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New Details About Leon Black’s Ties to Jeffrey Eptstein

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Shortly after Jeffrey Epstein was arrested last year on sex-trafficking charges, Leon Black, Apollo’s billionaire C.E.O., was asked about his decades-long ties with the financier. Mr. Black played it down, but The Times reports that the two had a far deeper relationship than previously known, in which Mr. Black paid tens of millions to Mr. Epstein over a decade.

Among The Times’s findings:

• A company that owned Mr. Black’s yacht wired $22.5 million in 2017 to a company that managed Mr. Epstein’s private jet, a transfer that raised questions at Deutsche Bank.

• That same Black-controlled company donated $10 million in 2015 to a charitable foundation created by Mr. Epstein.

• Mr. Epstein received several million dollars from another Black-controlled company that the Apollo chief used to buy much of his billion-dollar art collection.

• Mr. Black donated at least $5 million to Harvard professors, a process facilitated by staff members for Mr. Epstein (who himself had been blocked by Harvard following his 2008 guilty plea in Florida to a sexual crime charge involving a minor).

Over all, Mr. Black may have paid Mr. Epstein as much as $75 million, sources told The Times. Those fees help explain how Mr. Epstein amassed an estate worth more than $600 million in the years after his most lucrative client, Les Wexner, had cut him off.

Mr. Black’s response: A spokeswoman for the billionaire said that the relationship ended amid a fee dispute in 2018, and that Mr. Black was “appalled” by Mr. Epstein’s conduct. She added that Mr. Black was cooperating with an investigation into Mr. Epstein by the Virgin Islands government.

The disclosures are a headache for Apollo. Mr. Black’s spokeswoman said that Mr. Epstein never did work for the $414 billion investment firm, but investors may raise questions about Mr. Black’s previous comments downplaying his Epstein ties all the same.

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Today’s DealBook Briefing was written by Andrew Ross Sorkin and Lauren Hirsch in New York, Ephrat Livni in Washington, and Michael J. de la Merced and Jason Karaian in London.

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ImageCongrats, Los Angeles.
Credit…Ringo Chiu/Reuters

Paul Milgrom and Robert Wilson win this year’s Nobel in economics. The Stanford economists study auction theory, and helped design new auction formats for things that are difficult to sell in the traditional way, like radio frequencies, discoveries that are “of great benefit to society,” the prize committee said.

Microsoft shows more flexibility on remote working. The company said that it will let most employees do more work remotely, some permanently, when it reopens its offices. (The tech giant’s C.E.O., Satya Nadella, had previously expressed skepticism about all-remote environments.) Tech companies embracing hybrid office models are facing challenges on how much fully remote workers should be paid when they move from high-cost West Coast cities.

Regeneron’s C.E.O. says President Trump’s endorsement doesn’t help much. Leonard Schleifer told CBS’s “Face the Nation” that Mr. Trump’s treatment with the company’s experimental antibody cocktail is a “case of one” and needs further study in clinical trials. The president has touted the drug as a “cure” and promised such treatments will be made widely available, but here’s reason to be skeptical of that claim.

The Bank of England asks banks if they’re ready for negative interest rates. The central bank’s queries follow a recent announcement that it was weighing cutting rates to below zero to help bolster Britain’s economy. But officials emphasize that they have not made up their mind on whether to take such a drastic step.

The L.A. Lakers’ championship caps the N.B.A.’s season in the bubble. The victory not only means another trophy for the Lakers and for LeBron James, but it also signals a successful end to a season with strict coronavirus protections, played without spectators in a sealed facility at Disney World. In other sports, the N.F.L. was forced to reschedule more games this week after positive Covid tests.

Credit…Erin Scott/Reuters

The gap between the Democrats’ proposed $2.2 trillion relief package and the White House’s $1.8 trillion offer may look relatively small, in the grand scheme of things. But an agreement on the aid that many say is needed to keep the economic recovery on track seems as remote as it was a week ago, when President Trump called off negotiations, despite frenzied talks in the days since.

A quick catch-up:

Oct. 6: “I have instructed my representatives to stop negotiating until after the election,” Mr. Trump tweeted. A few hours later, he said he was willing to sign stand-alone bills that would finance stimulus checks, small-business loans and airline aid. Jay Powell, the Fed chair, warned of “tragic” consequences if no stimulus was forthcoming. The S&P 500 fell 1.4 percent.

Oct. 7: “Move Fast, I Am Waiting To Sign!” Mr. Trump tweeted at Nancy Pelosi, the House Speaker. The S&P rose 1.7 percent.

Oct. 8: Analysts start pricing in better odds of a deal getting done. The S&P rose 0.8 percent.

Oct. 9: “Covid Relief Negotiations are moving along. Go Big!” Mr. Trump tweeted. He said he was inclined to be more generous than either Democrats or Republicans, but Mitch McConnell, the Senate Majority Leader, said a deal was “unlikely in the next three weeks.” No matter: the S&P rose 0.9 percent, ending a tumultuous week with a gain of around 4 percent.

Oct. 10: Ms. Pelosi wrote a letter calling Republican proposals “insufficient,” although she remained “hopeful” that a deal could be struck. For their part, some Senate Republicans complained that a big spending package could cost them seats among fiscally conservative voters.

Oct. 11: The White House chief of staff, Mark Meadows, and Treasury Secretary Steven Mnuchin wrote to lawmakers urging them to “come together and immediately vote on a bill,” tapping unused funds from the first round of stimulus. Ms. Pelosi wrote another letter saying that talks were at an “impasse,” with disagreements over the nature of the aid rather than the size of the bill. On Fox News, Mr. Trump said “Republicans want to do it” and blamed Ms. Pelosi for the stalemate.

Oct. 12: At the time of writing, stock futures are up 0.4 percent. Hope springs eternal.

As lawmakers wrangle over a new economic aid package, measures from the first pandemic relief bill, the CARES Act, are mostly talked about in the past tense: checks were sent to households, small-business rescue loans have been written and extra unemployment insurance has expired. But corporate tax breaks in the CARES Act continue to flow, and will for years in their current state.

Losses become gains. Among other things, the CARES Act allows losses from 2018, 2019 and 2020 to offset taxes in the previous five years. That means that companies can get refunds for the years before the 2017 tax cut, based in part on losses incurred before the pandemic. And those losses can also be applied, in full, to future years, relaxing a rule that limited this practice to reduce the cost of 2017 tax cut.

• The technicalities are dizzying even for the experts, said San Jose State University’s graduate tax program director, Annette Nellen, who trains corporate accountants on how they work. But she told DealBook that the provisions mostly benefit a small subset of companies. The Washington Post reports that energy companies have been particularly big beneficiaries, and the same goes for real estate groups. It also makes acquiring companies to harvest their tax losses more attractive.

The state of play. The Joint Committee on Taxation estimated that the loss carryback provision of the CARES Act would cost $25 billion over 10 years, or about 5 percent of the bill’s net effect. There are larger aspects of the stimulus efforts that are at the center of the current negotiations, but business tax breaks are also up for debate. And since The Times’s revelations of President Trump’s extensive use of corporate losses to reduce his tax bill, the spotlight on these breaks has become brighter, one of the many bones of contention between the parties trying to hash out a deal.

• Democrats seeking to renew stimulus measure in recent months have sought to repeal the loss carrybacks in the CARES Act. Representative Lloyd Doggett, Democrat of Texas, co-sponsored a bill to undo the business tax provisions in the original stimulus and target new breaks at smaller firms. “Aware that this is the same type of loss carryback provision Trump has exploited, his Republican enablers continue resisting repeal,” he told DealBook.

Credit…Nolis Anderson for The New York Times

As companies try to bolster diversity and inclusion plans following social justice protests, they are reaching out to Black employees for help. “For many Black professionals,” Jennifer Miller writes for The Times, “the experience of being asked — or even required — to lead or participate in a company’s diversity and inclusion work simply because of their race is an uncomfortable ritual.”

“They’re looking at me as a Black woman, which means I’m automatically equipped to deliver diversity, equity and inclusion,” said Deana Jean of a recent approach she received on LinkedIn. She is a leadership coach, but not in that area, and declined the request. When she asked whether the company was looking for a sales consultant, there was no reply.

• Such requests can undermine inclusion efforts they are supposed to promote, imposing personal discomfort and the emotionally taxing work on people who aren’t trained to take it on. “To assume that every Black person has the skills and desire and knowledge for this work is tokenization,” said Michelle Kim of Awaken, a consulting firm that specializes in diversity, equity and inclusion. These and other firms are ready to help companies run programs the right way, with training and advice on setting boundaries and expectations for all involved.

⚖️ The confirmation hearing for Judge Amy Coney Barrett, President Trump’s nominee for the Supreme Court, begins today with opening statements. (Read Judge Barrett’s opening statement here.) She faces questioning from Senate Judiciary Committee members — including Kamala Harris, the Democratic vice presidential candidate — on Tuesday and Wednesday, with outside witnesses testifying on Thursday.

🛍 Amazon Prime Day, postponed from its usual time in July, takes place on Tuesday and Wednesday. The online retailer’s rivals, including Best Buy, Target and Walmart, are holding similar sales events this week in an effort to limit in-store crowds and encourage shoppers to get their holiday purchases in well before Black Friday.

📱 Apple will unveil its latest series of iPhones on Tuesday, promising the first major redesign in years and 5G capability.

💰 Third-quarter earnings season kicks off this week, and all eyes will be on the banks. The Fed has expressed worry about the health of the financial system without fresh stimulus, which will be the main talking point when bank chiefs present their latest results: JPMorgan and Citigroup are first up on Tuesday, followed by Bank of America, Goldman Sachs and Wells Fargo on Wednesday and Morgan Stanley on Thursday.

🗣 Other companies reporting earnings include the airlines Delta on Tuesday and United on Thursday, which will face questions about how deep they might downsize without extra government cash; the health care groups Johnson & Johnson on Tuesday and UnitedHealth on Wednesday, with updates on the progress of Covid treatments; and the French luxury giant LVMH on Thursday, with news of its court battle to get out of the deal to buy Tiffany.

Deals

• Richard Branson’s Virgin Orbit satellite business is seeking to raise up to $200 million, at a $1 billion valuation. (WSJ)

• Can Morgan Stanley’s deal-making widen the gap with Goldman Sachs? (FT)

• The parent company of the Boston Red Sox and Liverpool soccer club is in talks to sell a stake to the RedBall Acquisition SPAC. (Bloomberg)

Politics and policy

• A record surge of money is flooding to Democratic candidates trying to take control of the Senate. (NYT)

• Over 200 companies, special-interest groups and foreign governments have patronized President Trump’s properties while reaping benefits from him and his administration. (NYT)

Tech

• European regulators are drawing up a “hit list” of big tech companies that will be subject to stricter rules to curb their market power. (FT)

• “The Digital Divide Starts With a Laptop Shortage” (NYT)

Best of the rest

• James Murdoch opens up to The Times’s Maureen Dowd: He left the family empire because of disagreements over Fox News, and never watched “Succession.” (NYT)

• One benefit of the pandemic, some executives say, is more family time. (NYT)

• “Everybody Wants a Chief of Staff, Even When They Don’t Know Why” (Protocol)

Thanks for reading! We’ll see you tomorrow.

We’d love your feedback. Please email thoughts and suggestions to dealbook@nytimes.com.

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VIDEO: They create a 'helmet' that protects against COVID-19 for 60 hours

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This “land diving suit” will cost $ 379 or about 7,900 Mexican pesos and will be available in November.

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October 27, 2020 2 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

In Latin America we usually say that necessity is the mother of ingenuity , and we have seen that very clearly due to the global pandemic of COVID-19 . Not for nothing in recent months we have seen hundreds of alliterations of face masks and sanitizing products.

Given this, the Canadian company VYZR Technologies decided to take this innovation one step further and, in true science fiction style, develop a neoprene capsule to protect people from SARSCov2.

Gif: VYZR Technologies

This device, which to be honest looks like a space helmet from movies like Alien , is called BioVYZR and has two fans that charge its battery through a 5V USB type A port.

Its filters are made with KN95 particles: one 12 centimeters in diameter that cleans the incoming air, and another eight centimeters that filters the outlet air. According to the company’s website , each pair of filters offers up to 60 hours of clean air under normal conditions and each BioVYZR comes with 10 filters.

The BioVYZR fits seals around the neck and chest and covers the entire head. It weighs 2.25 kilograms in its adult model, although it will soon have a variety of sizes, and it can be adjusted with straps.

How much will it cost? This land diving suit, which will be available in November, will sell for $ 379 or about 7,900 Mexican pesos at the current exchange rate.

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How to Use Your Story to Succeed With Facebook Advertising

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You don’t have to be great at holding an audience like Jimmy Fallon. You just have to be you.

Free Book Preview Ultimate Guide to Social Media Marketing

This book takes readers through a 360-degree perspective of social media marketing in businesses.

October 27, 2020 5 min read

Opinions expressed by Entrepreneur contributors are their own.

The following excerpt is from Ultimate Guide to Facebook Advertising, Fourth Edition by Perry Marshall, Bob Regnerus, and Thomas Meloche, with Mark Ingles. Buy it now from Amazon | Barnes & Noble | IndieBound | Bookshop | Entrepreneur Press

Stories make you immune to competition. People are going to knock off your product, but they can’t knock off your story. Nowhere is that truer than in the world of Facebook advertising.

This plays out every day on Facebook. The Facebook News Feed is simply a scroll of stories from people and brands you choose to follow. Facebook is the only medium to truly connect your with new people who are very similar to you and will enjoy hearing your stories and seeing your pictures and video.

That’s where Facebook beats the social competition when it comes to building a following based on the power of story. Twitter is very short. is very visual. TV and radio don’t have any real-time feedback (i.e. comments sections) and are too expensive for most of us. Facebook is the perfect platform where you can develop an entire lifestyle or personal brand and truly build a following. Yes, it’s harder in 2020 than it was in 2014, but people are doing it every day. Who you are, why you do what you do and why you created the product is really important.

Related: Use These 10 Facebook Ad Campaigns to Maximize Your ROI

The people that we’ve seen the most success with have been the ones willing to be vulnerable and go deep, the ones who skip past the superficial stuff. They’ve got something of value to offer the marketplace. They open up personally and tell real stories about themselves and their products and why a product is special. Even for simple things like headbands, jewelry and checks, there’s a story to be told. It’s your job as an advertiser to discover the story of the product, the company and the customers and weave that into your marketing to take advantage of Facebook’s strengths.

We spend the most time with our own clients, diving into their story. Not nailing your story will give you poor results. When you find the unique story angle to connect your business to the product to the marketplace, you have set yourself up for success.

The Right Time to Deliver Your Story

The time to tell your whole story is not when you first meet your future customer. When we created a 30-second video for a client, we carefully chose to do a five-second intro of who the founder was. Then we dove into the part of their story that most resonated with their customers.

It doesn’t make sense to lead with your backstory or core beliefs. You start with the part of the story that’s important to your customers. They don’t care about you just yet, but that time will come. So, first, within your story, identify hooks to your product and service to get the viewer’s attention. Then, once you have their attention and pique their interest, you have a platform to go into more detail with your story to keep them interested.

Product Always Follows Story

One of the misunderstood fundamentals of advertising is that many people think: I have this great product, and all I have to do is put out an ad and everyone is going to buy it. People fall in love so much with their product they forget actual people have to buy it. Yes, there are a few products that stand out on their own, which people will buy without a story. However, a majority of products and services can’t stand alone without a story angle.

Too many ads are superficial. They trot out features. They detail things that are expected of a product, but nothing that attaches an emotion to the product so people understand why they need it. When storyboarding an ad, you get someone to talk about their back story, core beliefs and why they do what they do, because it starts to get their mind focused on the reason that a product or service exists. It gets them into the mindset of how the product or service benefits the marketplace and their users, not just utility.

Related: 6 Keys to Email Marketing Success

“I’m Not a Storyteller!”

This is an objection we hear all the time. Business owners use this excuse to cop out of doing the harder work of digging deep into finding their own story. Don’t fall for this trap!

Listen, if you feel you’re too boring, find excited customers who will talk about your product. Allow them to tell their story about how your product changed their life and you’ll begin to see common threads. The experience they have with your company will spur your inner storyteller. You don’t have to be great at holding an audience like . You just have to be you.

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They offer $ 9,500 to search for memes for 15 days

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Opera looks for people all over the world who surf the web and want to talk about the weird things they come across.

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October 27, 2020 2 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

The Opera browser is looking for candidates who want to spend 15 days browsing the web and who want to talk about the strange things that they find and is offering up to 8 thousand euros (about $ 9,451 or 197 thousand Mexican pesos at the current exchange rate).

The Norwegian company published this curious job offer this week where it offers the position of “personal navigator” who will have to “navigate the farthest corners of the Web” for two weeks at the end of the year to “talk about the strange things with the that is found ”.

Image: Opera

“For this important role, we are looking for people who love silly memes, baby seal videos and conspiracy theories,” the ad reads.

The work can be done from anywhere in the world. Opera only asks for the following to apply:

  • Love the internet
  • Know how a web browser works
  • Have a computer and a stable internet connection
  • Talk fluid English
  • Being over 18 years

To apply, you only have to record yourself in a video of between 15 and 60 seconds counting your most important moment surfing the net. Upload the video to Facebook , Instagram , TikTok or YouTube with the hashtag #operapersonalbrowser, send the link and your social networks to personal-browser@opera.com before November 13 .

In addition to the pay, Opera will also help to publicize the person who accepts the position. Learn more about this curious job offer here .

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