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  • Philippine Tycoon Gokongwei Eyes Post-Pandemic Recovery With $1.3 Billion Bet On Airline, Hotels And Banks

    Philippine Tycoon Gokongwei Eyes Post-Pandemic Recovery With $1.3 Billion Bet On Airline, Hotels And Banks

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    Billionaire Lance Gokongwei is spending 73.6 billion pesos ($1.3 billion) this year to ready his sprawling conglomerate to reap the fruits of a post-pandemic recovery. His family’s JG Summit is stepping up investments in each of its major businesses—airline, hotels and banking—to tap resurgent demand in the Philippines and key markets across Southeast Asia.

    More than half of the planned capital expenditure will go toward buying new aircraft for, Cebu Air, the Philippines’ largest airline, which witnessed a more than four-fold increase in passenger traffic last year as domestic and international travel resumed following the relaxation of movement restrictions around the region. The rest of the spending will be on expanding the conglomerate’s banking footprint and accelerating property development.

    Gokongwei faced the worst crises in JG Summit’s 33-year history as the pandemic grounded almost the entire fleet of Cebu Air, which accumulated net losses of about 60 billion pesos ($1.1 billion) in the three years since the Covid-19 outbreak. While the airline remains in the red, losses have narrowed significantly in 2022 (Cebu Air is due to announce full-year results later this month) and analysts expect the company to return to the black this year amid a tourism boom.

    “Covid lasted longer than we had anticipated but we talked to our banks and our suppliers and told them [that the airline] can get through this without declaring bankruptcy,” Gokongwei, 56, chairman of Cebu Air, tells Forbes Asia on the sidelines of the Wharton Global forum held in Singapore earlier this month. Several Asian airlines declared bankruptcy during the pandemic, including billionaire Lucio Tan’s Philippine Airlines, which has turned profitable since exiting insolvency in December 2021.

    Cebu Air—which runs budget carrier Cebu Pacific—raised fresh capital of $250 million by issuing convertible bonds to the International Finance Corp. and Indigo Partners during the depth of the pandemic in 2021, and convinced creditors and suppliers to agree to longer payment terms. “Since we were able to find a route that was acceptable to everybody, it raised the platform of credibility for us to bounce back stronger,” Gokongwei says.

    “We’re growing [Cebu Air] in a very manageable fashion.”

    The airline survived the pandemic by slashing jobs, downsizing operations and shelving expansion plans. Now, Cebu Air is ready to soar again. It plans to lease five new aircraft on top of the 10 new Airbus Neo planes that will be delivered this year.

    With the new deliveries and lease expiry on some aircraft, Cebu Air will have a fleet of 76 planes by the end of this year, up from 70 in 2022. To support the expansion, it has earmarked 42 billion pesos for capital expenditure this year. “Given the speed at which local and global travel is recovering, Cebu Air’s proactive refleeting is not only strategic, but necessary,” Jacqui de Jesus, an analyst at Maybank Securities in Manila, says via email. The expansion will help the budget carrier increase flights and boost operating cashflow, she adds.

    Cebu Air transported 14.8 million passengers to domestic and international destinations in 2022, up from 3.4 million the previous year, but below the pre-pandemic peak of 22.5 million passengers set in 2019. “We’re growing [Cebu Air] in a very manageable fashion,” Gokongwei, who is also president and CEO of JG Summit, says. That’s a stark contrast when Forbes Asia previously interviewed him in 2020, when the airline was operating at 2% capacity and losses were mounting.

    With the airline recovering, Gokongwei in December stepped up as chairman and relinquished his roles as the company’s president and CEO. Cebu Air promoted chief commercial officer Alexander Lao to president and named Michael Szucs—an industry veteran who has been advising the management for the past seven years—as CEO. The revamp allows Gokongwei to step back and focus on repositioning the broader family business empire for growth.

    Since revamping Cebu Pacific, which he has helmed since its inception in 1996, Gokongwei has made big moves in the banking industry. In January, the group, through Robinsons Retail, bought Singapore sovereign wealth fund GIC’s 4.4% stake in Bank of Philippine Islands (BPI)—the country’s oldest lender—for 19.7 billion pesos, four months after agreeing to merge Robinsons Bank with bigger rival BPI in exchange for shares in the merged entity. The Gokongwei group will own over 10% of the combined entity once the merger is completed later this year, making it the second-largest shareholder in BPI next to Ayala Corp. “This signifies our confidence in the Philippine economy and the shared value we’re going to create at BPI,” Gokongwei says.

    Investors view the merger positively. “BPI has among the most developed digital banking platforms in the Philippines, which in our view would further be enhanced and expanded by integrating into JG Summit’s well-developed consumer-centric ecosystem of suppliers, tenants and customers,” Maybank’s De Jesus says.

    To support the group’s expansion plans, Gokongwei has been strengthening the balance sheet of JG Summit, which Maybank says had 26.5 billion pesos in cash as of September 2022. Last July, the company sold 36 million shares of Manila Electric for 12.4 billion pesos, paring its stake in the Philippines’ largest electric utility to about 26%. The opportunistic sale was meant to shore up the group’s coffers in case the pandemic drags on, Gokongwei says, adding that there are no plans to further trim the stake.

    Elsewhere, JG Summit’s real estate arm Robinsons Land is busy building new shopping malls, office buildings, hotels and residential projects. The company’s net profit climbed 21% to 9.75 billion pesos in 2022 from a year earlier, surpassing pre-pandemic levels, bolstered by housing sales and soaring hotel revenue, the fastest-growing segment.

    “This growth looks sustainable, it’s not just pent up demand.”

    After completing three new hotels last year, Robinsons Hotels this month opened the 32-story Westin Manila in downtown Ortigas, north of the Makati financial district. Managed by U.S. hotel chain Marriott, the skyscraper boasts of 303 rooms, including 57 suites. It adjoins a 50-story residential tower with 344 private apartments, 85% of which have already been sold by developer Robinsons Land.

    With over 4,000 rooms in 26 properties across the country, Gokongwei believes Robinsons Hotels will continue to benefit from the country’s post-pandemic tourism boom. “This growth looks sustainable, it’s not just pent up demand,” he says.

    JG Summit, one of the biggest and most diversified conglomerates in the Philippines, also has interests in food manufacturing, petrochemicals and telecommunications. The business was founded by the late billionaire John Gokongwei in 1954 as a corn starch factory. After their father passed away in 2019, Lance and his sisters—Robina, Lisa, Faith, Hope and Marcia—inherited his fortune. The siblings had a combined net worth of $3.1 billion, placing them at No. 4 on the most recent list of the Philippines’ 50 Richest published last September.

    MORE FROM FORBESBillionaire Lance Gokongwei’s Cebu Air To Expand, Renew Fleet As Travel Demand ReboundsMORE FROM FORBESLance Gokongwei Is Trying To Pandemic-Proof JG Summit, Here’s How

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    Jonathan Burgos, Forbes Staff

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  • “My Call of the Void: What Intrusive Thoughts Taught Me About ADHD”

    “My Call of the Void: What Intrusive Thoughts Taught Me About ADHD”

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    On an episode of an ADHD-related podcast I recently heard, the guest shared a familiar backstory — one of lifelong frustration and sweet relief after receiving an ADHD diagnosis in adulthood. Diagnosed with ADHD in my early 30s, I knew this story all too well.

    Then, almost nonchalantly, the guest recalled a time when he had an intrusive thought about spitting in a friend’s face. He recalled how bothered he was by this thought that appeared from nowhere, and how hard it was to tame.

    My god. His anecdote transported me back to the time I had to stop myself from doing the exact same thing. So troubling and unexpected was the urge, I had to leave the room for a mental reset. Why the hell would I want to spit in someone’s face, let alone my friend’s?

    And why the hell did I have the same experience as the podcast guest? Did it suggest that our shared intrusive, bizarre thought was tied to ADHD?

    L’appel du Vide: Exploring the Call of the Void

    Like a cold case flung open by a new piece of evidence, the bothersome experience compelled me to begin some fresh digging. My first bit of research led me to l’appel du vide — “the call of the void.” It’s a term that describes the sudden thought or urge to jump from a high place. Like many others, I’ve encountered the call of the void atop certain tall buildings, quickly suppressing an unwanted urge to vault myself over the edge.

    [Read: ADHD and Obsessive Thoughts — How to Stop the Endless Analysis]

    But the call of the void isn’t limited to the feeling of jumping from great heights. It has evolved into a term that captures other sudden, worrisome thoughts like: “What would happen if I twisted the steering wheel and plowed into oncoming traffic?”

    These intrusive, out-of-character thoughts have long troubled us humans. (See Edgar Allan Poe’s The Imp of the Perverse, for one.) But these urges, I learned, are actually a universal feeling, and they’re not tied to a desire to harm ourselves or to die. In a 2012 study, Hames et al. gave the phenomenon a new moniker — high place phenomenon — and suggested that, far from being a desire to die, the call might actually be an affirmation of the urge to live.

    OK, so I learned a whole lot about the call of the void, but I wasn’t sure if the spitting urge fell squarely under this phenomenon. I also couldn’t find anything that directly links the call of the void to ADHD.

    Intrusive Thoughts and ADHD

    However, I did find another eye-opening study during my investigation. It involved college students with ADHD (and a control group) who took questionnaires that measured levels of anxiety and worrisome thoughts.

    [Read: “Why Do I Assume the Worst-Case Scenario?” How to Stop the ADHD Mind from Worrying]

    In comparison to the control group, those with ADHD experienced higher ratings on all intrusive-thought scales. “Our results suggest that worrisome, intrusive thoughts are an important phenotypical expression of adults with ADHD,” the researchers wrote.

    There it was. I put together a prosaic explanation for an incident that had bugged me for years: I’m more likely to have intrusive thoughts, and Spitgate, I presume, seemed to be a warped version of a phenomenon lots of people experience. It’s what happens, I suppose, when the call of the void meets ADHD.

    Spitting Mad

    Phew. This was comforting (and, in retrospect, not surprising). Maybe I’m not a terrible person after all! Maybe the urge to spit in my friend’s face came from a desire to maintain my friendship, which might suffer a bit of a hiccup were I to follow through on the urge. Aren’t brains weird?

    Anyway, I don’t feel the call or other strange urges much these days. I attribute that change to medication, which dims my head chatter and keeps it at tolerable levels. Add in a regimen of anxiety-busting exercise, and the call almost vanishes. That said, you’re unlikely to find me striding atop the Eiffel Tower anytime soon.

    Intrusive Thoughts: Next Steps


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    Nathaly Pesantez

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  • Security laws are not ready for the digital era | Opinion

    Security laws are not ready for the digital era | Opinion

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    The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

    Key Points

    • The Howey Test, the multi-decades-old legal test that is used to determine the scope of security regulations, may no longer be sufficient for the digital age.
    • As technology continues to advance, security laws are becoming increasingly outdated and inadequate for protecting individuals.
    • Businesses want to innovate within the US. However, regulators and authorities are pushing this innovation offshore.

    The digital age has ushered in an unprecedented era of technological innovation and disruption, but unfortunately, the same cannot be said for security laws.

    The Howey Test, the decades-old legal test used to determine the scope of security regulations in the US, is no longer sufficient for today’s digital landscape. As technology progresses at breakneck speed, existing securities laws are becoming increasingly outdated and inadequate for protecting individuals who may be vulnerable to fraud or other financial crimes.

    According to the Securities Exchange Commission (SEC),

    “The Howey Test looks at whether an investment contract involves a person investing money in a common enterprise with a reasonable expectation of profits from the efforts of others.”

    With the Howey Test resulting from a 1946 Supreme Court ruling, it’s not surprising the definition fails to capture many modern crypto-assets, such as tokens, coins, decentralized networks and decentralized autonomous organizations (DAO).

    In particular, the SEC has taken a recent interest in the stablecoin market, with certain stablecoins listed as “unregistered securities” by the SEC despite clearly not meeting the definition of the Howey Test.

    While this test doesn’t technically need to be passed for the SEC to investigate, the lack of regulatory clarification could mean that dangerous precedents are set for the crypto industry. The crux of the issue surrounds the need for regulatory clarity in order to provide some certainty to crypto businesses operating in the US.

    But it’s not just crypto businesses that require regulatory clarity. As a nascent industry, blockchain has the potential to greatly improve infrastructure underpinning payments, supply chains, and broader financial systems. The Bank for International Settlements conducted a survey in 2021 which found over 85% of central banks were actively exploring the potential for central bank digital currency (CBDC), and 60% were actually experimenting with the technology.

    JPMorgan bank has introduced its own blockchain technology to “facilitate the instant transfer and clearing of multi-bank, multi-currency assets on a permissionless distributed ledger.” The need for regulation to protect consumers must evolve to more relevant laws to harness the potential for economic growth and innovation beyond crypto businesses and investors. 

    Some countries will catch the market

    This lack of legal clarity is further exacerbated by the fact that some countries, such as the United Arab Emirates (UAE) and Switzerland, have been ahead of the curve in their approach to regulating digital assets. Over the past years, the UK has remarked on its plans to become a global crypto hub which has been boosted by Prime Minister Sunak’s positive stance on crypto.

    Singapore has also paved its own way, encouraging crypto startups to set up headquarters in the country, cutting down on red tape and instead opting for a more inclusive policy. Meanwhile, the European Union is moving forward with its Markets in Crypto Assets regulation and also accepting applications for its Blockchain Regulatory Sandbox.

    These developments suggest that countries are beginning to recognize the need for regulatory clarity in order to capitalize on the growing crypto markets. However, it remains to be seen whether or not the US will take a similar approach and create a regulatory framework that supports innovation while providing robust security protections.

    Keep up, or be left behind

    Overall, it is clear that existing US security laws are no longer fit for purpose in the digital age. In order to capitalize on the disruptive potential of blockchain technology and crypto-assets, it is essential that Congress takes steps to create a regulatory framework that supports innovation while providing investors with the safeguards they need.

    Until then, the US will continue to be left behind in the global race for blockchain technology adoption.

    About the author: Danny Talwar is the head of tax at Koinly, a cryptocurrency tax platform. As a crypto enthusiast, his experience as a chartered accountant and chartered tax adviser across Europe and Asia pacific places him as a thought leader within the rapidly growing crypto taxation space. With extensive knowledge of the crypto tax issues faced by both companies and individuals, Danny regularly provides industry-leading commentary, especially in light of regularly updated government guidance.


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  • The biggest banks in the U.S. are stepping in to save First Republic Bank

    The biggest banks in the U.S. are stepping in to save First Republic Bank

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    Eleven big banks are offering a lifeline to First Republic Bank, a smaller lender that’s been under pressure since Silicon Valley Bank collapsed a week ago.



    Copyright © 2023 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

    NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

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  • The fight for exoneration: Over 29,100 years ‘lost’ in prison in wrongful convictions, database finds

    The fight for exoneration: Over 29,100 years ‘lost’ in prison in wrongful convictions, database finds

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    Sidney Holmes, who was wrongfully convicted and sentenced to 400 years, was exonerated after 34 years in prison. Lamar Johnson was wrongfully convicted of a shooting without physical evidence connecting him to the incident and sentenced to life in prison. Leon Benson has been freed after 25 years of a more than 60-year sentence for a crime he maintains he did not commit.

    These men are just a few in the more than a dozen people have been exonerated so far this year, due to wrongful convictions based on misidentifications, false confessions, police failure to disclose evidence and more.

    These exonerations have been recorded by the National Registry of Exonerations since 1989, an exoneration-tracking project hosted by University of California Irvine, University of Michigan Law School and Michigan State University College of Law.

    There have been at least 3,287 exonerations recorded by the National Registry of Exonerations since 1989.

    More than 29,100 years have been “lost” in prison due to “wrongful convictions” that have been uncovered thus far, according to the registry.

    “We’ve all been raised to believe that our system is a great system that works well, that we identify the right people, we convict the right people, we give people the right sentences,” said attorney Marissa Boyers Bluestine, Assistant Director at the Quattrone Center for the Fair Administration of Justice, in an interview with ABC News.

    “It has been a very hard awakening for a lot of people to realize that that’s just not always the case.”

    Wrongfully convicted Sidney Holmes is released from prison after 34 years, March 13, 2023, in Fort Lauderdale, Fla.

    WPLG

    The registry found that the most often cited factors for wrongful convictions are: witness misidentification, false accusation, false confession, faulty forensic evidence, inadequate legal defense, police misconduct and prosecutorial misconduct.

    In some cases, the methods used to collect evidence in the past have since been proven to be scientifically unreliable, according to experts. This was the case with Sidney Holmes, whose armed robbery conviction was recently overturned in part because of misidentification, which was partly due to outdated photo and live lineup practices commonly used by law enforcement in the 1980s, officials say.

    Black people represent 53% of the 3,200 exonerations listed in the National Registry of Exonerations, despite making up just 13.6% of the American population. Black people represent 38% of the incarcerated population, according to the Prison Policy Initiative.

    “Innocent Black Americans are seven times more likely than white Americans to be falsely convicted of serious crimes,” the registry said in a 2022 report.

    According to Bluestine, the only way to overturn someone’s conviction is to have “something new, something different that wasn’t heard by the trial court.”

    “That’s why it takes 10, 15, 30 years to undo those convictions because we have to wait for that evidence to become available to change how we’re seeing a conviction,” she said.

    The list of exonerated people is long. Here are just some of the wrongfully convicted cases that have been overturned so far in 2023:

    Sidney Holmes

    Holmes, 57, served more than 34 years of a 400-year prison sentence before the Broward State Attorney’s Office Conviction Review Unit (CRU) in Florida reinvestigated the case and determined he did not commit armed robbery.

    The CRU found that there is “no evidence” connecting Holmes to the robbery besides a flawed identification of him and the vehicle involved in the robbery.

    The CRU found that witness identification of Holmes was likely a “misidentification,” partly due to the photo and live lineup practices commonly used by law enforcement at the time, which are “scientifically unreliable,” according to the state attorney’s office.

    Lamar Johnson

    In Missouri, Lamar Johnson spent roughly 28 years behind bars for a murder he said he did not commit. He was convicted of first-degree murder and armed criminal action in 1994, according to Circuit Attorney Kimberly M. Gardner’s motion to vacate his conviction. Johnson was sentenced to life in prison.

    Gardner asserted that Johnson was innocent and erroneously convicted, citing Johnson’s alibi and a lack of physical evidence connecting Johnson to the murder.

    According to Gardner, the identification of Johnson was the state’s “only direct evidence.”

    Judge David Mason vacated Johnson’s conviction in February.

    “Today the courts righted a wrong – vacating the sentence of Mr. Lamar Johnson following his wrongful conviction in 1995,” said Gardner in a Feb. 14 statement on the decision. “Most importantly, we celebrate with Mr. Johnson and his family as he walks out of the courtroom as a free man.”

    PHOTO: Lamar Johnson, center and his attorneys react, Feb. 14, 2023, after St. Louis Circuit Judge David Mason vacated his murder conviction during a hearing at Mel Carnahan Courthouse in St. Louis.

    Lamar Johnson, center and his attorneys react, Feb. 14, 2023, after St. Louis Circuit Judge David Mason vacated his murder conviction during a hearing at Mel Carnahan Courthouse in St. Louis.

    St. Louis Post-dispatch/TNS via Getty Images

    Leon Benson

    Leon Benson was convicted of first-degree murder in 1999, and spent roughly 25 years in prison before the Marion County Superior Court Judge Shatrese M. Flowers in Indiana threw out his conviction in early March.

    A joint re-investigation by the University of San Francisco School of Law Racial Justice Clinic and the Conviction Integrity Unit of the Marion County Prosecutor’s Office revealed that “evidence buried in the police file by the lead detective pointed to another man as the murderer.”

    Researchers found that conflicting testimony and the missing evidence identified someone else in the 1998 shooting death of Kasey Schoen in Indianapolis.

    ​​“Truth never dies,” Benson said, according to a press release from the University of San Francisco. “It is only rediscovered.”

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  • FedEx, First Republic, U.S. Steel, XPeng, and More Stock Market Movers

    FedEx, First Republic, U.S. Steel, XPeng, and More Stock Market Movers

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    Stock futures rose Friday as the biggest banks in the U.S. moved to rescue beleaguered First Republic Bank.

    These stocks were poised to make moves Friday: 


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  • Upcoming New Movie & Series Trailers ( August 2020) Week 2

    Upcoming New Movie & Series Trailers ( August 2020) Week 2



    Check Out The Best New Movie $ Series Trailers This Week. -THE BABYSITTER 2-KILLER QUEEN Trailer (2020) Bella Thorne, …

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  • Watch De La Soul Perform ‘Stakes Is High’ With the Roots on ‘Fallon’

    Watch De La Soul Perform ‘Stakes Is High’ With the Roots on ‘Fallon’

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    © 2022 Our Culture Mag Limited. All rights reserved. Use of this site constitutes acceptance of our User Agreement (updated 1/1/20) and Privacy Policy and Cookie Statement (updated 1/1/20). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Our Culture Mag.

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  • The 5 Most Affordable Housing Markets in America

    The 5 Most Affordable Housing Markets in America

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    matthew Munsell / Shutterstock.com

    Millions of Americans desperate to find an affordable home still have hope if they are willing to move to one of a handful of markets, according to research from RealtyHop.

    Property values in many places have surged in recent years, and they remain elevated despite a cooling trend over the past year. Those buying a home in 68 big cities have to spend more than 30% of their income on housing costs, RealtyHop says.

    However, price growth has been more restrained in a few places. In these markets, homeowners spend less than $1,000 per month on mortgage payments and property taxes.

    Following are the most affordable housing markets in America.

    5. Fort Wayne, Indiana

    Fort Wayne Indiana
    Travis Eckert / Shutterstock.com

    Homeownership burden in this city: 22.95% of the median household income is spent on mortgage payments and property taxes for a median-priced home.

    Median home price in this city as of March 2023: $209,950

    Bargain hunters should give Fort Wayne a close look. Indiana’s second-largest city finished at No. 1 among the “The 10 Cheapest Places to Live in America.”

    4. St. Louis

    St. Louis, Missouri
    KENNY TONG / Shutterstock.com

    Homeownership burden in this city: 21.99% of the median household income is spent on mortgage payments and property taxes for a median-priced home.

    Median home price in this city as of March 2023: $174,900

    St. Louis can be a great choice for young families hoping to find an affordable place to make a start. Missouri’s biggest metro is one of “The 10 Best Cities for First-Time Homebuyers in 2023.”

    3. Cleveland

    Cleveland, Ohio
    f11photo / Shutterstock.com

    Homeownership burden in this city: 21.57% of the median household income is spent on mortgage payments and property taxes for a median-priced home.

    Median home price in this city as of March 2023: $109,000

    Not only are Cleveland homes affordable, but people really love them. Residents who purchase a home stay there an average of 17.1 years, making the Ohio city one of the “5 Places Where Homeowners Really Stay Put.”

    2. Wichita, Kansas

    Wichita, Kansas
    KSwinicki / Shutterstock.com

    Homeownership burden in this city: 18.73% of the median household income is spent on mortgage payments and property taxes for a median-priced home.

    Median home price in this city as of March 2023: $170,000

    For many buyers, Wichita offers the best of both worlds: affordable homes that also are spacious. The city in south-central Kansas was featured in the story “Which U.S. Cities Have the Largest Houses?

    1. Detroit

    Detroit, Michigan
    Susan Montgomery / Shutterstock.com

    Homeownership burden in this city: 17.01% of the median household income is spent on mortgage payments and property taxes for a median-priced home.

    Median home price in this city as of March 2023: $85,000

    If you want a more modest, affordable place to live, Detroit can be a good option for buying a home. Michigan is one of the “10 States With the Smallest Homes.”

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    Chris Kissell

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  • King of the Autograph Hounds: A ‘Bum’ Who Befriends Movie Stars

    King of the Autograph Hounds: A ‘Bum’ Who Befriends Movie Stars

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    On a blustery February evening in Midtown Manhattan, opposite an unmarked side entrance to the Ed Sullivan Theater, a crowd of more than 60 people stood crushed against a row of steel barricades. They all knew that at any moment, Harrison Ford would arrive for an appearance on “The Late Show With Stephen Colbert.” They elbowed and cursed one another, jockeying for position, each clutching a sheaf of photographs for Mr. Ford to sign.

    They weren’t fans — not most of them, anyway. They were “graphers,” who make a living by hounding celebrities for autographs and selling them to the highest bidder. For many of them, graphing is a full-time job. Some have been at it for decades. They can flip a single signature for anywhere from $25 to more than $1,000, depending on a star’s cachet and how frequently they sign. A Harrison Ford autograph, for example, retails for about $750.

    At 5:30 on the dot, a black Escalade pulled to a stop in front of the theater. The rear door swung open, and the pack of graphers across the street broke into a frenzy. “Harrison!” they hollered. “Harrison, please!”

    Slumped near a dumpster by the stage door, a disheveled man with a mane of gray hair and a wild beard let out a grunt. He clambered to his feet, reached into a grocery bag and pulled out an overstuffed FedEx mailer, inscribed in large, looping cursive with a note. “Thank you, Harrison,” it read. “Love, Radio Man.” He staggered past the theater’s security team and approached the Escalade.

    “Harrison!” the man called as Mr. Ford climbed out of the back seat. “How are ya?”

    Mr. Ford grinned. “Radio,” he said warmly. They shook hands. Fifty feet away, the graphers behind the barricades bellowed in a desperate chorus.

    “Listen, I’ve got some photos for you,” the man said, handing Mr. Ford the package.

    “Sure, sure,” Mr. Ford said, accepting it. They made small talk. Mr. Ford asked after the man’s health, and the man asked after Helen Mirren, Mr. Ford’s co-star on the “Yellowstone” spinoff “1923.”

    “Good to see you, Radio,” Mr. Ford said. He slipped into the theater without acknowledging the graphers screaming his name. They would have to wait until he had finished his interview.

    There are at least 150 professional graphers in New York City, according to Justin Steffman, the founder of the autograph authentication company AutographCOA. And right now, they are working at full tilt. All winter long, celebrities have been flocking to New York to campaign for projects up for various film and television awards, culminating in the Oscars. For graphers, collecting signatures during awards season is like fishing at a trout farm.

    The rest of the year is by no means slow. Stars are always cycling in and out of Broadway theaters, concert venues, luxe hotels, film shoots and, most reliably, morning shows like “The View” and late-night shows like Mr. Colbert’s. Their constant presence has made New York the graphing capital of the United States, topping even Los Angeles, whose sprawl, closed sets and tight security make life more challenging for graphers.

    “It’s got to be a billion-dollar industry,” Mr. Steffman said. “It’s gotten bigger and bigger and bigger.”

    There are at least 500 full-time graphers around the world, Mr. Steffman said, and thousands more who graph on a regular basis.

    But none of them do it quite like Radio Man.

    Radio Man — legally known as Craig Castaldo, though no one ever calls him that — has been graphing in New York since the early 1990s. Over the years, he has managed to charm a small army of celebrities into accepting his hefty packages of photographs, which they sign and return to him. Where most graphers would be lucky to get more than one signature from a star at a time, Radio Man regularly nabs dozens, sometimes hundreds. He considers the A-listers who sign for him his personal friends.

    After his exchange with Mr. Ford, Radio Man made his way to the Park Hyatt to pick up a package that Sarah Michelle Gellar had left for him at reception. It was adorned with a heart in black Sharpie, along with a handwritten note: “Only for you, Radio.” Inside were 43 signed photographs of Ms. Gellar.

    “It’s amazing how they take to me, these actors,” Radio Man said. “A bum! I don’t understand it.”

    Radio Man, 72, lives just above the poverty line, in a basement apartment in Yonkers he rents for $900 a month. He commutes into the city each morning on his bicycle, a 13-mile journey that takes him about two hours. He said he survives exclusively on food he gathers from free pantries and movie sets.

    Though he could make a small fortune selling his autographs directly to collectors, his grasp of the necessary tools — photo databases, printers, the internet — is tenuous at best. Instead, like most graphers, he peddles his merchandise to a dealer, who in turn hawks it at a significant markup on eBay and other, more obscure autograph marketplaces.

    Leaning against a wall outside the Park Hyatt, Radio Man pulled out his phone and made a call. A few minutes later, a silver sedan pulled up to the hotel. A tall, middle-aged man with close-cropped hair and a manicured beard stepped out of the car and into the frigid night. Radio Man handed him the package of signed photographs from Ms. Gellar, and the man accepted them without a word. He hurried back to the warmth of his car, leaving Radio Man alone next to his bicycle.

    “Hey,” Radio Man called out to him. “You got six bucks so I could get a tea or something?”

    “I don’t have any cash on me,” the man said. He ducked into the car and drove away.

    The man, Radio Man’s de facto handler, supplies him with his FedEx mailers of photographs. Once Radio Man gets them signed, the handler sends them to a dealer based in Florida, who is rumored among graphers to be a millionaire. All told, the autographs Radio Man received from Ms. Gellar are worth approximately $6,000. He was paid about $300 for them.

    “Let them make all the money they want,” Radio Man said. “I don’t care. As long as I get to see my friends.”

    By “friends,” he meant the celebrities who have taken an unlikely shine to him since he stumbled into their world more than 30 years ago.

    As Radio Man tells it, he made his first famous friend when he was homeless. One winter day in 1990, he was walking through Central Park when he encountered a man dressed in rags, whom he took for “a bum like me,” he said. He offered the man a beer. “Do you know who I am?” the man asked.

    It was Robin Williams. He was shooting “The Fisher King,” Terry Gilliam’s 1991 film in which Mr. Williams plays a vagabond searching for the Holy Grail.

    “You’re doing this all wrong,” Radio Man told him. “You’re not acting the way a bum should be.”

    He introduced the actor to life on the street, showing him “where to go and what to do.” Mr. Williams patterned his performance in “The Fisher King,” which earned him an Oscar nomination, after Radio Man. Or so Radio Man claims.

    In exchange for his guidance, the movie’s producers gave Radio Man $200 and a case of beer. They also cast him as an extra. From then on, he made a habit of hanging around film sets in New York, where he helped himself to food from craft-services stations and scored low-paying parts as a background actor. Graphing was an easy way to make money.

    “I’ve been getting movies ever since,” Radio Man said. “Here and there, playing my role: bum, homeless guy, guy on a bicycle with a radio.”

    But that’s just one version of the story Radio Man tells about his origins.

    Another version involves running a newspaper stand in the 1970s and being cast as an extra in “The In-Laws,” starring Peter Falk and Alan Arkin. Another involves sharing a beer with Bruce Willis on the set of “The Bonfire of the Vanities.” Yet another involves showing up to shoots with a boombox around his neck and playing it at full volume until someone paid him to leave, a racket that supposedly earned him his nickname. (“A cop was there and he said to me: ‘Hey, radio guy! Hey, radio person! Hey, radio man! Can you turn that down, please?’ And that’s how I became Radio Man.”)

    Whatever he may claim about his past, this much is true: Radio Man is a fixture on film sets in New York. He has appeared as an extra in dozens of movies, including “Ransom,” “Zoolander,” “The Departed” and “The Irishman.” He has a preternatural knowledge of actors’ whereabouts and shooting schedules. And he has forged something like a friendship with some of the biggest names in Hollywood.

    On a January night in Chinatown, Radio Man sauntered around the set of “Wolves,” a forthcoming movie starring George Clooney and Brad Pitt, as if he were its executive producer. He weaved through packs of stagehands, chatting amiably with anyone who crossed his path. During a break in shooting, he shuffled over to Mr. Clooney, who was sitting in a director’s chair. “Clooney!” he shouted, followed by an expletive-laden insult.

    “There it is,” Mr. Clooney said.

    “You know where you’re going tomorrow?”

    “I don’t know where I’m going tomorrow,” Mr. Clooney said.

    “Under the Manhattan Bridge.”

    “See, this is what I’m talking about,” Mr. Clooney said, as the production crew standing around him laughed. “You don’t need a call sheet. Radio Man is the call sheet.”

    Mr. Clooney first met Radio Man in 1996, on the set of “One Fine Day” in Manhattan. The actor has “never not seen him” during a trip to New York since, he said.

    “Radio’s everywhere,” Mr. Clooney said. “Every hotel you show up at, Radio will be standing out in front of it going, ‘De Niro’s over at this, and Cate Blanchett’s over here staying at the Carlyle.’ He’s got all the intel.”

    Radio Man endeared himself to Mr. Clooney, the actor said, after rescuing his wife, Amal Clooney, from a throng of paparazzi that had swarmed her on Fifth Avenue. Radio Man blocked them with his bicycle, hailed a cab and steered Ms. Clooney inside, securing her escape.

    “He’s a great guy,” Mr. Clooney said. “He’s a lovable mess, which we all are.”

    About six years ago, Mr. Clooney got together with a few other actors and flew Radio Man out to L.A. They sent him to the Oscars. He wore a tuxedo. He walked the red carpet. He sat in the audience. He brought a date.

    A few nights after bumping into Radio Man in Chinatown, Mr. Clooney poked his head out of a white trailer parked on East Broadway and peered down the street. “Radio!” he yelled.

    Radio Man ambled over. Mr. Clooney strode toward him holding a large bag, trailed by a pack of photographers.

    “Here you go, Radio,” he said, dropping the bag on the sidewalk with a thunk. “This thing weighs a ton, by the way.”

    Radio Man reached inside and pulled out two bulging FedEx mailers. They contained 185 signed photographs of Mr. Clooney, worth approximately $18,000.

    Mr. Clooney said that Radio Man is the only grapher he will take a package from. But he signs for all of them.

    “Every one of these guys who come over for autographs, it’s a business for them,” he said. “You try to help them out when you can.”

    There is at least one other grapher in New York capable of exchanging packages with celebrities: Giovanni Arnold, 38, who has been graphing in the city since 1999. He calls himself “Black Radio Man.”

    “There isn’t really an elite group of graphers who are getting packages,” Mr. Steffman said. “There’s Gio, and there’s Radio Man.”

    On a Saturday afternoon in January, Mr. Arnold sat in a dark bar in the East Village indexing several large bags of autographed memorabilia he had just received from Daniel Radcliffe, who was starring in a production of “Merrily We Roll Along” at the New York Theater Workshop a few blocks away.

    He laid out his haul on a grimy, beer-stained table, examining each item — cheaply printed photos, plastic Harry Potter eyeglasses, Gryffindor neckties — for Mr. Radcliffe’s signature. He counted 95 autographs in all, whose total value he pegged at $10,000. “I’m hype right now,” he said. “He really blessed me.”

    Mr. Arnold celebrated with a Guinness. He took a sip from his pint glass and shook his head, pondering a question that has long puzzled him: Why would anyone pay for an autograph?

    “My job baffles me,” he said. “Personally, I wouldn’t buy an autograph. It would be of more sentimental value if I got the autograph myself, but if someone else got it, it’s just weird.”

    Mr. Arnold has taken a different approach to the business of graphing than most of his peers. He sells his own merchandise on eBay, as well as directly to private collectors, which has allowed him to accrue a level of wealth few graphers seem to enjoy.

    He documents his day-to-day life hunting for autographs on Instagram under the handle @gtvreality, where you might find him giving Lady Gaga a ride on his bicycle, holding hands with Ben Affleck or shouting his catchphrase — “Stay Black!” — at Bob Dylan. He hopes to turn GTV Reality into a full-fledged brand and to monetize his content, though at 5,000 followers, he hasn’t quite figured out how to do so.

    “I’m trying to move in a different direction,” he said. “Everyone and their mama’s an autograph-getter now.”

    Ultimately, Mr. Arnold wants to find a way out of the memorabilia industry. He doesn’t derive the same kind of joy that Radio Man does from chasing down celebrities, and he isn’t willing to dedicate his life to it.

    “I’m good at what I do,” Mr. Arnold said. “But he’s another level.”

    Back on the set of “Wolves,” Radio Man cruised the streets of Chinatown looking for the director, Jon Watts. He was hoping there might be a scene he could sneak into. But the cameras were already rolling, and Mr. Watts was occupied.

    Radio Man returned to his usual post outside Mr. Clooney’s trailer. It was closing in on midnight. He was standing near his bicycle and sipping a hot tea, killing time until the next break in filming, when he was approached by someone he didn’t recognize.

    “Radio,” the man said. He held up an 8-by-10-inch photograph, taped to a sheet of hardboard, of Radio Man. “Do you mind signing real quick?”

    “What do you want me to say?” Radio Man asked. “Just, Radio Man?”

    “Yeah,” the man said. “Radio Man.”

    Radio Man signed the photograph in big, sloppy cursive. The man thanked him and walked away. It was hard to say if he was a grapher or just a fan.

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    Drew Schwartz

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  • Americans Head to Europe for the Good Life on the Cheap

    Americans Head to Europe for the Good Life on the Cheap

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    Ms. Silva of Habita! said rent protections eliminated in the wake of the global financial crisis left tenants vulnerable to eviction and untenable rent increases. Inside her group’s headquarters, folding chairs were arranged in a circle beneath a yellow tapestry, emblazoned with the phrase, “Casas são para morar” or “houses are for living.” Outside, scaffolding and cranes are as common as the sound of the tourists’ suitcase wheels clattering along the calçada portuguesa, the city’s iconic squared cobblestones.

    “We have an explosion of urban reinvestment. It’s all for tourism, it’s all for luxury,” Ms. Silva said.

    In response to the mounting housing crisis, Portugal ended its golden visa program in February, part of a sweeping package of changes. Last year, Americans bought more Portuguese golden visas than any other nationality in the world, edging out the Chinese. It was a dramatic reversal for Americans who, just four years earlier, weren’t among the top five buyers of the visa.

    Other visa programs for foreigners with means remain intact.

    Amelia Guertin has been in the country on and off for the last year, living on a tourist visa while she applies for a long-term one. She arrived in Portugal after living in Hawaii, San Francisco and New York City, cities that felt “wildly unaffordable,” she said. Immediately, she knew she wanted to settle in a place that felt cosmopolitan, but also laid back.

    Earlier this year, she hunched over a laptop with her architect, Hannah Reusser, at Rove, a Lisbon bar with plush velvet sofas, exposed ductwork and moody lighting. Ms. Guertin, 31, had already started demolition on a small house she bought last October for €320,000 in Aroeira, a seaside town south of Lisbon, where she can surf.

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    Ronda Kaysen

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  • Mortgages, Wine and Renovations: Silicon Valley Bank’s Deep Tech Ties

    Mortgages, Wine and Renovations: Silicon Valley Bank’s Deep Tech Ties

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    When Kleiner Perkins, one of Silicon Valley’s highest-profile venture capital firms, wanted to build a bridge between two of its office buildings around 2005, it decided to take out a loan. It turned to Silicon Valley Bank, just 43 feet away on Sand Hill Road in the heart of the venture industry in Menlo Park, Calif.

    To make the loan work for Kleiner’s project, which cost more than $500,000, SVB agreed to lend the money against the value of the fees that the venture firm was set to earn from its funds, four people with knowledge of the situation said.

    SVB also provided personal banking services to many of Kleiner’s top partners, the people said. That was in addition to the banking services and venture debt that SVB provided to many of Kleiner’s start-ups, as well as mortgages for those companies’ founders. SVB even invested in Kleiner’s funds, two people said.

    And when SVB held an annual event in January on the state of the wine industry, it featured speakers from Wine.com, one of the world’s largest online wine retailers and a company that Kleiner had once invested in.

    Before SVB failed last week and set off a global financial panic, it was known mostly as a regional, low-profile bank. But within tech’s ecosystem, the bank had molded itself to the quirks and idiosyncrasies of the industry, becoming deeply interwoven to an unusual degree into the lives and businesses of investors, entrepreneurs and executives.

    For 40 years, the institution catered to the fact that high-growth, high-risk tech start-ups and their backers do not adhere to normal business practices. These companies put a priority on breakneck growth, shift strategies frequently and celebrate failure. They are often worth billions before ever turning a profit, and they can go from silly idea to behemoth at astonishing speed. Most crucially, they rely on a tight network of money, workers, founders and service providers to function.

    That unique and often irrational reality required a specialized bank.

    “There were a lot of ways in which Silicon Valley Bank was intertwined in the lives of Silicon Valley people that was unique,” said Anat Admati, a professor of finance at Stanford. “The bank had relationships and made relationships with people across Silicon Valley. It was a point of congregation.”

    This week, SVB — which was taken over last Friday by the Federal Deposit Insurance Corporation — tried picking up the pieces from its collapse. On Monday, it held a call with investors to tell them that it had reopened for business, even as it was looking for a buyer.

    Mark Suster, an investor at Upfront Ventures who was on the call, said he and his firm were both customers of the bank. SVB also co-sponsored a conference that Mr. Suster’s firm recently hosted, and in the aftermath of the implosion, Upfront Ventures endorsed a letter, co-signed by a group of firms, encouraging founders to keep or return 50 percent of their total capital with the bank.

    “They understand you will have cash in multiple banks, they would like to be one of them,” Mr. Suster wrote to start-up founders on Twitter.

    A spokesman for the F.D.I.C. did not respond to a request for comment.

    SVB was best known for courting young, risky start-ups that other banks would not bank with. But its tentacles went far beyond that.

    The bank lent cash to many top venture firms, including Andreessen Horowitz. From its own $9.5 billion fund, it invested in start-ups including OpenDoor, a home buying company, and Chainalysis, a cryptocurrency investigation start-up, as well as venture capital funds including Sequoia Capital’s. It incubated some financial technology companies that were building tools for start-up investors. And it schmoozed the tech industry, sponsoring ski trips, conferences, industry newsletters and fancy dinners.

    It was all part of the virtuous cycle that makes the tech industry tick, investors and founders said. Any time a start-up wanted a loan, the bank talked to its backers, said Samir Kaji, who worked at SVB in the 1990s and is now chief executive of Allocate, a tech platform for managing venture investments.

    “There were constant touch points with the investors,” he said. “Everyone knows each other.”

    As Silicon Valley’s start-up industry flourished, SVB expanded its services, helping to manage the outsize wealth the industry produced. That included providing lower-interest-rate mortgages for founders whom other banks wouldn’t lend to. Many entrepreneurs are worth millions on paper but have little cash in their bank accounts.

    SVB also branched out to industries adjacent to tech, such as the wineries of Napa and Sonoma Valleys, where many tech founders and executives spend their weekends. Last year, the bank lent $1.2 billion to wine producers.

    Gavin Newsom, California’s governor, who praised SVB’s bailout last week, has received loans for three of his wineries from SVB, according to the bank’s website.

    SVB’s dominance was well known at Y Combinator, a start-up incubator. Dozens of tech founders who participated in Y Combinator last year were told to open bank accounts at SVB, and they were introduced to SVB bankers at Y Combinator events, said three people who took part in Y Combinator’s 2022 class of tech entrepreneurs over the summer.

    One described a cocktail hour mixer in which he was introduced to an SVB banker who could provide a loan to his start-up once he graduated from Y Combinator’s program. Six months later, when he needed a loan to buy his first home, he went to SVB. The bank looked at his company’s valuation, based on the money it had raised in its first round of funding, and spoke to investors of his company. It granted a loan after two other banks turned him down, he said.

    SVB’s home loans were significantly better than those from traditional banks, four people who received them said. The loans were $2.5 million to $6 million, with interest rates under 2.6 percent. Other banks had turned them down or, when given quotes for interest rates, offered over 3 percent, the people said.

    Drive Capital, a venture firm in Columbus, Ohio, banked with SVB and had lines of credit with the bank that allowed it to wire money to its start-ups faster than asking its own backers to send the money for each individual deal. SVB also invested in Drive Capital’s first fund and in two of its portfolio companies. In total, a third of Drive Capital’s portfolio used SVB’s banking services, which included venture debt, a specialized kind of credit for venture-backed start-ups.

    “If you’re a venture capitalist or start-up company, it’s fair to say in some way, shape or form, SVB touched every part of your business,” Chris Olsen, an investor at Drive Capital, said.

    Sequoia Capital, a top venture firm that backed Airbnb, Apple and Zoom, always recommended its start-ups to open an account with SVB, Mike Moritz, a Sequoia partner, wrote in a Financial Times opinion piece. Stripe, which is one of the most valuable private tech start-ups and counts Sequoia as its largest shareholder, used SVB for a product that lets international start-ups form companies in the United States, he noted.

    Last week, partners at Andreessen Horowitz sent a letter to its investors to assuage concerns about SVB’s collapse, according to a copy of the memo reviewed by The New York Times. About half the firm’s start-ups had banking relationships with SVB, the memo said. The firm also had an outstanding loan of about $16 million from the bank for “tenant improvements,” or renovations to the firm’s offices.

    Marc Andreessen, an Andreessen Horowitz founder, called hedge funds and some of the world’s biggest banks to help find a buyer for SVB last week, two people with knowledge of the calls said. Scott Kupor, another Andreessen Horowitz partner, handled panicked portfolio companies and questions from the firm’s investors.

    An Andreessen Horowitz spokeswoman declined to comment.

    Matt Mireles, a start-up founder, encountered SVB when the bank invited him to its box at the San Francisco Giants’ stadium in 2010. Ten years later, he had a hard time getting a mortgage because his start-up, Oasis, an artificial intelligence company that had raised more than $8 million in funding, was unprofitable. He began to think the only way he could own a home was if he worked for a big tech company.

    But SVB looked at Mr. Mireles’s venture funding and list of investors and offered him a reasonable mortgage with a 20 percent down payment.

    “That’s one of the things that’s cool about Silicon Valley — the bank and the place,” he said. “These institutions made the entrepreneurial lifestyle — where you might take two or three failures to get to some level of success — they made it viable for people.”

    Last week, SVB’s greatest strength — its interconnected community of customers — became a double-edged sword. When venture capitalists began worrying about the bank’s financial solvency, that quickly led to panic across the start-up world.

    That Thursday, SVB hosted a dinner at the South by Southwest tech festival in Austin, Texas, serving chargrilled salmon and filet mignon to a group of investors and start-up founders at Perry’s Steakhouse.

    As anxiety over the bank’s future rippled through group chats, emails and social media, attendees started referring to the party as “the last supper.”

    Jake Chapman, an investor at Marque Ventures who attended the dinner, said he had pulled the host aside to ask about the brewing meltdown and had been rebuffed. “She just said the balance sheet was strong,” he said.

    By the next morning, SVB customers had tried transferring $42 billion of deposits from the bank, leading the F.D.I.C. to shut it down.

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    Erin Griffith, Mike Isaac and Sheera Frenkel

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  • Chicago’s New Manager Has a Clear Message: Details Matter

    Chicago’s New Manager Has a Clear Message: Details Matter

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    GLENDALE, Ariz. — Ask Pedro Grifol about his mentors, the folks who put him on the path to managing the Chicago White Sox, and he starts with his grandfather. Pedro Antonio Grifol, who emigrated from Cuba, delivered newspapers in the early mornings and worked all day as a high school janitor in Miami. But his day really began, he would tell young Pedro, when he picked him up from school.

    “He taught me discipline, and the work ethic in whatever it is you’re going to do — and the details,” Grifol said. “From the way I put my socks on, the way I tied my shoes, my grandfather was like, ‘No, you put your socks on like this, this is the way it goes.’ I mean, I’m talking about detailed stuff.”

    Grifol, 53, spoke this month while watching his team practice before an exhibition game at Camelback Ranch. He had just held a lengthy morning meeting in the White Sox clubhouse, preaching the same lessons as his grandfather: Details matter.

    The excitement of reporting to camp had faded, Grifol explained, and the buzz for the start of the season was still a couple of weeks away. This was the time to sharpen focus, he said, not to lose it. Hitting the cutoff man, running the bases well, picking up signs — those must be priorities.

    “Sometimes when you have too much talent, you start forgetting the little details of the game,” Elvis Andrus, the veteran infielder, said later. “It’s something that Pedro and all the coaches notice, and they know that for us, as talented as we can be, if we don’t pay attention to little details and fundamentals, that’s when it gets ugly during the season.”

    Things got ugly for the White Sox last season — and not the good kind of ugly, the “Winning Ugly” of Tony La Russa’s 1983 division champions. The 2022 White Sox lost eight in a row last April under La Russa, and eight in a row again in September under Miguel Cairo, after a heart issue forced La Russa to leave the team.

    After running away with American League Central under La Russa in 2021, the White Sox stumbled to an 81-81 record. When General Manager Rick Hahn interviewed Grifol, then the bench coach for the Kansas City Royals, for the manager’s job, he got a stinging indictment of his team.

    The Royals were vastly inferior, at 65-97, but they won 10 of 19 games against Chicago.

    “You could tell by the second inning what kind of day we were going to have against you,” Hahn said, describing what Grifol told him in the interview, “whether you guys were all there — present, high-energy, focus — or if this was going to be one of these days that if we kept it quiet, and we didn’t prod the sleeping horse, you guys were just going to coast through this game. And we were going to get you.”

    Injuries were partly to blame: Lineup mainstays like Tim Anderson, Yasmani Grandal, Eloy Jiménez and Luis Robert all played fewer than 100 games, and some cornerstone players, like the starter Lucas Giolito and third baseman Yoán Moncada, regressed sharply. With minimal roster changes — José Abreu and Johnny Cueto left via free agency; Andrew Benintendi and Mike Clevinger arrived — this core gets another chance, and they are counting on Grifol to lead.

    “Last year was a down year — it was a lost year, in all honesty,” the starter Lance Lynn said. “We’ve got a lot of guys with a lot to prove, and he’s got the ability to push guys where he needs to.”

    Grifol showed that skill as a freshman catcher at Florida State in 1989, when he helped the Seminoles reach the College World Series. They returned two years later, and school officials thought so highly of Grifol last year that they offered him the head coaching job.

    Other coaches have left major league staffs recently — even during the season — for the life-changing money of a major college program. Grifol stayed with the Royals, sensing that his time would come soon.

    “It was security, it was a lot of money, but he didn’t want to look in the mirror and say, ‘I cut myself short,’” said Eduardo Perez, the broadcaster and former major leaguer, who roomed with Grifol at Florida State and remains a close friend. “Managing in the major leagues has been his dream for a long time. He believed in his ability and believed in the process.”

    For Grifol, the process began midway through a nine-year minor league playing career in which he hit .226. Realizing he was unlikely to play in the majors, Grifol resolved to manage there. He learned to scout under Roger Jongewaard with the Seattle Mariners, but he never took the uniform off — literally, in some cases.

    “I would wear my khaki pants and I’d have my baseball pants underneath, and I would wear a sweater or a jacket and have my Seattle Mariners uniform underneath,” Grifol said. “And then as soon as that high school game was over and everybody would leave, I would keep a player back, take off my khakis and my shirt, and work him out for Roger.”

    Grifol rose to become farm director for the Mariners, taking managing jobs along the way in the rookie league, in Venezuela and in Class A. Later, as a major league coach for the Royals, he tutored hitters with his boyhood hero, George Brett, and helped mold catcher Salvador Perez into a perennial All-Star.

    The breadth of Grifol’s experiences, in and out of baseball, could be especially useful in handling a White Sox roster built around international talent, especially in the lineup.

    “He’s from a Cuban background, he managed in Venezuela, he scouted all over Latin America, his wife is Colombian,” Eduardo Perez said. “It’s one thing to be bilingual, but if you don’t understand the different cultures, it doesn’t really matter. He’s able to relate.”

    Grifol has discouraged the players from dwelling on season-long goals or the one-day-at-a-time trope. The better mind-set, he believes, is to target specific areas of improvement in concentrated pockets of time.

    “He’s not setting insane expectations for the entire year, rather setting expectations for short-term goals and trying to achieve those,” Giolito said. “‘What are we doing over the next five days? Did we get better here? What needs to be improved?’

    “Now we can set another five-day stretch and keep things more present, rather than: ‘Oh, we want to win the World Series.’ Well, everybody wants to win the World Series, but you don’t just set that goal. It’s like: How are we going to get there?”

    The White Sox have found a way just once in Grifol’s lifetime, winning the World Series in 2005. They swept the Astros that fall, clinching the title at Minute Maid Park in Houston, the very spot where Grifol and his team will begin their journey together on opening day.

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    Tyler Kepner

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  • Banned From Russian Airspace, U.S. Airlines Look to Restrict Competitors

    Banned From Russian Airspace, U.S. Airlines Look to Restrict Competitors

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    WASHINGTON — Unable to fly through Russian airspace because of the war in Ukraine, U.S. airlines are stepping up a lobbying campaign on Capitol Hill and at the White House to address what they say is a growing problem: They are losing business to foreign competitors who can take passengers between the United States and Asia faster and more cheaply.

    Effectively banned from the polar routes that save time and fuel between the United States and an array of destinations on the other side of the world, U.S. carriers say they are being forced into an aeronautical version of Twister to get passengers where they want to go without taking undue risks.

    They have altered trans-Pacific flight plans to ensure they would have somewhere to land in an emergency, reduced passenger and cargo loads to hold down costs as they fly longer distances, and put on hold more than a dozen planned new routes to Mumbai, Tokyo, Seoul and other cities.

    On its route from New Delhi to New York City, American Airlines has been forced to stop flights in Bangor, Maine — an hour and a half short of the mark — on 19 occasions, a person familiar with the recent history said. Those stops, which were typically caused by unfavorable winds or weather that depleted the jet fuel supply and ran out the flight crew’s duty hours, delayed passengers and forced a swap-out of 14 pilots and flight attendants.

    Those flights were already operating with dozens of the seats deliberately left unfilled, the person added, because less weight on board was required to make the fuel last as long as possible.

    Yet many foreign airlines are not banned from flying over Russia, U.S. airlines and their lobbyists say — and are winning more passengers on routes to and from the United States as a result. Continued access to the shorter and more fuel-efficient routes that Russian airspace provides is giving carriers like Air India, Emirates and China Eastern Airlines an unfair advantage, the industry lobbying group Airlines for America said in a recent presentation on Capitol Hill.

    Airlines for America estimated the lost annual market share of U.S. carriers at a collective $2 billion per year.

    “Foreign airlines using Russian airspace on flights to and from the U.S. are gaining a significant competitive advantage over U.S. carriers in major markets, including China and India,” the presentation, dated February, said. “This situation is directly to the benefit of foreign airlines and at the expense of the United States as a whole, with fewer connections to key markets, fewer high paying airline jobs” and a dent in the overall economy.

    U.S. airlines for years had access to Russian airspace through a series of agreements with Moscow. In exchange for that access, they — and other foreign airlines — paid fees to the Russian government for air traffic control support that amounted to hundreds of millions of dollars per year, according to an airline official and an industry advocate.

    But after Russia’s invasion of Ukraine last year prompted government officials in the United States, Britain, Canada and Europe to ban Russian aircraft from flying over their airspace, President Vladimir V. Putin of Russia immediately prohibited the United States and other supporters of Ukraine, including Canada and much of Europe, from flying through his skies.

    Now airlines are pressing the White House and Congress to fix the problem by subjecting foreign carriers from nations not already banned from Russian airspace to the same restrictions applied to U.S. airlines, effectively forcing them to fly the same routes as their American competitors.

    The Biden administration should “take action to ensure that foreign carriers overflying Russia do not depart, land or transit through U.S. airports,” said Marli Collier, an Airlines for America spokeswoman.

    The proposal appears to have gained traction with the Transportation Department, which recently drafted an order that would ban Chinese carriers that fly passengers to the United States from flying through Russian airspace, according to three people who were briefed on the order. The order was presented to a group of Biden administration officials, including members of the national security team, on Monday, two of those people said, and has been under consideration this week along with other proposed policy measures.

    Transportation Department officials declined to comment. But national security officials are mindful of the potential diplomatic consequences of steps aimed at a longtime ally like India, or of adding further tension to the already strained relationship with China.

    A spokesperson at the State Department, which is involved in an interagency government review of the airspace issues, said the department was aware of the concerns and regards the safety of U.S. citizens on foreign soil as a top priority.

    “It’s just unfortunate for our air carriers that this has been a collateral issue,” said Manisha Singh, a former assistant secretary for the bureau of economic and business affairs at the State Department who now runs a consulting firm in Washington. “I think we should do anything we can,” she added, noting that the United States should “be careful” before taking steps that might offend foreign countries and affect U.S. tourism and commerce as a result.

    Representatives for Delta, American, and United Airlines, the domestic carriers most involved in the lobbying effort, referred questions to Airlines for America, which praised a recent letter by Senate Foreign Relations Committee members to Secretary of State Antony J. Blinken and Transportation Secretary Pete Buttigieg echoing the group’s talking points.

    “When foreign airlines overfly Russian territory, even if they do not expect to land on Russian soil, they run the risk of unplanned diversions in Russia for safety, medical, mechanical or more nefarious reasons,” wrote Senator Bob Menendez, Democrat of New Jersey, the panel’s chairman, and Senator Jim Risch of Idaho, its senior Republican. The State and Transportation Departments have not yet responded to the letter, according to someone who has been briefed on the exchange.

    Representatives for Air India declined to comment, and representatives for Emirates and China Eastern did not respond to requests for comment.

    Arjun Garg, a former chief counsel and acting deputy administrator of the Federal Aviation Administration, said the Biden administration has the legal authority to remedy the complaints from U.S. carriers.

    Mr. Garg said both the safety concerns the airlines have flagged and the way in which the current regulations have disadvantaged them are serious dilemmas.

    “The foreign air carriers get the benefit of shorter flight times, lower costs, less fuel consumption, all those kinds of advantages that are shut off for U.S. carriers by order of the U.S. government,” Mr. Garg said.

    At a time when U.S. fliers are already fed up with fundamental issues like cramped seats, flight cancellations and a cascade of service fees, access to Russian airspace may not be the most pressing worry. Depending on winds, air traffic and other factors on any given day, on a 14-hour flight, avoiding Russian airspace can mean less than an hour of extra flying time in some cases. But it can also mean more than two hours.

    But the cost differential is notable. As of Wednesday, the outbound leg of an April round-trip journey from New York’s Kennedy Airport to New Delhi’s Indira Gandhi Airport cost about $1,500 and was estimated at 13 hours and 40 minutes on Air India, according to Travelocity. The most comparable flight on a U.S. carrier: a $1,740 American Airlines trip with estimated flying time of 14 hours and 55 minutes.

    But Airlines for America and the major carriers it represents are also highlighting security concerns for Americans who fly over Russia, even on foreign airlines. And history suggests there is cause for anxiety.

    In 2014, a Malaysia Airlines flight was shot down over Ukraine, killing 298 people. A Dutch court later convicted, in absentia, two Russian separatists and a pro-Russia Ukrainian with murder.

    In 2021, a Ryanair flight from Greece to Lithuania was diverted to Belarus, a close Kremlin ally, after officials in that country alerted air traffic controllers to a supposed bomb threat on the plane. Their true purpose, U.S. prosecutors said, was to arrest a dissident journalist who was a passenger by inventing a false safety issue. (The journalist, Roman Protasevich, was recently put on trial in Belarus, and the officials who the Justice Department says organized the diversion have been indicted in the United States and charged with conspiracy to commit airline piracy.)

    Last year, the American basketball star Brittney Griner was detained at an airport near Moscow and later sentenced to nine years in a penal colony for carrying vape cartridges of hashish oil in her luggage. She was freed in December.

    There are also operational challenges stemming from the longer routes being flown by U.S. carriers.

    Delta Air Lines has redrawn trans-Pacific flight maps repeatedly to comply with both U.S. regulations and the Russian overflight ban, according to internal documents and two people familiar with the changes.

    F.A.A. rules require that for long flights, commercial planes must always be within 180 minutes of a suitable airport in case an emergency landing is needed (with certain aircraft, which Delta flies, it can stretch to 207 minutes).

    But without access to Russia as an emergency stop, Delta’s Detroit-to-Shanghai flights are now being forced to fly near obscure Pacific landmasses like Shemya Island southwest of Alaska. And if the tiny Shemya airport is too full to handle an emergency landing, Delta pilots must divert to an even farther-flung airport like the one on Midway Atoll in the middle of the Pacific, these people said — adding up to an hour and 40 minutes and more than 3,000 gallons of fuel to the journey when the closer stops are not available.

    “You can sometimes think of it as a little bit of an obstacle course,” said Jim Higgins, an aviation professor at the University of North Dakota who flew as a commercial pilot for seven years. Federal regulation around emergency landings, while well-intentioned, he added, “does increase the operational complexity.”

    Hari Kumar contributed reporting from New Delhi, and Keith Bradsher from Beijing. Li You contributed research.

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    Kate Kelly and Mark Walker

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  • American Directors Bring Fresh Visions to Europe’s Opera Stages

    American Directors Bring Fresh Visions to Europe’s Opera Stages

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    Last summer, American directors headlined three of Europe’s most prestigious opera festivals.

    In Aix-en-Provence, France, you could see the New York-born Ted Huffman’s take on “L’Incoronazione di Poppea”; the Connecticut native Lydia Steier’s spin on “Die Zauberflöte” at the Salzburg Festival, in Austria; or “Lohengrin” at the Bayreuth Festival, in Germany, staged by Yuval Sharon, the visionary leader of the Detroit Opera, who hails from a suburb of Chicago.

    This would have been unimaginable even a decade ago. Until recently, there were few recognizable American directors working on Europe’s major stages. It was a short list that included the avant-garde directors Robert Wilson, 81, and Peter Sellars, 65, and the Alden brothers, David and Christopher, both 73.

    Now, a new crop of American directors, most under the age of 50, is gaining an unlikely foothold on the continent and leaving its mark on the opera scene.

    Germany is a launchpad for many. “More young artists from all over the world are coming here,” said Amy Stebbins, a Berlin-based opera director and librettist from New Hampshire. That’s hardly surprising, she said, given the numerous opportunities there for training and employment. Not only does Germany have more than 80 full-time opera companies; the country’s free education system — including music education — and the availability of paid internships make breaking into opera comparatively democratic and egalitarian.

    In Germany, even provincial opera companies have the wherewithal to put together full and challenging seasons. Ambitious artistic directors are eager to discover new musical and dramatic points of view.

    “They’re always on the lookout for kind of new voices and different voices,” said Louisa Proske, the associate artistic director of the Halle Opera, in eastern Germany. Proske, a native Berliner and a co-founder of Heartbeat Opera in New York, said many German directors take “a very intellectual approach” and that “what can be attractive is this kind of propensity to storytelling that I think is more in the Anglo-Saxon tradition.”

    One house that has been particularly instrumental in luring American directors across the pond is the Frankfurt Opera. Both Huffman and another New Yorker, R.B. Schlather, worked at the company’s alternative venue (where Sharon also directed the German premiere of Olga Neuwirth’s “Lost Highway”) before graduating to the main stage.

    “Both of them, I feel, come out of the tradition of Bob Wilson,” said Bernd Loebe, the Frankfurt Opera’s artistic director, adding that he sees them as directors who “want to escape this superficial approach to opera” that is often found in the United States.

    Loebe said he wasn’t interested in “the cliché of old-fashioned opera: beautiful sets, beautiful costumes.”

    “I want to see a link between music and drama,” he added. “I want directors who are interested in the music.”

    Here’s a closer look at three American opera directors who are leaving their mark in Europe.


    Ted Huffman may well be the only American to graduate from singing in Mozart’s “Die Zauberflöte” as a child to directing a new production of the work at one of Europe’s major opera houses.

    Huffman’s love of music was nurtured by singing Bach and Handel in a church choir. As a child growing up in the suburbs of New York City, he also auditioned for, and landed some, children’s roles in Broadway shows and at the Metropolitan Opera.

    “I spent a lot of time as a kid being exposed to all of this,” the 46-year-old director said. “And I think, you know, it got in my system, in a good way. It didn’t let go.”

    In his early 20s, he and a friend founded the Greenwich Music Festival, an innovative music event in Connecticut that ran between 2004 and 2012, where he directed several productions, including Hans Werner Henze’s “El Cimarrón.”

    Yet despite the festival’s success, he didn’t feel that there was much room for him to realize his directing ambitions on a larger scale.

    “I quite consciously didn’t go the more traditional American route of assisting in big houses and kind of learning that way, because I felt like that was a kind of trap for directors to learn a system of making work on existing sets with existing costumes,” he said.

    After taking part in the Merola Opera Program, in San Francisco, in 2010, he shipped to Europe on a career grant from that institute and picked up his first assignments in London, including an acclaimed staging of Maxwell Davies’s “The Lighthouse” in 2012 for English Touring Opera.

    In the decade since, Huffman has become one of Europe’s most in-demand young opera directors, praised for his ability to coax psychologically complex performances from his actors in visually distinctive and uncluttered stagings. He has staged “Die Zauberflöte” in Frankfurt, “A Midsummer Night’s Dream” in Berlin and “Madama Butterfly” in Zurich.

    Writing in The New York Times, Zachary Woolfe named Huffman’s “Poppea” at Aix one of last year’s musical highlights, calling it “a vivid, spare staging” and praising the director for guiding “his youthful cast in scenes that were genuinely sexy.”

    Along with reimagining the classics, Huffman champions new opera, most significantly as a director and librettist for the British composer Philip Venables. To date, they have worked together on “4.48 Psychosis” (2016) and “Denis & Katya” (2019), both of which have been staged in Europe and America. Their latest collaboration, set to premiere at Aix in July, is co-produced by the Skirball Center at N.Y.U.

    “One of the most exciting things about Europe is that for a longer time there’s been a mandate to produce new work,” Huffman said. “I think that there’s a huge sea change happening in America now,” he added, referencing the Metropolitan Opera’s recent commitment to staging more operas by living composers. It’s one of the reasons, he said, that he’ll continue to divide his career between the United States and Europe for the foreseeable future.


    Lydia Steier wanted to direct opera ever since she saw Milos Forman’s Oscar-winning movie “Amadeus” as a child growing up in Hartford, Conn.

    Her mother encouraged her interest by taking her to the Connecticut Opera, but the stiffly traditional productions there left Steier unfulfilled. “I was always just confused by how the emotional brutality of this kind of music was actually sort of nullified by seeing it onstage,” Steier said.

    Now, of the American directors of the younger generation, Steier, 44, is arguably the most firmly entrenched in the European opera scene.

    In recent seasons, she has staged two new productions of “Die Zauberflöte” at Austria’s prestigious Salzburg Festival, “La fanciulla del West” at the Berlin State Opera and “Les Troyens” at the Semper Opera in Dresden.

    “Lydia is unbelievably honest about what she has to say about human behavior,” said Laura Berman, the American-born artistic director of the Hanover State Opera, where, in 2019, Steier directed an acclaimed production of the religious potboiler “La Juive” that played with antisemitic stereotypes in ways rarely seen on German stages.

    “I suppose it’s sometimes quite cynical, but it’s very funny at the same time. And she exposes racism and narcissistic behavior in society,” Berman added.

    Steier never set out to work in Europe. In 2002, a Fulbright fellowship brought her to Berlin to conduct research about the city’s three opera houses. Afterward, she interned at the Komische Oper there, which led to her taking an assistant position at the house, accompanying productions by innovative directors, including Calixto Bieito and Barrie Kosky.

    In 2009, she assisted Achim Freyer on his production of “Das Rheingold,” the first part of the “Ring” cycle in Los Angeles. (Freyer’s assistants on the tetralogy also included Yuval Sharon.) A year later, also in Los Angeles, she directed a production of “Lohengrin” that remains her most significant American production to date.

    That same year, her directing career took off in Europe with an acclaimed double bill of “Pagliacci” and Busoni’s rarely seen one-act “Turandot” (which predates Puccini’s more famous setting) in Weimar, Germany. She became a fixture at opera houses across the German-speaking world, including the Komische, where she had shows in back-to-back seasons, and at Theater Basel, in Switzerland, where her 2016 production of Stockhausen’s demanding “Donnerstag aus Licht” was voted the year’s best performance by the German magazine Opernwelt.

    Around the same time, Markus Hinterhäuser, the incoming artistic director of the Salzburg Festival, saw and was impressed by Steier’s intimate production of Handel’s oratorio “Jephtha” in Vienna. He offered her “Die Zauberflöte,” one of the festival’s key works. Her 2018 production, and the considerably revised staging she presented at last summer’s festival, took a cue from the 1980s cult film “The Princess Bride.”

    “Millennials and Gen X are known for having an openness and a preference for ironic and edgy humor,” Berman said. “I think that somebody like Lydia has maybe a more unabashed approach to European culture than a European might have.”

    Berman, who was in charge of opera at Theater Basel when Steier directed “Licht” there, said that audiences tend to respond to Steier’s inclusion of pop cultural references “in a very kind of brazen way.”

    Despite her accomplishments on the continent, however, Steier said that work in the United States has been elusive. “It has always been the ambition of mine,” she said, “because I think there’s a lot of what I’ve done that would actually sort of shine a new light on what to do with the standard repertoire in the U.S.”

    Unlike Huffman and Steier, R.B. Schlather, 37, is a rare American opera director whose innovative stateside work has attracted international attention.

    In five years, Schlather went from directing experimental productions at a gallery space on New York’s Lower East Side to working at one of Germany’s leading opera houses.

    Schlather’s performance-art re-imaginings of Handel’s “Alcina” and “Orlando,” staged in Lower Manhattan in 2014 and 2015, led to an invitation from Loebe, the artistic director at the Frankfurt Opera, to put on another work by the German composer, “Tamerlano,” at the company’s alternative venue, the Bockenheimer Depot, in 2019.

    “My manager at the time told me that Bernd Loebe was really interested in me and how they have this old warehouse-like space and that he was looking for directors who were thinking more about site-specific work,” Schlather said, “and I said, ‘Fantastic, absolutely. Sign me up.’”

    That confidence paid off when his stark production, set in a prison camp, was a critical and popular hit.

    Two years later, Schlather debuted on Frankfurt’s main stage with Domenico Cimarosa’s “L’italiana in Londra,” a 1778 work that lies far outside of the standard repertoire. Once again, it triumphed. A critic in the Frankfurter Allgemeine Zeitung newspaper called it “the rebirth of the Frankfurt Opera out of the spirit of comedy.”

    When Schlather returned to Frankfurt last year, it was not with a rarity, but with “Madama Butterfly” in a daringly stripped-down staging that left much to the viewer’s imagination.

    “There was no cliché of ‘Madame Butterfly,’ like these terrible romantic productions we have seen,” Loebe said, comparing aspects of it to classical Japanese theater. “It was very clean and clear.”

    The production was so successful that it will return for eight performances between May and July. And Loebe has invited Schlather back to work at the house during the 2024-25 season. (Like Huffman, Schlather is keeping one foot in the States: In October, he will direct a Handel opera in Hudson, N.Y.).

    “I love working in a place like Frankfurt, where there’s such a diversity of repertoire and you can see the most obscure thing and the most popular thing always in an interesting point of view,” Schlather said, adding that the house has given him opportunities that he would be unlikely to get in the United States.

    “He took a big leap of faith on me,” Schlather said of Loebe. “So I think I really lucked out by being what he was looking for, or what he was open to.”

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    A.J. Goldmann

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  • CNN’s Prime-Time Experiment Is Off to a Slow Start

    CNN’s Prime-Time Experiment Is Off to a Slow Start

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    CNN’s new chairman, Chris Licht, debuted a novel experiment last month to revive his network’s flagging prime-time ratings, betting that viewers would tune in for a mix of exclusive interviews and specials dedicated to hot-button topics like fentanyl abuse and the war in Ukraine.

    Viewers have had other ideas.

    Since Mr. Licht’s 9 p.m. experiment, “CNN Primetime,” began airing several times a week on Feb. 22, viewership has fallen below what the network was drawing in the time slot just a few months ago.

    At 9 p.m. on March 8, more Americans watched “Homicide Hunter: The Man With No Face” on the Investigation Discovery cable network than CNN’s exclusive interview with President Volodymyr Zelensky of Ukraine. Two days earlier, an afternoon broadcast of “Ancient Aliens” on the History Channel drew a bigger audience than a 9 p.m. interview with the first lady, Jill Biden.

    Last week, when the network aired the Biden and Zelensky interviews, as well as a town hall with Gov. Glenn Youngkin of Virginia, CNN delivered its fourth-lowest 9 p.m. weekly ratings in 24 years.

    CNN has had a rocky run since Mr. Licht, a former morning-show and late-night producer, was named to the job about a year ago. The network downsized its staff, jettisoned a new streaming channel and faced an uproar over sexist remarks by the anchor Don Lemon.

    Mr. Licht has retained the firm support of his boss, David Zaslav, the chief executive of Warner Bros. Discovery, which acquired CNN last year. On a visit to CNN’s Manhattan offices on Tuesday, Mr. Zaslav delivered a full-throated endorsement of Mr. Licht’s vision for the network, urging the staff to try out new ideas — “ratings be damned.”

    “We’re trying to figure out what is the best CNN,” Mr. Zaslav said, according to a transcript of his remarks obtained by The New York Times. “What are the stories we should be telling? What’s the right balance?”

    “Let’s get a lot wrong in the next year,” he added.

    A CNN spokesman said on Thursday: “We’ve been openly experimenting with a variety of programming directions over the past few weeks. Without an established format, cadence or promotion for that hour, the network has focused exclusively on producing smart and meaningful content — not on ratings.”

    CNN has not deployed a marketing effort to showcase these 9 p.m. specials, and it is possible the network could develop an audience in the time slot as more viewers become aware of the new concept.

    Still, word of CNN’s dwindling audiences has traveled beyond the cable executives who pore over Nielsen data reports: At last weekend’s white-tie Gridiron Club dinner in Washington, Secretary of State Antony J. Blinken singled out the network in his comedic keynote speech.

    “According to the guest list, there are 600 attendees here tonight,” Mr. Blinken told the chuckling crowd. “CNN would kill for an audience like that.”

    Cable news is a land of habit: Set-in-their-ways viewers, whose median age stretches into the high 60s, tune in expecting to see the same anchor night after night. The concept of devoting 9 p.m. to a fluctuating mix of hosts and topics — rather than a dedicated anchor with a big on-air personality — was always going to be a gamble.

    Mr. Licht pitched “CNN Primetime” as an opportunity to inject “fresh and unique perspectives to the news,” and his idea has come when some prime-time news shows have started falling behind afternoon fare. He has sought the services of hosts like the former basketball star Charles Barkley and the “CBS Mornings” anchor Gayle King.

    But without a regular anchor in place, “CNN Primetime” specials are often announced just days, or even hours, before they air. Recent installments have included a town hall with citizens of East Palestine, Ohio, discussing the recent train disaster; a look at the Alex Murdaugh murder trial; and, on Wednesday, an examination of “the state of banking in America” in light of the Silicon Valley Bank collapse.

    Since last week, Anderson Cooper’s long-running 8 p.m. program attracted an average audience of 584,000 viewers. The 9 p.m. specials averaged just 407,000, a difference of 30 percent. On several occasions, CNN’s strait-laced daytime shows, airing at off-hours like noon and 1 p.m., garnered bigger audiences than the new nighttime offerings. The lone “CNN Primetime” special that exceeded the viewership of its 8 p.m. lead-in was an interview with the comedian Bill Maher.

    Mr. Licht and Mr. Zaslav share a view of CNN as a critical institution in American life that somewhat lost its way under its last president, Jeff Zucker, who encouraged his anchors to adopt confrontational stances toward the Trump administration. As Mr. Licht has gone about remaking CNN, he has championed the kind of straight-ahead reporting that he believes was de-emphasized in favor of more partisan punditry.

    “We could have chosen as an organization to become an advocacy network,” Mr. Zaslav said in his remarks on Tuesday. “And we could probably make more money doing it. And, you know, there was a period of time where some of that strategy was deployed here.”

    Whether there’s an audience for the new approach — at least, an audience sizable enough to generate the huge profits that Mr. Zucker reaped during his time atop CNN — remains an open question in a deeply polarized era.

    Mr. Zaslav says he has no qualms. “Chris and I spend an awful lot of time together, and I’m extremely encouraged by where we are,” he said.

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    Michael M. Grynbaum and John Koblin

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  • Set It and Actually Forget It

    Set It and Actually Forget It

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    Millions of workers open retirement accounts, then ignore or forget about them, leaving thousands of dollars unattended. Are you one of them?

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    Charlotte Cowles

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  • Why We Want to Live (and Work) in That Vermeer Light

    Why We Want to Live (and Work) in That Vermeer Light

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    Sunlight wields enormous power in our interior spaces. It can drive up the value of real estate and alter the mood of a room. It can clarify the work on your desktop and create warmth on a cool day. No light bulb can do all that.

    Natural light has long shaped how buildings are designed and constructed for these reasons. And as we described in this recent Upshot project, light is a big part of why it’s so hard to convert many office buildings into housing. In short, apartments require daylight. And the deep interior of the big modern office hasn’t got it.

    It takes only a quick scan of real estate listings to see the instinctive (and commercial) hold that sunlight has over us.

    Over the course of our reporting, we came to think about this light — distinct from the blaze of a fluorescent light bulb — as the warm glow in a Vermeer painting. Dan Kaplan, a New York architect, put this idea in our heads.

    When thinking about what an apartment wants that a modern office building often lacks, he wrote in an email:

    “The ideal interior condition that you are getting at is perhaps best represented by those beautiful Vermeer paintings (‘The Music Lesson,’ ‘The Milkmaid,’ ‘The Geographer,’ etc.): tall windows (open!), letting soft light fall deeply into tall-ceilinged but relatively shallow rooms.”

    Truly the man loved his window light:

    Art history textbooks often call Vermeer the “master of light,” and you can see why. The subjects he paints aren’t particularly remarkable. But with great natural light, even everyday scenes become transcendent (and Vermeer’s geographer looks as if he’s had a mapping epiphany).

    Vermeer’s light is not the mysterious holy light of a religious painting, but the ordinary daylight that floods through an open window. The farther you get from the window, the more that light dissipates. You can see that in the gentle gradient of Vermeer’s walls:

    Architects and builders have historically thought about light — and even tried to measure it — in terms that echo this gradient. Before modern lighting, the appeal and potential profitability of an office building depended on tall ceilings and large windows capable of lighting as much interior work space as possible. This graph, reprinted in the architectural historian Carol Willis’s book “Form Follows Finance,” was originally published in a 1925 issue of Buildings and Building Management (a “foot candle” here is a lumen per square foot):

    Even on sunny days, once you’re more than 25 to 30 feet from a window, there’s little light to speak of. And without natural light, your best alternative in the early 20th century was a weak task lamp with a hot incandescent bulb.

    The reach of daylight meant that homes and office suites built before modern lighting seldom had spaces farther than 25 to 30 feet from a window. Over the years, however, new technology — structural supports, air-conditioning, artificial light — enabled us to move away from that standard, and from the Vermeer ideal.

    Today many people work in cubicles far from the nearest window, often in environments where they’re unaware of the weather (or the setting sun). In the modern office, Vermeer’s window light is now an array of ceiling-mounted fluorescent light tubes. Imagine our pensive geographer in such a setting.

    While we have generally accepted windowless office life, we have tended to balk at windowless living. The mere suggestion evokes crowded tenements (and real safety concerns).

    Many readers responding to our story have suggested that while cities are now trying to repurpose office buildings, it might also be time to reconsider our tolerance for windowless office work. Seen through a historical lens, our sunless workdays are the aberration.

    The geographer needed a window in 1669, just like the insurance adjuster in 1910, and the one-bedroom tenant in 2023. And like Vermeer did, by the way, to paint.

    Now keep him in mind as you read this article on what it takes to turn office buildings into homes.

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    Emily Badger and Larry Buchanan

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  • Banks are running scared. Is the Federal Reserve about to make things worse?

    Banks are running scared. Is the Federal Reserve about to make things worse?

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    The lightning collapse of three banks and financial industry rescue of a fourth has put a spotlight on the Federal Reserve’s decision next week on whether to continue raising interest rates.

    Just two weeks after Fed Chair Jerome Powell suggested rates could rise even higher than previously projected in a bid to quash inflation, many analysts expect a no more than 0.25 percentage-point hike, while some experts are urging policy makers to hold the line for fear of further unsettling the banking system. 

    The quandary highlights the multiple, and conflicting, issues facing the Fed. With key sectors of the economy going strong and inflation still more than double the Fed’s target rate of 2%, the central bank is keenly aware that any sign it is relenting in the battle against inflation could give rise to another wave of price increases. 

    At the same time, lifting the federal funds rate now could magnify the kind of problems at other lenders that led panicked depositors to yank their money out of Silicon Valley Bank. 

    “A financial accident has happened, and we are going from no landing to a hard landing,” Torsten Slok, chief economist at private equity firm Apollo Global Management, said in a note this week that predicted the Fed will keep rates steady when officials meet March 21-22.

    Kathy Bostjancic, chief economist at Nationwide, also thinks the current stress on the nation’s banking system could make Fed officials think twice about hiking rates next week.

    “Many people, even myself, had been surprised that the Fed raised rates by [4.5 percentage]  points in 11 months and nothing did break. It’s finally vindicating the view that the Fed can’t raise rates that fast without something happening,” she told CBS MoneyWatch.

    The Treasury problem

    While SVB failed partly because of financial missteps, analysts say rising interest rates played a critical role in its collapse. Flooded with customer deposits during the pandemic, the bank grew rapidly and put much of these funds into long-term Treasury bonds and mortgage securities. 

    But as the Fed jacked up rates, SVB’s investments lost value. That left the bank short on deposits just as customers spooked by SVB’s potential losses were rushing to withdraw their money. The concern now is that this pattern could repeat itself at other banks ill-prepared for further rate hikes.

    “We’re also seeing fear of balance-sheet issues at regional banks,” Bostjancic said. “There’s definitely evidence that banks, as they’ve received this tremendous inflow of deposits, a significant amount went into Treasury securities. There are other banks that are facing that issue.”

    Already, some customers at small and regional banks are moving their funds to the largest institutions, Financial Times correspondent Stephen Gandel told CBS News.


    Large banks see influx of new depositors following SVB collapse

    05:59

    Did the Fed make this mess?

    What led to SVB’s fast growth in deposits in the first place? More Americans were flush with cash in the early years of the pandemic, while the tech industry saw explosive growth. According to economists, both factors were fueled by the government’s response to the COVID-19 crisis: hosing consumers and businesses down with cash, while also keeping interest rates at zero for many months after the initial crisis in 2020 had passed.

    The danger now is that the Fed, having stepped on the gas too hard in recent years to keep the economy motoring forward, is now stomping on the brakes and risking a crash. 

    “Like the poor fool, the U.S. Federal Reserve overreacted to the inflation cold spell during the COVID crisis by easing financial conditions too far for too long,” Will Denyer of Gavekal Research wrote in a note this week. “The risk now is that the Fed has cranked the handle too far the other way … tightening conditions so much that it has initiated a disinflationary process that will overshoot to the downside, likely causing a recession.” 

    Financial conditions tightening

    The Fed’s main tool for controlling inflation is to use its benchmark overnight lending rate to slow the economy. But many economists say inflation is now cooling enough on its own without the need for additional help from the Fed, especially given the lag between monetary policy and economic growth. The current tumult in banking and in financial markets will also make lenders far more cautious, further containing inflationary pressures. 

    “Going forward banks, especially small and medium-sized banks, are likely to tighten their credit standards significantly,” Nationwide’s Bostjancic prediicted. “Fed officials need to consider that more cautious bank lending will be an additional brake on economic activity, and it could be significant.” 


    Former FDIC chair Sheila Bair on turmoil in the banking sector

    06:15

    By contrast, the Fed could very well decide that it has done enough to shore up the banking system following the collapse of SVB and New York’s Signature Bank and continue pushing up interest rates. After those failures, the Fed created a new lending program effectively insuring other banks’ Treasury holdings against losses for up to a year. The central bank could choose to stay the course on rate hikes as a sign of confidence in its policy measures and of its unremitting commitment to lower inflation.

    “What decision sends a message that they’re still cautious about inflation and believe in the stability of the banking system? What message portrays stability and confidence?” asked Ed Mills, Washington analyst at Raymond James. “I think the Fed is fine having another week to digest that.”

    “The banking industry works on confidence as much as it works on capital, and the banking industry is very well-capitalized at this point,” Mills added. “But there is a real question about confidence.”

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