May 20, 2024

Archives for May 2022

Twitter’s Chief Tries Staying the Course as Elon Musk Upends Plans

At Twitter, some employees soured on Mr. Agrawal, according to 10 current and former employees who spoke on the condition of anonymity. He told workers he could not share information on the deal with Mr. Musk as details were hashed out. He was also initially quiet at company meetings, they said, and was absent from an internal employee chat.

Mr. Agrawal’s supporters said he was legally restricted from sharing information about the deal, according to two people with knowledge of the matter, and internally he expressed his frustrations with being unable to initially say more about the deal. After the agreement was signed, Twitter held staff meetings and sent more than a dozen emails to update workers. Last week, Twitter let employees ask Vijaya Gadde, the head of legal and policy, and Ned Segal, the chief financial officer, questions about the deal.

Mr. Agrawal’s defenders said he is more gregarious and charming in smaller group settings. They added that his changes were long overdue, especially at a company that had been resistant to change.

In Slack messages and group chats, other employees have expressed excitement for Mr. Musk’s ownership, believing his passion for Twitter could re-energize the company.

But Mr. Agrawal has detractors. At company meetings in recent weeks, he sometimes said that nothing would change “at this time.” Some employees have mocked his comments, creating memes of Mr. Agrawal making those repeated assurances, the people said.

Many employees remain uncertain about their futures at the company, several people said. Some are also bristling at the golden parachutes that Mr. Agrawal and other top executives will receive if they are fired after the deal with Mr. Musk closes, the people said.

Article source: https://www.nytimes.com/2022/05/25/technology/twitter-elon-musk-parag-agrawal.html

Thomas S. Murphy, Broadcasting ‘Minnow’ Who Swallowed ABC, Dies at 96

Mr. Murphy started college at Princeton but left to join the Navy, serving from 1943 to 1946. The Navy sent him to Cornell, where he earned an undergraduate degree in mechanical engineering. He applied to Harvard Business School but was rejected and worked as an oil salesman for Texaco for a year. He later applied to Harvard again and was accepted. He graduated in 1949.

He met Mr. Buffett in the early 1970s, and Mr. Buffett bought 3 percent of Capital Cities. After the price went up, Mr. Buffett sold the stock, that way missing the huge increases in share prices to come.

“Temporary insanity,” Mr. Buffett later said of his decision to sell.

Mr. Lowenstein wrote that Mr. Murphy began checking with Mr. Buffett before making many of his bigger business decisions. The two once proposed buying Walter Annenberg’s publishing empire, which included The Philadelphia Inquirer and TV Guide, on a 50-50 basis for $1 billion. Mr. Annenberg declined to sell.

When Mr. Murphy bought ABC, Mr. Buffett volunteered to buy three million shares, or 18 percent, of Capital Cities stock, as a defensive measure to help Mr. Murphy fight any hostile takeover attempts. Mr. Buffett authorized Mr. Murphy to decide how to vote his shares. (Mr. Buffett also hoped to make money on the investment, which he did.)

Mr. Murphy’s wife, Suzanne (Crosby) Murphy, died in 2009. He is survived by three daughters, Emilie Murphy, Kathleen Murphy and Mary Conlin; a son, Thomas S. Murphy Jr.; and nine grandchildren. A brother, Charlie, and a sister, Betty Murphy Orteig, died before him.

Mr. Murphy liked to brag that he never went to work. In an interview for Harvard Business School, he said: “I just loved fixing things, or figuring out how to make deals and things like that, and I couldn’t wait to get to the office in the morning. So I never went to work. Not many people can say that. It’s an unbelievable luxury to be able to say something like that.”

Maia Coleman contributed reporting.

Article source: https://www.nytimes.com/2022/05/25/business/media/thomas-s-murphy-dead.html

U.S. Will Start Blocking Russia’s Bond Payments to American Investors

In the near term, Russia has two foreign-currency bond payments due on Friday, both of which have clauses in their contracts that allow for repayment in other currencies if “for reasons beyond its control” Russia is unable to make payments in the originally agreed currency.

Russia owes about $71 million in interest payments for a dollar-denominated bond that will mature in 2026. The contract has a provision to be paid in euros, British pounds and Swiss francs. Russia also owes 26.5 million euros ($28 million) in interest payments for a euro-denominated bond that will mature in 2036, which can be paid back in alternative currencies including the ruble. Both contracts have a 30-day grace period for payments to reach creditors.

The Russian finance ministry said on Friday that it had sent the funds to its payment agent, the National Settlement Depository, a Moscow-based institution, a week before the payment was due.

The finance ministry said it had fulfilled these debt obligations. But more transactions are required with international financial institutions before the payments can reach bondholders.

Adam M. Smith, who served as a senior sanctions official in the Obama administration’s Treasury Department, said he expected that Russia would most likely default sometime in July and that a wave of lawsuits from Russia and its investors were likely to ensue.

Although a default will inflict some psychological damage on Russia, he said, it will also raise borrowing costs for ordinary Russians and harm foreign investors who were not involved in Russia’s invasion Ukraine.

“The interesting question to me is, What is the policy goal here?” Mr. Smith said. “That’s what’s not entirely clear to me.”

Alan Rappeport reported from Washington, and Eshe Nelson from London.

Article source: https://www.nytimes.com/2022/05/24/us/politics/russian-debt-treasury.html

Debate Over Tariffs Reveals Biden’s Difficulties on China Trade

The speech avoids explicitly addressing how the administration will deal with Mr. Trump’s tariffs, they say. Businesses have long complained that they hurt U.S. companies and their consumers rather than China. That concern has been heightened by the fact that prices are rising at their fastest rate in 40 years, creating a political problem for the White House, which has struggled to explain how it can alleviate soaring costs other than relying on the Federal Reserve.

But Republicans and Democrats who want more aggressive policies toward China — and toward some American companies that do business there — would try to draw blood if Mr. Biden eased the tariffs.

“We need to rebuild American industry, not reward companies that keep their supply chains in China,” Senator Marco Rubio, Republican of Florida, said this month after voting against a legislative amendment allowing carve-outs to the tariffs.

At a news conference in Japan on Monday, Mr. Biden said he would meet with Ms. Yellen when he returned from his trip to discuss her call to remove some of the China tariffs.

“I am considering it,” the president said. “We did not impose any of those tariffs; they were imposed by the previous administration, and they are under consideration.”

Public rifts among Biden officials have been rare, but when it comes to tariffs, the debate has spilled into the open.

“There are definitely different views in the administration, and they’re surfacing,” said Wendy Cutler, the vice president at the Asia Society Policy Institute and a former U.S. trade negotiator. “There are those who think that the tariffs didn’t work and are contributing to inflation. Then you have the trade negotiator side that says: ‘Why would we give them up now? They’re good leverage.’”

Article source: https://www.nytimes.com/2022/05/23/business/economy/china-trade-tariffs-biden.html

The Era of Borderless Data Is Ending

But countries nevertheless clamped down. In France and Austria, customers of Google’s internet measurement software, Google Analytics, which many websites use to collect audience figures, were told this year not to use the program anymore because it could expose the personal data of Europeans to American spying.

Last year, the French government scrapped a deal with Microsoft to handle health-related data after the authorities were criticized for awarding the contract to an American firm. Officials pledged to work with local firms instead.

Companies have adjusted. Microsoft said it was taking steps so customers could more easily keep data within certain geographical areas. Amazon Web Services, the largest cloud computing service, said it let customers control where in Europe data was stored

In France, Spain and Germany, Google Cloud has signed deals in the last year with local tech and telecom providers so customers can guarantee that a local company oversees their data while they use Google’s products.

“We want to meet them where they are,” said Ksenia Duxfield-Karyakina, who leads Google Cloud’s public policy operations in Europe.

Liam Maxwell, director of government transformation at Amazon Web Services, said in a statement that the company would adapt to European regulations but that customers should be able to buy cloud computing services based on their needs, “not limited by where the technology provider is headquartered.”

Max Schrems, an Austrian privacy activist who won lawsuits against Facebook over its data-sharing practices, said more disputes loom over digital information. He predicted the U.S.-E.U. data deal announced by Mr. Biden would be struck down again by the European Court of Justice because it still did not meet E.U. privacy standards.

Article source: https://www.nytimes.com/2022/05/23/technology/data-privacy-laws.html

Kendrick Lamar’s ‘Mr. Morale’ Is No. 1 With the Year’s Biggest Opening

After five years, Kendrick Lamar has returned with a No. 1 album — his new “Mr. Morale the Big Steppers,” which notched the year’s biggest opening — though Harry Styles is on deck with what may well be an even splashier start.

Mr. Morale the Big Steppers,” the much-anticipated follow-up to Lamar’s Pulitzer Prize-winning “DAMN.” (2017), has become his fourth album to reach the top spot on the chart. It had the equivalent of 295,500 sales in the United States in its first week out, including 343 million clicks on streaming services, according to Luminate, the music tracking service formerly known as MRC Data.

Its total was a bit better than what Bad Bunny had for “Un Verano Sin Ti,” which opened last week with 274,000 sales. But the fine print shows a close match. Bad Bunny’s album actually had more streams: 357 million, still the best this year by that measurement. Lamar ended up with a greater overall number because “Mr. Morale” sold three times as many copies as a complete package, moving 35,500, versus about 11,500 for “Un Verano.”

Still, both titles will likely be dwarfed by Styles’s “Harry’s House,” which immediately dominated streaming services upon its release last week and should also be a big hit on vinyl.

Article source: https://www.nytimes.com/2022/05/23/arts/music/kendrick-lamar-billboard-mr-morale.html

Lara Logan, Once a Star at CBS News, Is Now One for the Far Right

Several who worked alongside her said her fearlessness in war zones was double-edged — it produced some good television but also sometimes made them question her judgment. On occasion, they said, she led her producers and crew into situations that they thought were not worth the risk. Some cameramen refused to work with her, one of the former colleagues added, and she could be dismissive of the security teams the network hired to keep its journalists safe.

One former CBS producer who worked with her, Peter Klein, said in an interview that the structure of a large newsroom was a moderating influence. “There’s a system in place in newsrooms that offer checks and balances,” said Mr. Klein, founder of the Global Reporting Centre in British Columbia, a nonprofit. “Most of us need that system — but she really needed that system. And we knew that from the beginning,” he said.

“Now she’s just unfiltered,” Mr. Klein added.

The former CBS journalists said that spending more than a decade reporting from war zones started to take its toll on her emotionally, as it would on almost anyone repeatedly subjected to the trauma of combat. And they said they noticed a considerable change in her demeanor — seemingly more paranoid at times, erratic and deferential to her military sources — after she was sexually assaulted in Cairo’s Tahrir Square in 2011. In that attack, a mob of men grabbed her, separated her from her crew and tore off her clothes in what she described as a “merciless” attack. She was hospitalized for several days.

The next year, Ms. Logan gave a speech that would presage her downfall at CBS. The American consulate in Benghazi, Libya, had just been attacked, killing four Americans and igniting a firestorm among Republicans who accused Mr. Obama and Mrs. Clinton, the secretary of state at the time, of underestimating the threat terrorists posed to Americans.

Article source: https://www.nytimes.com/2022/05/22/business/media/lara-logan-cbs-news.html

Baby Formula Shortage Has an Aggravating Factor: Few Producers

“We’ve got four companies making about 90 percent of the formula in this country, which we should probably take a look at,” Mr. Buttigieg said on CBS’s “Face the Nation.”

Today, Abbott is the biggest player. Mead Johnson, which is owned by the conglomerate Reckitt Benckiser, and Perrigo, which makes generic formula for retailers, control another 31 percent. Nestlé controls less than 8 percent.

In part, the lack of competition stems from simple math: Few companies or investors are eager to jump into the infant formula industry because its growth is tied to the nation’s birth rate, which held steady for decades until it began dropping in 2007.

But the factors that long ago led to the creation of an industry controlled by a handful of manufacturers are primarily rooted in a tangled web of trade rules and regulations that have protected the biggest producers and made it challenging for others to enter the market.

The United States, which produces 98 percent of formula consumed in the country, has strict regulations and tariffs as high as 17.5 percent on foreign formula. The Food and Drug Administration maintains a “red list” of international formulas, including several European brands that, if imported, are detained because they do not meet U.S. requirements. Those shortcomings could include labels that are not written in English or do not have all of the required nutrients listed. This week, the F.D.A. said it would relax some regulations to allow for more imports into the United States.

Trade rules contained in the United States Mexico Canada Agreement, which replaced the North American Free Trade Agreement, also significantly discourage Canadian companies from exporting infant formula to the United States. The pact established low quotas that trigger export charges if exceeded. American dairy lobbying groups had urged officials to swiftly pass the agreement and supported the quotas at the time.

But perhaps the biggest barrier to new entrants is the structure of a program that aims to help low-income families obtain formula. The Special Supplemental Nutrition Program for Women, Infants, and Children, better known as WIC, is a federally funded program that provides grants to states to ensure that low-income pregnant or postpartum women and their children have access to food.

Article source: https://www.nytimes.com/2022/05/20/business/economy/baby-formula-shortage-market.html

In South Korea, Joe Biden Seeks to Rebuild Economic Ties Across Asia

Mr. Sullivan said there will be “a significant roster of countries” joining the framework when Mr. Biden kicks it off on Monday, but administration officials have not identified which countries. Japan, which has signaled that it would rather the United States rejoin the Trans-Pacific Partnership, will nonetheless embrace the new framework as the best it can get at the moment, as will South Korea. Singapore, Thailand and the Philippines have indicated interest in joining, while India and Indonesia have expressed some reservations.

Prime Minister Pham Minh Chinh of Vietnam said this month that it was still not clear what the new framework would mean in concrete terms. “We are ready to work alongside the U.S. to discuss, to further clarify what these pillars entail,” he said at a forum held by the Center for Strategic and International Studies.

The Financial Times reported that the administration had diluted the language of the organizing statement to entice more countries to join. Some countries are concerned that the United States will force labor and environmental standards on them without the trade-offs of better trading terms, which are off the table because of liberal opposition within Mr. Biden’s party.

“There’s a reason that the original T.P.P. was derailed,” Senator Elizabeth Warren, Democrat of Massachusetts, said at a hearing last month. “It would have off-shored more jobs to countries that use child labor and prison labor and pay workers almost nothing. Let me be clear: The I.P.E.F. cannot be T.P.P. 2.0.”

Mr. Emanuel said the administration would describe the new framework process as a “consultation to negotiation,” as he put it. “We have to have an approach that respects countries where they are,” he said. “Meaning where Japan is or where Australia is, is not necessarily where Vietnam or Thailand or the Philippines are.”

Moreover, he said, the administration wanted a framework that could survive beyond Mr. Biden’s presidency, unlike the Trans-Pacific Partnership. “We have an interest in saying we are still a player in the Pacific, and China has an interest in saying the U.S. is on its way out,” Mr. Emanuel said.

Mr. Biden’s visit to the Samsung semiconductor facility immediately after disembarking from Air Force One served as a reminder of how critical the region is to his immediate priority of unsnarling the supply chain problems that have hurt American consumers back home.

Article source: https://www.nytimes.com/2022/05/20/world/asia/samsung-biden-asia-economy.html

Roger Angell, Who Wrote About Baseball With Passion, Dies at 101

Like his mother, Mr. Angell became a New Yorker fiction editor, discovering and nurturing writers, including Ann Beattie, Bobbie Ann Mason and Garrison Keillor. For a while he occupied his mother’s old office — an experience, he told an interviewer, that was “the weirdest thing in the world.” He also worked closely with writers like Vladimir Nabokov, John Updike, Donald Barthelme, Ruth Jhabvala and V.S. Pritchett.

Mr. Angell was known, too, for his annual page-long holiday poem, titled “Greetings, Friends!” The poem, a New Yorker tradition, began in 1932 and was originally written by Frank Sullivan. Mr. Angell wrote “Greetings, Friends!” from 1976 until 1998, when it went on hiatus, and restarted it in 2008. In recent years, the poem has been written by Ian Frazier.

In his holiday poems, Mr. Angell mixed the boldface names, from high culture and low, that had filtered through that year. Here is a snippet from 1992:

Here’s where hearts grow rife or rifer,
Near Donna Tartt and Michelle Pfeiffer,
With B.B. King and his Lucille,
And Dee Dee Myers and Brian Friel!

Some of his rhymes could be read mischievously. “Yo! Santa man, grab some sky,” he wrote in 1992, “And drop a sock on Robert Bly.”

“I’m not sure there’s ever been a writer so strong, and an editor so important, all at once, at a magazine since the days of H.L. Mencken running The American Mercury,” David Remnick, The New Yorker’s editor, said in an interview for this obituary in 2012. “Roger was a vigorous editor, and an intellect with broad tastes.”

Mr. Angell became a baseball writer by accident. He was already a fan in 1962 when, he told an interviewer for Salon, he was asked by William Shawn, the magazine’s editor, to “go down to spring training and see what you find.”

It was an auspicious year to be a young baseball writer: the first season of the New York Mets. “They were these terrific losers that New York took to its heart,” Mr. Angell said.

Article source: https://www.nytimes.com/2022/05/20/sports/roger-angell-dead.html