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But after the president delivered a series of stunning remarks in the gilded lobby of Trump Tower on Tuesday afternoon, when he again equated far-right hate groups with the groups protesting them, many chief executives had enough.

On Wednesday morning, a dozen of the country’s most influential C.E.O.s joined a conference call, and, after some debate, a consensus emerged: The policy forum would be disbanded, delivering a blow to a president who came into office boasting of his close ties with business leaders.

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After provoking a furor with his initial failure to condemn the white supremacists behind last weekend’s violence in Charlottesville, Va., Mr. Trump might have staved off a full-scale exodus with his somewhat stilted but conciliatory comments on Monday. The white nationalist leader Richard Spencer and the former Ku Klux Klan leader David Duke were quick to embrace his remarks.

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Amazon’s aggressive salesmanship now extends to its own debt.

Its blowout $16 billion bond sale suggests almost unlimited potential for Amazon, the retailing juggernaut, to consider even more shopping.

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But the weakness of inflation, which the Fed now expects to remain below its target annual pace of 2 percent for the fifth-consecutive year, is prompting some Fed officials to hesitate.

Now, the Fed is confronting “the coexistence of low inflation and low unemployment,” a phenomenon that inverts the “stagflation” experience of the 1970s, when both inflation and unemployment climbed.

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Before the president’s decision to dissolve the two councils, executive from his manufacturing council were expected to have a similar call Wednesday afternoon. The manufacturing panel has seen a wave of defections since Monday, as business chiefs who had agreed to advise the president determined that his remarks left them with no choice but to walk away.

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Instead of the banks acting to correct the intentional wrongdoing that Mr. Bowen and Ms. Fleischmann revealed to their bosses — which is what you might expect to happen in cultures where wrongdoing is not tolerated – the two bankers were fired and their Wall Street careers ended abruptly.

Instead of a reason to celebrate, Mr. Kim’s decision to drop the London Whale case, which began under his predecessor Preet Bharara, really was another example of prosecutorial failure.

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U.S. Begins Nafta Negotiations With Harsh Words [0.10]

Posted on Aug. 16, 2017, 5:34 p.m. by NYT > DealBook @ [source]

While trade with Canada has been more balanced in recent years, Mr. Lighthizer said Wednesday that over time the United States has run a significant trade deficit with Canada, too.

Such trade deficits, Mr. Lighthizer said, “can’t continue.” President Trump has made it clear that he regards trade deficits as a primary measure of the nation’s economic health.

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In the case of China Unicom, the country’s three biggest internet companies are investing: Alibaba Group, the e-commerce giant; Tencent Holdings, which runs China’s most popular social-messaging service; and Baidu, the online search company that is sometimes called the Google of China. The new language essentially formalizes — and underscores — what most investors and executives already assumed to be the case.

China China Unicom companies firm internet run shareholder state state owned Tencent

 

Akzo Nobel Ends Feud With Elliott Management [0.05]

Posted on Aug. 16, 2017, 12:32 p.m. by NYT > DealBook @ [source]

LONDON — Akzo Nobel, the Dutch paint and chemicals company, said on Wednesday that it had reached a truce with Elliott Management, ending a dispute that had been the latest example of an activist investor looking to reshape a major business.

The dispute had centered on repeated efforts by PPG Industries, an American rival, to take over Akzo Nobel, which counts Dulux paint among its brands.

activist Akzo Nobel American dispute Elliott fund hedge major paint PPG

 

Some business leaders and critics of Mr. Trump have argued that the advisory forums are not accomplishing much, but others involved in the panels argue that they can still have impact by remaining involved.

Rajat K. Gupta once moved among the business elite as the head of the consulting giant McKinsey & Company.

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For-Profit Charlotte School of Law Closes [0.08]

Posted on Aug. 15, 2017, 11:53 p.m. by NYT > DealBook @ [source]

The attorney general’s office has been examining whether Charlotte Law’s students had the required information to enroll for the school’s law degree.

The attorney general’s office notified the federal Education Department that Charlotte Law was no longer licensed to operate in the state.

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After a turbulent and scandal-filled year at Wells Fargo, the bank’s chairman is headed for the exit.

Stephen W. Sanger, 71, will retire at the end of the year and will be succeeded by Elizabeth A. Duke, 65, a former Federal Reserve Board governor.

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Take the money and run is the new Uber benchmark. The early investor Benchmark may be loath to give in to demands to sell its 13 percent stake.

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For Rajat Gupta, Returning Is a Hard Road [0.09]

Posted on Aug. 15, 2017, 8:16 p.m. by NYT > DealBook @ [source]

Still, to those invited, Mr. Gupta’s presence at a dinner given by an executive of Mr. Jain’s stature was a sign that he was to be embraced by the pantheon of Indian business leaders in the United States.

A few months ago, Herbert Henzler, a former colleague of Mr. Gupta’s at McKinsey, pushed to have Mr. Gupta invited to the triennial meeting in Boston in June of the firm’s retired and former senior partners.

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The exodus began Monday, when Merck’s chief executive said he was resigning from Mr. Trump’s manufacturing council, citing the president’s tepid early statement on the violence in Charlottesville, where white nationalists staged a weekend march that turned violent.

For the chief executive of Intel, who stepped down from the manufacturing council on Monday, the journey from engagement with the new president to a public breakup played out over the course of months.

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C.E.O.s on Quitting Trump Council [-0.03]

Posted on Aug. 15, 2017, 5:53 p.m. by NYT > DealBook @ [source]

Mr. McMillon’s statement came amid a swirl of backlash against the president for what critics viewed as a tepid initial response to violence at last weekend’s rally of white supremacists and right-wing extremists, which left one counterprotester dead.

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At issue is whether the financial woes of Suniva and its co-petitioner, SolarWorld Americas, are a result of unfair competition from Chinese companies benefiting from state subsidies, or of their own business practices.

Among those opposing the Suniva petition is the American Legislative Exchange Council, which is connected with Charles G. and David H. Koch, billionaire brothers whose fortunes derive, at least in part, from fossil fuels.

Chinese domestic manufacturers panel petitioner solar SolarWorld subsidies Suniva trade

 

Many more chief executives spoke out against racial discrimination and white supremacy, including Timothy Cook of Apple, Lloyd C. Blankfein of Goldman Sachs (neither of whom sits on a presidential advisory council) and Jamie Dimon of JPMorgan Chase (who does).

It’s easy to see why many executives choose not to make a noisy departure from the advisory perch.

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On Sunday, Mr. Frazier, the son of a janitor and grandson of a man born into slavery, watched news coverage of white nationalists clashing with counterprotesters in Charlottesville, and of Mr. Trump’s ambiguous response to the violence.

That evening, he informed his board members that he was preparing to resign from Mr. Trump’s American Manufacturing Council, one of several advisory groups the president formed in an effort to forge alliances with big business.

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The silence from the larger C.E.O. Each time, the executives have justified their silence by saying it is more valuable to be at the table than not.

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