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bigyack-com · 5 years

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DealBook: Exclusive: Airbnb Imagines a ‘Stakeholder’ World

Good morning. (Was this email forwarded to you? Sign up here.)

Airbnb moves beyond shareholders

Brian Chesky, Airbnb’s co-founder and C.E.O., spoke exclusively to Andrew last night about the company’s announcement today that it will think about all “stakeholders” when it comes to corporate governance, not just investors.The move is Mr. Chesky’s take on the Business Roundtable’s recommendations last year that companies consider employees, the environment and more in their business decisions.• Airbnb is planning to hold a “Stakeholder Day.” It would be like a traditional annual shareholder meeting — except that everyone from customers to “hosts” to employees and others will be invited.• It will also change its compensation program, with factors important to stakeholders like progress on guest safety taken into account when bonuses are calculated.“I don’t want to be one of those C.E.O.s to say we’re trying to do all this great stuff, but then we treat board meetings exactly like every other board meeting,” Mr. Chesky told Andrew. He added that he doesn’t think this is particularly radical: “I think this is where the world is going.”The big picture: • Airbnb remains under fire on a number of fronts, including battles with regulators over housing laws, concerns over the safety of its customers and claims of discrimination by hosts. They’re among the struggles that surround the company’s plans to go public this year.• It’s unclear whether investors, as one of many groups of stakeholders, will embrace their diminished stature within Airbnb’s universe.• And it remains to be seen whether the new goals will increase the company’s valuation in its market debut.____________________________Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York and Michael J. de la Merced in London.____________________________

Microsoft’s ambitious climate goal: going “carbon negative”

The tech giant unveiled a response to climate change yesterday that goes beyond offsetting carbon emissions. It wants to erase its entire historical carbon footprint by 2050, a target that no other major company has set before.What the plan involves:• Becoming “carbon negative” by 2030, which means not only ending the emission of carbon into the atmosphere, but also removing it.• Creating a Climate Innovation Fund that will invest $1 billion over the next four years into developing carbon-removal technology, which currently isn’t commercially viable.It goes further than other environmental pledges by Fortune 500 companies. Amazon said last year that it aimed to be carbon neutral by 2040. And PepsiCo announced this week that it wanted to cut its carbon emissions by 20 percent over the next decade. Climate activists hope that such moves will spur other corporations to think just as big.But there’s reason to be skeptical of Microsoft’s pledge. Sue Reid of the environmental nonprofit group Ceres told Reuters that the economics of carbon removal remained murky: “That math is all facing some new uncertainty and vulnerabilities tied to exacerbated climate change impact,” such as more wildfires, she said.Expect this to be a huge topic at the World Economic Forum in Davos, Switzerland, next week. Andrew will be on the ground to give you the inside scoop.

Inside Leon Black’s moneymaking machine

Apollo Global Management is one of Wall Street’s biggest private equity firms, managing over $320 billion in assets. Apollo’s success is due in large part to the strategies of its founder, Leon Black, who gets his close-up in this week’s Bloomberg Businessweek cover story.“Black’s aggressive approach — involving layoffs and slashing benefits — is also among the most profitable,” Caleb Melby and Heather Perlberg of Businessweek write. “Apollo’s flagship private equity fund, which it opened to investors in 2001, has delivered annual returns of 44 percent.”Highlights from Mr. Black’s career include:• Working with Mike Milken on junk bonds, a term Mr. Black still hates because competitors came up with it: “We were never accepted by the Goldmans and the Morgans and the Kidder Peabodys and the First Bostons.”• Investing where others wouldn’t dare. “Everybody else is running for the doors, and we’re backing up the trucks,” Mr. Black told Businessweek.But his biggest problem right now might be his association with Jeffrey Epstein:• The depths of Mr. Black’s financial ties to the late financier are unknown, but he is known to have given $10 million to Mr. Epstein’s charity and persuaded the financier to invest in a friend’s muffler company.• “After Epstein was found dead in his Manhattan jail cell a month later, former Apollo employees joked darkly that his death had made Black’s life easier.”

Why banks should give thanks to Trump

President Trump ribbed a top JPMorgan Chase executive this week when he said her bank should thank him for its stellar earnings. He may have had a point, at least when it comes to his tax cuts, writes Yalman Onaran of Bloomberg.• Savings for America’s top six banks — JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley — from the 2017 tax overhaul have now surpassed $32 billion.• The banks “posted earnings this week showing they saved $18 billion in 2019, more than the prior year, as their average effective tax rate fell to 18 percent from 20 percent,” Mr. Onaran writes.• “The six firms posted $120 billion in net income for 2019, inching past 2018’s mark. They had never surpassed $100 billion before the tax cuts.”

Can Alphabet stay in the $1 trillion club?

The parent company of the search giant Google hit $1 trillion in market value yesterday, the fourth tech company to do so. But Alphabet faces challenges to stay at that level:• Regulation. Dai Wakabayashi of the NYT notes that “it faces investigations from Congress, state attorneys general and the Department of Justice,” as well as pressure from other regulators around the world.• New leadership. Alphabet’s co-founders, Larry Page and Sergey Brin, have taken a step back, leaving the company in the hands of Sundar Pichai, who has been criticized as lacking vision.• Shareholder sentiment. Investors are “debating whether the largest internet stocks have gotten too pricey,” Amrith Ramkumar of the WSJ writes.And here’s why it could keep climbing, Mr. Wakabayashi points out: “Google search is the on-ramp to much of the internet.”

Revolving door

Chris Young is stepping down as the chief of the cybersecurity company McAfee to become a senior adviser to TPG, the investment firm. He will be replaced by Peter Leav of BMC Software.George Cheeks, the vice chairman of NBCUniversal Content Studios, reportedly resigned to take a senior role at CBS.James Debney stepped down as the C.E.O. of the parent company of the gun maker Smith & Wesson after the board discovered what it said was nonfinancial misconduct.

The speed read

Deals• The Gap called off plans to spin off its most successful division, Old Navy, and investors cheered. (CNN)• Ant Financial, the corporate sibling of the Alibaba Group of China, is reportedly working with banks to revive its I.P.O. plans. (FT)• M.&A. advisory fees for five of Wall Street’s top banks dropped 5 percent last year, or $558 million. (FT)Politics and policy• President Trump said he would formally nominate Judy Shelton, a longtime critic of the Fed, to the central bank’s board of governors. (NYT)• How the U.S.-China trade deal could change the way international disputes are settled. (WSJ)• The Senate approved the revised North American trade deal known as U.S.M.C.A. by a vote of 89 to 10. (WSJ)• Several Democratic lawmakers said that JPMorgan Chase had not provided enough detail about its efforts to improve diversity and to address complaints about discrimination. (NYT)Tech• Facebook has reportedly called off plans to sell ads in WhatsApp, at least for now. (WSJ)• Fiat Chrysler is teaming up with Foxconn to develop electric vehicles. (TechCrunch)• Pinterest has surpassed Snapchat as the third-most popular social network in the U.S., a new study found. (Search Engine Journal)• Do you really need a smart toilet? (WSJ)Best of the rest• Employees at Barneys are angry that the fashion retailer, now in liquidation, fell short of $4 million in severance payout obligations. (NYT)• The German authorities raided the homes and offices of three people suspected of spying for China. (NYT)• Brace yourself: Here comes Build-a-Bear’s Baby Yoda. (Business Insider)Thanks for reading! We’ll see you next week.We’d love your feedback. Please email thoughts and suggestions to [email protected]. Read the full article

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mastcomm · 5 years

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DealBook: Exclusive: Airbnb Imagines a ‘Stakeholder’ World

Good morning. (Was this email forwarded to you? Sign up here.)

Airbnb moves beyond shareholders

The move is Mr. Chesky’s take on the Business Roundtable’s recommendations last year that companies consider employees, the environment and more in their business decisions.

• Airbnb is planning to hold a “Stakeholder Day.” It would be like a traditional annual shareholder meeting — except that everyone from customers to “hosts” to employees and others will be invited.

• It will also change its compensation program, with factors important to stakeholders like progress on guest safety taken into account when bonuses are calculated.

“I don’t want to be one of those C.E.O.s to say we’re trying to do all this great stuff, but then we treat board meetings exactly like every other board meeting,” Mr. Chesky told Andrew. He added that he doesn’t think this is particularly radical: “I think this is where the world is going.”

The big picture:

• Airbnb remains under fire on a number of fronts, including battles with regulators over housing laws, concerns over the safety of its customers and claims of discrimination by hosts. They’re among the struggles that surround the company’s plans to go public this year.

• It’s unclear whether investors, as one of many groups of stakeholders, will embrace their diminished stature within Airbnb’s universe.

• And it remains to be seen whether the new goals will increase the company’s valuation in its market debut.

____________________________

Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York and Michael J. de la Merced in London.

____________________________

Microsoft’s ambitious climate goal: going “carbon negative”

What the plan involves:

• Becoming “carbon negative” by 2030, which means not only ending the emission of carbon into the atmosphere, but also removing it.

• Creating a Climate Innovation Fund that will invest $1 billion over the next four years into developing carbon-removal technology, which currently isn’t commercially viable.

It goes further than other environmental pledges by Fortune 500 companies. Amazon said last year that it aimed to be carbon neutral by 2040. And PepsiCo announced this week that it wanted to cut its carbon emissions by 20 percent over the next decade. Climate activists hope that such moves will spur other corporations to think just as big.

But there’s reason to be skeptical of Microsoft’s pledge. Sue Reid of the environmental nonprofit group Ceres told Reuters that the economics of carbon removal remained murky: “That math is all facing some new uncertainty and vulnerabilities tied to exacerbated climate change impact,” such as more wildfires, she said.

Expect this to be a huge topic at the World Economic Forum in Davos, Switzerland, next week. Andrew will be on the ground to give you the inside scoop.

Inside Leon Black’s moneymaking machine

“Black’s aggressive approach — involving layoffs and slashing benefits — is also among the most profitable,” Caleb Melby and Heather Perlberg of Businessweek write. “Apollo’s flagship private equity fund, which it opened to investors in 2001, has delivered annual returns of 44 percent.”

Highlights from Mr. Black’s career include:

• Working with Mike Milken on junk bonds, a term Mr. Black still hates because competitors came up with it: “We were never accepted by the Goldmans and the Morgans and the Kidder Peabodys and the First Bostons.”

• Investing where others wouldn’t dare. “Everybody else is running for the doors, and we’re backing up the trucks,” Mr. Black told Businessweek.

But his biggest problem right now might be his association with Jeffrey Epstein:

• The depths of Mr. Black’s financial ties to the late financier are unknown, but he is known to have given $10 million to Mr. Epstein’s charity and persuaded the financier to invest in a friend’s muffler company.

• “After Epstein was found dead in his Manhattan jail cell a month later, former Apollo employees joked darkly that his death had made Black’s life easier.”

Why banks should give thanks to Trump

• Savings for America’s top six banks — JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley — from the 2017 tax overhaul have now surpassed $32 billion.

• The banks “posted earnings this week showing they saved $18 billion in 2019, more than the prior year, as their average effective tax rate fell to 18 percent from 20 percent,” Mr. Onaran writes.

• “The six firms posted $120 billion in net income for 2019, inching past 2018’s mark. They had never surpassed $100 billion before the tax cuts.”

Can Alphabet stay in the $1 trillion club?

The parent company of the search giant Google hit $1 trillion in market value yesterday, the fourth tech company to do so. But Alphabet faces challenges to stay at that level:

• Regulation. Dai Wakabayashi of the NYT notes that “it faces investigations from Congress, state attorneys general and the Department of Justice,” as well as pressure from other regulators around the world.

• New leadership. Alphabet’s co-founders, Larry Page and Sergey Brin, have taken a step back, leaving the company in the hands of Sundar Pichai, who has been criticized as lacking vision.

• Shareholder sentiment. Investors are “debating whether the largest internet stocks have gotten too pricey,” Amrith Ramkumar of the WSJ writes.

And here’s why it could keep climbing, Mr. Wakabayashi points out: “Google search is the on-ramp to much of the internet.”

Revolving door

Chris Young is stepping down as the chief of the cybersecurity company McAfee to become a senior adviser to TPG, the investment firm. He will be replaced by Peter Leav of BMC Software.

George Cheeks, the vice chairman of NBCUniversal Content Studios, reportedly resigned to take a senior role at CBS.

James Debney stepped down as the C.E.O. of the parent company of the gun maker Smith & Wesson after the board discovered what it said was nonfinancial misconduct.

The speed read

Deals

• The Gap called off plans to spin off its most successful division, Old Navy, and investors cheered. (CNN)

• Ant Financial, the corporate sibling of the Alibaba Group of China, is reportedly working with banks to revive its I.P.O. plans. (FT)

• M.&A. advisory fees for five of Wall Street’s top banks dropped 5 percent last year, or $558 million. (FT)

Politics and policy

• President Trump said he would formally nominate Judy Shelton, a longtime critic of the Fed, to the central bank’s board of governors. (NYT)

• How the U.S.-China trade deal could change the way international disputes are settled. (WSJ)

• The Senate approved the revised North American trade deal known as U.S.M.C.A. by a vote of 89 to 10. (WSJ)

• Several Democratic lawmakers said that JPMorgan Chase had not provided enough detail about its efforts to improve diversity and to address complaints about discrimination. (NYT)

Tech

• Facebook has reportedly called off plans to sell ads in WhatsApp, at least for now. (WSJ)

• Fiat Chrysler is teaming up with Foxconn to develop electric vehicles. (TechCrunch)

• Pinterest has surpassed Snapchat as the third-most popular social network in the U.S., a new study found. (Search Engine Journal)

• Do you really need a smart toilet? (WSJ)

Best of the rest

• Employees at Barneys are angry that the fashion retailer, now in liquidation, fell short of $4 million in severance payout obligations. (NYT)

• The German authorities raided the homes and offices of three people suspected of spying for China. (NYT)

• Brace yourself: Here comes Build-a-Bear’s Baby Yoda. (Business Insider)

Thanks for reading! We’ll see you next week.

We’d love your feedback. Please email thoughts and suggestions to [email protected].

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newyorktheater · 5 years

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“Fairview,” winner of the 2019 Pulitzer Prize for Drama, began Off-Off Broadway.

“Small theaters” play a large role in making New York City the world’s cultural capital, according to “All New York’s a Stage,” a report issued this week by the Mayor’s Office of Media and Entertainment that looks at the cultural and economic impact of Off-Broadway and Off-Off Broadway, a “sector” (in policy-speak) that is made up of “748 small venue theater organizations” that generate “$1.3 billion in total economic output” annually. They also generate much of the theater world’s cultural heat these days. One example: Some dozen Pulitzer Prize winning plays originating in NYC’s small theaters, including this year’s winner “Fairview” above (Soho Rep), 2016’s “Hamilton” (New York Public Theater), 2015’s “Between Riverside and Crazy” (Atlantic) and 2014’s “The Flick” (Playwrights Horizons.) One arresting fact: The majority of staff of these theaters are volunteers. Here are some charts from the report:

Thanksgiving Week Broadway Schedule

including 15 shows adding performances today!

The Week in New York Theater Reviews

Ronete Levenson (Sue), Lindsay Rico (Paula), Helen Cespedes (Emma), Jennifer Lim (Cindy)

Fefu and Her Friends

Fefu picks up a double-barrel shotgun and shoots at her husband near the beginning of “Fefu and Her Friends,” billed as a modern classic and written by the beloved avant-garde playwright Maria Irene Fornés, who died in October 2018 at the age of 88. “It’s a game we play,” Fefu explains matter-of-factly to her friends, putting the gun back against the drawing room chair. “I shoot and he falls. Whenever he hears the blast he falls.”

For the first time in 40 years, Off-Broadway theatergoers can actually hear that gunshot blast too, thanks to a Theater for a New Audience production, directed by Liliana Blain-Cruz, that is itself a blast….for much of the time. For the rest of the time, it’s…..well, to quote the director herself on her reaction when discovering the work of Maria Irene Fornés: “Oh my god. I don’t understand anything that’s going on, but I love it.”

The Half-Life of Marie Curie

Marie Curie won the Nobel Prize twice, but she was also a woman; so the Nobel committee asked her not to show up at the ceremony. We learn the specific reason why early on in this well-intentioned, workmanlike play by Lauren Gunderson about the friendship between two world-class women scientists who lived a century ago.

Samuel H. Levine as Adam, Kyle Soller as Eric, Kyle Harris as Jasper, Arturo Luís-Soria as Jasper2, Jordan Barbour as Tristan, and Darryl Gene Daughtry Jr. as Jason1

The Inheritance

“The Inheritance,” a long, ambitious play about three generations of gay men in New York, pays homage to two masterpieces, without being one itself. Yet the play by Matthew Lopez, making his Broadway debut, is both sweeping and intimate, sophisticated and raw, a weepy that is often funny. Several performances are transporting, including two actors making their Broadway debuts, and an actress who made hers 67 years ago. There are swoops into intellectual brilliance, such as when one of the characters elaborately compares America to a body, its democracy to a body’s immune system, and the current president to the HIV virus. There are dips into nudity and raunch. There is insight and debate and uplift. Does “The Inheritance” need to be nearly seven hours long and in two parts to achieve all that? The short answer is no. But there’s so much here that’s so wonderful that it’s worth it to those with the stamina.

A Christmas Carol

Who knew that “A Christmas Carol” could be so dangerous!

The assaults begin even before the first line of dialogue in the new, charming if overlong, and extraordinarily well-designed Broadway production of Charles Dickens’ 1843 classic, starring Campbell Scott as Ebenezer Scrooge and Andrea Martin and LaChanze as Ghosts of Christmas Past and Present. Cast members on the stage dressed as 19th century English blokes and birds throw clementines and cookies to (at?) the audience…vigorously.

“I’m suing,” said somebody sitting behind me, in a straight-faced impersonation of Scrooge, after he was hit by one of the packages of chocolate chips. “Are you an attorney?”

Evita

It’s surely pointless, four decades and two billion dollars after its debut, to rant about Evita, and silly to blame Andrew Lloyd Webber’s theatrical canonization of the amoral historical figure Eva Perón as paving the way for the elevation of another media personality remade into a dictator-loving populist. Still, this core problem I have with the musical stops me from fully embracing its revival at New York City Center, even as I acknowledge that the singing in this production is gorgeous, the orchestra lush, the choreography fun, and the story reinterpreted in some bold and intriguing if not always effective ways.

Two adaptations of novels by Édouard Louis:

James Russell Morley and Oseloka Obi on the video

The End of Eddy

Parts resemble a book report for school, but won’t be mistaken for a story hour because of the inventive stagecraft and the rawness of the stories — relentless bullying, deadened people in a dying factory town, his sad and funny efforts to ‘be a man,’ his sexual experimenting.

History of Violence

An examination of trauma; that in any case is the most consistently insightful aspect of the adaptation…. committed performances by the four-member cast…but the production ultimately felt more like an exercise in stagecraft rather than a pointed exploration of history or violence.

The Week in New York Theater News

Grammy Award nominees for best musical theater albums: Ain’t Too Proud, Hadestown, Moulin Rouge, plus the incidental music from the play Harry Potter and the Cursed Child. The 62nd annual Grammy Awards will be held on January 20, 2020.

Ephraim Sykes in Newsies

Motown’s Ephraim Sykes as member of The Temptations, Berry Gordy Jr.’s brother, member of the Jackson 5

Ephraim Skyes as Seaweed J. Stubbs —

Ephraim Sykes as David Ruffin

Ephraim Sykes will star as Michael Jackson in “MJ,” the musical slated to open on Broadway beginning the summer 2020. A thrilling performer, he’s had an increasingly high-profile career: Memphis,Newsies,Motown,Hamilton, Hairspray Live, and Tony-nominated for his role as avid Ruffin in Ain’t Too Proud: The Life and Times of the Temptations.

He is now both performing in Ain’t Too Proud and rehearsing for MJ. How can he do this? “I always say just a bunch of prayers, and drink as much coconut water as I can find,” he told Essence.

Lynn Nottage, the Pulitzer Prize winning playwright of “Ruined” and “Sweat,” is the book writer for MJ the Musical. In a mutual interview in Vogue magazine between Nottage and Slave Play playwright Jeremy O. Harris, he brings up MJ:

Can I ask you a question about Michael Jackson? How do you contend with the weight of that history?

We all, on some level, recognize the complexity of Michael Jackson. For many years, he has occupied a very specific space.

Going into this moment, when there’s such a spotlight on him, and such decided opinion on it now around what we should do with that history…

Cancel culture is the dominant culture in this moment. But my guiding principle is that you have to sustain the complexity. I really feel as an artist that writing this piece is me trying to process my complicated feelings about someone who I idolized from the time I was five years old. To reconcile that with that person who, in the media, was quite complicated. I can’t simply cancel that person. I have to, as an artist, lean into that complication—that is what I’m investigating by doing this. And I think that the easy thing would be to say no and run away. But for me the more interesting thing is to lean into it and try to figure out personally how I feel.

Separately, John Logan (Moulin Rouge the Musical, Red, The Aviator) has been hired to writea movie script about Michael Jackson.

Patrick Stewart’s one-man version of “A Christmas Carol” will be presented for two nights only, Dec 11 & 13 at Theater 511 to benefit City Harvest and Ars Nova

“Soft Power” will release a cast recording in Spring 2020.

They grew up at Boston Children’s Theater. Now They Look Back with Alarm

“a group of 17 former students who sent a letter to the theater’s board late last month, detailing a range of negative experiences with [Burgess Clark, the director of Boston’s Children’s Theater]; three alleged that Clark had kissed or touched them inappropriately. Beverly police are investigating; no charges have been filed. A group of older alums sent a second letter describing their own disturbing encounters. Burgess has resigned.”

Rest in Peace

Michael J. Pollard in Bye, Bye Birdie

Michael J. Pollard in “The Many Loves of Dobie Gillis”

Michael J. Pollard in “Bonnie and Clyde”

Michael J. Pollard, 80, best known for TV roles (“The Many Loves of Dobie Gillis”) and his Oscar-nominated part in the movie “Bonnie and Clyde”, was also a 5-time veteran of Broadway, such as the original Hugo Peabody in “Bye, Bye Birdie.”

Small Theater is BIG in NYC. Ephraim Sykes is Michael Jackson, Lynn Nottage answers why she’s taking on MJ. #Stageworthy News of the Week "Small theaters" play a large role in making New York City the world's cultural capital, according to

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