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At Axel Springer, Politico’s New Owner, Allegations of Sex, Lies and a Secret Payment

He also said the Bild workplace culture would not be replicated in the United States. “We will not tolerate any behavior in our organizations worldwide that does not follow our very clear compliance policies. We aspire to be the best digital media company in the democratic world with the highest ethical standards and an inclusive, open culture,” he said.

Axel Springer forwarded a letter from lawyers stating that Bild was not legally obliged to fire Mr. Reichelt.

But a March 1 message from Mr. Döpfner to a friend with whom he later had a falling out over the way the company handled the allegations against Mr. Reichelt, Benjamin von Stuckrad-Barre, suggests that, while Mr. Döpfner was central to deciding how to act on the investigation’s findings as chief executive, he may not have been impartial. In the message, sent after Axel Springer had become aware of the allegations, but before the investigation was underway, Mr. Döpfner referred to an opinion column by Mr. Reichelt complaining about Covid restrictions.

Mr. Döpfner wrote that “we have to be especially careful” in the investigation, because Mr. Reichelt “is really the last and only journalist in Germany who is still courageously rebelling against the new GDR authoritarian state,” according to a copy of the message that I obtained. (The reference to GDR, or Communist East Germany, in this context, is a bit like “woke mob.”) Mr. Döpfner also wrote that Mr. Reichelt had “powerful enemies.”

Mr. Döpfner’s political statement in that message may seem at odds with his stated plans for his new American properties, which The Wall Street Journal reported last week, will “embody his vision of unbiased, nonpartisan reporting, versus activist journalism, which, he said, is enhancing societal polarization in the U.S. and elsewhere.”

As Axel Springer was struggling to contain the fallout from the Bild investigation, Mr. Döpfner’s focus was on Washington. This spring and summer, he conducted secret, parallel conversations with executives at two rival news organizations based in Washington, Politico and Axios, the site started in 2016 by Jim VandeHei, Mike Allen and Roy Schwartz, all formerly of Politico.

Mr. Döpfner’s goal was to buy both and combine them into a mighty competitor to the nation’s largest news outlets. The Politico acquisition, announced in August, was a triumph for his company. But behind the scenes, Axel Springer’s courting style had alienated its other target.

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Migrant at Poland-Belarus Border Faces a Wrenching Decision

ALONG THE EASTERN POLAND BORDER — The father had walked in circles in the rain-drenched Polish forest, cradling his sick daughter, delirious after three days with barely any food or water as temperatures dipped toward freezing. He was soaked, shivering and facing a terrible choice.

His daughter, 2, has cerebral palsy and epilepsy. He had wrapped her in a thin coat to protect her from the cold, and she needed urgent medical attention. The father, an Iraqi Kurd who gave his name as Karwan, had guided his family across the border from Belarus but was now in a forested area patrolled by Polish soldiers and border guards.

The choice for the father was pitiless: seeking medical help would mean a return to Belarus and the end of his family’s desperate journey to Europe.

“I can call for an ambulance for you, but border guards will come with it,” Piotr Bystrianin, a Polish activist who arrived to help, told the family, who said they wanted to request asylum in Poland. He had found them after hours of searching in the dark, alerted to their whereabouts by a locator pin sent by cellphone.

geopolitical fight between Belarus and Poland that has escalated into a man-made humanitarian disaster for Europe. At least five people who crossed illegally into Poland have died in recent weeks, some of hypothermia and exhaustion, according to Polish officials, and three nearly drowned in a Polish swamp.

Aleksandr G. Lukashenko of Belarus is using migrants to punish the European Union for imposing sanctions on him for cracking down hard after a disputed election last year. The migrants — some fleeing poverty in Africa and elsewhere and others escaping war in countries like Afghanistan and Iraq — are allowed to enter Belarus, and then encouraged to cross over into Poland, a member of the European Union, with hopes of dispersing across the region.

Poland’s right-wing government, determined to keep out refugees and economic migrants, has flooded the eastern border area with security agents, while keeping out prying eyes by declaring it an emergency exclusion zone off limits to all but residents.

in an interview that it was “harmful” for the government to suggest that “every refugee is a terrorist or a sex offender,” adding: “We cannot accept that people die in front of our eyes.”

In a detailed report, Amnesty International last week documented how Polish border guards had held 32 Afghan asylum seekers in “horrendous conditions for weeks” and then pushed them back over the border into Belarus in violation of international law. In a separate report, the Helsinki Foundation for Human Rights said that “Poland is conducting mass illegal pushbacks at its border with Belarus.”

Some officials are pushing back against the government’s policy. Poland’s deputy commissioner for human rights denounced the treatment of asylum seekers as a “scandal” that shows “the darkest possible image of Poland.”

sanctions on Belarus for forcing down a passenger jet carrying a Belarusian dissident. Mr. Lukashenko’s government initially steered the migrants toward Lithuania, but directed them south to the Polish border after Lithuania erected a fence.

Both Lithuania and Poland have reinforced their borders, laying coils of razor wire and fortifying existing barriers, borrowing anti-migrant methods pioneered by Hungary at the height of Europe’s migrant crisis in 2015.

The European Union, loath to see a repeat of that crisis and another surge of support for populist, anti-immigration politicians, has mostly supported the efforts of Poland and Lithuania to keep out people trying to enter from Belarus.

report on the briefing: “He raped a cow and wanted to get into Poland? Details on migrants at the border.”

But the picture turned out to be a still from a zoophilia pornography movie available on the internet, and involved a horse, not a cow.

Poland has taken in hundreds of asylum-seekers airlifted from Afghanistan since the Taliban took power in August but hostility to migrants sneaking across the border has been a constant feature of Poland’s ruling Law and Justice party. In 2015, ahead of elections that brought it to power, its leader said they carried “all sorts of parasites and protozoa.”

Fundacja Ocalenie, waited patiently for the distraught family to make their decision.

Worried that his ailing daughter and others in the group might not survive, Karwan decided it would be best to seek medical help. Two ambulances arrived and, as he had been warned, border guards came, too.

Four family members were taken to the hospital, and six others to the border to be forced back into Belarus. Mr. Bystrianin and a fellow activist, Dorota Nowok, in the area to provide food and clothing, were fined for entering a restricted zone.

Monika Pronczuk contributed reporting from Brussels, and Anatol Magdziarz from Warsaw.

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Prominent Chinese #MeToo Figure Vows to Appeal After Losing Case

A former television intern who became a prominent voice in China’s #MeToo movement against sexual assault and harassment has vowed to fight on after a court in Beijing ruled that she had not produced sufficient evidence in her harassment case against a star presenter.

The former intern, Zhou Xiaoxuan, told supporters and journalists outside the Haidian District court in Beijing that she would appeal after judges ruled against her claim late Tuesday night.

Ms. Zhou asserted in 2018 that Zhu Jun had assaulted her in a dressing room four years earlier. Mr. Zhu denied that accusation and sued Ms. Zhou, and she countersued him. Their legal battles became a focal case in China’s expanding movement against the sexual coercion of women.

The court in Beijing rejected Ms. Zhou’s case in a terse online statement that did not go into the substance of her claims. She had “tendered insufficient evidence to prove her assertion that a certain Zhu had engaged in sexual harassment,” the court stated.

crack their heads and spill blood” if they tried to stop its rise.

  • Behind the Takeover of Hong Kong: One year ago, the city’s freedoms were curtailed with breathtaking speed. But the clampdown was years in the making, and many signals were missed.
  • One Year Later in Hong Kong: Neighbors are urged to report on one another. Children are taught to look for traitors. The Communist Party is remaking the city.
  • Mapping Out China’s Post-Covid Path: Xi Jinping, China’s leader, is seeking to balance confidence and caution as his country strides ahead while other places continue to grapple with the pandemic.
  • A Challenge to U.S. Global Leadership: As President Biden predicts a struggle between democracies and their opponents, Beijing is eager to champion the other side.
  • ‘Red Tourism’ Flourishes: New and improved attractions dedicated to the Communist Party’s history, or a sanitized version of it, are drawing crowds ahead of the party’s centennial.
  • Since then, the Chinese Communist Party has moved to rein in public protest and contention over women’s rights, and fewer such cases have burst onto the internet.

    An exception was in July, when the police detained Kris Wu, a popular Canadian Chinese singer, after an 18-year-old university student in Beijing accused him of offering young women like her help with their careers, and then pressing them to have sex. He has denied the accusations.

    Mr. Wu was formally arrested last month on suspicion of rape. His case became one in a number of scandals that have prompted the Chinese government to crack down on youth celebrity culture and warn actors and performers to stick to official rules for propriety.

    Ms. Zhou has been barred from Weibo, the popular Chinese social media service where her claims against Mr. Zhu first spread. (His lawsuit against her has still not gone to trial.)

    Traditional state-run media outlets were ordered not to cover Ms. Zhou’s claims and lawsuit, according to three journalists who received the instructions and asked for anonymity because of the risk of repercussions. But word of Ms. Zhou’s loss in court rippled across Chinese social media on Wednesday. Many reactions that remained on Weibo were critical of her, some accusing her of making up her claims and acting as a pawn for forces hostile to China. Her supporters said that, despite the setback, she had set a lasting example.

    “I was very disappointed, but it didn’t surprise me,” said Zheng Xi, 34, a feminist in Hangzhou, in eastern China. “Her persistence in the last three years has educated and enlightened many people.”

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    Why Our Monsters Talk to Michael Wolff

    I couldn’t write about these kind of blurred journalistic lines, of course, without disclosing my largely friendly relationship with Mr. Wolff. I first encountered him in 2009, when he profiled my then-employer, Politico, and wrote in passing that I was a “total dweeb” who was “the only one as interested in what his sources are doing as they themselves are.” I felt both insulted and pretty much seen.

    After that, I sought him out for occasional career advice, which he gave generously. In 2014, he invited me to a dinner with executives at Uber, and neglected to ask me to agree that it was off the record. When I published one executive’s explosive suggestion to me that the company dig up dirt on the journalists who had been covering the company, Mr. Wolff, then a columnist for USA Today, blasted me in print as “a gotcha political blogger” who had grown “censorious and moralistic.” (Fair.) A couple of weeks later, he took further revenge by publishing an indiscreet comment I had made to him in private. I was furious. I also figured we were even. And when I was thinking last year about writing a book, I asked him how to do it. He told me, You start with a blank piece of paper, and on the top, you write the amount of money you want.

    Mr. Wolff seems to be following his own advice as he cashes in on the success of “Fire and Fury” with his third book in four years. But he offers a scarce commodity in a media market that has moved away from his kind of journalism. A hot political environment has taught many reporters to see their work in moral, even didactic, terms. Magazine writers are out looking for heroes, not villains, and they appear to have little interest in understanding why our bad men do the things they do.

    But monsters are fascinating. And Mr. Wolff “doesn’t have that sort of natural recoil to some of the more odious people in the world,” said Janice Min, his former editor at The Hollywood Reporter.

    After we parted, he emailed me that he would prefer that his beat not be described as “elderly sex abusers.” It has simply turned out that the class of media moguls he covers “has turned out to, disproportionately, include many sex abusers,” he said.

    That generation may, at last, be aging out, meaning Mr. Wolff risks running out of subjects. When I asked who will hold his interest in the years to come, he said he was “scouting the next generation” of powerful media figures.

    “Too Famous” includes a few of them — Jared Kushner, Tucker Carlson and Ronan Farrow. And Mr. Carlson, for one, was happy to sit down with Mr. Wolff. “He is one of the last interesting people in American media,” Mr. Carlson texted me. “Anyone who doubts that should have lunch with him.”

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    Alibaba Faces Reckoning Over Harassment

    At an employee dinner, women were told to rank the attractiveness of the men at the table. During a team-building exercise, a woman was pressured to straddle her male co-worker in front of colleagues. Top executives traded lewd comments about male virility at company events and online.

    The e-commerce giant Alibaba, one of China’s most globalized internet companies, has often celebrated the number of women in its senior ranks. In 2018, the company’s billionaire co-founder, Jack Ma, told a conference in Geneva that one secret to Alibaba’s success was that 49 percent of employees were women.

    But that message of female empowerment is now being called into question after an Alibaba employee accused her boss of raping her after an alcohol-fueled business dinner. The woman, who has been identified by the police and her lawyers only by her surname, Zhou, said bosses and human resources had shrugged off her complaints. She eventually resorted to screaming about the assault in a company cafeteria last month.

    “An Ali male executive raped a female subordinate, and no one in the company has pursued this,” Ms. Zhou yelled, according to a video that was posted on the internet.

    fired the man accused of rape, said it would establish an anti-sexual-harassment policy and declared itself “staunchly opposed to the ugly forced drinking culture.” Yet former Alibaba employees say the problems run much deeper than the company has acknowledged.

    Interviews with nine former employees suggest that casual sexism is common at Alibaba. They describe a work environment in which women are made to feel embarrassed and belittled during team-building and other activities that the company has incorporated in its culture, a striking departure from the image of inclusion Alibaba has tried to project.

    The police investigation into Ms. Zhou’s case is continuing. Alibaba appears to be trying to keep a lid on discussions of the matter. The company recently fired 10 employees for leaking information about the episode, according to two people familiar with the matter. Most former employees who spoke with The New York Times asked to remain anonymous because they feared retaliation.

    immediate changes to the way it handles workplace culture and misconduct matters after Ms. Zhou’s case came to light, the statement said. Upon examining its policies and reporting processes, the company found “certain areas that did not meet our standards,” the statement said.

    The statement did not address any of the specific allegations made by the former employees who spoke to The Times.

    Many Alibaba departments use games and other ice-breaking activities to make co-workers feel at ease with one another. Kiki Qian joined the company in 2017. Her team welcomed her with a game of charades. When she lost, she said, she was punished by being made to “fly the plane,” as her co-workers called it. The stunt involved straddling a male colleague as he sat in an office chair. The colleague then lay back in the chair, causing Ms. Qian to fall on top of him, face first.

    “I realized while carrying out the punishment that it could be a little perverted,” Ms. Qian, 28, said in a telephone interview.

    On a separate occasion, Ms. Qian said, she saw a woman burst into tears after being pressured to jump into the arms of a male colleague during a team game.

    Other former Alibaba employees said ice-breaking rituals included uncomfortable questions about their sexual histories. One former employee said she and other women at a team dinner had been asked to rank their male colleagues by attractiveness. Another said she had felt humiliated during a game in which employees were required to touch each other on the shoulders, back and thighs.

    Mr. Ma joked onstage about how Alibaba’s grueling work hours affected employees’ sex lives.

    went further with the riff at the next year’s ceremony.

    “At work, we emphasize the 996 spirit,” he said, referring to the practice, common at Chinese internet companies, of working 9 a.m. to 9 p.m., six days a week.

    “In life, we need 669,” Mr. Ma said. “Six days, six times.” The Mandarin word for “nine” sounds the same as the word for “long-lasting.” The crowd hooted and clapped.

    Alibaba shared the remarks, with a winking emoji, on its official account on Weibo, the Chinese social media platform. Wang Shuai, the company’s public relations chief, wrote on Weibo that Mr. Ma’s comments had reminded him of how good it was to be young. His post included vulgar references to his anatomy.

    Alibaba also gives employees a handbook of morale-boosting “Alibaba slang.” Several entries are laced with sexual innuendo. One urges employees to be “fierce and able to last a long time.”

    Feng Yuan, a prominent feminist in China, said the kind of behavior described at Alibaba could create the conditions under which bullying and harassment were quietly tolerated and promoted.

    “In companies where men dominate, hierarchical power structures and toxic masculinity become strengthened over time,” Ms. Feng said. “They become hotbeds for sexual harassment and violence.”

    Last month, Ms. Zhou shared her rape accusation on Alibaba’s internal website. According to her account of the events, her boss told a male client who was also at the alcohol-fueled business dinner, “Look how good I am to you; I brought you a beauty,” referring to Ms. Zhou.

    Boozy meals have long been widespread in corporate China, where it can be seen as offensive to refuse to drink with a superior. Three days after Ms. Zhou reported the assault to Alibaba, her boss still had not been fired, she wrote in her account. She was told that this was out of consideration for her reputation.

    “This ridiculous logic,” she wrote. “Just who are they protecting?”

    Elsie Chen contributed reporting. Albee Zhang and Claire Fu contributed research.

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    Activision, Facing Internal Turmoil, Grapples With #MeToo Reckoning

    More than 1,500 workers for the video game maker Activision Blizzard walked out from their jobs this week. Thousands signed a letter rebuking their employer. And even as the chief executive apologized, current and former employees said they would not stop raising a ruckus.

    Shay Stein, who used to work at Activision, said it was “heartbreaking.” Lisa Welch, a former vice president, said she felt “profound disappointment.” Others took to Twitter or waved signs outside one of the company’s offices on Wednesday to share their anger.

    Activision, known for its hugely popular Call of Duty, World of Warcraft and StarCraft gaming franchises, has been thrown into an uproar over workplace behavior issues. The upheaval stems from an explosive lawsuit that California’s Department of Fair Employment and Housing filed on July 20, accusing the $65 billion company of fostering a “frat boy workplace culture” in which men joked about rape and women were routinely harassed and paid less than their male colleagues.

    Activision publicly criticized the agency’s two-year investigation and allegations as “irresponsible behavior from unaccountable state bureaucrats.” But its dismissive tone angered employees, who called out the company for trying to sweep away what they said were heinous problems that had been ignored for too long.

    Hollywood, restaurants and the media — the male-dominated video game sector has long stood out for its openly toxic behavior and lack of change. In 2014, feminist critics of the industry faced death threats in what became known as Gamergate. Executives at the gaming companies Riot Games and Ubisoft have also been accused of misconduct.

    Now the actions at Activision may signal a new phase, where a critical mass of the industry’s own workers are indicating they will no longer tolerate such behavior.

    “This could mean some real accountability for companies that aren’t taking care of their workers and are creating inequitable work environments where women and gender minorities are kept at the margins and abused,” said Carly Kocurek, an associate professor at the Illinois Institute of Technology who studies gender in gaming.

    She said California’s lawsuit and the fallout at Activision were a “big deal” for an industry that had traditionally shrugged off claims of sexism and harassment. Other gaming companies are most likely watching the situation, she added, and considering whether they need to address their own cultures.

    spared little detail. Many of the misconduct accusations focused on a division called Blizzard, which the company merged with through a deal with Vivendi Games in 2008.

    The lawsuit accused Activision of being a “a breeding ground for harassment and discrimination against women.” Employees engaged in “cube crawls” in which they got drunk and acted inappropriately toward women at work cubicles, the lawsuit said.

    In one case, a female employee died by suicide during a business trip because of the sexual relationship she had been having with her male supervisor, the lawsuit said. Before her death, male colleagues had shared an explicit photo of the woman, according to the lawsuit.

    on Twitter.

    Employees reacted furiously. An open letter addressed to Activision’s leaders calling for them to take the accusations more seriously and “demonstrate compassion” for victims attracted more than 3,000 signatures from current and former employees by Wednesday. The company has nearly 10,000 employees.

    “We no longer trust that our leaders will place employee safety above their own interests,” the letter said, calling Ms. Townsend’s remarks “unacceptable.”

    a $155 million pay package that makes him one of the country’s highest-paid executives, added that the company would beef up the team that investigated reported misconduct, fire managers who were found to have impeded investigations and remove in-game content that had been flagged as inappropriate.

    Employees said it was not enough.

    “We will not return to silence; we will not be placated by the same processes that led us to this point,” organizers of the walkout said in a public statement. They declined to be identified out of fear of reprisal.

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    Max Mosley, Motor Racing Chief and Embattled Privacy Advocate, Dies at 81

    Max Mosley, the former president of the International Automobile Federation, who forged a career that helped him emerge from the shadow of his notoriously fascist British parents but who became ensnared in legal battles later in life over a secretly recorded sex video, died on Monday. He was 81.

    His death was confirmed by his family, who said in a statement that he had died after a “long battle with cancer.”

    Mr. Mosley was president of the F.I.A. from 1993 to 2009. During his tenure, he advocated safety reforms in a sport that was often plagued by safety issues.

    Shortly after he became president of the F.I.A., the deaths of two drivers during the 1994 San Marino Grand Prix provided urgency to that effort, and in 1996, he led a successful campaign to strengthen crash test standards in the European Union.

    told The New York Times in 2015, “I did try to make a life of my own without basing a lot of my interests on my parents.”

    As a child, Mr. Mosley was surrounded by wealth and notable figures, including the Duke and Duchess of Windsor. But he grew close with Bernie Ecclestone, the son of a fisherman who would become chief executive of the Formula One Group, as the two endeavored to bolster the sport of motor racing.

    “We came from different sorts of upbringings, but we just got on well together,” Mr. Ecclestone said in an interview on Monday. He noted Mr. Mosley’s advocacy in vehicle safety, adding that “he wanted to make sure the public at large had cars that were built properly, were not dangerous, were not fragile.”

    But Mr. Mosley’s legacy as a reformer in the world of motor racing was overshadowed in 2008 when a now-defunct British tabloid, The News of the World, posted a video online of Mr. Mosley involved in what it described as “a depraved Nazi sadomasochistic orgy.”

    The video, which was later removed from the internet, showed him counting in German and yelling in German-accented English. He acknowledged participating in the session, but denied that the role-playing was Nazi-themed.

    order Google to remove photos and videos of the episode that had continued to circulate on the internet from its search results.

    Mr. Ecclestone said he regretted not supporting Mr. Mosley when he “had his bloody problems,” referring to the scandal.

    “Max was a very genuine, straightforward guy,” Mr. Ecclestone said. “He was very firm in that way.”

    Ian Parkes contributed reporting.

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    A Tally of Resignations Tied to the Jeffrey Epstein Scandal

    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.

    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.


    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.

    WSJ)

  • 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)

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    Tarun J. Tejpal, Journalist in India, is Acquitted of Rape

    A court in India on Friday acquitted a prominent journalist of charges that he raped a junior colleague, bringing an end to a politically charged case that had been closely watched as a test of a new sexual assault law.

    The journalist, Tarun J. Tejpal, was accused of sexually assaulting a staff reporter for Tehelka, a well-known investigative magazine that he edited, in 2013.

    Mr. Tejpal, 58, who pleaded not guilty to the charges, initially apologized to the reporter but later said the encounter had been consensual. “The truth will come out,” he told an Indian news channel in 2019.

    In a statement on Friday, Mr. Tejpal thanked the judge in the court in the coastal state of Goa and repeated his assertion that he had been targeted for prosecution as part of a political vendetta against him.

    has been slow to take hold in India, where public discussions of sex are frowned upon and traditional ideas of gender roles predominate in homes and workplaces.

    Still, some women have gone public about sexual harassment and assault, and some have won victories in court. In February, a journalist successfully fought off a defamation suit brought by a former public official whom she had accused of sexually harassing her.

    Mr. Tejpal was one of India’s best-known editors when he was arrested and charged. Tehelka, the liberal-minded magazine he led, is known for crusading public-interest journalism and has broken major stories over the years. Two decades ago, Tehelka reporters posed as arms dealers and caught Indian Army officers and members of the Hindu nationalist Bharatiya Janata Party — then, as now, India’s governing party — accepting bribes.

    said in a statement after the accusation became public.

    Mr. Tejpal initially expressed remorse about the incident, saying it had resulted from “an awful misreading of the situation.” But after the charges were filed, he said he was the victim of a right-wing “political vendetta,” and that security camera footage taken outside the elevator supported his version of events.

    Mr. Tejpal, who resigned as editor of Tehelka, spent six months in jail before India’s top court released him on bail in 2014.

    Since then, as the case made its way through India’s justice system at a typically glacial pace, Mr. Tejpal has largely disappeared from public life. A recent streaming series on Amazon based on a novel wrote did not include his name in the credits.

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