DealBook Briefing: Why the U.S. Is Spinning Its Wheels on Trade

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Shari Redstone Credit Mike Cohen for The New York Times

CBS heads to court against Shari Redstone today

The broadcaster’s case in Delaware’s Court of Chancery against its corporate parent, the Redstones’ National Amusements, is one of a number recently that challenge the kind of dual-class stock system used by the Redstones (and indeed by The New York Times Company).

Another part of CBS’s argument — that Ms. Redstone warned Verizon off bidding for CBS — took a hit yesterday. Verizon’s C.E.O., Lowell McAdam, told CNBC he didn’t want to invest in “linear TV.” (Read: CBS or 21st Century Fox.)

Speaking of Fox: An all-cash bid by Comcast for its assets could pit Rupert Murdoch, who would pay less tax on Disney’s share-based offer, against fellow shareholders. And in the middle of all this, Fox’s TV chiefs are in contract talks.

Elsewhere in deals: PaddyPower is reportedly close to buying FanDuel after the Supreme Court legalized sports betting. The hedge-fund mogul David Tepper signed a deal to buy the N.F.L.’s Carolina Panthers for $2.2 billion. FIFA is reportedly preparing a vote on the $25 billion offer by SoftBank and others for two new soccer tournaments. The two big proxy advisory firms urged Hyundai shareholders to side with Elliott Management against the management’s restructuring plan.

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Credit Ng Han Guan/Associated Press

Who doesn’t like Trump’s lifeline to ZTE

Lawmakers from both parties aren’t likely to support easing sanctions on the Chinese telecom company, even if the White House reckons it might persuade Beijing to lift import limits on American agriculture. Representative Mac Thornberry, the head of the House Armed Services Committee, told Bloomberg, “It is not a question to me of economics, it is a question of security.”

What others have said: John Harwood of CNBC said it was the president shrinking from another fight. And Lex said Mr. Trump was fighting from a position of weakness.

And the U.S. and China remain “very far apart” in trade talks, according to the U.S.’s ambassador to Beijing. Businesses are still lobbying for exemptions from Chinese tariffs, too.

The bigger picture: Is Huawei next for a reprieve?

The political flyaround

• The White House has eliminated the role of cybersecurity coordinator. (NYT)

Novartis’s general counsel retired after its contract with Michael Cohen became public. Will President Trump’s latest financial disclosures reflect payments to Mr. Cohen?

• Robert Mueller was “squarely” within his rights as special counsel to indict Paul Manafort, a federal judge ruled. (Politico)

• The House is expected to vote on moves to roll back Dodd-Frank next week. Stephen Gandel of Bloomberg Opinion expects little to change, at least for the Volcker Rule.

• Preet Bharara is reportedly considering running for New York’s attorney general — as an independent. (Bloomberg)

• Mr. Trump may invoke a Cold War-era statute to keep coal and nuclear power plants online. (Bloomberg)

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Mike Bloomberg Credit Krista Schlueter for The New York Times

Meet Mike Bloomberg’s answer to Davos

The New Economy Forum is designed for a world where China’s ascent looks unstoppable. So it’s in Beijing, rather than the Swiss Alps. Participants include the former Treasury secretary Hank Paulson, Henry Kissinger, Janet Yellen and Gary Cohn.

Mr. Bloomberg’s pitch in the FT:

“Davos has been around for a long time: It is a very big conference and it is focused on lots of world problems. This conference is focused on the world and China as an emerging power and how we all work together.”

Elsewhere in boldface-name endeavors: Richard Branson and Pierre Omidyar are backers of a financial instrument for nonprofit investments devised by NPX.

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The onetime headquarters of Cambridge Analytica. Credit Andy Rain/EPA, via Shutterstock

Cambridge Analytica’s troubles aren’t over

The Justice Department and the F.B.I. are seeking to question the defunct firm’s former employees and banks, the NYT reports. That’s likely to keep concerns about Facebook’s privacy policies and role in the 2016 elections in the news.

Elsewhere on Facebook: The company says it deleted 583 million fake accounts, and has reportedly pushed up its content-review budget. Mark Zuckerberg is snubbing Britain’s Parliament. Some nurses at San Francisco’s general hospital want his name off the building.

Elsewhere in tech: Inside Tencent’s frenetic deal-making. Masa Son has high hopes for SoftBank’s next Vision Fund, and Japan probably should, too. Lyft joined Uber in eliminating mandatory arbitration for sexual misconduct cases. The Pentagon wants a nuclear-grade cloud.

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Credit Charles Rex Arbogast/Associated Press

The quarterly investor holdings flyaround

• Investors’ holdings of Apple dropped by the most since the first quarter of 2008.

• Warren Buffett’s Berkshire Hathaway raised its stakes in Teva Pharmaceutical and Monsanto.

• Bill Ackman’s Pershing Square Capital Management bought nearly 2 million shares in United Technologies. (A new book criticizes several of Mr. Ackman’s big moves.)

• David Einhorn’s Greenlight Capital invested in Office Depot and Abercrombie & Fitch.

• Stanley Druckenmiller bet on Alibaba and sold out of Facebook.

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Tom Wolfe Credit Bebeto Matthews/Associated Press

Remembering Tom Wolfe’s chronicles of capital

The famed author died yesterday at 88. Business was one of his big subjects, as his obituaries noted:

• On “The Bonfire of the Vanities”: “a sweeping, bitingly satirical picture of money, power, greed and vanity in New York during the shameless excesses of the 1980s.” (NYT)

• “‘The Bonfire of the Vanities’ wickedly dissected the Wall Street money-grubbing crowd who thought they were rulers of the universe. ‘A Man In Full’ did the same for the American myth of the self-made mogul, as well as, perhaps, being a disguised story of himself.” (FT)

• On “The Electric Kool-Aid Acid Test”: “one of the great chronicles of Silicon Valley culture — although it wasn’t clear that it was about Silicon Valley at the time.” (CNBC)

Revolving door

• Two Tesla energy executives, Arch Padmanabhan and Bob Rudd, have left. (Bloomberg)

• Two senior UBS bankers — Severin Brizay, its head of M. & A. for Europe, the Middle East and Africa, and Laurent Dhome, a private equity specialist — are reportedly joining Bank of America. (Bloomberg)

• The human resources start-up Namely ousted its C.E.O., Matt Straz, over unspecified misconduct claims. (Bloomberg)

The speed read

• Jay-Z finally sat down for questioning by the S.E.C. It may be getting harder to prove fraud against sophisticated investors.

• The world is borrowing more. Investors are wary of companies spending more.

• Fox settled discrimination lawsuits involving 18 current or former employees for $10 million. (NYT)

• The messaging business WeChat is reportedly considering a service for bankers in China. (FT)

• Six more states sued the maker of OxyContin, Purdue Pharma. That makes 22. (Reuters)

• How Qatar is rebuilding in the face of a blockade led by Saudi Arabia. (FT)

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Canal Street Cleans Up Nice

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Think Canal Street and the following sights and sounds likely spring to mind: shrink-wrapped counterfeit purses displayed on a blanket (ready to be rolled and stowed in a flash); furtive whispers of “Bag?” “Watch?”; the sound of car horns mixed with snatches of French, Italian, Mandarin and other tongues not so easily identified. And everywhere, tourists.

Now, clear some space in that mental image and insert a high-end luxury goods store and a hip jewelry boutique. Replace some of the tourists with Brooklyn hipsters (who also wear fanny packs — but ironically), and there you have it: If Canal Street’s newest neighbors are any indication, this is a picture of its future.

“I think people were afraid of Canal Street for so long, and now they’re recognizing there are just so many advantages to the area,” Beth Bugdaycay said. Ms. Bugdaycay and her husband, Murat, are the founders of the fine jewelry label Foundrae, one of the latest shops to open around Canal.

The advantages Ms. Bugdaycay speaks of are pretty obvious. The street is accessible by nearly every subway line, is bordered by two of the city’s wealthiest neighborhoods, and has the same cast-iron architecture that made SoHo famous.

“I think we’re just beginning to see the neighborhood come alive,” she said.

In March, Foundrae unveiled its shop on Lispenard, a two-block street that runs into Canal, joining the ranks of retail pioneers including R.W. Guild, a luxury home goods store at the corner of Canal and Mercer Streets, and Canal Street Market, at 265 Canal.

Now, in addition to browsing those ubiquitous “I Love New York” T-shirts and curious plastic frogs sentenced to swim for eternity in their little tubs, Canal Street shoppers can peruse the $10,000 gold and diamond pendant necklaces at Foundrae, or pop into Canal Street Market for a $17 lobster roll at Luke’s and check out various indie wares (a ceramic banana from Rebu, say, or a hand-embroidered work wear shirt from Peels).

At R.W. Guild they can munch on a croissant while weighing the merits of a $48 candle or custom-made and antique housewares that may well cost double their rent.

“I had to wonder, was it right to open on Canal — because the Guild is sort of a high-end place — or was it nuts?” said Robin Standefer, who, with Stephen Alesch, founded the design firm Roman and Williams, which opened R.W. Guild in December. “But as a third-generation New Yorker, one of the things I love about this city is that it’s an incredible place of inspiration and aspiration, the high and low all in one place.”

Though R.W. Guild’s official address is 53 Howard Street, Ms. Standefer and Mr. Alesch didn’t want to “cut our face off from Canal,” as she put it. “We wanted to be part of a renaissance.”

Not everyone was sold on the idea, she recalled. “People said: ‘You’re going to let in all these people just buying a cookie? You’re going to keep a door on Canal?’ I’m like, ‘Yes, absolutely.’ The Guild is a high-end place, but I am very egalitarian about this: Everybody is welcome. Stephen and I are really devoted to that.”

Creatives Come First

As most of these stories go, the neighborhood’s refresh can be traced back to the artists and fashion people who set down roots over the last decade.

“Around 2010, we suddenly saw this influx of awesome, creative new tenants on the commercial floors,” said Philip Chong, the founder of Canal Street Market, who was working in real estate development for HRCE, a company that owns a number of buildings in the area, including the cavernous, six-story one that now houses Canal Street Market.

The newcomers included Office Magazine, an architecture firm and, Mr. Chong said, “a lot of stylists,” including Mel Ottenberg, who, at the time, was making a name for himself as Rihanna’s go-to. Alexander Wang, Acne and the photographer and illustrator Garance Dore also set up offices in the area. “I saw all these creative and fashion types coming in, in droves,” Mr. Chong said.

Those droves needed to eat. “The idea for Canal Street Market came about because we were thinking about what the neighborhood really needed and what we saw was a huge demand for exciting, new food concepts,” said Mr. Chong, who spent a lot of his childhood in the area around Canal. He wanted to do something that would honor the street’s past, its connection to the iconic markets in Chinatown, as well as appeal to its newcomers.

The idea of a food hall, with a diverse mix of cuisines alongside a rotating roster of retail vendors, emerged. Today, Canal Street Market has 11 food stalls, including an outpost of the famous Chinatown spot Nom Wah Tea Parlor, and around 26 retail vendors, which often change on a monthly basis.

The market opened in December 2016. “The streets definitely seem a lot more bustling during the day,” said Simon Chung, the market’s director of partnership, who formerly served as brand development manager at Opening Ceremony. Of course, the biggest change isn’t the size of the crowd but who is in it. “There’s a lot more locals coming through,” Mr. Chung said.

When Exposure America, a communications agency whose clients include Adidas, Sonos and Dr. Martens, moved into an office a block south of Canal Street on Broadway, it also saw an opportunity. The company turned the ground floor of the building into an event space, which has since been taken over by Dotan Negrin, a musician by trade, and rebranded as 393 NYC. The space has been host to a number of pop-ups, including for Malin & Goetz and Herschel Supply Co. and for an exhibition of work by the artist Jerkface.

“I think this area is turning into another arts district,” Mr. Negrin said. “There are so many artists in the neighborhood, and a lot of new galleries, and theaters opening up soon. My hope is that it’ll become a place where tourists and locals can come and see something cool, whether that’s at a gallery or taking in jazz at the Roxy Hotel.”

Mr. Negrin may get his wish. Later this year, the blue-chip Los Angeles art gallery Regen Projects is scheduled to open its first New York outpost in a 5,300-square-foot space at 60 Lispenard Street, half a block from 393 Broadway.

Who’s Next?

If downtown New York — or Manhattan in general — seems to be submerged in a sea of gentrification, Canal Street has been that rare sandbar. The waves of gentrification have never overwhelmed it. And it’s this relative resistance that has attracted some newcomers.

“Personally, I love the grittiness of it,” said Ms. Standefer, who likened Canal Street to the area around NoMad, where she and Mr. Alesch designed the Ace Hotel. “Both have this thriving, high-low energy.”

Jonathan Schley, the vice president of Global High Street Retail at CBRE, a commercial real estate services and investment firm, agreed that for some brands, the edginess of Canal Street may be a lure. But Mr. Schley said that the neighborhood still faces a number of challenges, including a lack of charm not helped by the street’s wide girth, unpleasant car traffic and tourist-clotted sidewalks.

Some stores, like R.W. Guild are circumventing this issue by keeping entrances on Howard Street. Foundrae avoided it by popping up on a tributary street. “That’s sort of the best of both worlds because you’re accessible to Canal, but also a little bit out of the melee,” Mr. Schley said. He singled out Lispenard Street, and the blocks between Mercer and Wooster as the most promising in the area to be developed.

“Canal rents are at a minimum 10 percent below the lowest SoHo asking rents,” Mr. Schley said, adding that at the very top end of SoHo — on Prince Street, say — rents can be as much as 75 percent higher than on Canal.

Fifty years ago, Canal Street was a mecca of art and industrial supplies. Some 150 years ago, it was a thriving retail center; 200 years ago, it was marshland. Its next iteration could well be the city’s cool new shopping destination, but, if that’s the case, pioneers like Ms. Standefer hope it won’t erase the area’s local culture.

“I think there’s room for some gentrification, but I hope it’s never going to be a complete redo,” she said. “I think Canal Street has just enough texture and character to always have a foot in both worlds.”

Perhaps one day a luxury brand will set up shop right next to those hawkers selling its counterfeit. Wouldn’t that be the most New York ending to the story?

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ABC Promotes ‘Roseanne’ and Product Placement Before Ad Buyers

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The major networks are unveiling their latest wares to ad buyers in Manhattan this week at a series of events known as the Upfront presentations. It’s a longtime tradition made more urgent, these days, by the exodus of advertisers over the last few years from television to Facebook and Google. Two New York Times reporters who cover the media — John Koblin (television) and Sapna Maheshwarii (advertising) — assess what they saw during the ABC presentation at Lincoln Center’s David Geffen Hall on Tuesday.

JOHN That was quite the “Roseanne” show, wasn’t it?

SAPNA She was clearly the star of the show.

JOHN A year ago, Roseanne Barr and the cast of her eponymous sitcom were carted out before the Lincoln Center crowd, and the reaction was dead silence. This year, Ms. Barr opened the proceedings to huge cheers. The revival of her show has been a ratings blockbuster — and although she rated nary a mention during a recent Disney earnings call, perhaps because of her inconvenient politics, the ABC-TV executive Ben Sherwood played up her contribution to the network’s recent turn in fortune before the audience of advertisers and members of the press. “If anyone came to play a drinking game for the number of times we mention Roseanne,” he said from the stage, “you’re welcome.”

SAPNA The network also managed to make time for “American Idol,” which it stole away from Fox, “Good Morning America” and a few of its shows from Freeform — Disney’s dedicated cable network for millennials.

JOHN Here is one statistic I had never heard at an upfront before: Freeform bragging that the premiere of “Siren” got one million “starts.” I’m pretty sure that means a million people clicked on it and may or may not have finished it.

SAPNA You know “Sirens” is for millennials because it’s about mermaids, not grizzled detectives.

JOHN Tell me about it.

SAPNA And in the ad realm, if I may —

JOHN Please.

SAPNA — it was intriguing that ABC touted all the product placement in its shows. The network highlighted Toyota Camry shots in “Modern Family” and Quaker Oats on “Good Morning America,” and the presentation included a video in which one brand executive said, “We had full access straight to the writers, straight to the talent, and I think that’s unique.” Wonder if we’ll be seeing more of that, given that advertisers are increasingly skittish about viewers’ skipping or ignoring commercials?

JOHN Here’s a question: Just how often does that happen? And should we be creeped out by that in any way?

SAPNA The world of product integration is pretty opaque, but the big networks seem like they’re increasingly putting it on the table for major advertisers. “Black-ish” — the groundbreaking ABC sitcom — made headlines earlier this year when Procter & Gamble was written into the story line of one of its episodes.

JOHN Another thing that ABC’s Freeform network highlighted: the racial diversity behind the camera, complete with statistics.

SAPNA We didn’t see a slide with those stats for the broader slate of ABC shows, however. And while the network repeatedly noted the inclusivity and diversity of its shows, it’s no secret that “Roseanne”’s success has sparked a conversation around programming meant for white, working-class Americans, not to mention jokes that, as The New Yorker put it, may be trying to strike a “primal chord of white resentment” in the nation.

JOHN The Trump victory in 2016 plus the ratings for “Roseanne” have ABC executives talking up its “heartland strategy.” One of its most diverse shows, “Fresh Off the Boat,” about an Asian-American family, is being tossed to Friday night. Speaking of which, ABC says that’s part of bringing back TGIF, its old family-friendly Friday night lineup from the 1990s. How about that?

SAPNA Not to take the wind of their sails, or shall I say, sales, but …

JOHN Groan.

SAPNA … but it’s been done before, in 2012. And before that, in 2003. Speaking of Trump, how about Jimmy Kimmel’s joke about ABC’s new slogan, “Forward Together”? His description for that one: “Hillary Clinton had a yard sale, and she let us have that for almost nothing.”

JOHN As with Seth Meyers at the NBC presentation on Monday, ABC gave significant stage time to a late-night host, and he killed. After noting that CBS plans to reboot “Murphy Brown,” Mr. Kimmel said, “It’s refreshing to see anything brown on CBS.” And when it came to advertisers, who love industry jargon, he said, “If anyone here has used the words ‘retargeting,’ ‘brand purpose’ or ‘vertical’ anything today, please raise your hand, stand up and walk out into traffic.”

SAPNA Mr. Kimmel also set up a new ABC show, “Whiskey Cavalier,” for laughs by mercilessly mocking the idea of an F.B.I. agent, played by Scott Foley, who has the name Whiskey Cavalier. And you know, he’s not wrong. But it seemed like even Mr. Foley then had a hard time keeping a straight face while introducing the show minutes later.

JOHN ABC executives were wondering whether he helped kill the show before it even debuted, but I actually liked the trailer for it! The show the ABC folks seem the most excited about was “The Rookie,” starring Nathan Fillion, about a middle-aged man who follows his dream of becoming an L.A.P.D. officer. His police officer boss seems skeptical, even a little angry, about why he’s on the squad — it’s like “The Good Doctor” hits the police precinct! And the trailer for “A Million Little Things,” a family drama centered on the suicide of a beloved friend, left the crowd a little weepy.

SAPNA There also seemed to be some excitement around “Single Parents,” from Liz Meriwether — the creator of “New Girl” — and the TV writer J.J. Philbin. Who is, fun fact, the daughter of Regis Philbin!

JOHN I miss Reege. And I’ll tell you something about Regis, dear chat reader. Mr. Philbin has been top of mind all week. Sapna insists on chatting with me — in real life — during the presentations. I’m firmly against this, partly because Regis had a policy of never saying a word to his co-hosts Kelly Ripa or Kathie Lee Gifford off-camera. Save it for the camera — gotta keep it fresh. Maybe we can finally apply this strategy for CBS tomorrow, our final stop. Save it for the chat!

SAPNA It was a struggle on my end, dear reader, when John pretended he couldn’t hear me on the way to ABC’s fete at Tavern on the Green. I was simply asking him to share his umbrella in a torrential downpour.

JOHN You walk too fast.

SAPNA At least there weren’t any rats.

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Corner Office: Chris Paul: Point Guard, Activist, Union Boss

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— Chris Paul


You’re outspoken on social issues. Do you think athletes have a responsibility to speak out on issues they care about?

You have to do what makes you comfortable. People can tell when it’s not genuine or when it’s forced. But for me — being a father, having family and also understanding what I mean to other people that may not have a voice — it’s important.

I’m not sure if you’ve seen David Letterman sit down with President Obama, but Obama said something that was so true. If 20 years from now my son comes to me and says, “Daddy, you knew this was going on and you didn’t say anything about it,” then I’m just part of the problem. Even if we don’t get an opportunity to experience the real change in the culture, at least our kids will.

How do you think about investment decisions and sponsorship opportunities?

When you’re younger, you’re trying to get a name for yourself, and if such-and-such fast food company comes and says, “Here, we’ll pay you such-and-such to endorse it and say this and say that,” you’re like, “Hey, give it to me. Whatever it is, I’m going to do it.” But as I got older, I realized that I can only be in business with things that I believe in. And so that’s what happened with investing. And that’s why I invested in Wtrmln Wtr. This is something that I actually believe in and it coincides with my lifestyle.

A LinkedIn reader, Varun Paul, asks what you did to make sure you clicked with the Rockets as quickly as possible.

The best way that you build chemistry is time. So me, James, Trevor, a lot of us, we spent a lot of time together that summer playing pickup, going to eat, going out and having real conversations.

What else are you working on right now?

Me and my wife went to visit my son’s school in L.A., and we walked in and it was a nice classroom with laptops and iPads and smart-boards, and I got mad. I said, “I don’t like that kids on the other side of town don’t get this.” So that day, we started putting learning centers in underserved communities.

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New Privacy Rules Could Make This Woman One of Tech’s Most Important Regulators

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DUBLIN — If Mark Zuckerberg doesn’t know who Helen Dixon is, he will soon.

From an unassuming townhouse in the Irish capital, Ms. Dixon, the country’s data protection commissioner, leads an agency that was once a bureaucratic backwater. Employees share offices and have few of the perks available in Facebook’s building nearby: The main free amenities here are water, coffee and tea.

Yet Ms. Dixon will soon gain vast new authority to investigate and fine Facebook, as well as an array of other technology giants with regional headquarters in Ireland. Amid increased concerns over online privacy, a sweeping new European privacy law could make her one the world’s most consequential regulators.

She is eager to test her newfound power. But the question remains whether her tiny agency is able — or willing — to stand up to tech behemoths of Silicon Valley.

“There’s a wave coming toward us that we need to push back against,” Ms. Dixon, who spent the first 10 years of her career working for tech companies, said in an interview.

Europe’s new General Data Protection Regulation is seen by experts as the world’s most aggressive set of internet privacy rules. It is expected to come into force on May 25, and it will give more than 500 million people living in the European Union the right to keep companies from collecting personal data, or to have it deleted. Regulators like Ms. Dixon will be able to fine companies up to 4 percent of global revenue — equivalent to about $1.6 billion for Facebook.

[Read more about what the new European privacy rules mean for you.]

The privacy law highlights broader skepticism of Silicon Valley in Europe, where regulators have punished companies for violating tax and antitrust laws, not doing enough to stop the spread of hate speech and misinformation online, and intrusively gobbling up data on consumers.

Ireland in particular is taking center stage in the wide-ranging battle. The country is the European headquarters for data-hungry companies including Airbnb, Apple, Facebook, Google, Twitter and Microsoft, which owns LinkedIn.

If companies do not comply with the law, Ms. Dixon said, “they will suffer consequences.”

But for all the tough talk, the reality is that her agency subsists on an annual budget of 7.5 million euros, equivalent to $9 million. That’s roughly as much revenue as the companies she oversees generate over all in 10 minutes. Facebook, which also owns WhatsApp and Instagram, has hundreds of people globally working on data protection regulation alone, including lawyers and privacy experts hired in Dublin.

The data protection office was once an afterthought. During an effort by the Irish government to move less-critical agencies out of Dublin, it was relocated in 2006 50 miles west to a town called Portarlington, population 8,368. Its power was so limited that it could not publicize investigations.

Ms. Dixon, whose father was an army officer and mother a schoolteacher, grew up in a small town in central Ireland before moving to Dublin for university. She worked for companies including the business software firm Citrix Systems before moving into government. She later received a postgraduate diploma in computer science.

Fittingly for her current position, Ms. Dixon guards her privacy. She will not share her age, other than saying she is in her “40s,” and she has become more careful with data since taking the job. She does not use Facebook or Instagram (though she does have a LinkedIn profile).

Since taking over in 2014, Ms. Dixon has successfully lobbied for more funding and got the headquarters put back in Dublin. A move to a bigger office is in the works. She has hired lawyers, investigators and engineers. The staff will total 140 this year, up from 30 when she joined, with plans to reach 200 in the next few years, if budget increases are approved.

But if data privacy is truly a priority globally, Ms. Dixon said, more resources are needed. Her office is actually among the better funded privacy agencies globally, but is still a minnow compared with, say, Ireland’s financial services regulator, which has a budget about 40 times greater.

“The question for governments is, how much enforcement do we want to do, how seriously do we want to take the risk to our fundamental rights and freedoms in this area?” said Ms. Dixon, carrying a bound copy of the new law. “We need the funding and resources commensurate with the level of importance. This office would suggest it should be far more highly resourced.”

Budgetary constraints are not new to regulators overseeing powerful industries. But privacy groups worry that without strong oversight, the European rules, years in the making, will do little to crimp the power of Silicon Valley.

There is evidence those concerns are well founded. In a Reuters survey of privacy regulators in 24 European Union countries, 17 said they did not have the needed funding or legal powers to enforce data protection regulation. Ireland did not participate in the survey.

Ms. Dixon must also contend with skepticism among privacy advocates, stemming largely from Ireland’s history of lax oversight of the technology industry.

Her predecessors are faulted for not taking earlier action against Facebook, even when complaints were filed years ago about data-mining practices similar to those eventually used by the political consulting firm Cambridge Analytica. The European Commission in 2016 also ordered Ireland to recoup about $15.6 billion in unpaid taxes from Apple. (The decision is being appealed.)

“The culture has to be changed,” said Max Schrems, a Austria-based lawyer and online privacy advocate who filed the earlier complaints against Facebook. “You can have the best law, but if nobody enforces it, then you’re not going to go anywhere.”

Advocates of the new law say it is already having a positive impact and that oversight is spread out. A new European Data Protection Board will help coordinate investigations and pool resources across European Union countries, giving regulators outside Ireland the ability to bring action. The data protection regulation also allows private groups to recruit consumers into class-action-style complaints — not as common in Europe as the United States — that could result in sizable damages against businesses.

A looming question, however, is how much people really care. Ms. Dixon cited Facebook’s most recent financial report, which showed growing user numbers, revenue and profit, despite the Cambridge Analytica scandal.

“We should be acting as data protection authorities in the name of data subjects, but you often as a regulator in this space have the feeling that you’re not mandated by the general public,” she said. “Either they don’t care or they actively oppose what we’re doing.”

Representatives from the technology industry have made regular visits to the converted 18th-century Georgian home used by Ms. Dixon’s team. Aware that a public backlash is putting pressure on regulators to rein in Silicon Valley, Facebook and others have been courting Ms. Dixon, putting forward their case that their data protection policies comply with the new European law.

“We’ve really leapt into explaining what we’ve done and the thinking that’s gone into that,” said Stephen Deadman, Facebook’s global deputy chief privacy officer. “I’ve got faith and confidence that the way Helen Dixon’s office will perform its function will be true to the spirit and requirements of G.D.P.R., rather than being blown around by whatever is happening in the media.”

Google and Twitter declined to comment.

Even with limited resources, Ms. Dixon is studying her adversaries. When Mr. Zuckerberg testified before Congress last month, she stayed up late at home despite the time difference to watch as the Facebook chief executive answered questions.

Asked if she had a message for him and other tech executives, she said they should expect her to use her new powers “to the fullest.”

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When Kids Arrive, Same-Sex Couples Start to Divide Household Labor More Like Man and Wife

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But in recent years, more government data has given researchers a more detailed look at how same-sex couples divide their time.

Dorian Kendal and Jared Hunt, who live in San Francisco and have been married four years, said they had divided household chores based on their personal preferences.

“I hate to cook, so Dorian always does the cooking,” said Mr. Hunt, 38.

“Jared should not ever cook,” confirmed Mr. Kendal, 43. “And I hate laundry — laundry is the worst thing, and Jared gets mad at me when I do my own laundry. This is how I knew I was in love, when I found someone who got mad at me for doing something I hated most.”

But when they adopted a baby, they decided Mr. Hunt would stop working and stay home for a year. His career was in transition, from ballet to interior design, and Mr. Kendal, a tech executive, earned significantly more.

“It’s not a masculine or a feminine thing; it is just what we do to function as a couple and have our family work,” Mr. Hunt said.

One study comparing two large surveys of couples at two points in time found heterosexual couples reported increased equality in the division of chores in 2000 compared with 1975, but same-sex couples reported less. Mr. Green, one of the co-authors of the study, said the change was probably because more same-sex couples in 2000 had married and become parents.

Many factors seem to push same-sex couples toward specializing in different tasks after parenthood — especially long work hours, found Abbie Goldberg, a psychology professor at Clark University. People were more likely to share domestic labor when both had flexible work schedules, she found, or when they earned enough to hire help.

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Walmart Goes Upscale, Offering Lord & Taylor Brands

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Lord & Taylor, the once leading fashion retailer that has been fading, considers itself a trailblazer. It was one of the first major retailers to install an elevator in its store and was one of the first to hire a woman as president.

Now, Lord & Taylor has unveiled another milestone, although one that speaks less to the retailer’s glory days and more to the challenges of modern retailing.

Lord & Taylor is teaming up with Walmart to create an online store on Walmart.com that will offer about 125 fashion brands, including Tommy Bahama, La La Anthony, H Halston and Effy.

Billed by both companies as a “premium” shopping destination, the new online store reflects Lord & Taylor’s desire to reach a wider audience and Walmart’s hope to attract a different type of customer.

In April, the Lord & Taylor website attracted roughly 2.2 million unique visitors, a tiny fraction of the 101 million visitors to Walmart.com, according to comScore, a media measurement company. But its brands are typically more upscale than many of those found at Walmart.

Other struggling retailers have found similar outlets for their products on Amazon. J.Crew sells clothes on the site and Sears has recently started selling its DieHard tires.

“This is a tremendous growth opportunity,” R.J. Cilley, a senior vice president of digital at Lord & Taylor said in a conference call on Tuesday. “We are growing our footprint to reach exponentially more customers.”

For Walmart, the partnership is the latest attempt to reach a more urbane shopper. As part of that effort, Walmart has made a string of acquisitions over the past year, purchasing the clothing sites Bonobos and Modcloth and starting its own bedding and mattress line, sold exclusively online.

Walmart has also recently redesigned its website, giving it a more sleek and modern look. Navy blues and grays have replaced the bright blue and yellow sunshine logos that decorate the company’s hulking stores.

It is difficult to find the word Walmart anywhere on the site — an omission that seems anything but accidental, as the giant retailer seeks to rebrand itself for the modern era.

The Lord & Taylor online store on Walmart.com is expected to open in the coming weeks. Lord & Taylor will be responsible for shipping the clothing to customer’s homes. It will continue to sell the same brands in its stores and on its own website at the same prices as it does on Walmart.com.

The two companies declined to disclose financial details of their partnership, like how the revenue would be shared for each piece of Lord & Taylor clothing sold on Walmart.com.

For decades, Walmart built a retail empire as the store offering the lowest prices on staples like toothpaste, milk and cat litter.

But today, the company has higher aspirations — including making its website a “destination for fashion,” said Denise Incandela, head of fashion for Walmart’s e-commerce operations in the United States.

Like many retailers, Walmart is looking to increase its sales beyond its brick-and-mortar stores and find ways to slow Amazon’s steady march toward global e-commerce domination. Last week, Walmart announced it was spending $16 billion to purchase a controlling stake in Flipkart, the leading eCommerce provider in India.

Lord & Taylor, which is part of the Hudson’s Bay Company, which also owns Saks Fifth Avenue, has also been making big moves to survive. It just hired a new president, Vanessa LeFebvre, an executive from the online clothing subscription Stitch Fix, to rethink its strategy for a digital age.

Late last year, Hudson’s Bay sold the historic flagship Lord & Taylor store on Fifth Avenue in Manhattan to the office-sharing company WeWork. Lord & Taylor will still operate a store in a portion of the building, but much of the space will be used for offices catering to millennials and start-ups and a headquarters for the fast-growing WeWork.

On Tuesday, Lord & Taylor executives referred to their site on the Walmart website as a new kind of “flagship” store.

“This innovative flagship on Walmart.com is an entirely new model for us and demonstrates the evolution of Lord & Taylor,” Mr. Cilley said in the statement.

A version of this article appears in print on , on Page B2 of the New York edition with the headline: Another First for Lord & Taylor: An Online Pairing With Walmart. Order Reprints | Today’s Paper | Subscribe

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Japan’s Economy Shrinks, in a Setback for ‘Abenomics’

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Japan’s economy contracted more than expected at the start of this year, breaking the longest run of growth seen for decades, in a blow to Prime Minister Shinzo Abe’s “Abenomics” polices.

Wednesday’s data marked the end to eight straight quarters of economic expansion, which was the longest sequence of growth since a 12-quarter run between April-June 1986 and January-March 1989 during the asset-inflated bubble economy.

The economy shrank by 0.6 percent on an annualized basis, a much more severe contraction than the median estimate for an annualized 0.2 percent.

Fourth quarter growth was revised to an annualized 0.6 percent, down from the 1.6 percent estimated earlier.

Economists say the contraction will be temporary, but there is a risk that trade friction with the United States will hurt export demand, meaning a strong recovery is not assured.

“Globally, I.T.-related items have been in an adjustment phase, which weighed down Japan’s exports and factory output,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities.

“The economy is unlikely to continue to contract further. The global economy is performing well and a yen is trading beyond 110 yen against the dollar, so once exports start to grow again, the economy will return to a moderate growth path.”

Capital expenditure fell 0.1 percent, down for the first time in six quarters, suggesting corporate investment is not as strong as many economists had forecast. The median estimate was for a 0.4 percent increase.

Consumer spending fell marginally, registering a decline of less than one percentage point in the first quarter. The median estimate was for consumer spending to remain unchanged.

External demand — or exports minus imports — added 0.1 percentage point to first-quarter G.D.P., as imports slowed more than exports.

However, a breakdown of the data shows export growth is losing momentum, expanding 0.6 percent in the first quarter after growth of 2.2 percent expansion in the fourth quarter.

Japan’s government is preparing for its annual announcement of guidelines for economic and fiscal policy, but the government has been distracted by allegations of cronyism that have hurt Mr. Abe’s approval ratings.

(Reporting by Stanley White and Leika Kihara; Editing by Eric Meijer)

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White House Eliminates Cybersecurity Coordinator Role

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The White House eliminated the position of cybersecurity coordinator on the National Security Council on Tuesday, doing away with a post central to developing policy to defend against increasingly sophisticated digital attacks and the use of offensive cyber weapons.

A memorandum circulated by an aide to the new national security adviser, John R. Bolton, said the post was no longer considered necessary because lower-level officials had already made cybersecurity issues a “core function” of the president’s national security team.

Cybersecurity experts and members of Congress said they were mystified by the move, though some suggested Mr. Bolton did not want any competitive power centers emerging inside the national security apparatus.

The decision was criticized by Mark R. Warner, a senator from Virginia and the ranking Democrat on the Senate Intelligence Committee. “I don’t see how getting rid of the top cyber official in the White House does anything to make our country safer from cyber threats,” he wrote on Twitter.

It was the latest in a series of steps that appeared to run counter to the prevailing view in Washington of cybersecurity’s importance.

Two years ago, a commission established by President Barack Obama urged elevating the cybersecurity coordinator job and turning the position into an assistant to the president, on par to the assistant to the president for counterterrorism and homeland security — a reflection that various federal agencies did not have clear lines of authority or clear strategies in cybersecurity.

President Trump began his administration with two respected veterans of cyber policy. He appointed Thomas P. Bossert, a lawyer in the administration of President George W. Bush, as the homeland security adviser.

The cybersecurity coordinator who reported to him, Rob Joyce, had run the Tailored Access Operations unit of the N.S.A. — the unit that, until it was reorganized and renamed, was responsible for breaking into foreign computer systems as part of United States covert operations.

Mr. Bossert and Mr. Joyce said Russia and North Korea were the culprits in major cyberattacks over the last year, and together they developed a system for making more public the decisions about which vulnerabilities to turn over to the private sector for patching — and which to retain in America’s arsenal for possible offensive use.

Mr. Bossert was forced out on Mr. Bolton’s second day on the job, and Mr. Joyce returned to the N.S.A. on Friday.

It is unclear how those issues will now be managed in the White House. Mr. Bolton has virtually no cyber-related experience. When he was last in government, as ambassador to the United Nations under President George W. Bush, cybersecurity was not formally considered a national threat. It is now listed as the No. 1 threat in the annual assessment that the director of national intelligence sends to Congress.

Mr. Bolton has talked about “streamlining” the N.S.C., and so far that appears to have involved reducing many of the new positions created over the past decade.

The elimination of the cybersecurity role is likely to increase concern that the Trump administration is short-handed and unprepared to deal with increasing cybersecurity threats. The White House still has not presented a coherent plan to protect election systems in advance of the fall midterm elections.

Russian hackers are believed to have penetrated election computers in a number of states, though there is no evidence that vote counts were changed. And authorities say hackers with Kremlin ties engaged in a wide-ranging campaign to attack the computer systems of Democratic officials and spread misinformation on social media before and after the 2016 presidential election.

Security experts are also worried that hackers operating out of Iran or Russia could renew their efforts to penetrate computer systems in the United States, including machines that operate critical infrastructure like the electric power grid.

The responsibilities of White House cybersecurity coordinator will be delegated to two members of the N.S.C.’s team.

Joshua Steinman, who had little cybersecurity policy experience before joining the N.S.C., will assume responsibility for offensive policy, including responses to cyberthreats from foreign adversaries. The defensive and homeland security responsibilities will fall to Grant Schneider, who already serves in a dual role as acting United States chief information security officer and senior director for cybersecurity at the N.S.C.

“Moving forward, these senior directors will coordinate cyber matters and policy. As they sit six feet apart from one another, they will be able to coordinate in real time,” Robert Palladino, an N.S.C. spokesman, said in a statement.

Cybersecurity policy experts had been pressing the administration in recent weeks to keep the position. Michael Daniel, who was White House cybersecurity coordinator under the Obama administration, said the Trump administration was sending a message that “cybersecurity is not very important.”

“The position is actually a very important one,” Mr. Daniel said. “The cyber threat landscape only getting worse, it’s not getting easier right now.”

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Why Is the U.S. Afraid of China’s Rise?

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As American and Chinese officials meet this week in Washington to defuse trade tensions, both sides are trying to find common ground. It won’t be easy.

The Trump administration has pressed hard for China to make major changes to its trade practices and limit the state’s role in the economy — an agenda that comes in conflict with Beijing’s desire to protect its industries and build new ones.

It all traces back to the style and speed of China’s growth. Over the past 40 years, Western countries have struggled to find the right recipe of incentives and agreements to get China to play fair.

Trading partners often complain that China flouts the rules to get ahead. And none have voiced those concerns more virulently than President Trump, who has said it was a mistake to let China into the World Trade Organization in the first place.

The president stoked fears of a trade war earlier this year, when he announced tariffs first on washing machines and solar panels, and then steel and aluminum. And the Trump administration hit China again in April, blocking exports of microchips and software to the Chinese telecommunications company ZTE, before seeming to rethink the aggressive move in a tweet saying that he and the Chinese leader are “working together.”

So how did a poor, developing country that still has a gross domestic product per capita of less than $10,000 come to rival, and even challenge, the existing economic order?

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