, the campus will cover six square miles, substantially larger than the Ford Rouge plant that Henry Ford built in the Detroit area a century ago. The Tennessee campus is expected to employ 6,000 people and will house suppliers and a battery recycling operation as well as the truck and battery factories. Ford and SK Innovation will invest $5.6 billion at the site.

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In Submarine Deal With Australia, U.S. Counters China but Enrages France

PARIS — President Biden’s announcement of a deal to help Australia deploy nuclear-powered submarines has strained the Western alliance, infuriating France and foreshadowing how the conflicting American and European responses to confrontation with China may redraw the global strategic map.

In announcing the deal on Wednesday, Mr. Biden said it was meant to reinforce alliances and update them as strategic priorities shift. But in drawing a Pacific ally closer to meet the China challenge, he appears to have alienated an important European one and aggravated already tense relations with Beijing.

France on Thursday reacted with outrage to the announcements that the United States and Britain would help Australia develop submarines, and that Australia was withdrawing from a $66 billion deal to buy French-built submarines. At its heart, the diplomatic storm is also a business matter — a loss of revenue for France’s military industry, and a gain for American companies.

Jean-Yves Le Drian, France’s foreign minister, told Franceinfo radio that the submarine deal was a “unilateral, brutal, unpredictable decision” by the United States, and he compared the American move to the rash and sudden policy shifts common during the Trump administration.

“America-is-back” foreign-policy message, had promised to revive the country’s alliances, which were particularly undermined by Mr. Trump’s dismissiveness of NATO and the European Union. Hopes ran high from Madrid to Berlin. But a brief honeymoon quickly gave way to renewed tensions.

The French were disappointed that Secretary of State Antony J. Blinken did not make Paris, where he lived for many years, one of his first destinations in Europe. And they were angered when Mr. Biden made his decision on the American withdrawal from Afghanistan with scant if any consultation of European allies who had contributed to the war effort.

“Not even a phone call,” Ms. Bacharan said of the Afghan decision.

In his comments on Wednesday, Mr. Biden called France a key ally with an important presence in the Indo-Pacific. But the president’s decision, at least in French eyes, appeared to make a mockery of that observation.

The French statement on Thursday said that France was “the only European nation present in the Indo-Pacific region, with nearly two million citizens and more than 7,000 military personnel” in overseas territories like French Polynesia and New Caledonia in the Pacific and Reunion in the Indian Ocean.

Next week, Mr. Biden will meet at the White House with leaders of “the Quad” — an informal partnership of Australia, India, Japan and the United States — in what amounts to a statement of shared resolve in relations with Beijing. He will also meet with Mr. Johnson, apparently before the Quad gathering.

Given the Australian deal, these meetings will again suggest to France that in the China-focused 21st century, old allies in continental Europe matter less.

For Britain, joining the security alliance was further evidence of Mr. Johnson’s determination to align his country closely with the United States in the post-Brexit era. Mr. Johnson has sought to portray himself as loyal partner to Mr. Biden on issues like China and climate change.

London’s relations with Washington were ruffled by the Biden administration’s lack of consultation on Afghanistan. But the partnership on the nuclear submarine deal suggests that in sensitive areas of security, intelligence sharing and military technology, Britain remains a preferred partner over France.

Reporting was contributed by Helene Cooper and Eric Schmitt in Washington; Aurelien Breeden in Paris; Mark Landler in London; and Elian Peltier in Brussels.

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Thomas H. Lee Partners Acquires House of Design

NAMPA, Idaho & BOSTON–(BUSINESS WIRE)–Thomas H. Lee Partners, L.P. (“THL”), a premier private equity firm investing in growth companies, announced today that it has acquired a majority interest in House of Design LLC (the “Company”), a leading provider of robotic automation systems and software for the residential construction market. THL’s investment will strengthen House of Design’s existing capabilities and provide capital and resources for future growth investments. House of Design’s co-founders will hold minority positions in the Company. Terms of the transaction were not disclosed.

Founded in 2012 and based in Nampa, Idaho, House of Design is a leading provider of automated solutions for the building components and residential offsite construction industries. The Company designs and engineers robotic systems that increase component manufacturers’ production output and capacity while reducing the challenges of labor shortages. Proprietary software makes House of Design’s system the only fully automated system that can produce complex variable trusses and wall panels without robot retraining or resetting.

THL’s investment in House of Design will accelerate the Company’s ability to build upon its leading robotic technology and software platform and accelerate new product innovation for its customers.

“Our partnership with THL is a monumental milestone for the Company,” said Shane Dittrich and Ryan Okelberry, Co-Founders of House of Design. “THL brings the expertise and sophistication needed to reach the next stage in our Company’s growth, and we have a shared vision for how to get there. We are excited to partner with THL and leverage their deep automation expertise and financial and operational resources to fuel House of Design’s growth strategy.”

“We are thrilled to partner with the House of Design team,” said Mike Kaczmarek, Managing Director at THL. “Persistent labor scarcity in the construction industry is driving greater need for automated solutions, and House of Design’s offerings help address labor shortage and worker safety challenges while providing an attractive ROI to the customer. THL is excited to support House of Design in continuously growing and innovating its product offerings to help customers increase production throughput and revenue.”

Stifel acted as financial advisor, Kirkland & Ellis LLP acted as legal advisor and PwC acted as accounting and tax advisor to THL. PEAK Technology Partners, a San Francisco based investment bank, acted as the exclusive financial advisor and Stoel Rives acted as legal advisor to House of Design.

About House of Design

House of Design has established itself as a thought leader and premier provider of robotic solutions, dynamic software applications, and system integration services. Through a multitude of successful automation projects across varied industries, House of Design is recognized as an innovative, collaborative partner committed to the success of the clients it serves.

Founded in 2012 by two engineers, House of Design has grown to 100+ employees and one of the largest robotic integrators in the West. Over the last ten years House of Design has been recognized nationally for its innovation in the robotics industry and as a small business leader in Idaho. The company’s vision is to ensure that execution matches strategy, emerging opportunities are captured, and team members grow, prosper and their work changes the world.

For more information, please visit www.thehouseofdesign.com.

About Thomas H. Lee Partners

Thomas H. Lee Partners, L.P. (“THL”) is a premier private equity firm investing in middle market growth companies exclusively in three sectors: Financial Services, Healthcare and Technology & Business Solutions. THL couples deep sector expertise with dedicated internal operating resources to transform and build great companies of lasting value in partnership with management. The Firm’s domain expertise and resources help to build great companies with an aim to accelerate growth, improve operations and drive long-term sustainable value. Since 1974, THL has raised more than $30 billion of equity capital, invested in over 160 companies and completed more than 500 add-on acquisitions representing an aggregate enterprise value at acquisition of over $210 billion. THL invests in automation companies through its flagship private equity fund and a dedicated automation fund. For more information, please visit www.thl.com.

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