Many business leaders told me they are deeply concerned about the growing number of incidents of harassment against Jewish students occurring in and around universities such as Columbia University.
Inside the corner office, there has been much debate about the most blatant examples, including anti-Semitic signs, chants and assaults on Israeli students. But there has been little action from companies that have synergistic relationships with the schools that recruit their employees.
Some executives are secretly wondering what they can do. The most common action so far has been to stop individual donations. For example, New England Patriots owner Robert Kraft said this week that he “doesn't feel comfortable supporting Columbia University any longer.”
But companies have other means of influencing universities, and some of those means will undoubtedly put further pressure on universities to take action against anti-Semitism.
Here's one thought experiment you can use right away. Most companies vet their vendors very carefully and maintain an approved list of vendors that align with their policies. Companies may scrutinize universities, which are their primary source of talent, just as they would other vendors. They could also tell universities they won't hire students unless schools take decisive action to stop anti-Semitism.
After all, in this day and age, no company would use an executive search firm whose employees engage in openly anti-Semitic behavior.
To be clear, companies need to define anti-Semitism and acceptable actions to mitigate it, and both topics are currently hotly debated.
and peaceful protesters against Israel's war in Gaza, among whom are many Jewish students, who are unfairly portrayed as anti-Semitic to distract from the cause. It is important to distinguish between those who are calling for the death of Jews and harassing students. and create a dangerous environment.Decision to suspend recruitment all Students at a particular school will inevitably punish students who have no connection to the worst offenders on campus.
But the actions of these companies will put real pressure on university authorities to crack down on blatant anti-Semitism, including the pressure that will inevitably arise from apathetic students.
There is another pressure point where Wall Street, private equity, and venture capital firms can have their own influence on actions against anti-Semitism on college campuses. That means they could threaten to stop managing donations. Most elite universities in America rely on venture capital firms to obtain relatively high returns on investment.
Many university endowments send out surveys to conduct due diligence on the internal policies of Wall Street firms. For example, we're looking into DEI policies. What if Wall Street firms also sent such surveys to universities before deciding to work with them as clients?
“This is a really interesting thought experiment,” said Charlie Eaton, author of “Ivory Tower Bankers: The Alarming Rise of Financiers in U.S. Higher Education” and associate professor of sociology at the University of California, Merced. To tell. He said such a decision would likely have a major impact on university decision-making, but would also raise big questions about “who gets to exercise what power” in the economy.
While it may be unlikely that companies would adopt any of these theoretical maneuvers to rush to formally patrol university policies, they could increase pressure in some other way through informal preferences. It's possible. ExxonMobil CEO Darren Woods said of the campus protests in an interview with CNBC this week: We are recruiting students from those campuses. ” — Andrew Ross Sorkin
what's happening here
The FTC prohibited noncompete agreements. The agency voted to block companies from using the contract, saying it stifles innovation and competition and is bad for workers. The decision sent shockwaves across Wall Street, causing companies and their advisers to look for other ways to retain staff, including expanding partnerships, LLC structures and offering other incentives.
Mining giant BHP has made a $39 billion takeover bid for rival Anglo American. The proposal by the world's largest mining company was all about gaining more access to copper. This metal is a key component of the new energy economy, used in things like electric vehicles and infrastructure. Anglo American rejected unsolicited offers that could have led to a higher bid.
President Biden signed a bill forcing TikTok to separate from its Chinese owners. The move puts the clock on a potential sale by ByteDance, which has 270 days to sell its video platform or face a ban in the United States. ByteDance has denied reports that it is considering selling the company.
Big tech companies release their financial results, and AI dominates. Meta kicks off earnings season for tech companies with the best first quarter ever. But investors worried about the high cost of spending on artificial intelligence caused the stock to plummet. The next day, Microsoft and Alphabet reported strong financial results and similar AI efforts, but their stock prices rose as shareholders sought to clear their doubts.
What’s next for Daniel Ek?
Spotify CEO Daniel Ek has long taken issue with the health care system, one of his personal concerns. In his view, life expectancy has increased little, if at all, in many wealthy countries, despite soaring health care costs.
After years of getting Spotify on the right track (this week, the streaming giant posted record first-quarter profits after last year's layoffs), Ek said his next move could be in healthcare. He leaves behind many clues. “I was adamant about fixing it,” Ek told his DealBook.
The next activity is cat health., a startup that claims full-body scans can help people detect disease earlier and live longer. Ek is a key backer and co-founder of the company, along with fellow Swedish entrepreneur Hjalmar Nilssonne. (This is the second time since Spotify that Ek has donned the founder's hat, the other time being with his investment fund Prima Materia.)
Ek and Nilssonne spoke to DealBook's Bernhard Werner last month about their ambitions for Neko Health. Warner was also tested. Read the full article and find out the steps here.
Neko Health has performed well since its first year in Stockholm. However, it is not well known outside of Sweden. Last year, the company closed a $64 million funding round led by venture capital firms Lakestar, Atomico, and General Catalyst to expand into more markets. The first one is London this summer.
The full body scan market is crowded, US startups like Prenuvo and Ezra are attracting investors and creating buzz on social media. The concept also faces a lot of skepticism. Medical experts say proactive screening techniques have not been proven to lead to better outcomes for patients in terms of health or longevity. And the verdict is still out on the business model.
“I would be very happy if this didn't make me money, but we actually solved a real problem in the world for real people,” Ek said.
Cat health tips: The company wants to make full-body scans as affordable and routine as an annual physical. The company's scans cost about $230, which is cheaper than most competitors, including Prenuvo's $2,499 full-body MRI scan.
The company's founders admit there are many challenges. Regulatory hurdles are high, and the nascent preventive health sector is still battling growing skepticism in the wake of Elizabeth Holmes' failed blood testing startup Theranos, which promised to usher in a “new era of preventive medicine.”
Ek said a “big explosion” like Theranos risks undermining the public's “confidence in all companies that come up.”
The metric Ek is most proud of: The company says its scans have helped patients catch life-threatening problems early. “This can actually save lives,” Ek said, adding, “and we are doing it.”
How does Xi Jinping, who will “make China great again”, view the world?
Xi Jinping is the most powerful Chinese leader since Mao Zedong. Understanding his thinking is crucial for anyone seeking to understand China's long-term strategic ambitions.
In “Xi Jinping's Political Thought,'' Steve Tsang and Olivia Chan, China experts at the School of Oriental and African Studies in London, examine Xi Jinping's writings, speeches, and statements, and explore how he shaped the world. What you see is what you draw. DealBook spoke to Tsang about the book. This interview has been condensed and edited.
What is “Xi Jinping Thought”?
Xi Jinping's ideology is essentially to make China great again, both internally and externally by 2050. It is based on the mythical concept of returning China to its historical place at the center of the world.
How does this relate to President Xi's approach to the world?
Mr. Xi wants to change the liberal international order by taking control of institutions such as the United Nations and reforming their functions so that they are at least pro-China and at most pro-China.
It also helps explain why he is so tough on issues like Taiwan. From his perspective, China cannot become great again unless it somehow regains Taiwan. And that will need to happen by 2050.
What does this mean for your business?
Mr. Xi is not opposed to the private sector or foreign multinational corporations per se. The question is whether they serve China's national interests. If so, great. If you stop doing that, you could sink or swim.
For example, Tesla. When China wanted to get into the electric car space, Tesla was given special concessions to build a huge factory in Shanghai.Once Chinese companies were able to compete with Tesla, but perhaps compete Tesla — The company was granted no further special concessions.
Are Western CEOs naive about China?
No, what I am saying is that they are making a grave mistake in underestimating the Chinese and their competitors. Did Elon Musk really think BYD would let him take his money when Tesla moved into China? No, we do not have the ability to understand the resourcefulness of our Chinese competitors.
thank you for reading! See you on Monday.
Please let us know what you think. Email your comments and suggestions to dealbook@nytimes.com.
