Intuit to buy Mailchimp for $12 billion.
The deal is part of Intuit’s effort to position itself as a one-stop shop for small and midsize businesses.
At the Mailchimp offices in 2016. The company is best known for its email marketing platform.Credit…Dustin Chambers for The New York Times
Intuit, the parent company of TurboTax and QuickBooks, will acquire Mailchimp, a company best known as a provider of email marketing services, the companies announced on Monday.
The cash-and-stock deal, which is subject to regulatory approvals, will value Mailchimp at about $12 billion.
The deal is Intuit’s largest to date and is a notable expansion into customer-relationship management for a company largely known for its finance software. Intuit hopes to combine Mailchimp’s digital marketing services with QuickBooks, its accounting program, to help small businesses manage their customers as well as their books.
“The real magic is actually in the power of the data,” Intuit’s chief executive, Sasan Goodarzi, said in an interview. “When we bring the platforms together, I’ll actually not only know who I marketed it to, but what you bought when you bought it.”
Shares of Intuit have risen about 75 percent over the past year, giving it a market capitalization of $152 billion.
Mailchimp, founded in 2001 and based in Atlanta, is best known for its email marketing platform, which it has advertised in abundance on podcasts such as “Serial.” Its platform has grown to include marketing services and software for tracking customer engagement. It has about 13 million total users globally and 800,000 paid customers, half of which are outside the United States.
As it has expanded, Mailchimp has not taken on any outside money. As part of the deal, Intuit is carving out about $300 million in equity for Mailchimp’s employees to help with retention. After the deal closes, it will issue an additional $200 million in stock to Mailchimp employees.
Small businesses have been a major focus for Intuit. Its small-business and self-employed unit made up about half its $9.6 billion in revenue in its last fiscal year. While the pandemic hurt small businesses, it also forced more to manage their finances online, driving sales for the unit up 16 percent over the year prior.
Intuit has also been focused on building its consumer-finance platform. Last year it paid $7.1 billion for the credit-monitoring app Credit Karma. That deal, though, hit regulatory scrutiny, forcing Credit Karma to sell its tax business to win approval from the federal government.
Mr. Goodarzi said he was confident that Intuit would be able to close its acquisition of MailChimp by the end of January.
“This is really in a totally different market,” he said. “We don’t foresee any challenges.”
Harvey Levin will continue in his role as TMZ’s managing editor.Credit…Gabe Ginsberg/Getty Images
Fox Corporation announced on Monday that it had bought the celebrity gossip brand TMZ from AT&T’s WarnerMedia.
Harvey Levin, who co-founded TMZ in 2005, will continue in his role as managing editor, Fox said in a news release. Under the deal, Fox will run TMZ’s flagship website and culture website TooFab.com, as well as its syndicated television programs and celebrity bus tours.
Financial terms of the deal were not disclosed. Three people with knowledge of the discussions said the deal valued TMZ under $50 million.
The television programs “TMZ on TV” and “TMZ Live” air on network affiliates owned by Fox Television studios, while “TMZ Sports” is broadcast on the Fox cable channel FS1. Charlie Collier, the chief executive of Fox Entertainment, a division of Fox, said the company saw “great potential in building upon this franchise by adding new creative ventures with Harvey and everyone at TMZ.”
“The unique and powerful brand Harvey has created in TMZ has forever changed the entertainment industry and we’re excited to welcome them to Fox,” Lachlan Murdoch, chief executive of Fox, said in a statement.
TMZ has been known for its brash, tabloid approach and has landed some of the entertainment industry’s biggest scoops, including the death of Michael Jackson. The property fits well with the Murdoch empire, which publishes The Sun in Britain, one of the country’s biggest newspapers. The family also owns The New York Post, with its widely read Page Six section that once was a rich source of celebrity gossip and a willing participant in Hollywood feuds.
“We couldn’t be more charged,” Mr. Levin said in the statement, adding that Fox “is opening up a world of opportunities for TMZ to grow our current platforms and expand in every which way!”
AT&T is selling assets ahead of the planned spinoff of its WarnerMedia division, which will merge with Discovery.
The Federal Trade Commission is primed to take aggressive action against the technology industry and other corporate giants.Credit…Stefani Reynolds for The New York Times
President Biden will nominate Alvaro Bedoya, an online privacy expert, for a seat on the Federal Trade Commission, putting another critic of the technology industry in a key position to regulate the sector, the White House said on Monday.
Mr. Bedoya is a lawyer who has studied the way new technologies can violate privacy. He was an author of a 2016 report that called for Congress to more closely regulate the use of facial recognition software by law enforcement. And he was previously the top lawyer on the privacy subcommittee of the Senate Judiciary Committee.
On Twitter, Mr. Bedoya called his nomination the “honor of my life.”
If he is confirmed by the Senate, Mr. Bedoya will join an agency that is primed to take aggressive action against the technology industry and other corporate giants. The agency’s chair, Lina Khan, is a legal scholar who has argued for regulations that would rein in Silicon Valley’s power over commerce and personal data.
“He’s blazed a trail in holding Big Tech accountable and has spent his career fighting on behalf of the powerless, particularly those in immigrant communities,” Charlotte Slaiman, the director of competition policy at the pro-regulation think tank Public Knowledge, said in a statement. “His scholarship and advocacy revealed how Big Data is used to facilitate oppressive surveillance and racial discrimination against the most vulnerable.”
Mr. Biden will nominate Mr. Bedoya to the seat currently held by Rohit Chopra, an avowed progressive whom the president has nominated to lead the Consumer Financial Protection Bureau.
Mr. Bedoya’s expected nomination was first reported by Axios.
Brian Robbins with his wife, Tracy James, in 2019.Credit…Gregg Deguire/Getty Images
In 2017, Viacom turned to one of Hollywood’s most seasoned and respected executives, James N. Gianopulos, to revive its flatlining Paramount Pictures operation. Mr. Gianopulos quickly stabilized the 1910s-era studio — repairing relationships with filmmakers and producers, building a thriving television division from near-scratch, and restoring Paramount to profitability.
He was ousted on Monday, with his status as the consummate Hollywood insider having curdled into a liability, at least to ViacomCBS, the conglomerate that owns Paramount, where streaming, streaming, streaming is the new currency of the realm.
Brian Robbins, 58, who runs Viacom’s children’s television business, will succeed Mr. Gianopulos, 69, as chief executive of Paramount Pictures, ViacomCBS said. Emma Watts, 51, the president of Paramount’s Motion Picture Group, was notably passed over for the job.
The reversal of fortune for Mr. Gianopulos, who had two years left on his contract, did not shock the movie capital, where speculation about his standing inside ViacomCBS had been gossiped about for months. Shari Redstone, who controls the company, had signaled in private that Mr. Gianopulos had become a frustration. In particular, he had, at times, resisted a ViacomCBS effort to prioritize the Paramount+ streaming service at the expense of ticket sales and theaters. Big-screen releases remain of crucial importance to studio partners like Tom Cruise, who stars in Paramount’s “Mission: Impossible” series and coming “Top Gun” sequel.
Shari Redstone, the chair of ViacomCBS, in July. She has been pushing the company to prioritize streaming.Credit…Kevin Dietsch/Getty Images
But the ouster rattled the film business nonetheless. It was seen by some as barbarous — tradition holds that senior statesmen get to write their own endings. And it added to a changing of the guard: Ron Meyer, a longtime film power at Universal, left last year amid a sex scandal, and Alan F. Horn, the chief creative officer at Walt Disney Studios, is widely expected to retire in the coming months.
Bob Bakish, the chief executive of ViacomCBS, said in a statement that the leadership change would “build on Paramount’s strong momentum, ensuring it continues to engage audiences at scale while embracing viewers’ evolving tastes and habits.” He said Mr. Robbins was an “expert” at developing franchises by “leaning into the unique strengths of new and established platforms.”
Mr. Bakish called Mr. Gianopulos “a towering figure in Hollywood” and thanked him for revitalizing Paramount. In the same statement, Mr. Gianopulos recounted a list of major changes he had successfully navigated over his nearly 40-year career — such as the introduction of VCRs and online film rentals — and wished Mr. Robbins “all the very best success.”
For many film industry stalwarts, Mr. Robbins is an affront to their identities; he comes from television, said while holding one’s nose. Mr. Robbins has experience as a movie producer and director. But much of the Hollywood establishment also looks down on that part of his resume, which includes “Norbit,” a commercially successful but critically reviled Eddie Murphy vehicle from 2007. Not exactly Oscar bait.
Mr. Robbins gained fame as a young actor in the 1980s by playing a mulleted rebel on the ABC sitcom “Head of the Class.” In the 1990s and 2000s he worked as a television producer (“Kenan & Kel” on Nickelodeon, “Smallville” on the WB) and a film director (“Norbit,” “Varsity Blues”).
By 2009, however, Mr. Robbins started to become disillusioned with Hollywood. Younger audiences — his specialty — were living online. He began experimenting with low-budget films starring YouTube personalities like Lucas Cruikshank (a.k.a. Fred Figgelhorn) and started a YouTube channel, AwesomenessTV, aimed at teenage girls. In 2013, Jeffrey Katzenberg, who was then running DreamWorks Animation, bought AwesomenessTV for about $33 million. (Mr. Katzenberg remains a mentor.)
“There is no movie business anymore!” Mr. Robbins was quoted by Fast Company as saying in 2013. “The model’s broken, and I see that as an opportunity.”
Mr. Robbins was named president of Nickelodeon, which is also owned by ViacomCBS, in 2018. He has become known inside Viacom as a plain-spoken, never-say-die futurist who believes that Paramount+, the company’s relatively small streaming service, must be supercharged. Mr. Robbins has eagerly rerouted new children’s programming toward Paramount+ and away from Nickelodeon’s traditional cable channels. One such show, a reboot of “iCarly,” has been a hit for the streaming service.
Mr. Gianopulos, or “Jim G” as everyone in Hollywood refers to him, will remain a consultant until the end of the year, ViacomCBS said. “Jim is nothing less than legendary in this business, and I am humbled and grateful to him for his years of mentorship and friendship,” Mr. Robbins said in a statement.
Mr. Robbins will continue to lead Nickelodeon, ViacomCBS said. But he will not get all of Mr. Gianopulos’s portfolio; Paramount Television Studios will now report to David Nevins, the chairman and chief executive of Showtime Networks.
The Consumer Brands Association sent a letter on Monday to President Biden, who left for a trip to the West.Credit…Doug Mills/The New York Times
A trade group representing some 2,000 consumer brands sent a letter to President Biden on Monday asking for clarification about his announcement last week that all companies with more than 100 employees will soon need to require vaccination or weekly testing.
Mr. Biden said last week that the Department of Labor and its Occupational Safety and Health Administration would draft the rules, which would affect some 80 million workers.
But the mandate has raised vexing issues for employers as they deal with the practicalities of vaccination policies, said Geoff Freeman, the president of the trade group, the Consumer Brands Association.
On Monday, Mr. Freeman called on Mr. Biden to “create immediate clarity” about how private businesses should carry out aspects of the White House’s plan to achieve “our shared goal of increased vaccination rates.”
He shared 19 questions that represented a “small sampling” of those raised by the trade group’s members. Among them:
What proof-of-vaccination documentation will the companies need to collect, and will booster shots also be required?
Must employees be fully vaccinated?
Will workers who have had the coronavirus still have to be vaccinated or get tested?
Will the requirements apply only to vaccines that are fully approved by the Food and Drug Administration? (The Pfizer-BioNTech vaccine is currently the only shot with full approval.)
Who is responsible for vaccination tracking — the government or the individual businesses?
What are the consequences of falsifying a vaccination status?
Other questions, on testing and other policy details, covered similar ground, touching on how federal guidelines interact with state-level initiatives, who will be responsible for paying for testing and whether waivers would be allowed if employee absences or attrition resulted in supply chain disruptions.
Also of concern, Mr. Freeman said in an interview, is the slow pace at which government tends to move, compared with the quick decisions that private businesses are used to making. This has been a problem during the pandemic, he said.
“For 19 months, we’ve been working with either the Trump administration or the Biden administration and all of the agencies involved in this,” he said. “And the simple truth is that they have been slow to keep up with the pace of change.”
He added: “All of us want to get to the other side of this thing as quickly as possible. It’s not going to work in this scenario unless an entity like OSHA can move at the pace of the business environment.”
A spokesperson for the White House said the specific provisions of the rule were still being determined. The White House has said it will provide more guidance on Sept. 24 for the federal contractors affected by the executive order. Jeffrey D. Zients, Mr. Biden’s coronavirus response coordinator, has said the rule-making process for the OSHA component will take weeks.
Major business trade groups have generally been supportive of the mandate, which gives otherwise wary businesses the cover to require inoculation.
The U.S. Chamber of Commerce, the nation’s largest business lobbying group, has said it “will work to ensure that employers have the resources, guidance and flexibility necessary to ensure the safety of their employees and customers and comply with public health requirements.” Another major business advocacy group, the Business Roundtable, has said it “welcomes” the Biden administration’s actions.
But they have also been racing to understand the details and implications, which can vary depending on a company’s size. Does a company’s worker count include part-time employees? What is the deadline for compliance? Will potential lawsuits slow the process down?
At this point, “there are more questions than answers,” said Ian Schaefer, a partner at the law firm Loeb & Loeb who specializes in labor issues.
Even as companies are calling their lobbyists and lawyers for more insight, many are discussing at a senior level the realities of putting a mandate in place, despite not yet knowing exactly what that might entail, he said.
“In the absence of actionable intelligence that gives a little bit more guidance and direction, I think they’re sort of controlling for what they can control, which is a lot of internal politics at this point,” Mr. Schaefer said.
Disturbances of shipping routes have led to significant delays in manufacturing and transporting products.Credit…Scott McIntyre for The New York Times
Consumer expectations for short- and medium-term inflation jumped sharply in August, according to a survey released by the Federal Reserve Bank of New York on Monday, reaching the highest level since the numbers were first compiled in June 2013.
Consumers expect prices to rise 5.2 percent in the year from August, the survey found, up from 4.8 percent the month prior. Expectations for inflation over three years climbed to 4 percent, from 3.7 percent in July.
Federal Reserve officials, who shape policy to ensure that inflation remains low and stable, are closely watching any changes in expectations. They have said that they anticipate recent bursts in inflation to be temporary as the economy heals from the pandemic. Persistently high expectations can give companies more cover to raise prices, locking in faster inflation.
In contrast to the New York Fed numbers, market-based inflation expectations have been relatively stable after moving up earlier this year, and real-world price increases may begin to ease in important categories in the months ahead.
But inflation has been climbing for months as consumers have paid more for airline tickets, televisions and burritos. Supply-chain disruptions have caused many of the price jumps, as factory shutdowns and disturbances of shipping routes have led to significant delays in manufacturing and transporting products. Labor shortages may also be exacerbating the issue, as some employers have had to offer higher wages to attract workers.
Consumers surveyed said they anticipated higher prices for gas, food, medical care and rent. The survey compiles responses from a rotating panel of about 1,300 households nationwide.
The Netflix limited series “The Queen’s Gambit” won nine awards over the weekend.Credit…Charlie Gray/Netflix
Fueled by “The Queen’s Gambit” and “The Crown,” Netflix dominated the competition at the Creative Arts Emmy Awards over the weekend.
Netflix took home 34 Emmys at three separate ceremonies on Saturday and Sunday, while Disney+, the streamer’s closest competitor, won 13 awards. HBO and its streaming service, HBO Max, the perennial Emmys heavyweight, won just 10 awards.
Each year, the Television Academy, which organizes the Emmys, announces the winners for dozens of technical awards in the lead-up to the biggest prizes that are announced at the main event, the Primetime Emmy Awards. This year’s prime-time ceremony will take place on Sunday and will be broadcast on CBS.
“The Queen’s Gambit,” a limited series about a chess prodigy, won nine Creative Arts Emmys over the weekend, more than any other series. Its closest competitors, with seven awards each, were the Disney+ Star Wars action adventure show “The Mandalorian” and the NBC stalwart “Saturday Night Live.”
Although the Creative Arts Emmys are not quite prime-time ready — they include awards like best stunt performance, best hairstyling and outstanding lighting direction for a variety series — they count all the same in the Hollywood record books, and the leaderboard for the 73rd Emmy Awards is now officially underway.
The weekend ceremonies also handed out a few key acting awards. “The Queen’s Gambit” took the prize for best cast in a limited series. It beat out a pair of acclaimed HBO series, “I May Destroy You” and “Mare of Easttown.” “The Crown” won for best cast in a drama, and the Apple TV+ show “Ted Lasso” won for best cast in a comedy. Both are favored to take more prizes at the main event.
Netflix’s dominance all but guarantees that it will win more Emmys than any other TV network, studio or streaming platform, making 2021 the first year it will beat out its chief rival, HBO, to claim ultimate bragging rights. Three years ago, in a first, Netflix tied HBO for top honors. Going into this year’s Emmys ceremonies, HBO, aided by HBO Max, led all networks with 130 nominations, one more than Netflix.
The 73rd Emmy Awards will effectively be a showcase for television achievement during the pandemic. Because of production shutdowns and delays, the number of TV shows in the second half of last year and the first half of this year declined. Submissions for the top categories this year were down 30 percent.
The ceremony, hosted by Cedric the Entertainer, will take place indoors and outdoors on the Event Deck at L.A. Live, near the Emmys’ usual home at the Microsoft Theater in downtown Los Angeles. Attendance will be drastically reduced, but in contrast to last year’s remote ceremony, most winners are likely to deliver their acceptance speeches in person.
The F.E.C.’s ruling in a case about a New York Post article on Hunter Biden provides further flexibility to social media companies to control what is shared on their platforms.Credit…Kris Connor/WireImage, via Getty Images
When Twitter decided briefly last fall to block users from posting links to an article about Joseph R. Biden Jr.’s son Hunter, it prompted a conservative outcry that Big Tech was improperly aiding Mr. Biden’s presidential campaign.
“So terrible,” President Donald J. Trump said of the move to limit the visibility of a New York Post article. Senator Josh Hawley, Republican of Missouri, said Twitter and Facebook were censoring “core political speech.” The Republican National Committee filed a formal complaint with the Federal Election Commission accusing Twitter of “using its corporate resources” to benefit the Biden campaign.
Now the commission, which oversees election laws, has dismissed those allegations, according to a document obtained by The New York Times, ruling in Twitter’s favor in a decision that is likely to set a precedent for future cases involving social media sites and federal campaigns.
The election commission determined that Twitter’s actions regarding the Hunter Biden article had been undertaken for a valid commercial reason, not a political purpose, and were thus allowable.
And in a second case involving a social media platform, the commission used the same reasoning to side with Snapchat and reject a complaint from the Trump campaign. The campaign had argued that the company provided an improper gift to Mr. Biden by rejecting Mr. Trump from its Discover platform in the summer of 2020, according to another commission document.
The election commission’s twin rulings, which were made last month behind closed doors and are set to become public soon, protect the flexibility of social media and tech giants like Twitter, Facebook, Google and Snapchat to control what is shared on their platforms regarding federal elections.
Republicans have increasingly been at odds with the nation’s biggest technology and social media companies, accusing them of giving Democrats an undue advantage on their platforms. Mr. Trump, who was ousted from Twitter and Facebook early this year, has been among the loudest critics of the two companies and even announced a lawsuit against them and Google.
The suppression of the article about Hunter Biden — at the height of the presidential race last year — was a particular flashpoint for Republicans and Big Tech. But there were other episodes, including Snapchat’s decision to stop featuring Mr. Trump on one of its platforms.
The Federal Election Commission said in both cases that the companies had acted in their own commercial interests, according to the “factual and legal analysis” provided to the parties involved. The commission also said that Twitter had followed existing policies related to hacked materials.
Twitter and Snapchat declined to comment.
Emma Vaughn, an R.N.C. spokeswoman, said the committee was “weighing its options for appealing this disappointing decision from the F.E.C.” A representative for Mr. Trump did not immediately respond to a request for comment.
Jeff Bezos is one of the wealthiest people in the world, but his salary from Amazon was just $81,840 last year. The richest of the rich earn little money from actual paychecks.Credit…Tom Brenner for The New York Times
House Democrats’ plans to raise taxes on the rich and on profitable corporations stop well short of the grand proposals many in the party once envisioned to tax the vast fortunes of tycoons like Jeff Bezos and Elon Musk — or even thoroughly close loopholes exploited by high-flying captains of finance.
Instead, the House Ways and Means Committee, influenced more by the need to win the votes of moderate Democrats than by progressive Democratic ambitions, focused on traditional ways of raising revenue to pay for the party’s $3.5 trillion social policy bill — by raising tax rates on income.
The proposal, which is set to be considered by the panel on Wednesday, does include measures to raise taxes on the rich. Taxable income over $450,000 — or $400,000 for unmarried individuals — would be taxed at 39.6 percent, the top rate before President Donald J. Trump’s 2017 tax cut brought it to 37 percent. The top capital gains rate would rise from 20 percent to 25 percent, a considerably smaller jump than President Biden proposed.
A 3-percent surtax would be applied to incomes over $5,000,000.
But more notable is what is not included. The richest of the rich earn little money from actual paychecks (Mr. Bezos’s salary from Amazon was $81,840 in 2020). Their vast fortunes in stocks, bonds, real estate and other assets grow each year largely untaxed.
The Senate Finance Committee wants to tax that wealth with a one-time surtax imposed on billionaires’ fortunes, followed by levies annually on the gains in value of billionaire assets, the way property taxes are adjusted each year to reflect gains in housing values. The Ways and Means Committee shrugged that off.
Representative Bill Pascrell, Democrat of New Jersey and a Ways and Means Committee member, conceded on Monday that the real wealth in the country is tied up in assets, not large salaries, but he said many Democrats were leery of going too far.
“I am very suspect of a wealth tax,” he said. “I think it’s perceived as ‘soak the rich.’ I don’t think it is, but that’s how it’s perceived.”
The committee did take aim at a loophole in retirement savings exploited by billionaire Peter Thiel, who, according to a ProPublica investigation, was able to take a Roth individual retirement account worth less than $2,000 in 1999 and grow it to $5 billion, which could be completely shielded from taxation.
In a Roth I.R.A., small annual deposits of money from previously taxed income are allowed to gain in value free of capital gains taxation, as long as it the funds are withdrawn after retirement. But Mr. Thiel, the founder of PayPal and a prominent Silicon Valley conservative, opened his Roth, then deposited stakes in start-up companies at fractions of pennies a share, which then exploded when the start-ups took off. The gains in value — and investments made in other companies from those gains — will go completely untaxed if Mr. Thiel waits to withdraw it just before he turns 60.
To prevent such exploitation, the Ways and Means Committee would stop contributions to retirement accounts once they reach $10 million.
In other areas, the committee appears to be making only glancing blows at the nation’s highest fliers. Barack Obama, Mr. Trump and President Biden have all vowed to close the so-called carried interest loophole, in which private equity managers pay low capital gains tax rates on the fees they charge clients, asserting that it is not income since it is drawn from their clients’ investment gains.
Senate Democrats hope to close the loophole completely, saving the Treasury $63 billion over 10 years. The House proposal would force Wall Street financiers to hold their clients’ investment gains for five years before claiming them as capital gains and cashing out, a demand that could limit the use of carried interest, but would save a fraction of the Senate proposal, $14 billion.
Because of the rise of the Delta variant of the coronavirus, OPEC expects some of the recovery in oil demand previously forecast this year to be put off until 2022.Credit…Facundo Arrizabalaga/EPA, via Shutterstock
The Organization of the Petroleum Exporting Countries said on Monday that demand for oil was expected to rebound above prepandemic levels next year.
In its Monthly Oil Report, the group said it expected oil demand to average 100.8 million barrels per day in 2022, compared with just over 100 million in 2019, before the pandemic took hold.
The forecast is evidence that the world economy is still heavily dependent on emissions-causing fossil fuels, despite growing concerns about climate change and a steep fall in oil demand during the pandemic. The news emerged just as world leaders were preparing for what many analysts predict will be a crucial climate summit, known as COP26, in Glasgow in November.
Sales of electric cars have grown strongly, and investment in wind and solar energy has held up surprisingly well during the pandemic, but the growth in demand for energy, especially in China and India, will offset such gains, according to OPEC forecasts.
China, for instance, is expected to consume almost 15 million barrels a day in oil next year, 1.5 million barrels a day more than it burned in 2019.
The pandemic slammed oil demand, which plummeted by around nine million barrels a day last year, or about 9 percent, OPEC said. Oil consumption has recovered strongly, but the emergence of the fast-spreading Delta variant has applied the brakes. Now, OPEC expects some of the recovery in oil demand previously forecast this year to be put off until 2022.
In its report, OPEC said it was raising its demand forecast for 2022 by 900,000 barrels a day while slightly lowering its estimates for the final three months of this year. Oil consumption will grow by a hefty 4.2 million barrels a day next year after a surge of six million barrels a day in 2021, according to OPEC.
“The pace in recovery in oil demand is now assumed to be stronger and mostly taking place in 2022,” OPEC analysts wrote.
U.S. stocks made slight gains on Monday, with the S&P 500 ending a streak of five consecutive trading sessions.
The S&P 500, the U.S. benchmark, rose 0.2 percent. The Nasdaq composite ticked down less than 0.1 percent.
The Labor Department is set to publish its latest report on prices on Tuesday. The Consumer Price Index, a key inflation gauge, for August will help indicate whether the increasing prices from the pandemic are temporary. Federal Reserve officials are watching inflation data closely as they consider when to begin slowing large-scale bond purchases.
The price of the cryptocurrency Litecoin briefly jumped 30 percent after an announcement claiming that Walmart would begin accepting it as payment. The retail giant later said that the announcement was fake. Litecoin ended the day down about 2.3 percent, according to Coinbase. Bitcoin was also down about 2.7 percent.
European stock indexes rose, with the Stoxx Europe 600 closing 0.3 percent higher. Asian markets were mixed.
Oil prices rose with, West Texas Intermediate, the U.S. crude benchmark, up 1 percent to $70.45 a barrel. OPEC on Monday raised its forecast for global oil demand for 2022 to 100.8 million barrels a day.
Pan Shiyi, chairman of Soho China, and his wife, Zhang Xin, the chief executive, in 2019.Credit…Visual China Group via Getty Images
Shares of Soho China, a real estate company run by a prominent power couple, fell by one-third on Monday after Blackstone Group walked away from its deal to buy the firm.
Soho China said in a joint filing late on Friday that Blackstone would not go through with its $3 billion bid for a controlling stake in the company, without giving a reason. Blackstone, the Wall Street investment giant, and Soho China declined to comment further on Monday.
The company is controlled by Zhang Xin and Pan Shiyi, a married couple who share the title of executive director. Mr. Pan, who is chairman, was one of the first Chinese entrepreneurs to use social media for public relations and has tens of millions of followers online. Ms. Zhang is well known in part for her role in a 2013 deal to buy a stake in the General Motors Building in Manhattan.
The news comes as China’s most successful business tycoons face scrutiny and growing pressure to share more of their wealth. The deal, which would have been among the real estate sector’s biggest, was announced in June, with a regulatory review pending. It was seen as a move by the husband-and-wife team to reduce their exposure to China.
A deal for Soho China could have also shored up confidence in the country’s real estate sector, which, after years of remarkable growth, is coming under greater regulatory scrutiny as Beijing tries to put a stop to corporate binge borrowing. Developers have been forced to start paying off mounting bills under new central bank rules, called the “three red lines.”
Evergrande, China’s biggest developer, has spooked investors, home buyers and experts who are predicting a bankruptcy in the near future.
In recent weeks, real estate prices and demand in some of China’s biggest cities have started to weaken. A prominent Beijing think tank said last week that the sector had “shown signs of a turning point.”
Real estate woes, plus reports of greater regulatory tightening in mainland China, contributed to a drop of nearly 2 percent in Hong Kong shares on Monday.
By taking into account rent payments, Fannie Mae claims it could make as many as 17 percent of people more qualified for mortgages.Credit…Ryan Christopher Jones for The New York Times
Fannie Mae, the federally backed institution that buys mortgages from the banks, plans to peer into many people’s bank accounts — with their permission — for a record of regular rent payments to help assess qualification for mortgages.
Its data showed that only 17 percent of people who had not owned a home in the previous three years and would not have qualified for a mortgage before might do so now. But those 17 percent are drawn from a group that is disproportionately people of color, many of whom have limited credit histories and come from marginalized groups on the wrong side of a decades-long wealth gap.
Fannie Mae effectively sets many of the standards for who qualifies and what data counts, and until now, rent has not counted, despite it being the largest payment most renters make each month. For many years now, consumer advocates and industry insiders alike have agreed that this is not how things should be.
The convoluted, multistep process that Fannie is using will mean many people won’t benefit from it at first. The New York Times’s Your Money columnist, Ron Lieber, takes a look ->