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Larry Fink, who oversees nearly trillion of investments at BlackRock, wrote a letter to chief executives last year declaring that businesses must make “a positive contribution to society.”
It was seen as a turning point in the debate over the state of global capitalism, Andrew writes in his column. Some business leaders bristled, but others began talking about their companies’ “purpose” in mission statements and official documents.
Yesterday, Mr. Fink sent chief executives another letter, arguing that businesses cannot merely have a purpose; they must be leaders in a divided world:
“Stakeholders are pushing companies to wade into sensitive social and political issues — especially as they see governments failing to do so effectively.”
It’s a continued explanation of the stance that last year prompted Barron’s to call Mr. Fink “the new conscience of Wall Street.” Not everyone agrees with him, but he has helped further a conversation that is undoubtedly positive, Andrew writes.
“I don’t see a recession coming”: Mr. Fink told the FT that skittishness among investors was natural, given the developments that buffeted markets toward the end of last year. But he added that he saw few signs of a global downturn.
Today’s DealBook Briefing was written by Andrew Ross Sorkin and Stephen Grocer in New York, and Tiffany Hsu and Gregory Schmidt in Paris.
Goldman Sachs is orchestrating a campaign to discredit one of its former partners and minimize its role in the looting of Malaysia’s big state investment fund, write Matthew Goldstein, Emily Flitter and Kate Kelly.
The news: In recent presentations to regulators and law enforcement authorities, Goldman Sachs has depicted Tim Leissner, a former top investment banker, as a master con man, according to people familiar with their contents.
The background: The scorched-earth tactics reflect just how worried the Wall Street bank is about the criminal investigations into its role in the theft of at least .7 billion from the 1Malaysia Development Berhad sovereign wealth fund, known as 1MDB.
What’s at stake: Goldman recently disclosed that it set aside an additional 6 million to cover potential legal and regulatory penalties, including those related to 1MDB. And executives said the bank could owe another billion.
More banking news: Goldman reported a rise in fourth-quarter profit to .54 billion, or .04 a share, from a year ago, easily beating analysts’ expectations. That, along with strong earnings from Bank of America, helped push major indexes higher and suggested that investors had underestimated the health of the economy.
John Bogle, a longtime advocate for investors’ rights, founded Vanguard in 1974 and helped build it into a giant asset manager that today handles .9 trillion, making it second in size only to BlackRock. He had esophageal cancer, his assistant told the NYT.
Mr. Bogle stepped down as chief executive of Vanguard in 1996 and as its chairman at the end of 1999. Last year, his net worth was estimated at million — far less than many of his peers.
His constant push to cut the costs of investing put him “squarely into an American tradition of iconoclastic discounters like Henry Ford of Ford Motor, Sam Walton of Walmart and Michael Dell of Dell Inc. — men who built giant companies by selling directly to the consumer at rock-bottom prices,” the WSJ said.
Warren Buffett, himself an investing legend, told CNBC that Mr. Bogle “did more for American investors as a whole than any individual I’ve known,” adding:
“A lot of Wall Street is devoted to charging a lot for nothing. He charged nothing to accomplish a huge amount.”
Late last year, in an interview with Barron’s, Mr. Bogle noted “clouds on the horizon” in 2019 in the form of massive sovereign and corporate debt, “great upheaval” in global trade and “the mystery of Brexit.”
“A little extra caution should be the watchword,” he said.
Speaker Nancy Pelosi wrote to President Trump suggesting he cancel or postpone his State of the Union address, scheduled for Jan. 29 before a joint session of Congress and a prime time television audience, or that he deliver it in writing instead. She cited security concerns created by the partial government shutdown, the longest in history, which entered its 27th day today.
The president has said he won’t compromise with Democrats, telling aides that his determination to build a border wall will be remembered long after the shutdown is forgotten. In moments of frustration, however, he has privately complained about “getting crushed,” write Maggie Haberman and Annie Karni of the NYT.
Some other shutdown fallout:
• Many of the jobs affected are the best available in their communities, coming with pensions, union membership, vacation days and guaranteed pay increases. Average pay since 2000 has grown twice as fast for federal workers as for private sector employees.
• Several hundred thousand government employees are being asked to work without pay, including 2,500 at the Department of Agriculture who are being called back today, Friday and Tuesday. They have little choice but to comply, because of legal challenges, anti-strike laws and their emotional investment in their work.
• World Central Kitchen, founded by the celebrity chef Jose Andres, opened an emergency “Chef for Feds” pop-up in Washington that has served more than 2,000 meals. Nate Mook, the nonprofit group’s executive director, called the shutdown a “man-made disaster.”
Prime Minister Theresa May narrowly survived a vote of no confidence on Wednesday, allowing her to keep her job and helping Britain avoid a general election as it struggles to prepare for its fast-approaching withdrawal from the European Union.
The motion was brought by Jeremy Corbyn, the leader of the opposition Labour Party, minutes after Parliament roundly rejected Mrs. May’s Brexit withdrawal plan on Tuesday. He is expected to heavily influence Brexit planning in the following weeks.
The gridlock feels almost American. Bucking a long British tradition of lawmakers falling in line with their leader, more than 100 of Mrs. May’s party members rebelled in choosing to vote against her Brexit proposal.
Could Brexit invalidate business contracts? In one of the first legal cases to explore how the split will affect deals, an E.U. regulator that is relocating to Amsterdam is claiming that the 25-year lease for its site in London has been “frustrated” by Brexit.
Contingency plans for a no-deal departure. Tesco, the largest British supermarket group, is renting refrigerated containers in case of supply disruptions.
Federal prosecutors in Seattle are investigating accusations that the Chinese technology giant Huawei stole intellectual property from American companies.
The case covers some of the same issues raised in a suit between Huawei, which makes telecommunications equipment and smartphones, and T-Mobile. A jury found against Huawei in that suit in 2017.
A bipartisan group of U.S. legislators proposed bills this week to prohibit U.S. chips and other technology being sold to Huawei, ZTE and other Chinese companies said to violate U.S. sanctions or export control laws. Lawmakers have also said that solar panels from Huawei could be hacked, potentially disrupting the flow of electricity in the United States.
A Chinese official described the legislation as “hysteria.”
Recently, Huawei invited foreign journalists to tour the sprawling campus it’s setting up in Dongguan, which features towns modeled after Paris, Verona and other European cities — an architectural assertion of the company’s global ambitions. Its secretive research unit will occupy a replica castle.
Microsoft is putting up half a billion dollars to build more affordable homes in the Seattle area, saying that the tech industry has a responsibility to help people in communities transformed by its growth. It promises housing for the company’s non-tech workers, as well as for teachers, firefighters and other middle- and low-income residents, writes Karen Weise.
Less than a year ago, Amazon successfully pushed to block a new tax in Seattle that would have made large businesses fund homeless services and affordable housing.
Microsoft has been at the vanguard of warning about the potential negative effects of technology, and executives hope other companies will follow its lead on housing.
Diego De Giorgi, Bank of America’s head of global investment banking, is said to be stepping down, four months after the departure of his boss, Christian Meissner, the head of corporate and investment banking. (FT)
• Hitachi will pause a .3 billion nuclear power project in North Wales as it seeks better financial terms from the British and Japanese governments. (NYT)
• Tribune Publishing approached Gannett about reviving merger talks weeks before Gannett became the target of a takeover bid by MNG Enterprises, a hedge fund-backed media group. (WSJ)
• The financial technology provider Fiserv agreed to buy the First Data Corporation, a payment processor, in a billion all-stock deal. (Reuters)
• Cars.com said it had retained JPMorgan Chase and Latham & Watkins to explore options including a possible sale. (FT)
• Germany’s finance ministry asked for a regulator’s analysis of a merger between Deutsche Bank and Commerzbank, the country’s two biggest private-sector lenders. (FT)
• Siemens and Alstom are mounting a last-ditch effort to gain antitrust approval for a rail deal from the European Commission. (Bloomberg)
• Disney wants agreements by the end of February from bidders for the regional sports networks it is acquiring from 21st Century Fox. (Bloomberg)
• The day after T-Mobile announced a merger last April that needed approval from the Trump administration, nine executives had reservations at the Trump International Hotel. (WaPo)
• How Facebook’s secrecy fuels paranoia. (NYT)
• Google is raising the prices of its office productivity apps for the first time. (CNBC)
• Amazon is jolting the publishing industry by creating instant best sellers out of previously self-published writers. (WSJ)
• Palantir Technologies, the data analytics start-up that Peter Thiel helped found, generated nearly billion in revenue last year, roughly half of it from government agencies. (Bloomberg)
• Niantic, which makes Pokémon Go, is now worth nearly billion after it raised 5 million from investors including Samsung Ventures. (FT)
Politics and policy
• Sanctions against companies controlled by Oleg V. Deripaska, an ally of President Vladimir Putin of Russia, are likely to be lifted this week, after a Senate measure to protect them fell three votes short. (NYT)
• The chairman of the Senate Finance Committee, Charles Grassley, said President Trump was likely to impose tariffs on imported vehicles to extract concessions from the E.U. (Reuters)
Best of the rest
• The children’s clothing retailer Gymboree Group filed for Chapter 11 bankruptcy protection for the second time in nearly two years. It will close more than 800 Gymboree and Crazy 8 stores and sell its upscale Janie and Jack brand. (Reuters)
• NewsGuard, a start-up that Steve Brill helped found to help stop false stories spreading on the internet, has signed Microsoft as its first major client. (NYT)
• Investment in clean energy slumped 8 percent worldwide last year, even as the number of new projects increased, because the cost of wind and solar technology fell and China slashed solar subsidies. (FT)
• The gender pay gap for business school students is 3 percent before school starts but 28 percent five years after graduation, a study found. (FT)
• Citigroup, the third largest U.S. bank, said it pays female employees 29 percent less than their male counterparts. (Reuters)
• Adam Neumann, WeWork’s chief executive, has made millions of dollars leasing the company properties in which he has an ownership stake. (WSJ)
• The singer Beyoncé asked that her lawsuit over the sale of “Feyonce” items by a Texas company, including shirts and mugs marketed to engaged couples, be dismissed. (Reuters)
• Alcoa expects demand for aluminum, a barometer of global economic health, to grow more slowly this year than at any time since the financial crisis. (FT)
• Airbus will invest 0 million and create 400 jobs at a new factory assembling A220 jetliners in Alabama. It’s receiving million in state and local support. (Reuters)
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五个数的四肖多少组【车】【上】【一】【共】【四】【个】【人】。 【枪】【林】【弹】【雨】【中】【同】【舟】【共】【济】。 【不】【离】【不】【弃】。 【这】【一】【幕】【很】【感】【人】。 【当】【然】，【如】【果】【车】【上】【一】【行】【人】【四】【人】【中】【不】【是】【三】【个】【顶】【着】C9【的】【名】【字】，【但】【其】【中】【一】【个】【脑】【袋】【上】【却】【是】Se7en2【的】【话】 【这】【一】【幕】【看】【上】【去】【或】【许】【会】【更】【加】【感】【人】【一】【些】。 “【我】【的】【天】！Vic【怎】【么】【就】【上】【车】【了】？” “【这】【家】【伙】【疯】【了】【吧】？” “【难】【道】【他】
【愤】【怒】【的】【暴】【吼】【声】【如】【同】【滚】【滚】【天】【雷】，【仿】【佛】【苍】【天】【在】【发】【怒】【一】【样】。 【声】【音】【中】【夹】【着】【这】【一】【股】【令】【人】【胆】【寒】【的】【杀】【气】【和】【真】【气】【力】【量】，【一】【些】【实】【力】【较】【弱】【的】【弟】【子】，【瞬】【间】【双】【耳】【充】【血】，【竟】【然】【出】【现】【了】【短】【暂】【的】【失】【聪】【现】【象】。 【正】【想】【偷】【袭】【的】【魏】【双】【脸】【色】【狂】【变】，【无】【尽】【恐】【怖】【的】【杀】【气】【让】【他】【下】【意】【识】【的】【停】【了】【下】【来】。 【回】【头】【看】【去】，【一】【道】【身】【影】【正】【朝】【着】【这】【边】【爆】【射】【而】【来】，【他】【的】【速】【度】【极】【快】，【眨】
【琉】【璃】【看】【了】【看】【那】【物】【什】，【心】【揪】【的】【喘】【不】【过】【气】【来】。 【那】【是】【她】【的】【乾】【坤】【百】【宝】【袋】。 【他】【一】【直】【将】【它】【当】【宝】【贝】【的】【带】【在】【身】【上】【吗】？ “【后】【来】【呢】？”【她】【脱】【口】【问】【道】。 【本】【想】【不】【再】【理】【会】【从】【前】【之】【事】，【可】【听】【了】【他】【的】【话】，【她】【情】【不】【自】【禁】【的】【想】【清】【楚】【他】【知】【道】【她】【死】【后】，【是】【怎】【么】【做】【的】。 【南】【宫】【弈】【低】【沉】【的】【道】：“【妻】【子】【之】【死】，【令】【我】【提】【前】【实】【施】【了】【削】【弱】【滇】【中】【周】【家】【的】【计】【划】，【除】五个数的四肖多少组【再】【次】【听】【到】【这】【个】【名】【字】，【让】【苏】【然】【的】【眉】【头】【紧】【蹙】。 【和】【九】【曲】【关】【系】【不】【一】【般】【的】【人】，【让】【狄】【烨】【都】【有】【几】【分】【忌】【惮】【的】【人】，【又】【是】【这】【些】【假】【苏】【然】【的】【统】【辖】【之】【人】。 【这】【个】【银】【环】【到】【底】【是】【谁】？ 【怎】【么】【以】【前】【没】【有】【听】【说】【过】，【似】【乎】【突】【然】【就】【冒】【了】【出】【来】。 “【说】【说】【这】【个】【银】【环】。” 【多】【了】【解】【一】【些】，【以】【后】【终】【究】【是】【要】【碰】【上】【的】。 【这】【个】【人】【犹】【豫】【了】【一】【下】，【看】【其】【神】【色】【和】【眼】【神】，