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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It’s the Media’s ‘Mean-Too’ Moment. Stop Yelling and Go to Human Resources.

Perhaps even worse, Ms. Cooper remarked early on that she’d never heard of Brian Lehrer, the beloved WNYC morning host whose gently probing, public-spirited interviews embody the station’s appeal, and that she didn’t “get” why he was popular. She has since come to the view that “Brian is the soul of the station and, in many ways, the city itself,” a WNYC spokeswoman, Jennifer Houlihan Roussel, said in an email.

In fact, Ms. Cooper’s mission was to jump-start the station’s lagging digital transformation, something she had done with unusual success in San Francisco and that requires a willingness to make enemies. She has ambitious plans to hire 15 to 20 more reporters — but first she had the near-impossible assignment of bringing together a group of traditional radio journalists, used to working for days and occasionally weeks on colorful local features, with the reporters at Gothamist, the scrappy local blog that WNYC bailed out in 2018. Ms. Cooper sought to professionalize Gothamist away from its bloggy and irreverent roots, telling reporters to be less openly hostile to the New York Police Department in their reporting, two reporters said. Ms. Roussel suggested that Ms. Cooper was trying to rein in Gothamist’s habit of adding “an element of editorializing to its coverage that can be interpreted as bias.”

And Ms. Cooper started pushing the radio journalists to pick up their pace and to file stories for the web. That seemed like a reasonable request, but it led to another stumble in early February, when an 18-year veteran of the radio side, Fred Mogul, filed a story with one paragraph printed in a different font. The editor realized it was Associated Press copy; Ms. Cooper promptly fired Mr. Mogul (who declined through his union to be interviewed) for plagiarism without a review of whether he’d ever done it before.

Ms. Cooper declined to speak to me about Mr. Mogul’s termination. But one thing I learned this week about public radio is that no matter what is happening, someone is always recording it. And that was true when Ms. Cooper called a virtual meeting Feb. 5 over Zoom to inform the full newsroom of her decision to fire Mr. Mogul. According to a copy of the recording provided to me by an attendee, Ms. Cooper told the staffers, “It’s totally OK to be sad.” But then several stunned radio reporters questioned the move, explaining that they regularly incorporated A.P. copy into stories on air and had imported the practice to WNYC’s little-read website, crediting The A.P. at the bottom of the story.

“Go through every single one of our articles and fire all of us, because that is exactly what we have all done,” one host, Rebeca Ibarra, told her.

On Feb. 10, more than 60 employees — including Mr. Lehrer — signed a letter asking Ms. Cooper to reconsider and calling the firing a “troubling precedent.”

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Stocks Rebound as Wall Street Shakes Off Inflation Worries: Live Updates

manufacturing activity in the United States and Europe showed a rapid pickup, as did retail sales data from Britain.

The Stoxx Europe 600 rose 0.6 percent led by gains in consumer companies. One of the biggest gainers was Richemont, the Swiss luxury goods company that owns brands including Cartier and Montblanc. Richemont shares rose after the company reported its full-year results with strong growth in sales in Asia especially for its jewelry and watch brands.

Oil prices rose. Futures of West Texas Intermediate, the U.S. crude benchmark, rose 1.4 percent to $63.48 a barrel.

There are many ways to measure how much the economy has reopened after pandemic lockdowns. One offbeat way is to compare the share prices of Clorox to Dave & Buster’s.

Nick Mazing, the director of research at the data provider Sentieo, came up with this metric to gauge shifts in postpandemic activity. 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, the DealBook newsletter reports, 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.

Two more ratios that Mr. Mazing suggest comparing are Netflix versus Live Nation and Peloton versus Planet Fitness.

The first is also nearly back to where it was before the pandemic: Live Nation is preparing for a 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.

George Greenfield, the founder of CreativeWell, a literary agency in Montclair, N.J., applied for a loan in March with Biz2Credit. The initial amount he was offered was less than a quarter of what he was eligible for.
Credit…Ed Kashi for The New York Times

The government’s $788 billion relief effort for small businesses ravaged by the coronavirus pandemic, the Paycheck Protection Program, is ending as it began, with the initiative’s final days mired in chaos and confusion.

Millions of applicants are seeking money from the scant handful of lenders still making the government-backed loans. Hundreds of thousands of people are stuck in limbo, waiting to find out if they will receive their approved loans — some of which have been stalled for months because of errors or glitches. Lenders are overwhelmed, and borrowers are panicking, The New York Times’s Stacy Cowley reports.

The relief program had been scheduled to keep taking applications until May 31. But two weeks ago, its manager, the Small Business Administration, announced that the program’s $292 billion in financing for forgivable loans this year had nearly run out and that it would immediately stop processing most new applications.

Then the government threw another curveball: The Small Business Administration decided that the remaining money, around $9 billion, would be available only through community financial institutions, a small group of specially designated institutions that focus on underserved communities.

A roll of steel is packaged and labeled.
Credit…Taylor Glascock for The New York Times

The American steel industry is experiencing a comeback that few would have predicted even months ago.

Steel prices are at record highs and demand is surging as businesses step up production amid an easing of pandemic restrictions. Steel makers have consolidated in the past year, allowing them to exert more control over supply. Tariffs on foreign steel imposed by the Trump administration have kept cheaper imports out. And steel companies are hiring again, The New York Times’s Matt Phillips reports.

It’s not clear how long the boom will last. This week, the Biden administration began discussions with European Union trade officials about global steel markets. Some steel workers and executives believe that could lead to an eventual pullback of the Trump-era tariffs, which are widely credited for spurring the turnaround in the steel industry.

Record prices for steel are not going to reverse decades of job losses. Since the early 1960s, employment in the steel industry has fallen more than 75 percent. More than 400,000 jobs disappeared as foreign competition grew and as the industry shifted toward production processes that required fewer workers. But the price surge is delivering some optimism to steel towns across the country, especially after job losses during the pandemic pushed American steel employment to the lowest level on record.

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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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    CNN’s Chris Cuomo Advised Gov. Cuomo, Raising Ethics Questions

    The CNN prime-time host Chris Cuomo offered public-relations advice to his brother, Gov. Andrew M. Cuomo of New York, after a series of sexual harassment allegations threatened the governor’s political career earlier this year, an unusual breach of traditional barriers between lawmakers and journalists.

    CNN said on Thursday that the conversations were “inappropriate” and that Chris Cuomo would refrain from any more similar discussions with the governor’s staff. But the network said it would take no disciplinary action against the anchor, whose program was CNN’s highest-rated show in the first quarter of the year.

    The episode has — once again — raised questions about Chris Cuomo’s ability to host a flagship cable news program while his brother is a key figure in several major political stories. Besides the harassment allegations from several women who worked on his staff, Governor Cuomo has faced criticism for obscuring the number of coronavirus deaths in New York State nursing homes. Last year, before the scandals became news, Governor Cuomo commanded a national audience with his daily briefings on the pandemic.

    Governor Cuomo’s office said on Thursday that Chris Cuomo had joined several strategy calls with the governor and some of his top advisers, confirming an earlier report by The Washington Post. Earlier this year, CNN barred Chris Cuomo from participating in its news coverage of the harassment allegations lodged against his brother, who has denied any wrongdoing.

    he helped write speeches for Joseph R. Biden Jr., who was then a candidate for president.

    Several of Fox News’s opinion hosts actively advised President Trump during his administration; Sean Hannity even appeared with Mr. Trump at a boisterous campaign rally. But CNN’s leadership often criticized Fox News for those blurred lines, with Jeff Zucker, the CNN president, describing the Rupert Murdoch-owned Fox as “state-run TV.”

    After Chris Cuomo joined CNN in 2013, he mostly refrained from interviewing his brother on television. (One early exception led to some backlash.) That changed last year, after Governor Cuomo’s coronavirus updates became a national phenomenon. The brothers engaged in extended prime-time interviews about the emotional burdens of the pandemic. Viewers were riveted, especially after Chris Cuomo tested positive for the coronavirus and began speaking with his brother from isolation in a basement.

    CNN leaned into the moment. “You get trust from authenticity and relatability and vulnerability,” Mr. Zucker told The New York Times last year. “That’s what the brothers Cuomo are giving us right now.”

    who received special access to government-run coronavirus testing facilities, including a police escort for samples so that they could be quickly processed.

    At the time, a CNN spokesman defended the host, arguing that Mr. Cuomo was sick with the virus and “turned to anyone he could for advice and assistance, as any human being would.”

    Luis Ferré-Sadurní contributed reporting.

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    Cuomo will likely make over $5 million for his pandemic book, which is at the center of an investigation.

    Gov. Andrew M. Cuomo was expected to earn more than $5 million from his book about leading New York during the coronavirus pandemic, according to figures released by his office on Monday, as investigators continued to look into his use of state resources to write and promote the book.

    The governor received the bulk of the money, $3.12 million, last year, state officials said. Under the contract, he is set to be paid another $2 million in installments over the next two years.

    The windfall book deal, which dwarfed the governor’s salary of $225,000, was reached last year after Mr. Cuomo rose to national prominence for televised news briefings during the pandemic’s uncertain early phase, when New York was the nation’s center.

    But the disclosure of the details on Monday arrived as Mr. Cuomo and his administration found themselves in a very different place: mired in multiple overlapping investigations into accusations of sexual harassment by the governor, his handling of nursing home death data and his use of government resources for work on the book.

    Across the publishing world, the revelation of Mr. Cuomo’s payment elicited shock: The amount appeared to be a staggering sum to pay to a politician who already had a meager sales record for his previous book, a memoir that sold just a few thousand print copies.

    While former presidents have garnered multimillion-dollar advances — Bill Clinton sold his autobiography to Knopf for about $15 million, while Barack and Michelle Obama received some $65 million from Penguin Random House for their books — Mr. Cuomo’s book deal appeared far larger than those for other well-known elected officials.

    The book, “American Crisis: Leadership Lessons From the Covid-19 Pandemic,” proved a lucrative endeavor for the governor, but since its publication in October, it has become a minefield for him and his publisher, Crown.

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    WNYC Fires Bob Garfield, Co-Host of ‘On the Media’

    Bob Garfield, a longtime co-host of WNYC’s popular program “On the Media,” has been fired after two separate investigations found he had violated an anti-bullying policy, New York Public Radio, which owns WNYC, said on Monday.

    Mr. Garfield’s employment was terminated “as a result of a pattern of behavior that violated N.Y.P.R.’s anti-bullying policy,” a spokeswoman said in a statement.

    “This decision was made following a recent investigation conducted by an outside investigator that found that he had violated the policy,” she said. He had been disciplined and warned after an investigation in 2020, “which also found that he had violated the policy,” she added.

    In an email on Monday, Mr. Garfield said he was not yet able to speak fully about the circumstances surrounding his firing but defended his behavior as yelling.

    an investigation into the workplace culture at New York Public Radio and WNYC was conducted after a series of misconduct accusations against on-air personalities. While it did not identify “systemic” harassment, the investigation found that incidents of bullying and harassment were not reported to senior management out of fear of reprisals and a lack of faith in the system.

    In December 2017, two longtime hosts, Leonard Lopate and Jonathan Schwartz, were fired after complaints of inappropriate behavior, and a former host of “The Takeaway,” John Hockenberry, was accused of sexual harassment. The handling of the allegations contributed to the downfall of Laura R. Walker, the longtime president and chief executive of New York Public Radio, who stepped down in March 2019.

    Mr. Garfield co-hosted “On the Media” for 20 years. He also wrote a column for Advertising Age for 25 years until 2010 and hosts the Audible podcast “The Genius Dialogues.”

    “I was fired not for ‘bullying’ per se but for yelling at two meetings,” he wrote in the email. “In both cases, as will be clear eventually, the provocation was extraordinary and simply shocking.”

    He said last year’s investigation was in regard to yelling that “involved gross insubordination under production pressure.”

    “In time, the full story will emerge … and it is really scary,” Mr. Garfield said. “This is tragic.”

    “On the Media” examines how the news media operates and what impact the news has. It won a Peabody Award in 2004 and now airs to millions of listeners across 421 public radio stations.

    WNYC’s chief content officer, Andrew Golis, told the staff in an email on Monday that the show would continue with Brooke Gladstone, Mr. Garfield’s co-host and the managing editor of the show, at the helm.

    “I know this is significant news for our N.Y.P.R. community,” Mr. Golis said in the email, which was viewed by The New York Times. “Bob has been a part of the organization for two decades, and ‘On the Media’ is an invaluable companion to listeners around the country both on-air and online. It’s a show we’re proud to support, and a team we’re proud to have as colleagues.”

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    Bill Gates Had Reputation for Questionable Behavior Before Divorce

    By the time Melinda French Gates decided to end her 27-year marriage, her husband was known globally as a software pioneer, a billionaire and a leading philanthropist.

    But in some circles, Bill Gates had also developed a reputation for questionable conduct in work-related settings. That is attracting new scrutiny amid the breakup of one of the world’s richest, most powerful couples.

    In 2018, Ms. French Gates wasn’t satisfied with her husband’s handling of a previously undisclosed sexual harassment claim against his longtime money manager, according to two people familiar with the matter. After Mr. Gates moved to settle the matter confidentially, Ms. French Gates insisted on an outside investigation. The money manager, Michael Larson, remains in his job.

    On at least a few occasions, Mr. Gates pursued women who worked for him at Microsoft and the Bill and Melinda Gates Foundation, according to people with direct knowledge of his overtures. In meetings at the foundation, he was at times dismissive toward his wife, witnesses said.

    public view, Ms. French Gates was unhappy. She hired divorce lawyers, setting in motion a process that culminated this month with the announcement that their marriage was ending.

    a public appearance in 2016.

    Long after they married in 1994, Mr. Gates would on occasion pursue women in the office.

    In 2006, for example, he attended a presentation by a female Microsoft employee. Mr. Gates, who at the time was the company’s chairman, left the meeting and immediately emailed the woman to ask her out to dinner, according to two people familiar with the exchange.

    “If this makes you uncomfortable, pretend it never happened,” Mr. Gates wrote in an email, according to a person who read it to The New York Times.

    in a column in Time magazine announcing the pledge.

    money manager, earning solid returns on the Gateses’ and the foundation’s combined $174 billion investment portfolio through a secretive operation called Cascade Investment. Cascade owned assets like stocks, bonds, hotels and vast tracts of farmland, and it also put the Gateses’ money in other investment vehicles. One was a venture capital firm called Rally Capital, which is in the same building that Cascade occupies in Kirkland, Wash.

    Rally Capital had an ownership stake in a nearby bicycle shop. In 2017, the woman who managed the bike shop hired a lawyer, who wrote a letter to Mr. Gates and Ms. French Gates.

    The letter said that Mr. Larson had been sexually harassing the manager of the bike shop, according to three people familiar with the claim. The letter said the woman had tried to handle the situation on her own, without success, and she asked the Gateses for help. If they didn’t resolve the situation, the letter said, she might pursue legal action.

    The woman reached a settlement in 2018 in which she signed a nondisclosure agreement in exchange for a payment, the three people said.

    While Mr. Gates thought that brought the matter to an end, Ms. French Gates was not satisfied with the outcome, two of the people said. She called for a law firm to conduct an independent review of the woman’s allegations, and of Cascade’s culture. Mr. Larson was put on leave while the investigation was underway, but he was eventually reinstated. (It is unclear whether the investigation exonerated Mr. Larson.) He remains in charge of Cascade.

    published an article detailing Mr. Gates’s relationship with Mr. Epstein. The article reported that the two men had spent time together on multiple occasions, flying on Mr. Epstein’s private jet and attending a late-night gathering at his Manhattan townhouse. “His lifestyle is very different and kind of intriguing although it would not work for me,” Mr. Gates emailed colleagues in 2011, after he first met Mr. Epstein.

    (Ms. Arnold, the spokeswoman for Mr. Gates, said at the time that he regretted the relationship with Mr. Epstein. She said that Mr. Gates had been unaware that the plane belonged to Mr. Epstein and that Mr. Gates had been referring to the unique décor of Mr. Epstein’s home.)

    The Times article included details about Mr. Gates’s interactions with Mr. Epstein that Ms. French Gates had not previously known, according to people familiar with the matter. Soon after its publication she began consulting with divorce lawyers and other advisers who would help the couple divide their assets, one of the people said. The Wall Street Journal previously reported the timing of her lawyers’ hiring.

    The revelations in The Times were especially upsetting to Ms. French Gates because she had previously voiced her discomfort with her husband associating with Mr. Epstein, who died by suicide in federal custody in 2019, shortly after being charged with sex trafficking of girls. Ms. French Gates expressed her unease in the fall of 2013 after she and Mr. Gates had dinner with Mr. Epstein at his townhouse, according to people briefed on the dinner and its aftermath. (The incident was reported earlier by The Daily Beast.)

    For years, Mr. Gates continued to go to dinners and meetings at Mr. Epstein’s home, where Mr. Epstein usually surrounded himself with young and attractive women, said two people who were there and two others who were told about the gatherings.

    Ms. Arnold said Mr. Gates never socialized or attended parties with Mr. Epstein, and she denied that young and attractive women participated at their meetings. “Bill only met with Epstein to discuss philanthropy,” Ms. Arnold said.

    On at least one occasion, Mr. Gates remarked in Mr. Epstein’s presence that he was unhappy in his marriage, according to people who heard the comments.

    Leon Black, the head of Apollo Investments who had a multifaceted business and personal relationship with Mr. Epstein, according to two people familiar with the meeting. The meeting was held at Apollo’s New York offices.

    It is unclear whether Ms. French Gates was aware of the latest meetings with Mr. Epstein. A person who recently spoke to her said that “she decided that it was best for her to leave her marriage as she moved into the next phase of her life.”

    Steve Eder and Jodi Kantor contributed reporting.

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    The Week in Business: A Ransom for Fuel

    Good morning and happy Sunday. Here’s what you need to know in business and tech news for the week ahead. — Charlotte Cowles

    Credit…Giacomo Bagnara

    A cyberattack on Colonial Pipeline, one of the biggest fuel arteries in the United States, pushed the average price of gas above $3 per gallon for the first time since 2014. Fearing a shortage, panicked buyers lined up at the pump, which, of course, made the problem worse. To appease the hackers, who are believed to be part of a foreign organized crime group, Colonial Pipeline paid nearly $5 million in ransom — a capitulation that could embolden other criminals to take American companies hostage. The pipeline’s operators restored service late last week but said the supply chain would need several days to return to normal.

    A new report from the Labor Department confirmed what you may have noticed: Prices for consumer goods like clothes, food and other household goods were up 4 percent in April from a year ago, blowing past forecasts. Economists are attributing the spike to pandemic-related issues like higher shipping and fuel costs, supply disruptions, rising demand and understaffing at factories and distribution centers. The Federal Reserve tried to assuage fears of inflation by insisting that the increase was temporary. But the news spooked the stock market all the same. And retail sales in April fell short of expectations, holding steady but showing a slowdown in growth after a blockbuster March.

    address concerns from U.S. officials that it could be used for money laundering and other illegal purposes. The company is also moving the project to the United States from Switzerland after a stalled attempt to gain approval from Swiss regulators. In other crypto news, Tesla’s chief executive, Elon Musk, abruptly reversed his support for Bitcoin, tweeting that his company would no longer accept the cryptocurrency as payment because of the fossil fuels used in its mining and transactions. After his tweet, the price of Bitcoin dropped more than 10 percent.

    Credit…Giacomo Bagnara

    As part of an effort to get 70 percent of American adults at least partly vaccinated by July 4, federal and state governments are adding extra incentives. (In case keeping yourself and others safe, and the ability to go maskless, wasn’t a good enough reason.) The Biden administration has partnered with the ride-hailing companies Uber and Lyft to provide free transportation to vaccination sites nationwide starting May 24. West Virginia is working on a plan to offer $100 savings bonds to people ages 16 to 35 who get their shots. And those who receive the vaccine in Ohio will be entered into a lottery that awards a $1 million prize each week for five weeks, starting May 26.

    Ellen DeGeneres will end her talk show next year after nearly two decades on the air. Her program has seen a steep decline in ratings after employees complained of a toxic workplace and accused producers of sexual harassment. The accusations looked particularly bad in light of Ms. DeGeneres’s tagline, “Be Kind,” which has become a branded juggernaut used to market merchandise to her fans. Although Ms. DeGeneres apologized publicly in September for the incidents, the show has since lost more than a million viewers, a 43 percent decline from about 2.6 million last season. It also saw a 20 percent decline in advertising revenue from September to February compared with the previous year.

    In the battle to recruit workers in a tight job market, McDonald’s has become the latest fast-food company to raise hourly wages, following in the recent footsteps of chain restaurants including Chipotle and Olive Garden. But the McDonald’s pay increase applies only to its company-owned restaurants, which make up a small fraction of its business. About 95 percent of its U.S. restaurants are independently owned and set their own wages.

    apply for a $50 monthly discount on high-speed internet services. Hearst Magazines sold the American edition of Marie Claire to a British publisher. And after more than a year of trying to figure out what to do with the embattled retailer Victoria’s Secret, the brand’s parent company has decided to split itself into two independent, publicly listed entities: Victoria’s Secret and Bath & Body Works.

    Join Andrew Ross Sorkin of The Times in conversation with Dame Ellen MacArthur and other economic experts to explore what it will take to transform the economy in the battle against climate change. May 20 at 1:30 p.m. E.T. RSVP here.

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