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    Signs of janet yellen drops

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    Credit …Brendan Smilowski / Agnes France-Press – Getty Images

    The Treasury Secretary opened the DealBook DC Policy Project yesterday, one of the few media interviews given since taking the job last month. Although she was commonly understood to be in conversation with Andrew, she dropped hints about some of her biggest priorities. Here we think she is planning:

    • On Jobs: Ms Yellen said the goal is to “take unemployment to the level that we attained before the crisis.” But she is looking ahead to the large, wide-ranging headline unemployment rate, and believes the government has the ability to take on even more debt – suggesting she seek more incentives and other policies to boost the economy Will push.

    • On taxes: Expect Ms. Yellen to support Elizabeth Warren-style wealth tax. But the Treasury Secretary suggested that she could support closing some of the flaws in the tax code, including interest and, unsurprisingly, the “forward-looking” basis of asset transfers.

    • On Crypto: Ms Yellen dismissed bitcoin, calling it “an extremely inefficient way of transacting”. But she said it “makes sense” to consider the so-called digital dollar operated by the central bank, in the first comment she makes about the idea. This could lead to “faster, safer and cheaper payments”, he said, an important statement of intent for crypto regulation in coming years.

    Highlights of other sessions tomorrow:

    “It’s not my purpose to drive Amazon out of the city.” Attorney General of New York, Letitia James, Talked about protecting people against powerful business interests, including her recent suit against Amazon on workplace safety during the epidemic. “These big tech companies increase competition, innovation, creativity,” she said.

    “Our product has been missed.” CEO of Delta, Ed Bastian, Talked about the future of travel and when the airline would start selling middle seats again. “The need for pent-ups and the urge and willingness to travel is not the same as before,” he said, though he said the fear of the virus would slow international travel to recover compared to domestic flights.

    “It’s disturbing to me – very disturbing – that people don’t believe in government numbers.” Former head of Microsoft, Steve ballmer, Founded the nonprofit USAActs, making economic data more accessible and understandable. In chart-laden conversations, he participated in economic development, employment and numbers to encourage spending, minimum wage policies and attempts to identify such priorities.

    To see video replays of all sessions, Visit our live briefing.

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    America reaches a serious epidemic milestone. COVID-19 has killed more than 500,000 people, the worst death in the world. President Biden marked the moment with a ceremony at the White House.

    Donald Trump lost one final bid to shield his tax returns. The Supreme Court rejected the former president’s attempt to prevent Manhattan District Attorney Cyrus Vance from obtaining his financial records. Just as important, Mr. Vance can gain access to additional records from Mr. Trump’s accountant.

    Facebook and Australia compromise on sharing news. The social network agreed to restore users’ ability to post news links when Australia agreed to small concessions on a law that would require tech platforms to pay for articles appearing on their sites .

    Blackrock clarifies his climate change goals. A spokesman for the money-management giant told The Times’s Peter Ivis and Cliff Kruse that its “ambition” was to expand its entire investment portfolio to net zero emissions by 2050. But many corporate giants have either not set emission targets or are struggling. Meet their stated goals.

    SoftBank makes an agreement with WeWork’s Adam Newman. The Japanese tech giant is closer to an agreement to buy half of Mr Newman’s stake in WeWork than previously agreed. A deal could help pave the way for SoftBank to sell WeWork to an SPAC.

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    Less than a year after the epidemic attempted to sell Victoria’s secret investment firm Secamore Partners, lingerie chain owner, L Brands, would test the private equity appetite for the business again, DealBook has learned.

    Bankers of L Brands of Goldman Sachs will formally start buying atomizer Firms According to people aware of the case, a possible takeover will happen as soon as this week. L Brands said this month that it was weighing Victoria Secret sales or spinoffs as of August, as it focused on the rapidly growing Bath and Body Works division.

    • Stuart Burgdorfer, CFO of L Brands, said in a statement that Victoria’s Secret “significantly increased its value” and that L Brands was still evaluating all options for the business.

    Victoria’s Secret has changed once again since sales of Psychorum declined. Its brand has been overhauled on a priority basis, as younger customers removed its highly sexy products for options focused on comfort and criticized its marketing exclusions.

    • While sales fell during the critical holiday season, profitability and digital sales rose. It has closed unprofitable stores and sold a majority stake in its British business.

    • The brand has also changed its management following allegations by former top executives of misbehavior and sexual harassment.

    • And it has continued to overhaul its marketing, launching a campaign last year featuring trans, plus-size and older models.

    Lingerie is the market demand. A recent investment valued Rihanna’s Savage x Fenty brand for example at $ 1 billion. For potential buyers, Victoria’s Secret remains a well-known label with a large market share.

    But there may be a concern for potential acquaintances: The ongoing investigation and shareholder litigation regarding the relationship between Les Wexner and Jeffrey Epstein, president of L Brands.


    – Jennifer Doliac, an economist at Texas A&M who co-authored a study that found that women presenting research at economics seminars faced more questions than men and were more likely to receive was Questions that were patronizing or hostile.


    Wall Street has pondered for months what nearly $ 2 billion SPAC Churchill Capital IV would buy. But after it was finally confirmed that it would merge with electric car manufacturer Lucid, investors sourced the news – a potential turning point for the blank-check boom.

    The deal will make Lucid public at a valuation of $ 24 billion, One of the largest SPAC transactions ever. To finance the deal, Churchill Capital IV set a record for a so-called PIPE, which raised funds from Saudi Arabia’s sovereign wealth fund, Blackrock, Fidelity and others.

    But Churchill Capital IV shares fell 30 percent after hours of trading After the announcement. This was not down to surprise – news reports about the merger with Lucid have been around for weeks – but may instead contain the financial terms of the deal:

    • PIPE’s investors paid the equivalent of $ 15 per share, a premium to SPAC’s net asset value, but down nearly 75 percent to where Churchill Capital IV’s stock traded before the announcement. (That said, shares in Churchill Capital IV had soared in recent weeks, thanks to recommendations on the Reddit Forum.)

    • Andrew Le: “Hey CCIV Investors: You think PIPE investors, who actually got to see Lucid’s books, paid $ 15 a share, while they retailed for $ 40 and $ 50 and $ 60 a share.” ? I mentioned that these structures can create misalignments. Not always. But sometimes. “

    Big question: Is the boom in SPAC coming? Lucid deal can be a good investment in long term. But any doubts about the Blanc-Check fund could threaten stratospheric growth in the sector.

    In other SPAC news, DealBook’s Lauren Hirsch has written about today $ 8.5 billion deal Between Ardagh, which uses brands such as LaCroix and White Claw and a blank-check fund run by Alec Gores, founder of serial SPAC.


    Treasury Secretary Janet Yellen is skeptical of bitcoin’s promise (see above) its energy use. As he told Andrew yesterday, “This is a very inefficient way to conduct transactions and the amount of energy consumed in those transactions is constant.”

    The higher the price of bitcoin, the more energy it burns. “Bitcoin is energy inefficient by its nature,” Charles Hoskinson, CEO of blockchain engineering firm IOHK, told DealBook. “The higher its price increases, the more competition there is for currency, thereby rapidly increasing its energy requirements.” The so-called miners use computers to solve increasingly complex mathematical puzzles for verification of transactions, earning bitcoins for work. It consumes a huge amount of energy, which is equivalent to the country’s electricity usage.

    A bitcoin transaction has a carbon footprint of 700,000 visa payments, Alex de Vries, an economist who created the Bitcoin Energy Consumption Index. (Small estimates are still in the tens of thousands of equivalent credit card transactions.) “The bitcoin network already requires half the amount of electrical energy to operate as all global data centers,” emphasized Mr. D. .

    • Minerals can migrate to renewable energy sources, but they cautioned that such operations require inexpensive and consistent power. And there is an electronic waste issue: Bitcoin mining requires highly specialized equipment, which has a short life span and is non-refundable.

    At the time of writing, bitcoin is priced at Fast downNearly 20 percent set this weekend high.

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    The deal

    • In public news: Gaming platform Roblox revealed its plans for a direct listing, while health insurer Oscar said it expected to raise $ 1 billion in its IPO at valuations of up to $ 6.7 billion. (Reuters, Bloomberg)

    • SoftBank announced the first investment from its $ 100 million opportunity fund: Proxis Labs, a start-up that uses virtual reality to develop workplace diversity programs. (Praxis Labs)

    Politics and policy

    • The Dominion Voting System sued MyPillow CEO Mike Lindell for $ 1.3 billion in public promotion of baseless election fraud claims involving the voting machine manufacturer. (NYT)

    Technique

    • What are “incurable tokens”, and why are people paying thousands of dollars for them. (NYT)

    • Remember the longtime blockchain, the onetime iced tea company refocused on crypto technology? It was removed by the SEC for its failure to report financials. (Bloomberg)

    The best of the rest

    • Just One American company went public last year with an all-male board. (Bloomberg)

    • There is a hut of luxury New York City homes being put up for sale by a hedge fund tycoon in Florida. (WSJ)

    • “Is McKinsey losing her secret?” (Ft)

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    We will like you Please email ideas and suggestions to bookbook@nytimes.com.



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