The New York Times Licensing Group Catalog by NYTLicensing

Products & Services

ABOUT US

We deliver New York Times journalism and curated content for organizations of all sizes. The New York Times Licensing Group empowers companies to connect with their audiences, harnessing The Times’s world-class journalism and content curation to elevate experiences and engage customers. From political reporting and business, to culture and travel — we give audiences access to expert analysis and a global perspective through stories that inform, entertain and inspire. Whether it’s award-winning journalism from The New York Times newsroom or engaging storytelling curated from media partners like The Economist or National Geographic, NYT Licensing offers access to current and archival material across an extensive range of subjects. Our content types include text, photojournalism, dynamic infographics, podcasts and video — using these innovative formats to grant your customers a window into their world. All packages are rights-cleared and integrated with features to make them instantly available to global audiences. NYT Licensing is designed for media organizations and brands alike, providing access to quality journalism and storytelling at an exceptional value.

Visit our website, nytlicensing.com, for an expanded look at our offerings.

TABLE OF CONTENTS

Content Feeds

Magazines

Special Packages

Contacts

Content Feeds Choose from original Times reporting, or dive deep with subject-matter expertise from a variety of respected publications. We offer a comprehensive selection of independent journalism and storytelling across a range of formats.

CONTENT FEEDS | TABLE OF CONTENTS

The New York Times News Service

Arts & Entertainment

Business

Children & Young Adults

Fashion & Style

Games

Health

Lifestyle

Opinion

Science & Technology

Travel

World News

CONTENT FEEDS

The New York Times News Service Leverage the breadth and depth of The Times’ global newsroom and provide audiences with curated news coverage that’s been edited for ease of use.

News Service Complete The New York Times News Service delivers the cross-platform experience of industry-leading New York Times journalism, through articles, images and multimedia, to integrated media companies, corporations and brands around the world. A direct link to The New York Times newsroom, the service provides contextualized coverage that cuts through the noise of a 24-hour news cycle to make sense of the day’s news and trends. Quality Journalism The New York Times News Service brings audiences the latest stories from all corners of the world. Through in-depth analysis, investigative journalism and inspiring features, it presents a comprehensive and conscientious view of: national and international news, politics, business, lifestyle and sports.

Digital-Ready Packages The New York Times News Service offers a variety of packages designed to encourage cross-platform storytelling through the rich integration of text, photos, graphics and videos. Short headlines and summaries, along with flexible posting rights, invite publishers to make the best use of all content on web, mobile, tablet and other platforms.

Authoritative Commentary The reputation of the New York Times News Service rests not only on the quality of its news report, but also on the authoritative analysis from a distinguished lineup of opinion columnists. Each speaks with a distinctive voice on domestic and international issues. Columns by The New York Times op-ed columnists are exclusive to News Service subscribers.

Charles M. Blow 8

David Brooks 12

Frank Bruni 4, 13

Gail Collins 14

Ross Douthat

Maureen Dowd 2

Thomas L. Friedman 2, 5, 9, 15

Nicholas Kristof

Paul Krugman

David Leonhardt

2, 4, 5, 6, 7, 16

1, 3, 11, 17, 18

2, 3, 19

Bret Stephens 2

Nobel Memorial Prize in Economic Sciences

11 John Hancock Award

Pulitzer Prize

Gerald Loeb Award

12 ASA Excellence in the Reporting of Social Issues Award

George Polk Award

Overseas Press Club of America Award

13 GLAAD Media Award for Outstanding Newspaper Columnist

Online News Association Award

14 Ernie Pyle Lifetime Achievement Award

American Society of Newspaper Editors Award

15 National Press Club’s Lifetime Achievement Award

Society of News Design Best of Show Award

16 Michael Kelly Award

Financial Times/Goldman Sachs Business Book of the Year

17 H.C. Recktenwald Prize in Economics

10 John Bates Clark Medal

THE NEW YORK TIMES LICENSING GROUP

18 Prince of Asturias Award for Social Science 19 Peter Lisagor Award for Exemplary Journalism

CONTENT FEEDS

Multimedia Services The New York Times Photo Service | Offers a feed of top-quality images from The Times and its contributors. Readers will enjoy thought-provoking visual coverage of current events, international issues and people in the news — as seen through the eyes of the world’s most creative photographers. Coverage includes news, business, technology, science, health and the arts. A feed of high-res images from The Times and its contributors. Approximately 1,000 images per week. The New York Times Graphic Service | Offers a feed of bold, informative charts, timelines, graphs, maps and illustrations from the worlds of business, culture, science and sports. Access a feed of up to three story-related graphics per day. The New York Times Photo Archives | More than 4,000 historic photos from The Times’ photo archive to choose from, including featured packages on a variety of themes. The New York Times Videos | Whether it’s reporting on conflicts abroad and political divisions at home, or covering the latest style trends and scientific developments, New York Times video journalists provide a revealing and insightful look at the world. Short and long-form videos featuring The New York Times’ world-class journalism and popular personalities are well-suited for monetization through in-stream opportunities, series sponsorships or custom advertising solutions. Videos span a range of topics that include: U.S. & Politics, International, New York, Business, Science, Technology, Culture, Style, Health, Food, Travel, Sports and Real Estate.

Translated News Services Chinese News Service | Authoritative coverage from The New York Times in Chinese. Articles span verticals that include: international news, China-related news, opinion, lifestyle, culture and fashion. Access up-to 14 articles daily. Only available in the Chinese language. The New York Times en Español | An exclusive service that offers original on-the-ground coverage and translated articles from The New York Times on topics relevant to Latin American audiences. The content includes crónicas (native journalism), investigations, analysis, commentary, features, reviews, photography and more. A daily feed of up to 40 articles per week, with photos and illustrations as available. Only available in Spanish. Servicio Analítico | Analítico presents a ‘behind the headlines’ look at international news, opinion, politics, business, science, lifestyle and sports. Access up to five articles daily, paired with photos and graphics. Only available in Spanish. Special Reports | Special Reports offers a curated selection of in-depth analysis and feature content with a focus on news, business or lifestyle.

NY TLICENSING.COM

CONTENT FEEDS

Arts & Entertainment Enrich audiences with in-depth cultural commentary, original reporting and critical reviews of books, television, movies and music.

Hollywood Watch Original features on movies, music, television, books and more. The biggest stories on the biggest stars, plus behind-the-scenes interviews, trivia and retrospectives. 3 to 5 articles per week, with art.

The New York Times Book Review A lively salon offering reviews of fiction and nonfiction books from around the globe, along with essays and author interviews by leading international writers and scholars. Includes The New York Times best-seller list. Up to 20 articles every Monday.

Designates a service comprised of content from The New York Times

THE NEW YORK TIMES LICENSING GROUP

CONTENT FEEDS

Business Grant audiences valuable insights into global markets and business trends. Get insider access to the influencers, entrepreneurs and CEOs at the forefront of business.

Corner Office Corner Office, a Q&A column from The New York Times, examines what it takes to reach the top in business and to inspire others. David Gelles, a reporter for The Times’ business section, interviews the world’s entrepreneurs, innovators and business leaders, asking them how they do their jobs, and the most important lessons they learned as they rose through the ranks. One article with photos as available, every two weeks.

Freakonomics Stephen J. Dubner, a best-selling author, and Steven D. Levitt, an innovative economist, study the riddles of everyday life — from cheating and crime to sports and child-rearing. Every other week.

Global DealBook DealBook is the place to get the latest updates on deals in the making and how they may affect the global marketplace. The team of reporters, editors and producers, based around the globe, reports on the legal and political ramifications of today’s biggest business moves and their implications for investors. Available Monday through Friday, including: one feature article, one column or additional feature article and news briefs. RSS feeds also available.

Translations of select services are also available in Chinese, Portuguese and Spanish.

NY TLICENSING.COM

CONTENT FEEDS | BUSINESS

BUSINESS

Harvard Business Review Harvard Business Monday Morning | A concise service for business sections featuring short takes from hbr.org: the perfect read for the business commute. 4 articles per week. Harvard Business Review Complete | The unabridged contents of Harvard Business Review magazine. Up to 25 articles available for publication on the first day of every other month. Harvard Business Review News Service | A selection of abridged articles from the magazine, along with the latest developments in business news from the Harvard Business Review website, hbr.org. 5 articles per week, Monday-Friday. Harvard Business Review Videos | A weekly video service by Harvard Business Review, offering new ideas and classic advice on strategy, innovation and leadership from the world’s best business and management experts. 1 video per week. Harvard Management Update | Practical advice for managers and executives from the premier source of information on the art and science of business and management. 2 articles per week. Tips & Talking Points | A weekly branded page that offers business tips and thought-provoking statistics in an easy-to-read and lively format. 1 issue per week. Wake-Up Call Listicle & Module | The expertise of Harvard Business Review applied to readers’ personal worlds. A focus on six elements of personal management: Conversation and communication, personal and workplace satisfaction, health, time, money and finding work-life balance. 2 articles daily, Monday-Friday. 3 listicles per week; Monday, Wednesday, Friday.

Richard Branson The Richard Branson column offers interactive and informative advice on entrepreneurship with essays, listicles, reader Q&A’s and videos. As the founder of the Virgin Group and one of the world’s most dynamic billionaires, Branson’s insights on business strategy and leadership are unparalleled. Weekly.

THE NEW YORK TIMES LICENSING GROUP

CONTENT FEEDS

Children & Young Adults Inspire young audiences with news, analysis and videos attuned to their interests and age.

Scholastic The New York Times Upfront | Compelling current events articles, world news features and trends roundups adapted from The New York Times give students a wide look at what’s happening in the world and why it’s important. Written exclusively for ages 13-18. 13 issues per year, 8-10 articles per issue. Photos and graphics as available. Science World | Exciting features and briefs bring today’s most remarkable scientific discoveries to young readers by connecting current science news with essential biology, chemistry, earth science and physics concepts. Ideal for ages 11-16. 12 issues per year, 10-12 articles per issue. Photos as available. Waking Up bird spool of thread

muffin needle

shovel fork

Illustrated by Olivia Cole

ring

snake heart

lollipop

tack

toothbrush

nail

key

flashlight

Engaging puzzles to entertain kids — and parents — for hours. Finding hidden objects in a picture will help children ages 6 and up develop cognitive and critical thinking skills while igniting their curiosity. 3 puzzles per week, plus 1 monthly seasonal puzzle. Designed for print and digital use via a javascript code and iFrame display.

mug jar

coffeepot

candle hatchet

mallet

Highlights: Hidden Pictures™

mushroom

fishhook slice of pie carrot

sailboat www.Highlights.com

Translations of select services are also available in Chinese, Portuguese and Spanish.

NY TLICENSING.COM

CONTENT FEEDS

Fashion & Style Keep audiences current with stories that explore the culture and creativity of fashion, lifestyle, travel, beauty and more.

T: The New York Times Style Magazine T highlights the latest trends in fashion, living, travel, design and beauty. Choose from among 13 annual issues, each offering compelling feature articles and photography, and insightful columns on whatâ&#x20AC;&#x2122;s new, unique and luxurious. 13 issues annually.

Designates a service comprised of content from The New York Times

THE NEW YORK TIMES LICENSING GROUP

CONTENT FEEDS

Games Challenge audiences with wit-sharpening wordplay and logic puzzles.

sudoku_619B Created by Peter Ritmeester/Presented by Will Shortz

5 6

3 1

9 8

7 1 8

w York Times Syndication 2 Sales Corporation Eighth Avenue, New York, N.Y. 10018 or Information Call: 1-800-972-3550 4 6 r Release Monday, October 30, 2017

Sudoku

8 Hyper-Sudoku/Kakuro | The popular logic puzzles Hyper-Sudoku and Kakuro come together in 2 3 one package, edited by the puzzle masters Will Shortz and Peter Ritmeester. Two Hyper-Sudoku

and six Kakuro puzzles, all increasing in difficulty over the week. 4 9 6 Kakuro and 2 Hyper Sudoku puzzles weekly.

Interactive Sudoku | Sudoku online versions. 619B

Distributed by The New York Times syndicate

ord

Edited by Will Shortz

9 5 59 Part of the Freudian psyche 60 With 51-Down, 6 weak and indecisive 1 62 Trapped on a branch 3 63 Screw things up 64 Walk leisurely 2 65 Authority 66 Man cave, maybe 7 67 Crust, mantle or core, for the 4 earth 8

58 With 48-Down, affectionate

14 17 20 24

38 41

DOWN

1 ___ committee 2 Book that might require a key to open 3 See 17-Across 4 Finish 5 Sci-fi weapons 6 Fix, as software 7 French female friend 8 Symbol of Teddy Roosevelt’s political party 9 Sticks (to)

10 Ice, as a cake

11 See 19-Across

12 Go inside

13 Spanish kings

22 Genetic initials

25 Like some wooden buckets

27 Roddick or Rooney

Daily.

Solution sudoku_619B

4 8 3 5 6 7 2 1 9

1 7 2 9 8 4 5 6 3

25 28

5 6 1 4 2 3 8 9 7 5

42 44

2 4 9 7 1 8 6 3 5

15 18

8 3 7 6 5 9 1 2 4 7

6 1 4 8 9 5 3 7 2

3 9 5 2 7 6 4 8 1 9

No. 0925

7 2 The New York Times Sunday & Daily Crosswords 8 3 Edited by New York Times puzzlemaster, Will Shortz, The New York Times Crossword engages 4 puzzle aficionados of all ages with its clever themes and hidden puns. Readers are drawn to and 1 perplexed by its frequent references to works of literature, art and classical music, as well as

9 modern TV, movies, or other touchstones of popular culture. 5 Daily and Sunday. 6 51

57 619B

PUZZLE BY BRUCE HAIGHT

29 See 39-Across 30 What it takes to tango 31 Genre for Big Sean or Biggie Smalls 32 She raised Cain 33 Like most manual transmissions in the 1970s and ’80s 34 Spin, as a baton 35 First-___ kit 36 CT scan alternative

37 It’s “mightier than the sword” 39 Arizona tribe 42 ___ list (tasks for one’s spouse) 43 Active during the daytime 45 Card that beats a king 46 River deposits 47 ___ Birch, “American Beauty” actress 48 See 58-Across 49 Fencing blades

50 Bound by an oath 51 See 60-Across 52 Ping-Pong surface 53 More timid 56 Grotesque folklore figure 61 Org. for docs

Online subscriptions: Today’s puzzle and more than 7,000 past puzzles, nytimes.com/crosswords ($39.95 a year). Read about and comment on each puzzle: nytimes.com/wordplay.

Translations of select services are also available in Chinese, Portuguese and Spanish.

NY TLICENSING.COM

CONTENT FEEDS

Health Provide audiences with healthy lifestyle tips, the latest news in medicine, nutritious recipes and more.

HealthDay HealthDay News Service | This award-winning news service offers the latest information on health, drawn from a variety of major medical journals and summarized in everyday language. Up to 15 articles, weekdays. Up to 5 articles, weekends. HealthDay TV |â&#x20AC;&#x201A; From HealthDay.com, HealthDay TV is a daily video summary of the latest consumer health news with Dr. Cynthia Haines, HealthDayâ&#x20AC;&#x2122;s chief medical officer. 1 video per day.

Well A daily personal health and information service from nytimes.com. Essays, recipes, health guides, Q&As, photos, videos and illustrations, as available, give readers a deeper look at the world of health from the perspectives of patients and experts. Access five articles per week, including: one new recipe per week, with art and photos as available.

Designates a service comprised of content from The New York Times

THE NEW YORK TIMES LICENSING GROUP

CONTENT FEEDS

Lifestyle Help audiences live healthier and more fulfilling lives with actionable recommendations and purpose-driven writing.

Cooking Cooking Techniques | Allow your audience to strengthen their cooking skills with quick how-to videos that serve as a go-to visual reference for mastering all the cooking basics that any home chef needs. Archive of over 110 videos. New videos as available. Learn to Cook | Prepare your audience to master essential dishes with visual guides that showcase detailed, step-by-step instruction that can strengthen any cook’s repertoire. A collection of 37 guides.

Escrito Daily pages covering seven popular topics: career and work, fashion, food, lifestyle, personal growth, modern technology and teens. Advertising space is available in select supplements. Available only in Spanish.

Good Things from Martha Stewart Ask Martha | Every month, Martha delivers a column, answering readers’ questions or providing inspiration on home decorating, gardening or crafts. Topics also include advice on baking or entertaining, favorite tips and “good things,” how-to ideas and special features on holiday decorating and entertaining. Weekly, with art. Everyday Food | Recipes that are sumptuous, stylish — and simple. Delicious dishes that can all be prepared in minutes — not hours. All recipes use easy-to-find ingredients and include nutritional information and time-saving tips. Based on the hit TV show and magazine. 1 article, includes 3-4 recipes per week, with art.

Translations of select services are also available in Chinese, Portuguese and Spanish.

NY TLICENSING.COM

CONTENT FEEDS | LIFEST YLE

Modern Love Sometimes moving, often funny, always revealing: These essays from the Sunday Styles section of The New York Times chart the course of love in all its varieties, from romantic infatuation and new-parent jitters to the deeper complications wrought by loss, death and irrevocable change. Weekly, with art.

Smarter Living Smarter Living from The New York Times provides the best advice on living a better, smarter, more fulfilling life. It helps readers understand the world — and make the most of it — through tips, recommendations, how-to’s and guides related to travel, health, shopping, style, personal finance and entertainment. Up to 20 articles and briefs per week, with art as available. Exclusive access to a growing archive of guides.

Designates a service comprised of content from The New York Times

THE NEW YORK TIMES LICENSING GROUP

CONTENT FEEDS

Opinion Provide audiences with new perspectives and thoughtful commentary from knowledgeable experts and contributors.

Jeff Jacoby The respected Boston Globe columnist brings a singular point of view to the latest headlines. Jacoby was the first recipient of the Eric Breindel Award for Excellence in Opinion Journalism. Twice per week.

Jorge Ramos Univisionâ&#x20AC;&#x2122;s award-winning news anchor analyzes the latest issues around the globe. Weekly.

Slate Witty, informed and influential commentary from a digital media pioneer. From first-person accounts on life with the newest gadgets to political observations on the United States and beyond, Slate offers a fresh perspective on current events and trends. Access a daily feed of up to 10 articles. With images, as available.

The New York Review of Books A celebrated roster of international writers and thinkers provide original reporting, commentary and reviews from a journal that seems to anticipate the news. Access up to five articles per week from the print edition as well as the online component, NYR Daily.

Translations of select services are also available in Chinese, Portuguese and Spanish.

NY TLICENSING.COM

CONTENT FEEDS | OPINION

The New York Times Op-Eds & Illustrations Invite audiences to challenge assumptions and gain new perspectives on politics, business, culture and more with compelling global commentary from influencers like Oprah Winfrey, Warren Buffett and Ban Ki-moon. Up to 30 articles per week. With art, as available.

Designates a service comprised of content from The New York Times

THE NEW YORK TIMES LICENSING GROUP

CONTENT FEEDS

Science & Technology Help audiences explore the natural world with thought-provoking insights into nature, space, medicine, innovation and beyond.

Circuits News and reviews of consumer-tech products and services — hardware, software, games, websites and more — from The New York Times’ technology section. 5-8 articles per week, with art as available. Not available in the U.S.

National Geographic National Geographic News | Scientists and journalists traverse the globe, sharing stories about their fieldwork, cultural discoveries and environmental research. Their unparalleled commitment to exploration and conservation allows readers to explore the world around them and witness scientific discoveries, from the monumental to the unusual. Daily, with art. National Geographic: Photo of the Day | A daily glimpse of the world’s most fascinating destinations through the lens of National Geographic’s iconic images. Weekly, 7 photos with headline and caption suitable for social-media use.

Translations of select services are also available in Chinese, Portuguese and Spanish.

NY TLICENSING.COM

CONTENT FEEDS | SCIENCE & TECHNOLOGY

Science Times Celebrating the wonder of new ideas and discoveries, Science Times helps readers understand how developments in science, health, medicine and technology can improve and impact their lives, today and tomorrow. With articles, essays and interviews addressing both the natural and physical sciences, Science Times engages readers—and advertisers—with forward-thinking coverage for the contemporary lifestyle. 10 articles per week. With images, as available.

Scientific American Insights from the world’s authority on science and technology, including features on earth and the environment, space, education and innovation. 1-2 articles daily with images as available, Monday-Friday.

Designates a service comprised of content from The New York Times

THE NEW YORK TIMES LICENSING GROUP

CONTENT FEEDS

Travel Transport audiences to new destinations with inspiring photography and immersive travel journalism, guides, tips and more.

36 Hours Slideshow A clickable itinerary of what to see and where to sleep, eat and play during a weekend visit to locales around the globe. Based on the popular New York Times travel feature, “36 Hours.” One slideshow weekly, including: up to eight photos, headline, introduction and photo captions.

The 52 Places Traveler Follow one intrepid journalist to every destination on our annual 52 Places to Go list, profiling local characters, finding eats on the cheap and giving readers a look at the ups and downs of her personal journey. Access one column per week. With photos and videos as available.

Travel Times The best of The New York Times’ Travel section, the standard-setter in travel journalism. Beguiling photos accompany articles that serve as practical guides for readers with wanderlust. Access four articles per week, with art. Also available in Spanish.

Translations of select services are also available in Chinese, Portuguese and Spanish.

NY TLICENSING.COM

CONTENT FEEDS

World News Provide audiences with a window onto their world, with in-depth reporting and analysis from The Times newsroom and other renowned publications.

CartoonArts International Founded in 1978 by Jerry Robinson, CartoonArts International maintains one of the world’s most extensive cartoon archives, with more than 50 artists from 35 countries actively contributing. These creative minds deliver timely, thought-provoking and witty visual commentary on the biggest news stories and personalities. Views of the World | Access the artistry of editorial cartoonists from the world press with political cartoons, topical illustrations and caricatures on current events, business and economics stories from every continent. Daily individual cartoon and in a round-up format, plus at least 25 additional cartoons weekly. KAL by Kevin Kallaugher | Tap into a feed of editorial cartoons by the award-winning cartoonist, satirist and animator, Kevin “KAL” Kallaugher, who contributes to The Economist magazine of London and The Baltimore Sun. Three cartoons per week.

BBC A daily feed of five stories covering politics, business, science and the arts, from the world’s largest broadcast news gathering organization. Up to 5 articles per day.

Der Spiegel News, politics, culture and ideas from a leading international title. 10-15 articles per week. Available in German. Selected articles in English.

Designates a service comprised of content from The New York Times

THE NEW YORK TIMES LICENSING GROUP

CONTENT FEEDS

Prospect Cosmopolitan essays and features on politics, culture and society from the respected British magazine. 2 articles per week.

The Christian Science Monitor

Experience contextualized journalism that explores both the news itself and how it may impact the world. The Christian Science Monitor offers coverage of international affairs, politics, economics, technology, culture and lifestyle â&#x20AC;&#x201D; with a focus on long-form, explanation-based storytelling. 5 to 8 items daily, Monday-Friday. With images as available.

The Economist A trendsetting news magazine that provides in-depth coverage of international affairs, business and finance, science and technology, and culture. 15 articles delivered weekly. Available in select markets.

The New York Times Magazine Covers highly charged moments in our culture and highlights the compelling ideas, issues and personalities that define contemporary society. The magazine focuses on everything from politics and society to arts and entertainment. Access up to three articles per week.

Worldcrunch Worldcrunch taps the editorial expertise of leading news outlets around the world to provide a kaleidoscope of local perspectives on global issues translated into English. Access up to three news features, news analyses or commentaries daily, Monday-Friday. Some translation exclusions may apply.

Translations of select services are also available in Chinese, Portuguese and Spanish.

NY TLICENSING.COM

Magazines Align your brand with the journalistic rigor and expertise that have made The New York Times the definitive source for independent reporting and storytelling. We work with organizations of all sizes to develop select in-market editions of New York Times Magazines, and, on occasion, bespoke publications utilizing exclusive Times content.

MAGA ZINES

THE NEW YORK TIMES STYLE MAGAZINE

From a 12th-century Austrian castle to a 21st-century Swedish cottage, beauty that endures

UNTIL THE END OF TIME

Design March 25, 2018

THE NEW YORK TIMES STYLE MAGAZINE

13 issues annually. DESIGN March 25, 2018 03_cover.design.FINAL.indd 1

2/19/18 2:06 PM

The New York Times Travel Magazine The New York Times Travel Magazine brings the ideas and the destinations to the curious global traveler, reminding us that there is beauty that exists and flourishes in all corners of the globe, even in the places you’d least expect it. A monthly collection (up to 45 pages) of original travel essays, photographs, and editorial features from The New York Times. Local content (up to 50 percent) may be added to create a bespoke magazine. Original content available in English. Local publishers may translate.

The New York Times Upfront Compelling current events articles, world news features and trends roundups adapted from The New York Times give students a wide look at what’s happening in the world and why it’s important. Written exclusively for ages 13-18. Access 8-10 articles per issue. Photos and and graphics as available. 13 issues per year.

Turning Points: Global Agenda

Ακροβατώντας προς το μέλλον

Ο κόσμος και η Ελλάδα από την πολιτική ως την τέχνη

Γιάννης Δραγασάκης • Ντόρα Μπακογιάννη • Σταύρος Θεοδωράκης • Νικόλαος Καραμούζης • Αλέξανδρος Αγγελόπουλος Εμμανουήλ Κακαράς • Δημήτρης Χριστόπουλος • Διονύσης Σιμόπουλος • Αντώνης Λιάκος • Βαγγέλης Καραμανωλάκης Αθανάσιος Χ. Παπανδρόπουλος • Χάρης Μακρυνιώτης • Αθηνά - Πολίνα Ντόβα • Ηλίας Βαρθολομαίος Bill Clinton • Madeleine Albright • Dalai Lama • Vincente Fox Quesada • Justin Yifu Lin • Roger Cohen • Ben Affleck Hari Kunzru • Laurence Tubiana • Bill Nye • Zhang Yimou • Orhan Pamuk • Carolina Herrera

The original year-ahead licensed magazine featuring exclusive content from globally recognized voices who share their unique perspectives on how our world and our lives may change in the coming year and beyond. Licensees receive a collection of essays, images and editorial features suitable for publication either before or after the new year. Local content may be added to create a bespoke magazine, online section or standalone app targeting local readers and advertisers. Turning Points is a yearly, 64-page special-edition compendium of essays, images, illustrations and editorial features. It may be published as a standalone title or as an insert either before or after the New Year. Local content may be added to create a bespoke magazine, online section or standalone app targeting local readers and advertisers. Available in English, Portuguese and Spanish.

Designates a service comprised of content from The New York Times

NY TLICENSING.COM

Special Packages Utilize the expertise of the New York Times global newsroom and develop custom content packages centered on a unique theme, singular issue or special event. Access an editorial selection of in-depth analysis, and feature content to create standalone print sections, digital verticals or bespoke publications and packages.

SPECIAL PACK AGES

A Cut Above

. SATURDAY-SUNDAY, MARCH 24-25, 2018 | S1

THE NEW YORK TIMES INTERNATIONAL EDITION

A Cut Above presents the ultimate in luxury living. This special package focuses on the products, services and trends shaping today’s luxury lifestyles. From yachts to gifts, jewelry and watches, “A Cut Above” will provide an engaging, stimulating editorial environment for global connoisseurs and sophisticated consumers who demand the ultimate in luxury and exclusivity.

PHOTOGRAPHS BY NATHANIEL BROOKS FOR THE NEW YORK TIMES

3 women grew up with art And it has had a real influence on their creations some of the most dynamic film producers are the children of important dealers. For example, Jason Blum, the son of Irving Blum (whose Ferus Gallery first showcased Mr. Warhol on the West Coast), produced the Oscarnominated films “Get Out” and “Whiplash.” Toby Emmerich, son of the New York dealer André Emmerich (who represented David Hockney and Anthony Caro), became chairman of Warner Brothers Pictures Group in January. And in the realm of fine jewelry, a trio of thirtysomething designers — Mary

BY BRONWYN COSGRAVE

Chances are that the career path will be creative for someone whose nursery walls were adorned with works by Edgar Degas, Pablo Picasso or Andy Warhol — and whose childhood included gallery openings, studio visits and studying old masters in museums. While the offspring of important artworld leaders often carry on the family business, lately a number of them have been making their marks in other creative fields. In Hollywood, for example,

MacGill, Eugenie Niarchos and Cora Sheibani — are the daughters of celebrated gallery owners and collectors. While the styles and price points of their independent brands diverge, the women all create strong original designs, sharing a daring vision that clearly was shaped by their immersion in the rarefied world of fine art. The earliest artwork that Ms. McGill recalls? “Robert Frank,” she said, referring to the Swiss-American who a 2015 T magazine article described as the “world’s

pre-eminent living photographer.” Mr. Frank is famed for his stark, realist style — as well as directing a fly-onthe-wall documentary (with a name this newspaper won’t print) chronicling the Rolling Stones’s 1972 North American tour for “Exile on Main Street.” Ms. MacGill, however, experienced a softer side of the virtuosic lensman. “When I was a little girl, Robert gave me a garden gnome of a bird and a box of red beads,” she said. “Robert told me to feed the bird with the beads every day. And I did. It was a lovely little gift.”

Ms. MacGill is the daughter of Peter MacGill, the gallerist, curator and director of Pace/MacGill Gallery in New York. Along with Mr. Frank, Pace/ MacGill represents Paolo Roversi as well as the estates of Richard Avedon and Irving Penn. “I used to bake Irving Penn cookies: chocolate chip, shortbread and lemon bars,” Ms. MacGill said. Discussing her career rise — from a design department assistant at David Yurman to overseeing her own atelier in

Design Mary MacGill at her shop and studio in Germantown, N.Y., along with a selection of her jewelry in gold and semiprecious stones.

20-30 articles with photos and illustrations as available.

ART, PAGE S7

Business Sense BUSINESS SENSE

BUSINESS SENSE

DeAlBook ANDrew ross sorkiN

Banks Cash In on Inversions

A N A lY s i s , i D e A s A N D C o M M e N TA r Y f r o M

Inversion deals may sap U.S. Treasury of $19.46 billion over next decade. HAPPiNess ANNiE MckEE

5 Ways To Be Smart About Fighting With a Bad Boss Have you ever felt like your boss is out to get you? Maybe you’re paranoid. But then again, maybe not. There are a lot of bad bosses out there, leaders who aren’t stupid but lack emotional intelligence. We can find ourselves in perpetual, all-consuming combat with these bosses. So what can you do?

protect yourself. Be sure you have a strategy to protect yourself from the fallout. Prepare key people to support you.

focus on yourself. Make sure that you’re not picking a fight with your boss just to cover up your own insecurity.

know that your boss’s issues are driving this dys-

evaluate your situation realistically. If the

functional conflict. These bosses are unstable, insecure, power-hungry demagogues. Unless you truly understand that these individuals are broken, you can end up blaming yourself.

President Cristina Fernández de Kirchner has been trying to resuscitate Argentina’s economy.

EvARISTO SA/AGENCE FRANCE-pRESSE — GETTY IMAGES

In Argentina’s Defaults, The Eighth Time Is Unlucky

relationship with your boss can’t be fixed, why not think of all the good reasons to find another job?

ask yourself: “Am I part of the problem?” Are you perpetuating a fight culture, using power as the means to quietly intimidate or get what you need at the expense of others?

news a na lysis

Cristina Fernández argues that her country’s latest default is different. She is missing the point.

Argentina’s first bond, issued in 1824, was supposed to have a lifespan of 46 years. Less than four years later, the government defaulted. Resolving the ensuing stand-off with creditors took 29 years. Since then seven more defaults have followed, the most recent last week, when Argentina failed to make a payment on bonds issued as partial compensation to victims of the previous default, in 2001. Most investors think they can see a pattern in all this, but Argentina’s president, Cristina Fernández de Kirchner, insists the latest default is not like the others. Her government, she points out, had transferred the full $539 million it owed to the banks that administer the bonds.

work vs. life ToM koldiTz

Why You lead determines How Well You lead One of the most telling questions you can ask someone in any kind of leadership role is what motivates them to be a better leader. Some will say it’s to enhance their personal effectiveness. Others may say that they lead because of a personal obligation to serve their organization. Many will proffer a mix of external motivations (like pay or career progression) and more internal rationales (like the obligation to serve). The group with a combination of motives has the most reasons to lead, and so it seems reasonable to assume that they would be the most high-performing leaders. Right? In a recent article published in the “Proceedings of the National Academy of Sciences,” colleagues and I examined this assumption. Our study tracked more than 10,000 Army leaders from their entrance into West Point, through graduation and well into their careers. We found that those with internal, intrinsic motives performed better than those with external, instrumental rationales for their service. We were surprised to find that those with both internal and external rationales proved to be worse investments as leaders than those with fewer, but predominantly internal, motivations. Adding external motives didn’t make leaders perform better — additional motivations reduced the selection to top leadership by more than 20 percent. Thus, external motivations were leadership poison.

It is America’s courts (the bonds were issued under American law) that blocked the payment, at the behest of the tiny minority of owners of bonds from 2001 who did not accept the restructuring Argentina offered them in 2005 and again in 2010. These “hold-outs,” balking at the 65% haircut the restructuring entailed, not only persuaded a judge that they should be paid in full but also got him to freeze payments on the restructured bonds until Argentina coughs up. Argentina claims that paying the hold-outs was impossible. It is not just that they are “vultures” as Argentine officials often put it, who bought the bonds for cents on the dollar after the previous default and are now holding those who accepted the restructuring (accounting for 93% of the debt) to ransom. The main problem is that a clause in the restructured bonds prohibits Argentina from offering the hold-outs better terms without paying everyone else the same. Since it cannot afford to do that, it says it had no choice but to default. Yet it is not certain that the clause requiring equal treatment of all bondholders would have applied,

given that Argentina would not have been paying the hold-outs voluntarily, but on the courts’ orders. Moreover, some owners of the restructured bonds had agreed to waive their rights; had Argentina made a concerted effort to persuade the remainder to do the same, it might have succeeded. Lawyers and bankers have suggested various ways around the clause in question, which expires at the end of the year. But Argentina’s government was slow to consider these options or negotiate with the hold-outs, hiding instead behind indignant nationalism. Don’t try to flee, Argentina Ms. Fernández is right that the consequences of America’s court rulings have been perverse, unleashing a big financial dispute in an attempt to solve a relatively small one. But hers is not the first government to be hit with an awkward verdict. Instead of railing against it, she should have tried to minimize the harm it did. Defaulting has helped no one: none of the bondholders will now be paid, Argentina looks like a pariah again, and its economy will remain starved of loans and investment.

It’s not too late Happily, much of the damage can still be undone. It is not too late to strike a deal with the hold-outs or back an ostensibly private effort to buy out their claims. A quick fix would make it easier for Argentina to borrow again internationally. That, in turn, would speed development of big oil and gas deposits, the income from which could help ease its money troubles. More important, it would help to change perceptions of Argentina as a financial rogue state. Over the past year or so Ms. Fernández seems to have been trying to rehabilitate Argentina’s image and resuscitate its faltering economy. She settled financial disputes with government creditors and with Repsol, a Spanish oil firm whose Argentine assets she had expropriated in 2012. The recent events have overshadowed all that. For its own sake, and everyone else’s, Argentina should hold its nose and do a deal with the holdouts.

Fund Managers: Assets or Liabilities? news a na lysis

worries of a crisis in asset management Financial crises may seem a familiar part of the economic cycle, but they rarely repeat themselves exactly. In the 1980s the locus was Latin America, in the late 1990s Russia and southeast Asia, in 20072008 American housing and banks. Now some worry that the next crisis could occur in the asset-management industry. The industry manages $87 trillion, making it three-quarters the size of the banking sector. The biggest fund manager, Blackrock, runs $4.4 trillion of assets, more than any bank has on its balance sheet. After the crisis regulators tightened the rules on banks, insisting that they hold more capital and have sufficient liquidity to cope with shortterm pressures, but that may be a case of generals fighting the last battle. In the absence of lending from

banks, many companies have turned to bonds, owned mainly by fund managers, for credit. In January the Financial Stability Board, an international body which tries to guard against financial crises, published a consultation paper which asked whether fund managers might need to be designated “systemically important financial institutions” or SIFIs, a step that would involve heavier regulation. But the asset-management industry has marshaled some powerful counter-arguments. First, managers act as stewards of other people’s capital, which is held in separate accounts, with third parties acting as custodians. Were a fund manager to go bankrupt, the assets would simply be transferred to a competitor, with no loss for the investors concerned. Hundreds of mutual funds close each year, with minimal market impact and without needing government rescue. Second, with the exception of hedge funds, asset managers tend not to operate with borrowed money, or leverage. The size of Blackrock’s balance sheet is $8.7 billion,

while H.S.B.C.’s is nearly $2.7 trillion, or more than 300 times bigger. Fund managers thus are less vulnerable to sudden falls in asset prices. Third, retail investors are less flighty than institutions. Many invest through defined-contribution

‘As any self-respecting asset manager would tell us, past performance is no guide to the future.’ 401(k) plans, through which they put a bit of money into the market every month. Finally, designating fund managers as SIFIs would have perverse consequences. The F.S.B. paper stated that size was the key criterion, suggesting a threshold of $100 billion, which would capture 14 American mutual funds. This may miss the point: Reserve ranked only 81st among American asset managers and 14th among those running money-market funds. In any case, many big funds are

Tips&Talking Points friDAY, November 4, 2011

FOR A CLOSER LOOK AT THESE TOPICS GO TO HBR.ORG

Boost your business IQ and workplace savvy with these stats and tips from Harvard Business Review online.

The Market’s Lost Decade 91 CENTS: A $1 investment in the Standard & Poor’s 500 Index at the beginning of 2000 was worth just 91 cents 10 years later after “the worst decade in stock market history,” writes Charles P. Jones of North Carolina State University. What made the Lost Decade so bad wasn’t just the 2008 crash but also the dismal years of 2000-2002. Source: Journal of Investing

Why Country Lane Is Pricier Than Elm Street

4.2

How To... PREPARE YOUR UNWRITTEN PLAN When getting ready for the future, you need two plans – one you write down, and one that’s unwritten, fluid and evolving. This blueprint exists in your mind as a living, changing understanding of where you’re going, why you’re going there and how you’re going to get there – all based on your current understanding of how the future will unfold. While your written plan includes specific objectives, action steps and clear assumptions, the unwritten one consists of gut feel, general direction and broad priorities. Over time, as you gather information and test ideas, you’ll move many of these elements from hazy and unspoken to focused and written. Adapted from “Your Crucial – and Unwritten – Plan” by Linda Hill and Kent Lineback.

GET PEOPLE TO DEcIDE ALREADY

Percent

4.2 PERCENT: American realestate buyers will pay a 4.2 percent premium for a property in a subdivision that has the word “country” in its name, and an additional 5.1 percent on top of that for the phrase “country club,” according to Velma ZahirovicHerbert and Swarn Chatterjee of the University of Georgia. But, the researchers point out, buyers are less willing to pay these premiums during recessionary times. Source: Journal of Real Estate Research

More Family Time When There’s a Son 25 PERCENT: Having at least one boy in the family increases the responsibility that fathers take for their children, according to findings by Kristin Mammen of Barnard College. Fathers with sons spend 22 minutes more per day with their children than fathers without sons — an increase of about 25 percent.

Indecisiveness plagues many companies. Often, both leaders and employees struggle to make or follow through on decisions. The result? chronic underperformance. You can conquer this and infuse decisiveness throughout your organization by doing these three things: ENGAGE IN DECISIVE DIALOGUE. During each interaction with employees, model honest, open and decisive dialogue. Make sure every meeting ends with a clear understanding of decisions and next steps. TURN DIALOGUE INTO ACTION. Indecision is often the result of confusion. clarify accountability for reaching and executing decisions. USE FOLLOW-THROUGH AND FEEDBACK TO SUSTAIN ACTION. Once you’ve set

an expectation for decisiveness, you need to follow through. Give people honest feedback and discourage indecisive behaviors. Adapted from “Harvard Business Review on Making Smart Decisions.”

HANDLE A RAISE REQUEST As a manager, it can be stressful when an employee asks for a raise, especially if there is no company policy. But answering a difficult compensation question doesn’t have to be a headache. Try these three steps: DON’T ANSWER RIGHT AWAY. Thank the person for bringing up the issue and then promise to get back with an answer by a specified date. This allows time to confer with other leaders. FAIRLY ASSESS THE SITUATION. The

amount of money an individual is paid is a function of two things: the value of the job itself and the person’s quality of performance. Examine both.

A House’s Age Can Become A Big Plus

119

GO BACK. During a second conversa-

tion, ask the individual to explain both how he might enhance his performance and how he can make his job more valuable to the organization. Base your final decision on this input combined with your assessment.

years

Adapted from “How to Handle a Raise Request” by Dick Grote.

119 YEARS: At what point does a home’s age become an asset? In a historic district, the “antique effect” begins to increase a house’s value when the building reaches 119 years of age, on average, according to a team led by Kimberly Winson-Geideman of the University of North Texas. In their study of homes in Savannah, Ga., an area where age and history are revered, buyers are willing to pay a premium for the right to claim ownership of vintage houses, the authors explain.

cREATE A BETTER NETWORK Having the right network is crucial to getting ahead in today’s organizations. But far too many people waste valuable time investing in fruitless connections. Here are three steps to build a more productive network: ANALYZE. Identify the people in your network and what you get out of interacting with them. Remember you’re looking for quality, not quantity. DE-LAYER. Most likely not everyone

in your network helps you. Make some hard decisions to back away from redundant or energy-sapping relationships.

Source: Journal of Real Estate Research

DIVERSIFY. Build your network out with different kinds of people. Focus on energizers who will help you achieve your goals.

Workers Underreport Accidents

Adapted from “A Smarter Way to Network” by Rob Cross and Robert Thomas.

2.1 %

cOMMUNIcATE A cOMPANY’S VALUES Most corporate communication plans fail to convey something fundamental to a company’s operations: its values. This is a missed opportunity to influence and energize employees. Here are three ways to communicate values:

American taxpayers in the form of hundreds of billions of dollars in loans, appear to have declined on principle to take an assignment from a client seeking to move its corporate citizenship abroad. “This is an economic game. There are no virgins anywhere,” said Stephen E. Shay, a professor at Harvard Law School and a former deputy assistant Treasury secretary for international tax affairs in the Obama administration. “We can’t look to the banks to stop inversions. They will not look at this based on morality. They will look at it on the basis of fees.” All the bankers contacted declined to comment. Perhaps most troubling, many Wall Street banks are aggressively promoting these transactions to major corporations, arguing that such deals need to be completed quickly before Washington tries to block them. The proposals by President Obama and Senator Levin, neither of which appear to be gaining traction, seek to prevent inversion deals retroactively. These deals are expected to sap the United States Treasury of $19.46 billion over the next decade, according to the Joint Committee on Taxation. And that figure doesn’t take into consideration any future inversions. Nor does it account for the possible loss of jobs and revenue that will ostensibly move overseas over time. Privately, bankers point out that there is nothing illegal about inversion deals. “This is going to sound cynical, but as much as I may hate these deals and the ramifications for our country, if I don’t do the deal, my competitor across the street will be happy to do it,” one senior banker told me. On a conference call with reporters, Mr. Dimon of JPMorgan Chase was asked about inversion deals. His reply? “You want the choice to be able to go to Walmart to get the lowest prices,” Mr. Dimon said. “Companies should be able to make that choice as well.” Mr. Dimon’s position is a complicated one. He and his fellow chief executives on Wall Street have been working for the last several years to show their commitment to the United States as they try to rebuild trust after the financial crisis. JPMorgan recently announced plans to invest $100 million in Detroit over the next five years, for example. And yet, JPMorgan’s work on inversion deals, which can’t be considered good for the country, contradict the firm’s ef-

TiMe ANTHoNY k. TiJAN

5 Tactics To Moving A Negotiation Forward

For readers seeking insight on global business trends and guidance on how to live and work better, Business Sense provides analysis, ideas and commentary from Harvard Business Review, The Economist and The New York Times. Each week, the service delivers a selection of authoritative content and a two-page template with room for monetization.

Jamie Dimon, the chief executive of JPMorgan Chase, recently said, “I love America.” Lloyd Blankfein, the chief executive of Goldman Sachs, wrote an opinion article saying, “Investing in America still produces the best return.” Yet guess who’s behind the recent spate of merger deals in which major United States corporations have renounced their citizenship in search of a lower tax bill? Wall Street banks, led by JPMorgan Chase and Goldman Sachs. Investment banks are estimated to have collected, or will soon collect, nearly $1 billion in fees over the last three years advising and persuading American companies to move the address of their headquarters abroad (without actually moving). With seven- and eight-figure fees up for grabs, Wall Street bankers — and lawyers, consultants and accountants — have been promoting such deals, known as inversions, to some of the biggest companies in the country, including the American drug giant Pfizer. Just recently, President Obama criticized these types of transactions, calling the companies engaged in them “corporate deserters.” “My attitude,” he said, “is I don’t care if it’s legal. It’s wrong.” He has suggested legislation, and Senator Carl Levin, the Michigan Democrat who is chairman of the Senate Permanent Subcommittee on Investigations, has proposed to make it more difficult for an American company to renounce its citizenship — and tax bill — by merging with a smaller foreign competitor. What to call the banks enabling them? How about corporate co-conspirators? So far, on deals completed or pending, Goldman Sachs is estimated to have made $203 million advising on inversion deals since 2011, according to data from the Deal Intelligence unit of Thomson Reuters. JPMorgan stands to collect $185 million, while Morgan Stanley will make $98 million and Citigroup $72 million. None of the major Wall Street banks, which received help from

Time and emotion — these are most often wasted during a negotiation. We simply spend too much time on items that don’t really matter, because we let our emotions override any semblance of logic.What can we do? The key is to understand five areas that can both help move a negotiation forward and in doing so usually advance us to where we want to be:

understand the common goal and common

‘we have a flawed corporate tax code that is driving U.s. companies overseas.’ Jamie Dimon, chairman and chief executive of JPMorgan Chase. DANIEL ROSENBAUM/ThE NEw YORk TIMES

forts to serve the nation. At the same time, firms like JPMorgan consistently talk about serving their clients — and there is no question that some of its clients are clamoring to pursue inversion deals. Some firms rationalize work on an inversion deal by saying they worked for the foreign target, rather than the American buyer, according to several prominent deal makers. For example, Roger Altman, the executive chairman of Evercore Partners and a major supporter of President Obama, worked for the British drug maker AstraZeneca on its defense against an offer from Pfizer. Evercore also worked for Dublin-based Shire, which agreed to be taken over by AbbVie, a spinoff of Abbott Laboratories. Everyone I spoke to on Wall Street about inversion deals said they wished there were no reason for these deals and that our tax system were more competitive and attractive. “We have a flawed corporate tax code that is driving U.S. com-

panies overseas,” Mr. Dimon said on the conference call. “If government was smart, they’d look at it holistically,” he added, suggesting that a moratorium on such deals won’t work. “Even if you stop and say, ‘Don’t invert,’ capital will move away.” Mr. Dimon insisted, “I’m just as patriotic as anyone.” While an overhaul of the corporate tax system may be the ultimate goal, the gridlock in Washington suggests it is unlikely to come anytime soon. Corporate tax reform is nice in theory, but tough in practice. It most likely requires lower tax rates and the closing of loopholes. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero. “The dirty secret is that unless the U.S. reduces corporate tax rates to less than 10 percent, a reduction in U.S. tax rates is not likely to have much impact on inversions,” said J. Richard Harvey Jr., a professor at Villanova University School of Law and its Graduate Tax Program. “The reason is that even if the U.S. corporate tax rate were somehow reduced to 15 percent, U.S. multinational companies would still invert if they thought it was to their benefit.” More companies are expected to leave the United States. And Wall Street banks will get paid to help them.

interest. One of the best ways of making this happen is to have both sides articulate their goals and interests in writing and share them to ensure clarity and alignment.

understand the underlying and ancillary motivations of the other side.

As much as possible, you need to understand the total “motivational picture” of your counterparty.

be transparent and explain the “why” of your

calculate the materiality of each point.

points. If something is going to impact you personally, it may be better for you to disclose it — at least the other party will understand.

Much of the time sink of negotiations is unfortunately spent on elements that don’t really matter. Do the math and calculate how material a point is.

look for points that have an asymmetry in value. To be effective, you need to

comprehend the balance of trade on every key point. Look where your currency is worth more.

T r e N D i N G SYdNEY EMBER

Latin America Sees Growth After the Commodity Boom news analys is

why is Colombia now faring better than peru?

faring better than Peru? The answer starts with what Victor Bulmer-Thomas, a British economic historian of Latin America, has called “the commodity lottery.” Colombia’s main exports are oil and coal, whose prices have held up over the past couple of years. Peru depends on copper and gold for half its exports; their prices have fallen. So the value of Peru’s exports fell by 9% last year while that of Colombia’s slipped only slightly. In explaining Colombia’s growth, Mr. Cardenas also points to several reforms. Last year the government

arranged lower mortgage rates via an agreement among banks and a public subsidy. This helped to boost construction, which is growing at over 10% a year. A law in 2012 cut onerous payroll taxes (while raising income tax on the better-off ). The result is that formal-sector jobs are growing at 8% a year, while the large informal sector has started to shrink, which ought to boost productivity. Ambitious private-public partnerships in roads and railways should see investment of up to $25 billion by 2018. Mr. Santos has also implemented

As he prepared to begin a second term as Colombia’s president on August 7th, the first name that Juan Manuel Santos inked in for his cabinet was Mauricio Cardenas, who keeps his job as finance minister. That was no surprise: helped by an investment boom, the country’s economy grew by 6.4% in the first quarter compared with the same period last year. Mr. Cardenas says the second quarter was strong, too. The government will be raising its growth forecast for this year from 4.7%. This is a welcome exception to a regional trend: Latin America as a whole looks likely to grow by less than 2% this year, the worst figure since 2009. The end of the commodity boom that lifted the region for more than a decade, the fading of the era of cheap money as central banks in the rich world prepare to raise interest rates and a series of home-grown factors have all taken their toll. The fall has been especially abrupt in Peru, where the economy is suffering what Luis Miguel Castilla, the economy minister, calls a “hiccup.” Predictions of growth of more than 4% this year seem too rosy. For a country that has enjoyed Asian-style growth averaging 6.4% a year in 2003-13, the slowdown is a nasty surprise. Colombia has overtaken Peru to become the fastest-growing of the bigger Latin American economies. Colombia has become the fastest-growing of the bigger Latin American econBoth are medium-sized commod- omies. Its port in Cartageña, above. Top, the gold mine Yanacocha, near Lima, ity exporters with open-market Peru, has been crippled by protests. TOp: STR/AFp/GETTY IMAGES; ABOvE: MANUEL pEDRAzA/ economies. So why is Colombia now AGENCE FRANCE-pRESSE — GETTY IMAGES

Wikipedia Accepts Bitcoin a fiscal rule under which the public-sector deficit has fallen steadily, to less than 1% of GDP. That has boosted the confidence of investors. By contrast, Peru is suffering what Mr. Castilla calls a “complicated” year. First, the sol depreciated by about 9% in 2013. Further setbacks have included weather-related contractions in fishing and farming and a standstill in investment by regional governments because of corruption scandals. In response the government is shovelling money at the economy. Extra bonuses and wage increases for state employees and extra loans for small business are worth more than 1% of GDP. Mr. Castilla insists that the economy will rebound in the fourth quarter and will again grow by 6% in both 2015 and 2016. Most analysts predict that Peru will regain its lead over Colombia. But that is not assured. Peru’s long growth spurt was based on a mixture of catch-up after a disastrous 1980s, sound economic policies (it enacted a fiscal rule in 1999), cheap natural gas and a mining boom. But Peru has now caught up a lot. In Colombia, Mr. Cardenas is confident that all the new highways will raise the country’s potential rate of GDP growth by 0.7 percentage points over four years. But there are risks. The biggest involves the oil industry. Guerrilla sabotage and declining reserves are threatening output and thus government revenue. Lotteries give countries opportunities. Development comes from using them to create more productive economies. On that score, Colombia now has an edge over Peru; both are better placed than many of their South American neighbors. © 2014 Economist Newspaper Ltd., London (August 2). All rights reserved. Reprinted with permission.

The Wikimedia Foundation, the nonprofit organization that operates Wikipedia, recently announced that it would allow people to make donations using Bitcoin, becoming the latest adopter of the virtual currency as a payment option. “It has always been important to the foundation to make sure donating is as simple and inclusive as possible,” Lisa Gruwell, the chief revenue officer of Wikimedia, wrote in a blog post announcing the move. The foundation said that it had been asked to accept Bitcoin and that those requests, as well as recent guidelines from the Internal Revenue Service, persuaded it to accept the virtual currency. Wikimedia has teamed up with Coinbase, a third-party payment processor that converts customers’ Bitcoins into dollars. Coinbase, which began with $25 million from the investment firm Andreessen Horowitz, is also working with Overstock, the travel booking website Expedia and the satellite television provider Dish Network to help them accept the virtual currency. Dell recently announced that customers would be able to make purchases on its website using Bitcoin. About 35,000 merchants use Coinbase’s payment tools, according to the company’s website.

Harvard Business Review: Tips & Talking Points Tips & Talking Points offers timely, talking-point-worthy statistics and tips from Harvard Business Review online. Renowned Harvard professors and other leading professionals offer quick tips on topics including management, entrepreneurship and professional development. The weekly content package includes ideas for thought and action in quick bits of information that readers can put into practice immediately. Available Friday evening (Eastern).

A worker is 0.15 percentage points more likely to be laid off if he or she has reported an accident within the past 12 months, according to a team led by Jan Boone of Tilburg University in the Netherlands that studied records in Austria from 2000-2006. Thus it’s understandable that, during a recession, workers are more reluctant to report accidents. Increasing a company’s layoff rate by one standard deviation leads to a 2.1 percent decrease in the probability that workers will report accidents, the researchers found.

ESTABLISH VALUES ACROSS THE COMPANY, NOT JUST AT THE TOP. If everyone doesn’t feel ownership over them, the values lose meaning quickly. ASK EMPLOYEES TO HELP.

Seek their input on how well the company is living up to its values. Involve them in keeping the company accountable. LIVE YOUR VALUES.

Actions speak louder than words. Be mindful of the values in every decision you make and use them to explain your motivations. Adapted from “The Business of Communicating Values” by Rosanna M. Fiske.

Source: Journal of Health

Source: Journal of Population Economics (forthcoming).

DEBATING POLITICS, ECONOMICS AND OTHER TIMELY TOPICS WITH PAUL KRUGMAN OF THE NEW YORK TIMES

FRIDAY, FEBRUARY 27, 2015

PAUL KRUGMAN

Greece Gets Some Breathing Room, But a Fight Looms Now that the dust has settled a bit, we can look calmly at the Greece deal. It’s increasingly clear that the country came out in significantly better shape, at least for now. The main action, as always, involves Greece’s primary surplus — how much more will the country need to raise in revenue than it can spend on things other than interest? The question these past few days was whether the Greeks would be forced into agreeing to aim for very high primary surpluses under the threat of being pushed into immediate crisis. And they weren’t. One useful way to understand this is through careful parsing of the agreement’s language (as done here by the economist Norbert Häring: bit.ly/1FLiBq5). But I’d argue that in an important sense we’re past that kind of word-chopping. Instead, we need to think about what happens substantively from here on out. Right now, Greece has avoided a credit cutoff, and worse yet a move by the European Central Bank to pull the plug on the country’s banks. And Greece has done so while getting its 2015 primary surplus target effectively waived. The next step will come four months from now, when Greece makes its serious pitch for lower surpluses in future years. We don’t know how that will go. But nothing that has happened so far is likely to weaken the Greek position in that future round. Suppose that the Germans claim that some ambiguously worded clause should be interpreted to mean that Greece must achieve a surplus of 4.5 percent of gross domestic product. Greece will say no, it doesn’t — and then what? A couple of years ago, when all the Very Seri-

ous People of Europe believed utterly in austerity, Greece might have faced retaliation thanks to wording issues; not now. So Greece has won relaxed conditions for this year, and breathing room in the run-up to the bigger fight ahead. It could be worse. Phantom Fiscal Crises Matthew Klein at the Financial Times recently took on a subject that is dear to my heart — the mysterious, persistent fear that Japan and other countries that borrow in their own currencies could suddenly face a Greek-style fiscal crisis if bond investors lose confidence, and that this is a reason to raise taxes or cut benefits even in a depressed economy. I devoted my Mundell-Fleming lecture at the International Monetary Fund to this topic in 2013, where I had this to say: “Remarkably, nobody seems to have laid out exactly how a Greek-style crisis is supposed to happen in a country like Britain, the United States or Japan — and I don’t believe that there is any plausible mechanism for such a crisis.” That’s still true — but fear of such a crisis persists. It’s true even though the apparent relationship between debt levels and borrowing costs has vanished now that the E.C.B. is doing its job as lender of last resort. So what is the basis for this fear? The answer I seem to get is fear of a dramatic flip in circumstances — that Japan, say, could engage in a sort of macroeconomic quantum tunneling, suddenly transitioning from deflation to runaway inflation and a crashing currency. That’s not impossible. But it does seem an odd thing to be worrying about right now.

AMMER/WIENER ZEITUNG - VIENNA, AUSTRIA/CARTOONARTS INTERNATIONAL/THE NEW YORK TIMES SYNDICATE

READER COMMENTS FROM NYTIMES.COM

It is unfortunate that politics seems to have overwhelmed reality once again. Just as with gay rights and global warming in the United States, policy in Europe seems to be governed by the few. Giving Greece what it wants would require all right-wing European governments to admit that their austerity approach has been wrong all along with regard to Greece, and also in their own countries. Hopefully this deal is more about making it look like Greece lost and less about making the new government go back on its commitments to the Greek people. And hopefully too this deal will allow other European

Hopeful About the Future Part of the strategy behind the deal is to discredit the newly elected Greek government so that no one else in Europe gets ideas about trying to escape from the austerity straitjacket. But Yanis Varoufakis, Greece’s finance minister, has the numbers and reality on his side. What Greece needed was time, breathing room and some initial successes with necessary reforms. The country has managed to get the first

two, now it must deliver on the third. If Greece succeeds, Europe’s hardliners will face much more difficult negotiations in the near future. And by this time next year, who knows? This austerity absurdity may be on its way to extinction. We shall see. Things could’ve turned out better if more reasonable actors were involved. But for now, hope exists. — DIMITRIS TRIANTAFYLLOU, GREECE

leaders to save face, while at the same time taking the spotlight off of Greece long enough that its government can do what it originally set out to do. This is the best deal that Greece could have hoped for. — MANOS, BRITAIN

Mr. Krugman, I very much appreciate your support for Greece’s attempt to counter the cruelty — and stupidity — of the Austerians’ plans. — Y.P., MONTANA

These days, austerity might be considered a bad solution to a nation’s economic problems, but countries like Spain, Portugal and

Latvia, all of which were forced to cut spending, are now expecting Greece to do the same. — ALVARO LEANDRO, SPAIN

Most of Greece’s working people know that they have been shamefully sold out by the opportunist, dishonest and self-serving scoundrels who occupy leadership positions in Syriza, the country’s ruling political party. It took just two weeks for this organization to abandon every key element of its electoral program. Never in history have so many been betrayed so quickly by so few. — MORRIS, NEW YORK

Greece is in the middle of a profound depression; ordinary Greeks have suffered deep losses. So the idea that the Greek government has won a victory simply because there could be less austerity imposed on people in the future strikes me as an abandonment of hope and responsibility on the part of European leaders.

BACKSTORY

Speech Sparks Criticism

been American patriots who were able to acknowledge flaws in the country that they loved. For example, there’s the guy who described one of our foreign wars as “the most unjust ever waged by a stronger against a weaker nation.” That was Ulysses S. Grant — the Civil War general and American president who longtime readers know is one of my heroes — writing about the Mexican-American War. But now we (finally) have a president who is willing to say such things while in the White House. Why? Maybe it’s history: The Greatest Generation is fading away, and the most recent war in our memories is Iraq — a war waged on false pretenses, whose enduring images are not of brave men storming Omaha Beach, but of prisoners being tortured in Abu Ghraib. My sense is that Iraq has left a lasting shadow on our self-image; many people now realize that we, too, can do evil.

CHANG W. LEE/THE NEW YORK TIMES

Rudy Giuliani, who was mayor of New York from 1994 to 2001, at the National September 11 Memorial & Museum last year. Maybe it’s just that we are becoming, despite everything, a more sophisticated country, a place where many people understand that you can be a patriot without always shouting “U.S.A.! U.S.A.!” — maybe even a country where people are starting to realize that the shouters are often less patriotic than the people they’re trying to shout down. All of this doesn’t change the fact

READER COMMENTS FROM NYTIMES.COM

‘Exceptional’ Does Not Mean ‘Flawless’ Americans seem to have two definitions of exceptionalism. One proclaims that we are better than everyone else, and, therefore, the normal rules don’t apply to us. The second says that we are exceptional because of our adherence to higher ideals and principles. The former, based on ignorance, justifies torture, jingoism and reckless swagger. It only gets us into trouble. The latter recognizes our flaws and greater accomplishments, and attempts to improve the world even

if this means using military force (with some humility). This approach has a better record. — NAME WITHHELD, FLORIDA

Rudy Giuliani’s comments had little to do with President Obama, and everything to do with Mr. Giuliani. When you are no longer relevant nor part of the national conversation, you have to say dumb, outrageous things to draw media attention (see Donald Trump). I’ll give The New York Times a pass because Mr. Giuliani is a for-

mer mayor of New York, but the guy isn’t really worthy of press coverage anymore. — NAME WITHHELD, LOUISIANA

American exceptionalism used to mean that we were exceptional because we took responsibility for others. That changed during the administration of President George W. Bush. During his time in office, the propaganda machine began playing up God as the source of our exceptionalism, resurrecting an idea that had

that we really are an exceptional country — a country that has played a special role in the world, that despite its flaws has always stood for some of humanity’s highest ideals. We are not, in other words, just about tribalism — which is what makes all the shouting about American exceptionalism so ironic, because it is, in fact, an attempt to tribalize our self-image.

been part of the Eisenhower administration’s battle against “Godless communism” in the 1950s. Mr. Obama’s view is informed by history. We’re only as exceptional as we make ourselves, and that is a task that can never end if we are truly exceptional. — BOB DOBBS, CALIFORNIA

Do you love your country as a father loves his son, or do you love your country as a son loves his father? In the latter situation, which seems to be the conservative view, the son sees his father as the best at everything and beyond reproach. In the former, the progressive view, the father sees his son as hav-

At a gathering of conservative political donors in New York earlier this month, the city’s former mayor, Rudy Giuliani, delivered a speech in which he made a series of comments about President Obama. “I do not believe that the president loves America,” Mr. Giuliani said. “He doesn’t love you. And he doesn’t love me. He wasn’t brought up the way you were brought up and I was brought up, through love of this country.” His comments sparked outrage among many commentators. Defending his statements the next day on Fox News, Mr. Giuliani argued that Mr. Obama didn’t believe in “American exceptionalism” — the notion that the United States plays a unique role in world affairs. “The reality is,” Mr. Giuliani said, “from all that I can see of this president — all that I’ve heard of him — he apologizes for America, he criticizes America.” The former mayor continued: “This is an American president I’ve never seen before.” Mr. Giuliani’s comments triggered

ing lots of promise, but he also recognizes his weaknesses, and he constantly works to help his son grow to become a responsible adult. — NAME WITHHELD, ILLINOIS

As a non-American, I always find all the rah-rah stuff pretty childish. The United States is a large country in which a lot of industry has clustered. This makes it very wealthy and able to throw its weight around. But Americans, American culture and America’s political institutions are neither exceptionally good nor exceptionally bad. People are the same wherever you go.

Krugman & Co. is a weekly branded page that features discussion and debate with Paul Krugman, the Nobel Prize-winning economist and New York Times columnist. The page features commentary on global, economic and political issues, historical background on the week’s topics, and debate from readers around the world.

— NANCY, NEW YORK

ONLINE: COMMENTS Comments have been edited for clarity and length. For Paul Krugman’s latest thoughts and to join the debate online, visit his blog at krugman.blogs.nytimes.com.

PAUL KRUGMAN

Loving America, Flaws and All Jamelle Bouie wrote a very good article for Slate responding to former New York City Mayor Rudy Giuliani’s recent attack on President Obama’s patriotism, making the point that Mr. Obama, while clearly patriotic, does talk about America a bit differently than his predecessors. But I’m not sure that Mr. Bouie has the whole story (read his article here: slate.me/1BvcgNM). In his article, he attributes Mr. Obama’s relatively chastened version of American exceptionalism to his personal identity — that as a black American he is more in touch with the areas of ambivalence in our history. That may well be true. But there are many Americans who love their country in pretty much the way the president does — seeing it as special, often an enormous force for good in the world, but also fallible, and with some stains on its record. I’m one of them. So you don’t have to be black to see things that way. What’s more, there have always

Krugman & Co.

further criticism from across the political spectrum. Daniel Larison, a senior editor at The American Conservative magazine, wrote that according to Mr. Giuliani’s views, “the president has to act as national cheerleader and should never make any serious criticisms of U.S. conduct, past or present, without couching them in the usual triumphalist self-congratulation.” Jamelle Bouie, a writer for Slate, argued that Mr. Obama does, in fact, speak about America differently from his predecessors. “By choice as much as birth,” he wrote, “Obama is a black American. And black Americans, more than most, have a complicated relationship with our country. It’s our home as much as it’s been our oppressor: a place of freedom and opportunity as much as a source of violence and degradation.” Mr. Giuliani gained national notoriety following the terrorist attacks of Sept. 11, 2001. He unsuccessfully sought the Republican presidential nomination in 2008.

Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed page and continues as a professor of economics and international affairs at Princeton University. He was awarded the Nobel in economic science in 2008. Mr. Krugman is the author or editor of 21 books and more than 200 papers in professional journals and edited volumes. His latest book is “End This Depression Now!”

Krugman joined The New York Times in 1999 as an opinion columnist and is a professor of economics and international affairs at Princeton University. In 2008, he received the Nobel Memorial Prize in Economic Sciences. Available Thursday evening (Eastern).

— PAUL FRIESEN, CANADA

Designates a service comprised of content from The New York Times

NY TLICENSING.COM

SPECIAL PACK AGES

Special Sections Special Sections is a collection of themed pages from The New York Times that explore the trends and events shaping the world today. Engage readers and advertisers with focused coverage related to travel, shopping, energy, business, design and women’s professional lives. Packages are quarterly and consist of anywhere from 8 to 10 stories on average per package, with photos and videos as available. All content may be used in print and digital, including social media.

Spending Well

SUNDAY, MARCH 29, 2015

MANAGING YOUR MONEY, WORK AND SUCCESS

Talking Points

The Social Security Labyrinth

A guide to managing your money, work and success, Spending Well offers columns, essays and quick tips on personal finance topics that range from credit building and management to homebuying, renting and maintenance. Edited, designed and branded by The New York Times, the pages are delivered print-ready with allocated space for branding and sponsorship.

YOUR MONEY LENNY IGNELZI/ASSOCIATED PRESS

Bat Maker Staying Put Louisville Slugger, the iconic brand of America’s so-called national pastime, is being sold to Wilson, a division of the Finnish Amer Sports Corporation. But the bats will still be made in Louisville. Amer Sports estimates the market for baseball and softball gear at $2.2 billion, $1.4 billion of that in the United States.

DISNEY

Women Rule, in Theaters Women are driving movie ticket sales to a degree rarely, if ever, seen before. With the March 10 release of “The Divergent Series: Insurgent,” women have delivered the three biggest live-action openings of the year. The audience for “Insurgent” was 60 percent female. The opening-weekend crowd for “Fifty Shades of Grey” was 67 percent female, and women made up 66 percent of the audience for “Cinderella.”

Winners Claim Privacy Most of the 44 states with lotteries consider the identities of winners to be a matter of public record, but the issue of anonymity has been raised in at least 10 states. A legislative committee in North Carolina recently rejected such privacy. A proposal in Georgia would allow anonymity if the winner donated 25 percent to college scholarships.

ASTRID GALVAN/ASSOCIATED PRESS

Communing With Nature More people around the world are spending vacations in nature. A team of British and American researchers has compiled data from more than 550 protected areas, on every continent except Antarctica, and found they receive roughly eight billion visits each year. Over the last decade, more than 80 percent of those have taken place in North America and Europe.

RON LIEBER

A new guide can help wring benefits from a wildly complex program. In recent years, the Boston University economist Laurence J. Kotlikoff has made something of a game — and then, eventually, an art — of cornering smart people and convincing them that they were leaving tens of thousands of Social Security dollars on the table. He did it with Glenn Loury, an M.I.T.-trained, Brown University economics professor whose wife, Linda, had recently died of cancer. His spouse was a prominent economics professor herself, but neither of them realized that her survivor’s benefits would be worth more than $100,000 to Mr. Loury until Mr. Kotlikoff told him. Philip Moeller, a writer and retirement expert, also had it wrong, though he almost didn’t find out as he stubbornly insisted to Mr. Kotlikoff that he and his wife knew what they were doing. They did not; Mr. Kotlikoff land- ed them nearly $50,000 extra with some fancy footwork related to spousal benefits. The pair eventually teamed with a third author, the “PBS NewsHour” correspondent Paul Solman, to write the guide to Social Security “Get What’s Yours,” which came out last month. The overwhelming demand took the publisher by surprise. The book raced to the No. 1 slot sitewide on Amazon, whose inventory of paper books was wiped out for weeks. But we should not be surprised by this. Social Security is the biggest source of retirement income for many Americans, and even if you’ve made more money than average during your career, that just means that the book’s tricks and tips will be ever more relevant. After all, the more you’ve made, the more you have at stake when it comes to filing for benefits in just the right way at precisely the right moment. Given that there are 2,728 core rules and thousands more supplements to them according to the authors, it pays, literally, to seek out a guide. The book covers filing and suspending, “deeming” rules that are too complicated to explain here, the family maximum benefit and other head-scratchers that can nonetheless move the financial

ROBERT NEUBECKER

needle in a significant way. The book’s success is also, however, symptomatic of something that we take for granted but should actually disgust us: The complexity of our financial lives is so extreme that we must painstakingly manage every aspect of it, from government programs to investing to loyalty programs. Mr. Kotlikoff’s game has yielded large winnings for his friends and readers (and several dinners of gratitude), but the fact that gamesmanship is even necessary in the first place with our national safety net is shameful. Mr. Kotlikoff, 64, did not set out to become Dr. Social Security. Two decades ago, he and a colleague were studying the adequacy of life insurance. To do so, you need to know something about Social Security. Soon, Mr. Kotlikoff was developing a computer model for various payouts from the government program and realized that consumers might actually pay to use it. From that instinct, a service called Maximize My Social Security was born, though it wasn’t easy to do and get it right. “We had to develop very detailed code, and the whole Social Security rule book is written in geek,” he said. “It’s impossible to understand.” Because of that, most people fil ing for benefits have to get lucky

JODI HILTON FOR THE NEW YORK TIMES

“The whole Social Security rule book is written in geek. It’s impossible to understand. ... We have a system that produces inequality systematically.” LAURENCE J. KOTLIKOFF

Boston University economist enough to encounter a true expert in their social circle, at a Social Security office or on its hotline. They are rare, and this information dissymmetry offends Mr. Kotlikoff. “We have a system that produces inequality systematically,” he said. It’s not because of what the bene-

ficiaries earned, either; it’s simply based on their (perhaps random) access to those who have a deep understanding of the rules. Given that fact, it’s no surprise that the book, with its imperative title, has broken out in a big way. Still, it’s just one topic set against the landscape of confusion and tedium that characterizes our financial lives, and every task seems to require its own multichapter management manual. While Social Security may well have evolved to its muddled state in part to let more citizens benefit earlier and not suffer from inflation’s effects, our tax system and other arenas are ones where multiple constituencies lobby against decreased complexity and make their livings off everyone else’s confusion. Mr. Kotlikoff, with his software and books, skims his cream, too, but he hates the system that gives rise to these opportunities. “There are democracies that don’t have this craziness, where you get something for yourself by lobbying and hide it from everyone else,” he said. “I think it’s pernicious and disgraceful and an insult to the American public.” “Get What’s Yours” is a useful book. Indeed, we all need better instruction guides for the many parts of our financial lives that only grow more complex over time.

Weekly.

Taxes Take, and Give Back, Mostly to the Very Rich

ce er m m Co rior te In bor ry tion La suorta ea Tr sp e an Tr ultur ric Ag gy er En ce sti and Ju v. ing us n De Ho ba Ur nd y

ela m rit Ho cu Se

earn less than $65,000, got less Uneven Tax Breaks ECONOMY than $1,000 on average, altogethPATRICIA COHEN A new study by the Corporation for Enterprise Development found that much of the federal spending er about 12 percent of the billions channeled through the tax code disproportionately benefits the wealthiest taxpayers. handed out. A 2013 report from the Congres“Get your billions back, America,” the tax preparer H&R Block urges sional Budget Office that looked Tax breaks amount to more than the Federal budget, not counting defense … in television advertisements. at the 10 largest tax subsidies, Federal discretionary budgets, 2014 $464 billion worth a total of $900 billion, found What many taxpayers may not realize is that they already do. that more than half went to houseVeterans Health and State Education Affairs human services When it comes to the government, holds in the top fifth on the income taxing is often just another name scale. for spending. Tax policy tends to benefit those There are tax credits and tax in the upper tier of the income ladAsset-building tax expenditures, 2014 $620 billion der for several reasons. Wealthier deductions; tax exclusions and Saving / investments Housing Retirement Education households fall into higher income tax exemptions; tax deferrals and tax reductions; tax discharges brackets, and so they get proporIncludes tax • Public bond interest • Rental income • Mortgage interest • Defined benefit • American and tax preferences, all of which tionately greater savings. They breaks in these • Dividends opportunity and contribution • Property tax • Capital gains put money in people’s wallets also have more assets to put into areas: tax credit savings plans on home sales • Capital gains rather than take it out. housing, retirement accounts and • 529 plans • I.R.A.s There is one critical difference educational programs that are elibetween tax-related payouts, gible for tax subsidies. however, and those that come Suzanne Mettler, a professor of … and benefit the top rung of the income ladder more than everyone else combined. directly from the federal budget: government at Cornell University, $101.1 Spending channeled through the said that the tax-related largess is Total annual benefit tax code tends to overwhelmingnot bestowed equally. “Just like from tax programs in direct social benefits, benefits in ly benefit the wealthiest Ameribillions in 2013 for: $73.9 cans. the tax code are directed at cer$69.9 tain groups of people,” she said. According to an analysis of $340 Investments Homeownership Retirement Home buyers get a break; renters billion in tax subsidies for housIncludes inherited Mortgage interest and Defined benefit and don’t, even if they both earn the ing, A N A lY s i s , i D e A s A N D C o M M e N TA r Y f r o Meducation, retirement and investments real estate tax contribution plans and savings in 2013, the top 1 percent same. deductions I.R.A.s received about $95 billion, more To Ms. Mettler, the hidden Higher than the $90 billion received by nature of tax code spending unincome $19.3 the bottom 80 percent combined, dermines support for the gov$18.1 said the Corporation for Enterernment, because people don’t $8.6 $9.2 $7.6 $5.3 $3.9 recognize just how much they prise Development, a nonprofit $1.4 $0.7 $0.7 $0.7 0 organization that seeks to build benefit. Bottom 204060Top Bottom 204060Top Bottom 204060Top . assets for low- and moderate-inMs. Mettler pointed to a 2008 20% 40% 60% 80% 20% 20% 40% 60% 80% 20% 20% 40% 60% 80% 20% THE NEW YORK TIMES INTERNATIONAL EDITION THURSDAY, SEPTEMBER 21, 2017 | S1 come families. poll from Cornell’s Survey ReIncome quintiles search Institute that found that “Every year, the federal gova majority of Americans insisted ernment spends billions of dollars Source: “From Upside Down to Right-Side Up” by Ezra Levin (Corporation for Enterprise Development) THE NEW YORK TIMES they did not use any government on these tax programs primarily programs, even when they took to support the highest-income a conservative position,” he said. analysis. By comparison, federal households that need support the creasingly become the driver of advantage of deductions on mortHAPPiNess ANNiE MckEE Those at the very top of the indiscretionary spending by 14 of least,” said Ezra Levin, associate social policy when it comes to edgage interest or student loans. the 15 cabinet agencies, including director of government affairs for ucation, retirement and housing. come scale — the top 0.1 percent, She advocates providing rehousing, transportation, labor, the group. The amount of spending in with an average annual income of ceipts that detail just how much commerce, education, Treasury those areas channeled through $7.6 million — received an avermoney someone receives through Relentless pressure in recent N.Y. Times News Service and health and human services taxes is on the rise, topping $620 the tax code. That way everyone age of $33,391 in federal tax payyears, particularly by consertotaled $464 billion. billion in 2014, up from $540 billion would know just who is getting outs analyzed by the group. Those vatives, to reduce spending has Date: 3/18/15 “This is not a liberal position or in 2013, according to Mr. Levin’s in the bottom 60 percent, who meant that the tax code has intheir billions back.

USINESS BUSINESS SENSE SENSE

The Big Ideas

5 Ways To Be Smart About Fighting With a Bad Boss

Leading thinkers on issues both timely and timeless

Graphic Slug: TAX-SUBSIDIES Size: 5.7 x 5.5 With Story: (BC--TAX-SUBSIDIES--NYT)

Have you ever felt like your boss is out to get you? Maybe you’re paranoid. But then again, maybe not. There are a lot of bad bosses out there, leaders who aren’t stupid but lack emotional intelligence. We can find ourselves in perpetual, all-consuming combat with these bosses. So what can you do?

protect yourself. Be sure you have a strategy to protect yourself from the fallout. Prepare key people to support you.

focus on yourself. Make sure that you’re not picking a fight with your boss just to cover up your own insecurity.

know that your boss’s issues are driving this dysfunctional conflict. These

bosses are unstable, insecure, power-hungry demagogues. Unless you truly understand that these individuals are broken, you can end up blaming yourself.

President Cristina Fernández de Kirchner has been trying to resuscitate Argentina’s economy.

EvARISTO SA/AGENCE FRANCE-pRESSE — GETTY IMAGES

n A genIn na Argentina’s De au Defaults, The E ghThe h TEighth me Un Time ucky Is Unlucky

evaluate your situation realistically. If the

relationship with your boss can’t be fixed, why not think of all the good reasons to find another job?

ask yourself: “Am I part of the problem?” Are you perpetuating a fight culture, using power as the means to quietly intimidate or get what you need at the expense of others?

Itnews is America’s courts (the bonds analys is were issued under American law) that blocked the as payment, at the The Cristina disdain for politics usual is intense, Fernández behest and of the tiny minority of own© 2014 Harvard Business School widespread global. ers of bonds from her 2001 who did not argues that Publishing Corp. accept the restructuring Argentina offered them in 2005 and again in country’s latest default BY MOISÉS NAÍM 2010. These “hold-outs,” balking at is less than a She decade,restructuring theis world went from the different. 65% Inhaircut the worrying about financial crashes to worryentailed, not only persuaded a judge ing about crashing democracies. missing the point. Starting in be 2008,paid we were over that they should indistressed full but which economy would topple next, or also got him tothefreeze payments whether next banking crisis wouldon wipe out people’s savings. Yet the Great Moisés the Naím isrestructured a bonds until ArgenRecession was not as prolonged as we distinguished fellow tina coughs up. Argentina’s first bond, issued in Argentina’s first bond, economies issuedhave in feared — the hardest-hit at the Carnegie or are that in the process doing Argentina claims paying theso. 1824, was supposed to have a lifes1824, supposed to have aoflifesEndowment for was recovered, What has not returned to precrisis mode International hold-outs was impossible. is not just pan of 46 years. Less than four pan of 46 years. than is politics. TodayLess politicalIt parties —four essenPeace, Venezuela’s tial the to“vultures” strong democratic — are that they are assystems Argentine years later, the government defaultgovernment defaultformer years minister oflater, becoming something of an endangered trade and industry officials often who bought the ed. Resolving the ensuing stand-off ed. Resolving the it, ensuing stand-off species.put and an author, work vs. life ToM koldiTz The aftermath of dollar theyears. economic downturn bonds for paved cents on the29 after the with creditors took 29 years. Since with took Since most recently, ofcreditors the way for the success of nontradi“The End of Power: previous default and are like now holding then seven more defaults have folthen seven more defaults have foltional political leaders Donald Trump From Boardrooms and made viable some once-unimaginable those accepted the restructuring lowed, the most recent last week, lowed, the most recent last week, to Battlefields andwho ideas, like Brexit. Churches to (accounting for 93% of the debt) to when Argentina failed to make States, a when Argentina failed to took make a Longstanding trends also a stronger Why Being hold in the West. As salaries stagnated or ransom. payment on bonds issued as partial payment on bonds issued as partial in Charge Isn’t even declined in the United States, Britain What Itcompensation Used and other advanced democraThe main problem is that a clause compensation to victims of the pretoeconomically victims of the preto Be.” cies, the embattled middle class blamed in thedefault, restructured bonds prohibits vious default, in 2001. vious in 2001. automation and globalization. Immigration and international trade werehold-outs seen costly from offering the Most investors think they can see Argentina Most investors think they canassee terms paying everya pattern in all this, but Argentina’s abetter pattern in allwithout this, but Argentina’s Fernández one else theCristina same. Since it cannot de afOne of thepresident, most tellingCristina questionsFernández de president, Kirchner, latest insists the latest is ford to do that, it says it haddefault no choice you can ask someoneinsists in anythe kind of default is Kirchner, the others. Her government, not the others. Her government, but like to default. leadershipnot rolelike is what motivates she points out, had transferred sheYetpoints hadthat transferred it is notout, certain the clause them to be a better leader. the full $539 million it owed to the the full $539 million it owed to requiring equal treatment of the all Some will say it’s to enhance Kofi Annan warns that little men in banks that administer the bonds. banks that administer the applied, bonds. bondholders would have their personal effectiveness. Others high places do not understand the risks.

Why You lead determines How Well You lead

MIRKO ILIC

It is America’s courts (thenotbonds given that Argentina would have given that Argentina would not have It’s not too late were issued the under American law) been paying the hold-outs voluntari- Happily, much of the damage can been paying hold-outs voluntaristillBeppe be undone. is not too late nonhierto that blocked payment, ly, but onforthe courts’political orders. Morely, but on the the courts’ orders. at Moremental It organizations, or in loose, success of the comedian seenthe not as natural habitats idealists downsides to international integration. archical movements. Grillo in Italy, or that of Mr. Trump, but for fast-talking and often hypocritical Surprisingly, even emerging markets with the hold-outs or behest of theowners tiny minority of opportunists own- and over, some owners of the restruc- strikea a deal over, some of the restrucDemocracies, however, need political reality TV show host. careerists. with fast-growing economies and stellar back the an ostensibly private effort to were waive parties. We need permanent organizations ers ofofbonds from who not tured bonds had agreed waive Both men able to undermine The disdaintured for politicsbonds as usual —had and agreed records lifting people out of2001 poverty, liketodid that earn political power and govern, power of dominant parties. While Mr. out their therefore for parties locked in the status Brazil, faced challenges from angry popuclaims. A quick fixthat made to buy accept the restructuring Argentina their rights; had Argentina made their rights; had Argentina are forced to articulate disparate interests Grillo’s Five Star Movement sought to quo — is intense, widespread, global. This lations disappointed with their governwould makeanditviewpoints, easierthat for can Argentirecruit and deItaly’s political by posiis why anti-politics, the rejection ofeffort tradiand empowered andagain a concerted todisplace persuade the machine offered themeffort inby social 2005 and in aments concerted tomedia persuade the velop future government leaders and that tioning himself as a radical outsider, tional politics and its practitioners, is such other new technologies. na to Mr. borrow again internationally. remainder to do the Trump same, itonmight 2010. Thesecountries, balking at instinct remainder to“hold-outs,” do the same, monitor those already in power. took traditional politics as a a popular today. In developing it is common for it might That, in turn,Political would speed developleaders need to have a stance on radical insider, staging a hostile takeover The case of have Tiririca vividly illustrates Lawyers people’s expectations to grow at a faster succeeded. and bankthe 65% haircut the restructuring have succeeded. Lawyers and bankpreschool and nuclear the weapons, of the Republican Party. why. In 2010 Francisco Everardo Oliveira pace than the capacity of the state to meet ment of big oil andeducation gas deposits, entailed, only persuaded judge ers haveassuggested various waysto “drain ers havenot suggested variousa Silva, ways health care and agriculture, and have Mr. Trump’s appeal the known professionally Tiririca the them. Money is always short, and public fromwell-articulated which could help ease views on fighting terrorswamp” in Washington. Grillo’s scorchclown, ran foraround a congressional in institutions are should often ineffective. So evenin full that they be paid but theseat clause in question, which Mr. income around the clause in question, which ism and regulating banks, among myriad ing denunciation of the “caste” in his troubles. Brazil, campaigning in costume. His mesthough the lives of hundreds of millions of itsthat money also him to freeze payments on expires at the end ofview theranyear. But expires at the end of Africa the year. other policy issues. And political parties Italy to the ground. DemonstrasageBut was honest and straightforward: “I people got in Asia, Latin America and More important, it would are the training camps of thesehelp leaders. are improving, that doesn’t mean thatuntil the restructured bonds ArgenArgentina’s government was slow Argentina’s government was slow To survive, political must regain people are content. And it has become ofparties Argentito consider these options or nego- to change perceptions to these tina coughs up. the ability to inspire and mobilize people — clearconsider that economic progress options and prosper- or negoAlmost decade since thehold-outs, start of thehiding financial Over especiallyrogue the youngstate. — who might otherity Argentina do notwith alwaysthe buy political stability. with the in- na as a financial claims that paying the tiate hold-outs, hiding in- a tiate wise disdain politics or prefer to channel The global wave of political anger crisis, economies are on the way to a recovery — the past year or so Ms. Fernández stead behind hold-outs was impossible. It is not just stead nationalism. whatever political energy they have sweepingbehind many rich indignant and poor countries but not politics. It’s timeindignant for leadersnationalism. to disrupt the seems to have been trying to Parties reha-must through single-issue groups. alike isthey also fed by a“vultures” newfound impatience that are as Argentine way we govern. be willing to overhaul their structures, with corruption. bilitate Argentina’s image and reofficials put Argentina it,inwho Don’t tryoften to flee, Don’t try to flee, Argentina mind-sets and methods to adapt to a new In the last decade, societies which bought the world. We also need to bring party renewal corruption used to be treated as adollar fact of after faltering economy. She bonds for cents on the the Ms. Fernández is right that thedon’t conMs. Fernández is right that the con- suscitate itsto the foreground in any discussion of tors’ banners in Brazil imploring voters to know what a representative in Conlife developed a strong intolerance to settled financial disputes previous default and are now holding sequences ofousted America’s court rulsequences of IAmerica’s court rulcontemporary politics. with gov“throw them all out.” These examples gress does, but if you send me there will official thievery and once-untouchIn the decade the financial crisis, resonate in similar ways. ernment creditors tell you.” He also explained that his goal able politicians. In Brazil and India, Russia andsince with Repsol, those who accepted ings have been p the restructuring ings have been perverse, unleashalmost everything we do — eating, reading, These days, calls for a new political was “to help people in need in this country and Spain, people took to the streets to a Spanish firm dating, whose Argentine shopping, traveling and communiusually require of political oil (accounting for 93% of the debt) . . . butto especially ingmyafamily.” big financial order dispute in anthe ouster denounce corruption by the powerful. catingexpropriated — was disrupted byin new2012. technoloparties and elected leaders, and in many At the time, it was easy to dismiss TiririAnd too often those in power were also she had ransom. attempt to solve a relatively small assets gies and innovation. Everything, that is, cases that is the correct call. Corrupt and ca’s run as an extreme anti-political gesleaders of traditional political parties. The events have overshadexcept the way we govern ourselves. organizations to be recent reture that couldone. happenBut only inhers a rowdyis not ineffectual When suchmain leadersproblem are caught stealing, it a clause The is that the first gov- need placed by effective ones. young democracy like Brazil’s. But not for becomes another stain on parties, whose owed all that.We need a disruptive innovation that in theand restructured bonds prohibits ernment to beTiririca hit with anmany awkward pulls democratic parties into the 21st Yet activists harbor the misconlong. The sentiment that propelled prestige allure have been steadily For its own sake, and everyone century. ception against that the answer to victory is similar to that Instead which drove of the railing waning. These days, political partiesthe are hold-outs Argentina from offering verdict. it, lies in nongovernbetter terms without paying every- she should have tried to minimize else’s, Argentina should hold its nose and do a deal with the holdone else the same. Since it cannot af- the harm it did. ford to do that, it says it had no choice Defaulting has helped no one: outs. Kofi Annan, the former secretary general but to default. none of the bondholders will now be of the United Nations, said at the Athens Democracy Newspaper Forum last week thatLtd., the Yet it is not certain that the clause paid, Argentina looks like a pariah © 2014 Economist U.N. was in danger of reverting to its All rights rerequiring equal treatment of all again, and its economy will remain London (August Cold War2). ineffectiveness. cross-border cooperation was the only way served. Reprinted with permission. bondholders would starved of loans and investment. to solve crises. “But today, we havehave lots of lit-applied,

BY FARAH NAYERI

Just days before President Trump was scheduled to make his first appearance before the United Nations General Assembly, the former secretary general, Kofi Annan, described the world as a “messy place” where people’s disaffection with their governments had influenced recent elections and would now lead to “divisions at the U.N.” In the recent past, he said, world leaders “worked with each other” and realized that

set up to do, without one country vetoing the other,” he said. “Today, we seem to be back to where we were in ’89.” The effectiveness of global institutions became a subject of debate following two decisive votes in 2016. One was Britain’s referendum to leave the European Union 43 years after joining what was then known as the European Economic Community. The other was the election of President Trump, who in December described the United Nations as “just a club for people to get together, talk and have a good time.” He has been critical of the United Nations and the North Atlantic Treaty Organization for being costly and ineffective.

tle men in high places, and they don’t always seem to understand the risks we are all in.” “All that we need is one miscalculation,” he cautioned, “and all bets are off.” Mr. Annan made his remarks during a question-and-answer session at the Presidential Palace in Athens. The session was part of the Athens Democracy Forum, which was convened by The New York Times for the fifth year. The forum, which gathers world leaders to discuss international affairs, was endorsed by United Nations Secretary General António Guterres. Mr. Annan recalled that he was secretary general at the time of the collapse of the Berlin Wall in 1989. “Suddenly, with the end of the Cold War, the U.N. could do what it was

d M Fund g Managers: A Assets b or Liabilities?

news analys is

sis couldElisa occur in the asset-man10 ‘HAUSFRAU’ Albert reviews agement industry. Jill Alexander Essbaum’ s first novel

The industry manages $87 trillion, making it three-quarters the size of the banking sector. The biggest fund manager, Blackrock, runs $4.4 trillion of assets, more than any bank has on its balance sheet. After the crisis regulators tightened the rules on banks, insisting that they hold more capital and have sufficient liquidity to cope with shortterm pressures, but that may be a case of generals fighting the last battle. In the absence of lending from

banks, many companies have turned to bonds, owned mainly by fund managers, for credit. In January the Financial Stability Board, an international body which tries to guard against financial crises, published a consultation paper which asked whether fund managers might need to be designated “systemically important financial institutions” or SIFIs, a step that would involve heavier regulation. But the asset-management industry has marshaled some powerful counter-arguments. First, managers act as stewards of capital, which is s 12 other JAMESpeople’s M C PHERSON on ‘Sherman’ held in and separate accounts, Ghosts’ the American way with of war third parties acting as custodians. Were a fund manager to go bankrupt, the assets would simply be transferred to a competitor, with no loss for the investors concerned. Hundreds of mutual funds close each year, with minimal market impact and without needing government rescue. Second, with the exception of hedge funds, asset managers tend not to operate with borrowed money, or leverage. The size of Blackrock’s balance sheet is $8.7 billion,

RICCARDO SAVI FOR THE NEW YORK TIMES ATHENS DEMOCRACY FORUM

DANGERS, PAGE S2

low-cost trackers such as Vanguard’s 500 index fund, which allows retail investors to get a broad exposure to the stock market for fees of only 0.17 percent a year. As one of the consequences of being a SIFI, the fund might be required to hold a capital reserve, the cost of which would be passed on to retail investors. In addition SIFIs could ‘As any self-respecting be required to support the orderly asset manager would tell liquidation fund, a bailout vehicle for other SIFIs. us, past performance is no As yet, no fund manager has guide to the future.’ been designated a SIFI. However, Andy Haldane of the 17 NATALIE ANGIER on ‘Shrinks: Bank of England cautions it perils 29 CYNTHIA OZICKthat on the to doan so.‘older writer’ 401(k) plans, through which they may be prudent The Untold Story of Psychiatry’ of being “As any self-respecting asset put a bit of money into the market manager would tell us, past perevery month. Finally, designating fund manag- formance is no guide to the future,” ers as SIFIs would have perverse Haldane says. “This is especially as 29, 2015 consequences. The F.S.B. paper true in an industry as large and MARCH stated that size was the key cri- rapidly changing as asset manageterion, suggesting a threshold of ment, with asset portfolios becom$100 billion, which would capture 14 ing less liquid and more correlated American mutual funds. This may and investor behavior becoming miss the point: Reserve ranked more fickle and run-prone.” only 81st among American asset managers and 14th among those © 2014 Economist Newspaper Ltd., London (August 2). All rights rerunning money-market funds. In any case, many big funds are served. Reprinted with permission. while H.S.B.C.’s is nearly $2.7 trillion, or more than 300 times bigger. Fund managers thus are less vulnerable to sudden falls in asset prices. Third, retail investors are less flighty than institutions. Many invest through defined-contribution

JEFFREY FISHER

*3TB1*

Layers of Time By Eula Biss THE SELF , a friend once informed me, is an illusion. We were 19 at the time, and he was reading Foucault, but that was 18 years ago, and now he doesn’t think he understood Foucault back then. “It’s real,” my friend says of the self, “but it’s made.”

Whether or not the self is real or an illusion, made or found, we do know that the self we encounter in a book, even if that book is a diary, is a made thing. And not every keeper of a diary is capable of creating a self on the page. Many diaries are, in fact, remarkably devoid of any evidence of self. I’m thinking, for instance, of the diary of a frontier woman I found in an Iowa archive. Some climate scientists

THE FOLDED CLOCK A Diary By Heidi Julavits 290 pp. Doubleday. $26.95.

The Big Ideas

Inversion deals may sap U.S. Treasury of $19.46 billion over next decade.

TiMe ANTHoNY k. TiJAN

5 Tactics To Moving A Negotiation Forward Time and emotion — these are most often wasted during a negotiation. We simply spend too much time on items that don’t really matter, because we let our emotions override any semblance of logic.What can we do? The key is to understand five areas that can both help move a negotiation forward and in doing so usually advance us to where we want to be:

The Big Ideas is a licensed special package that asks today’s thinkers to examine the universal ideas and contemporary issues that move and shape the world today. The Stone — The New York Times’s forum for contemporary philosophers — will bring together the world’s leading thinkers to contemplate one theme in a special package called The Big Ideas. 1

understand the common goal and common

‘we have a flawed corporate tax code that is driving U.s. companies overseas.’ Jamie Dimon, chairman and chief executive of JPMorgan Chase. DANIEL ROSENBAUM/ThE NEw YORk TIMES

had shown interest in this diary, the archivist told me, because its descriptions of the weather were so thorough. I didn’t read that diary, as I already knew, from all my encounters with amateur writing (including my own childhood diary), what it’s like to go looking for a self and find only weather. Heidi Julavits once said that keeping a diary CONTINUED ON PAGE 22

interest. One of the best ways of making this happen is to have both sides articulate their goals and interests in writing and share them to ensure clarity and alignment.

understand the underlying and ancillary motivations of the other side.

As much as possible, you need to understand the total “motivational picture” of your counterparty.

be transparent and explain the “why” of your

calculate the materiality of each point.

look for points that have an asymmetry in

points. If something is going to impact you personally, it may be better for you to disclose it — at least the other party will understand.

Much of the time sink of negotiations is unfortunately spent on elements that don’t really matter. Do the math and calculate how material a point is.

value. To be effective, you need to comprehend the balance of trade on every key point. Look where your currency is worth more.

T r e N D i N G SYdNEY EMBER

Am LatinSAmerica G w Sees Growth C After mmthedCommodity B m Boom

The dangers of miscalculation

may say that they lead because of a personal obligation to serve their organization. Many will proffer a mix of external motivations (like pay or career progression) and more internal rationales (like the obligation to serve). The group with a combination of motives has the most reasons to lead, and so it seems reasonable to assume that they would be the most high-performing leaders. Right? In a recent article published in the “Proceedings of the National Academy of Sciences,” colleagues and I examined this assumption. Our study tracked more than 10,000 Army leaders from their entrance into West Point, through graduation and well into their careers. We found that those with internal, intrinsic motives performed better than those with external, instrumental rationales for their service. We were surprised to find that those with both internal and external rationales proved to be worse investments as leaders than those with fewer, but predominantly internal, motivations. Adding external motives didn’t make leaders perform better — additional motivations reduced the selection to top leadership by more than 20 percent. Thus, external motivations were leadership poison.

BUSINESS SENSE DeAlBook ANDrew ross sorkiN

Bank Ca Banks h nCash on nve In onon Inversions

news analysis

why is Colombia now faring better than peru?

a fiscal rule under which the public-sector deficit has fallen steadily, to less than 1% of GDP. That has boosted the confidence of investors. By contrast, Peru is suffering what Mr. Castilla calls a “complicated” year. First, the sol depreciated by about 9% in 2013. Further setbacks have included weather-related contractions in fishing and farming and a standstill in investment by regional governments because of corruption scandals. In response the government is shovelling money at the economy. Extra bonuses and wage increases for state employees and extra loans for small business are worth more than 1% of GDP. Mr. Castilla insists that the economy will rebound in the fourth quarter and will again grow by 6% in both 2015 and 2016. Most analysts predict that Peru will regain its lead over Colombia. But that is not assured. Peru’s long growth spurt was based on a mixture of catch-up after a disastrous 1980s, sound economic policies (it enacted a fiscal rule in 1999), cheap natural gas and a mining boom. But Peru has now caught up a lot. In Colombia, Mr. Cardenas is confident that all the new highways will raise the country’s potential rate of GDP growth by 0.7 percentage points over four years. But there are risks. The biggest involves the oil industry. Guerrilla sabotage and declining reserves are threatening output and thus government revenue. Lotteries give countries opportunities. Development comes from using them to create more productive economies. On that score, Colombia now has an edge over Peru; both are better placed than many of their South American neighbors.

Wikipedia Accepts Bitcoin The Wikimedia Foundation, the nonprofit organization that operates Wikipedia, recently announced that it would allow people to make donations using Bitcoin, becoming the latest adopter of the virtual currency as a payment option. “It has always been important to the foundation to make sure donating is as simple and inclusive as possible,” Lisa Gruwell, the chief revenue officer of Wikimedia, wrote in a blog post announcing the move. The foundation said that it had been asked to accept Bitcoin and that those requests, as well as recent guidelines from the Internal Revenue Service, persuaded it to accept the virtual currency. Wikimedia has teamed up with Coinbase, a third-party payment processor that converts customers’ Bitcoins into dollars. Coinbase, which began with $25 million from the investment firm Andreessen Horowitz, is also working with Overstock, the travel booking website Expedia and the satellite television provider Dish Network to help them accept the virtual currency. Dell recently announced that customers would be able to make purchases on its website using Bitcoin. About 35,000 merchants use Coinbase’s payment tools, according to the company’s website.

Known as one of the most read and influential book review sections in the world, The New York Times Book Review features reviews, essays and author interviews by leading international writers and scholars, in addition to the frequently cited New York Times bestsellers list. Comprised of 10 color pages of editorial content with space for commercial opportunities, the publication creates a lively salon of ideas and inspiration that will attract readers and advertisers alike. © 2014 Economist Newspaper Ltd., London (August 2). All rights reserved. Reprinted with permission.

COVERAGE SELECTED AND EDITED BY

Weekly.

Designates a service comprised of content from The New York Times

THE NEW YORK TIMES LICENSING GROUP

SPECIAL PACK AGES

The New York Times for Kids

SUNDAY, APRIL 29, 2018 F ROM T HE N E W YOR K T I M E S M AGA Z I N E

A special section that approaches the news from the point of view of young readers. It mimics the regular New York Times paper (but is way more fun) with coverage that includes news, opinion, food, puzzles and more.

EDI TORS’ NOT E: T H I S SEC T ION SHOU L D NOT B E REA D BY G ROW N-U P S

THE

AN IM

10-15 articles per month, with photos and illustrations as available.

SUPERLICE!

FIND THE OCTOPUSES HIDING IN A

FLIGHT?

COMING TO A HEAD NEAR YOU

GIANT CORAL REEF

PAGE 10

PAGE 3

PAGE 6

WHY IS THERE

A PIG ON MY

WHY DO

PARASITES

BUTTS?

MAKE YOU SCREAM

PAGE 9

DOGS SNIFF

THAT WILL

ILLUSTRATION BY JARED MURALT

INTERNATIONAL WEEKLY

In collaboration with

MONDAY, FEBRUARY 2, 2015

The New York Times International Weekly

Vatican To Review Treatment Of Divorce By MICHAEL PAULSON

Mark Garren does not take communion when he goes to church. Sometimes he walks up to the priest, crosses his arms over his chest and touches his shoulders to signal that he is seeking a blessing. More often, mindful of his divorce years ago, Mr. Garren, a 64-year-old from Illinois, remains in his pew, watching as the others in his row move to the front of the church. Pamela Crawford, 46, of Virginia, is having none of that. Twice divorced, she, too, feels judged by her church, but when she goes to Mass, she walks up with the rest of the congregation. “If God has a problem with me taking communion, we’ll sort it out,” she said. Facing millions of divorced Catholics around the world, many of whom express frustration over their status in the church, the Vatican has begun a remarkable re-examination of the church’s treatment of worshipers whose marriages have broken apart. Pope Francis has set in motion a high-level debate about whether and how the church could change its posture toward those who are divorced without altering a doctrine that declares marriage to be permanent and indissoluble. The battle lines are clear: Some high-level church officials, most notably the conference of German bishops, want the church to relax its rules so that divorced Catholics can more fully return to church life, particularly by receiving communion, even if they have remarried. Traditionalists are pushing back, arguing that the indissolubility of marriage is ordained by God and therefore nonnegotiable. In October, bishops from around the world argued about divorce, among other topics, at a synod on family issues; this October, a larger group of bishops will meet for a second Vatican synod at which they will decide whether to recommend changes. The decision of whether to act will be up to Francis. In the United States, it is estimated that 28 percent of

Continued on Page 3

PHOTOGRAPHS BY URIEL SINAI FOR THE NEW YORK TIMES

Risking Malaria to Catch Fish By JEFFREY GETTLEMAN

BANGWEULU WETLANDS, Zambia — Out here on the endless swamps, Mwewa Ndefi gets up at dawn and starts to unclump a mosquito net. Nets like his are considered one of the cheapest and most effective ways to stop a disease that kills at least half a million Africans each year. But nobody in Mr. Ndefi’s hut, including his seven children, sleeps under a net at night. Instead, Mr. Ndefi has taken his family’s supply of anti-malaria nets and sewn them together to drag the bottom of the swamp ponds for fish. “I know it’s not right,” Mr. Ndefi said, “but without these nets, we wouldn’t eat.” Across Africa, mosquito-net fishing is a growing problem. Hundreds of millions of insecticide-treated nets have been passed out in recent years, arriving by the truckload in poor, waterside communities where people have been trying to scrape by with substandard fishing gear for as long as anyone can remember. All of a sudden, there are light, soft, surprisingly strong nets — for free. “The nets go straight out of

Mosquito nets used for fishing may contaminate fish with insecticide. Left, a woman with her children, being treated for malaria in Tanzania. the bag into the sea,” said Isabel Marques da Silva, a marine biologist at Universidade Lúrio in Mozambique. “That’s why the incidence for malaria here is so high. The people don’t use the mosquito nets for mosquitoes. They use them to fish.” But the unsparing mesh, with holes smaller than mosquitoes, traps much more life than traditional fishing nets do. Scientists say that could imperil already stressed fish populations, a critical food source for millions of the world’s poorest people. Fistfights are breaking out on

the beaches of Madagascar between fishermen who fear that the nets will ruin their livelihoods, and those who say they will starve without them. Congolese officials have snatched and burned the nets, and in August, Uganda’s president, Yoweri Museveni, threatened to jail anyone fishing with a mosquito net. Many of these insecticide-treated nets are dragged through the same lakes and rivers people drink from, raising concerns about toxins. Most scientists say the risks to people are minimal, because the dosages are low and humans quickly metabolize one of the most common insecti-

Cultivating Our Impractical Sides Bill Hayes saw a girl on a Manhattan-bound subway train one day recently and noticed she was reading a book with a title along the lines of “Becoming a Practical Thinker.” “I had an LENS impulse to tear the book from her hands,” Mr. Hayes wrote in The Times. “Don’t do that,” I wanted to say. “Practicality will not get you where you want to go.” His own experience serves as a guide. He recalled when he first arrived in New York City, he hopped on a train headed for Far Rockaway, which as any New Yorker will tell you is the opposite direction from Manhattan. “But taking wrong trains, encountering unexpected delays and suffering occasional mechanical For comments, write to nytweekly@nytimes.com.

breakdowns is inevitable to any journey really worth taking,” Mr. Hayes wrote. His career move at age 48 — coming to New York City to try to make a life as a writer — revealed his impractical side. And the more he cultivated that side, he said, the better off he was. “Every life-altering decision I’ve ever made has seemed, at first blush, misguided, misjudged or plain foolish,” he wrote, “and ultimately turned out to be the opposite: every seemingly wrong person I’ve fallen for, every big trip I’ve splurged on, every great apartment taken that I could not realistically afford.” The notion of what is practical, for something as simple as lunch, depends on where you sit. Or work. The media business in New York conducts its affairs over power lunches at Midtown restaurants like Michael’s or the Four Seasons. But for new media companies, influenced by the business ethos of Silicon Valley, a sit-down lunch feels too formal.

When Kanyi Maqubela, a partner at Collaborative Fund, decided to invest $500,000 in an education startup, he met with its founder over food truck pizza in San Francisco, took a walk and sat at an outdoor plaza. Lunch at a restaurant would be impractical, Mr. Maqubela said. “It’s harder to pull out a computer and go through an investment deck and a slide show,” he told The Times. The entire meeting lasted about 45 minutes. For transportation in New York, you can’t get much more impractical than a Citroën, as the cars have all but disappeared from the area. But Brian Brandt, who owns a record label for contemporary classic and jazz composers, has been driving Citroëns for 40 years, since he bought a used 1966 DS for $300 when he was 17. A few years ago, Mr. Brandt decided to apprentice as a mechanic under Winsley Thomas, who worked at the company’s headquarters in Englewood, New Jersey, from 1968 until it closed in 1977. Local Citroën

owners bring their garage work, but it’s not a lucrative business. “I guess I have two impractical businesses,” Mr. Brandt told The Times. “There’s such a lack of return in the record industry, but I still enjoy setting up recording sessions in concert halls.” Like a lot of baby boomers, Kevin Monko, 58, once dreamed of playing music for a living. Life’s practicalities intervened, in the form of a job as a commercial photographer, a wife, children and a move to the suburbs. But on a recent weekend, he was playing guitar at a farmers market outside Philadelphia. Mr. Monko has recorded a CD, and along with a rotating group of mandolin players and trombonists, plays various gigs. “When I am playing music, I can’t get much happier,” he told The Times. “I am lucky enough to get people to play with me in a variety of bands, and we go play in different places, make a little money, and just have a lot of fun.” TOM BRADY

cides used on nets, permethrin. But with coldblooded animals, it’s a different story. “If you’re using freshly treated nets in a smallish stream or a bay in the lake, it’s quite likely you’re going to kill fish you don’t intend to kill,” said Dan Strickman, a senior program officer for the Bill and Melinda Gates Foundation, which has invested heavily in malaria research and development. The leading mosquito net manufacturers insist that their products are not dangerous. Still, many nets are labeled: “Do not wash in a lake or a river.” When asked about this, Egon Weinmueller, a public health executive for BASF, a major netmaker, said, “We want to avoid any form of contamination.” The full extent of mosquito-net fishing is unknown. “In regards to what we face, it’s an infinitesimal problem, maybe 1 percent,” said Seth Faison, a spokesman for the Global Fund to Fight AIDS, Tuberculosis and Malaria, which has financed the purchase of

Continued on Page 3

INTELLIGENCE

Xi Jinping’s crusade raises doubts. PAGE 2

Produced as a co-branded, print-ready section of up to 16 pages, The New York Times International Weekly features the best of New York Times journalism. Designed to complement and extend local reporting, it offers readers globally resonant coverage of ideas and trends, business and politics, science and lifestyles and more. Host papers can monetize the International Weekly through built-in advertising space, sponsorship and other opportunities to generate revenue. A weekly content package of (up to) 16 pages of articles from The New York Times. Package includes graphics and photography, as available.

WORLD TRENDS

Jihadists from a small French town. PAGE 2

ARTS & DESIGN

Powerful voice steps into spotlight. PAGE 4

The New York Times Life/Style A lifestyle publication that focuses on how to live a well-rounded, stylish and smarter life. Featured coverage includes arts, style, food, travel, science, technology and health from the reporters and columnists of The New York Times. A weekly or monthly content package of (up to) 16 pages of articles from The New York Times. Package includes graphics and photography as available. Also available as a feed of (up to) 25 articles and briefs.

World Review World Review examines the push and pull of progress, policy, democracy and innovation across borders. This special section of essays, commentary and Q&A’s takes the pulse of global affairs and examines critical issues like the challenges of liberal democracy, rapid globalization, disruptive innovation and radical technological change. World Review is a special edition collection of essays, editorial features and photography from the pages of The New York Times, as well as the Times’ Athens Democracy Forum. Local content may be added to create a bespoke magazine, online section or standalone app. Available yearly. English only.

NY TLICENSING.COM

THE NEW YORK TIMES LICENSING GROUP | CONTACTS

Michael Greenspon Global Head, NYT Licensing & Print Innovation +1 212 556 7636 michael.greenspon@nytimes.com Alice Ting General Manager & Vice President +1 212 556 5967 alicet@nytimes.com Nancy Lee Vice President & Executive Editor +1 212 556 3785 nal@nytimes.com

GLOBAL SALES Cass Adamson Executive Director, APAC & EMEA +44 207 061 3508 cadamson@nytimes.com Aidan McNulty Executive Director, U.S. & Canada +1 212 556 4015 mcnulaj@nytimes.com

EDITORIAL Anita Patil Editorial Director +1 212 556 4467 patila@nytimes.com Armando Arrieta Deputy Editorial Director +1 212 556 5106 armando.arrieta@nytimes.com Sergio Florez Managing Editor, Visuals +1 212 556 1658 florez@nytimes.com Ray Krueger Managing Editor, News Service +1 212 556 1953 krueger@nytimes.com John MacDonald Assistant Managing Editor, Content +1 212 556 5168 john.macdonald@nytimes.com

Christopher Lalime Director, LATAM +33 1 53 05 76 51 clalime@nytimes.com

MARKETING

BUSINESS DEVELOPMENT

Andrea Mariano Marketing Manager +1 212 556 5162 andrea.mariano@nytimes.com

Greg Miller Executive Director, Business Development +1 212 556 4666 gregory.miller@nytimes.com

Aidan McNulty Executive Director, Global Marketing +1 212 556 4015 mcnulaj@nytimes.com

THE NE W YORK TIMES LICENSING GROUP | PRODUCTS & SERVICES