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The Latest Trend on Yachts? Submersibles.

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The Latest Trend on Yachts? Submersibles.

Charles Kohnen, co-founder of the submersible manufacturer SEAmagine Hydrospace, estimates that there are 200 manned vessels worldwide. Some are used by scientific institutions, others for tourism. But a growing number belong to a select group of yacht owners.

While a ticket aboard a submersible tour, like the one that ended in tragedy this year en route to the Titanic shipwreck, is too pricey for most people, owning a submersible requires another level of wealth and boating infrastructure.

Only sufficiently large yachts — at least 120 feet — can hold a sub, which typically costs between $2 million to $7 million (not including the cost of a crane to lower the sub, the speedboat needed to board, and services like mapmaking and guides that can run about $15,000 per day).

“It’s not like a fancy car,” Kohnen said. “It’s more like a $5 million spacecraft.”

Just as having a helicopter and launchpad on a yacht was hot in the 1980s, Kohnen said, getting a personable submersible is increasingly a thing for the wealthy.

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Ofer Ketter, whose company, SubMerge, caters to personal sub owners, sees a similar trend. “You have a mega-yacht, a super yacht — a submersible has become the next thing to have,” he said.

Deep-sea explorations have a growing fan base among the elite. The filmmaker James Cameron and the billionaire investor Ray Dalio have both donated vessels to the Woods Hole Oceanographic Institution and invested in the submersible manufacturer Triton Submarines. Dalio said it was about discovery. “The ocean is the greatest resource we have,” he said. “It’s twice the size of all continents combined — and underexplored.”

Some submersible owners lend out their vessels for documentaries and scientific research, while others are in search of never-before-seen species or want to explore shipwrecks. And there is a kind of mixed-use model that is versatile for everything from an underwater wedding to cocktails on the reef, dinner or a poker game, said Craig Barnett, Triton’s director of sales and marketing.

The personal submersibles industry has grown with the size of yachts. When SEAmagine started in 1995, mostly robots were used for deep-sea scientific work because lowering submersibles into the ocean with people inside was unwieldy, Kohnen said. The company built a model that could be boarded from the water, and this relaunched an era of manned submersibles for science and tourism. Around 2005, SEAmagine got its first yacht commission — and competition. Another submersible manufacturer, U-Boat Worx, started operations in the Netherlands, and Triton soon followed. Yachts were becoming bigger, but, Kohnen said, people were also starting to value experience-seeking over luxury.

Making “the moment.” Where to dive and how long an expedition lasts depends, but an adventure can take months of planning to scout, map and set up. SubMerge has coordinated five expeditions with three different private clients this year, Ketter said, and the company works with about six luxury travel firms, including submersible manufacturers.

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A typical day “in a good spot” usually involves a few dives that last about an hour or two, with breaks for meals, Kohnen said. “Even after a thousand dives, it never stops being exciting.”

What about the implosion of the Titan? The fatal OceanGate tour shined a harsh spotlight on deep-sea adventure. But Kohnen said the craft involved was an “outlier” that was not built to specifications and had been a cause of concern in the submersible community for years.

Ketter said that his company had not had any cancellations since the accident. Triton likewise said that it had no cancellations, that it was building five submersibles and experiencing “remarkable demand” from private owners and tourism companies.

Although private submersibles are gaining momentum, Barnett said, the number of scientific institutions using them was “regrettably low.” Dalio said he thought filming the ocean from private craft would spur more investment and exploration. “It’s very underfunded, but it’s picking up,” he said. — Ephrat Livni

The Fed could pause interest-rate rises next month as inflation cools. Consumer prices rose moderately in July, according to Consumer Price Index data released this week, and consumers expect inflation to slow over the next year, a closely watched University of Michigan survey showed. The wild card is volatile food and fuel prices, which could add to inflationary pressures.

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Goldman Sachs’s longtime chief of staff steps aside. DealBook reported that John Rogers, the bank’s longtime chief of staff, would start handing over some of his responsibilities to Russell Horwitz, a former deputy. The shake-up occurs as Goldman’s C.E.O., David Solomon, conducts an overhaul of the bank, which has seen prominent executives leave.

Disney vows to stem streaming losses and doesn’t rule out selling its TV businesses. The entertainment giant’s C.E.O., Bob Iger, said subscription-price increases for Disney+ and Hulu would go into effect in the fall. And, like Netflix, it will crack down on password sharing. Wall Street is getting impatient as Disney’s streaming losses have ballooned to more than $11 billion since 2019.

Zoom’s A.I. data policy sets off a backlash. The popular videoconferencing platform issued a clarification this week that it would seek customers’ consent before using their audio, video or chat data to train artificial intelligence models. Digital rights’ advocates, however, worry that may not be enough to protect unsuspecting Zoom users as privacy concerns multiply alongside the explosion in popularity of A.I. tools like the ChatGPT and Bard chatbots.

The Kennedy family has for decades made advocacy for the disabled one of its signature causes, from Senator Ted Kennedy sponsoring the Americans With Disabilities Act to Eunice Kennedy Shriver founding the Special Olympics.

Now, a scion of the political dynasty, Christopher McKelvy, has teamed up with Judd Olanoff, a former JPMorgan Chase banker, to approach disabilities in a new way: by starting a venture capital firm focused on the community.

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Meet K. Ventures. McKelvy — a grandson of Patricia Kennedy Lawford and a former tech executive — and Olanoff initially worked together on public policy advocacy for people with disabilities and their families at the Joseph P. Kennedy Jr. Foundation. (McKelvy is a trustee at the foundation.)

They realized that the start-up sector offered both new services for the disabled and viable business models that could scale because of developments like Medicaid reimbursements. McKelvy and Olanoff left the foundation last year to start their firm. Its backers include Brian Jacobs, a longtime investor who runs Moai Capital, who told DealBook that the founders’ connections “are definitely unique and valuable.”

“My family’s hope,” McKelvy told DealBook, “is that K Ventures will be the next chapter” of our work on behalf of the disabled.

The firm is a bet on the growing market for disability services. The Centers for Disease Control and Prevention estimates that up to 27 percent of the country’s population has some kind of disability. The agency also found in 2020 that one in 36 children has been diagnosed with autism, up from one in 44 in 2018, thanks to better recognition of symptoms.

Olanoff said big companies were also starting to invest in providing disability services and benefits, presenting an opportunity for start-ups.

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K. Ventures has made three investments, including Juno, which provides cash benefits to parents if their children become severely injured or disabled; Juniper, which automates billing for behavioral health services providers; and NeuroNav, which helps adults with developmental disabilities in California devise their own customized help services.

Major investment firms have also started to take notice of the opportunity: Andreessen Horowitz and Y Combinator have backed Juniper, while Pear VC has invested in NeuroNav.

McKelvy and Olanoff are using the Kennedy name and resources, including by bringing in advice and networking opportunities from relatives like Tim Shriver, the chairman of the Special Olympics, and Patrick Kennedy, the former congressman. For the past two years, it has also hosted a forum for disability start-ups at the Kennedy compound in Massachusetts.

Shriver believes disability advocacy needs philanthropy, but also businesses with sustainable and profitable operating models. When his team heard about K Ventures, he said, “we thought, bingo, that’s the missing piece.”


The Supreme Court temporarily blocked a bankruptcy deal for the Sackler family’s Purdue Pharma, the maker of OxyContin, on Thursday. The agreement would have capped the liability of the Sacklers at $6 billion and protected the family from any more civil lawsuits connected to the opioid epidemic. But the ruling will likely delay payments to the thousands of people who sued the Sacklers and Purdue.

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In 2003, Barry Meier published “Pain Killer,” a book about the illegal methods and distorted science that Purdue had used to promote OxyContin. This week, Netflix released a fictionalized series based on the book starring Matthew Broderick as Richard Sackler, the former president of the company, who led the push to develop the drug and make it a routine treatment for pain.

DealBook spoke with Meier, a former reporter at The New York Times, about what had changed — and had not — since he first began investigating the role companies played in the crisis. This interview has been edited and condensed for clarity.

Why does the story remain so relevant two decades after the book was published?

It’s remarkable, and sad that it took as long as it did for the book to reach this big audience. But there’s hardly a person in this country who hasn’t been affected in some way. It’s 20 years from when it was published, and during that time more than a quarter of a million people died of overdoses from prescription opioids like OxyContin.

You said the book was a “total flop” when it was published. Was there an inflection point when people started paying more attention to the story of Purdue Pharma?

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It started about 2017, 2018, when there was this new wave of lawsuits brought against not only Purdue, but individually against members of the Sackler family. That was a real turning point, because we began to see internal documents that were written by Richard Sackler. And, subsequent to that, the photographer Nan Goldin began her campaign for museums to take the Sackler name down from their walls, which turned out to be a remarkably successful political and cultural campaign.

Has anything changed in the relationship between the pharmaceutical industry and Washington?

I would hope that the Food and Drug Administration will never again make a decision as catastrophic as it did when it allowed Purdue to claim that this incredibly powerful and potentially addictive drug might be safer than competing drugs without even a shred of evidence.

But you can never be sure. I have seen numerous instances where a medical product that was valuable for a limited pool of patients has run amok because its manufacturer decided that in order to make billions of dollars, it was going to have to promote it to as many patients as possible — patients for whom the benefits of the drug began to be outweighed by its substantial risks. This is not a pattern that’s unique to OxyContin.

Could that pattern be shut down?

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Until we start seeing corporate executives marched off to prison for violating the trust that doctors and patients have put into them, nothing is going to change.

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

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130,000 Igloo Coolers Recalled After Fingertip Amputations From Handle

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130,000 Igloo Coolers Recalled After Fingertip Amputations From Handle

About 130,000 Igloo coolers were recalled on Thursday after consumers reported 78 fingertip injuries from the cooler’s tow handle, 26 of which led to fingertip amputations, bone fractures or cuts, according to the U.S. Consumer Product Safety Commission.

This warning expands an initial recall issued in February of more than one million 90-quart Igloo Flip & Tow Rolling Coolers because the tow handle was crushing and seriously injuring people’s fingertips.

“The tow handle can pinch consumers’ fingertips against the cooler, posing fingertip amputation and crushing hazard,” the recall said.

In the February recall, the safety commission said that Igloo had received 12 reports of fingertip injuries from the coolers. Since then there have been an additional 78 reports, according to the commission.

The recalled coolers, all of which have the word “IGLOO” on the side of them, were manufactured before January 2024 and come in different colors. The manufacture date can be found on the bottom of the cooler.

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The commission said the latest recall also affected about 20,000 coolers in Canada and 5,900 in Mexico, which is in addition to the tens of thousands recalled from each country in February.

Igloo said that owners who bought the coolers between January 2019 and January 2025 should stop using them and contact the company for a free replacement handle.

The company said in a statement that it stood behind the quality of its products and that consumer “safety and satisfaction” were its top priorities.

The coolers were sold at Academy, Costco, Dick’s, Target and other retailers and online stores and were usually priced between $80 and $140.

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Insurance commissioner signals possible probe into State Farm's handling of L.A. wildfire claims

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Insurance commissioner signals possible probe into State Farm's handling of L.A. wildfire claims

After fielding a storm of complaints at a community meeting about how State Farm General is handling Los Angeles wildfire claims, California Insurance Commissioner Ricardo Lara said Saturday that regulators might launch a formal inquiry into the company’s practices.

Lara made his comments during a Zoom session attended by more 200 survivors of the Palisades and Eaton fires, who complained about delays in handling their claims, difficulty in getting testing for toxic substances and low cash offers to fix damaged homes and replace those destroyed.

“It’s not off the table,” said Lara, referring to the department’s authority to conduct what is called a “market conduct” exam into the company’s response to the fires. “We are not necessarily opposed to that.”

The department has previously conducted such investigations following other large fires.

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The Zoom session was organized by the Pali Strong community group, which was formed by Pacific Palisades residents after the Jan. 7 fires.

State Farm, on Sunday, said in response that it has the largest claims force in the industry and it is “focused on our customers and helping them recover from the largest fire event we have ever experienced in the state.”

“We actively work with each of our customers to resolve their claim by understanding the facts of their loss, identifying the damages and applicable coverage,” the statement said.

The company said that as of May 5 it had received more than 12,600 claims and paid more than $3.4 billion to customers.

Separately, Tony Cignarale, deputy commissioner of consumer services and market conduct, told the fire victims that the department sent the California FAIR Plan Assn. a letter last week seeking information into how the insurer of last resort is handling smoke damage claims.

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The FAIR Plan was sued last month by policyholders in both fire zones, who allege the state’s insurer is refusing to properly investigate and pay for smoke damage as required by state law. Also named as defendants are State Farm and other California licensed home insurers, who run the plan.

The threat to conduct a market conduct exam into State Farm General’s claims handling practices comes as California’s largest home insurer awaits a decision on its request for an emergency rate hike in response to its losses from the Jan. 7 fires.

The company originally filed for a 22% rate hike for its homeowner policies, but trimmed that down to 17% during a hearing last month before an administrative law judge.

The judge is expected to make a recommendation as early as this week to Lara, who can then accept, reject or revise the ruling. It also could be sent back for reconsideration.

Joy Chen, whose Altadena home was damaged by soot and ash, asked Lara to defer granting the company any rate hike until he “fully” investigates the complaints.

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“We’d be happy to submit them to you,” said Chen, a leader of the Eaton Fire Survivors Network.

Lara said that he could not tie any investigation into the complaints to consideration of the rate hike, which he said was a “separate judicial process that is currently underway.” However, he asked the fire survivors to submit all their complaints to the department so it could examine them.

“What I commit to doing is collecting all the data that I’m going to receive … and sending it to our law enforcement team, because I really want to look at … all the allegations that were talked about today,” he said.

Chen, who said her home was effectively remediated by her insurer, USAA, later told The Times, “Lara’s most important job is to protect California families but he is saying the department does not consider claims management when approving rate hikes — but this is one of the few legal powers he actually has to regulate the industry.”

Last week, the Los Angeles County Department of Public Health announced it found high levels of lead and other toxic metals at homes destroyed by the wildfires whose topsoil had been scraped by the U.S. Army Corps of Engineers, particularly in the Altadena area with its older housing stock.

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In regards to the FAIR Plan, Cignarale said the department’s letter to the insurer asked them “for very specific information as to the very steps that are being taken to resolve these smoke claims.”

Lara told the fire victims that he had issued a bulletin to state insurers in March stating that the department expected them to “fully investigate and pay legitimate smoke claims.” He said if that was not happening, fire victims should submit their complaints to the state so the department’s investigative unit could look into them.

He also said the department planned to convene health experts to develop state standards for smoke damage remediation. “Absent any set standards, then the insurance companies will do anything to get you back in your home as quickly as possible,” he said.

The FAIR Plan did not immediately respond to a request for comment.

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Why America’s ‘Beautiful Beef’ Is a Trade War Sore Point for Europe

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Why America’s ‘Beautiful Beef’ Is a Trade War Sore Point for Europe

Hendrik Dierendonck, a second-generation butcher who has become, as he describes it, “world famous in Belgium” for his curated local beef, thinks Europe’s way of raising cattle results in varied and delicious cuts that European consumers prize.

“They want hormone-free, grass-fed,” Mr. Dierendonck explained recently as he cut steaks at a bloody chopping block in his Michelin-starred restaurant, which backs onto the butchery his father started in the 1970s. “They want to know where it came from.”

Strict European Union food regulations, including a ban on hormones, govern Mr. Dierendonck’s work. And those rules could turn into a trade-war sticking point. The Trump administration argues that American meat, produced without similar regulations, is better — and wants Europe to buy more of it, and other American farm products.

“They hate our beef because our beef is beautiful,” Howard Lutnick, the commerce secretary, said in a televised interview last month. “And theirs is weak.”

Questions of beauty and strength aside, the administration is right about one thing: European policymakers are not keen on allowing more hormone-raised American steaks and burgers into the European Union.

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Further opening the European market to American farmers is just one ask on a laundry list of requests from the Trump team. American negotiators also want Europe to buy more American gas and trucks, to change their consumption taxes and to weaken their digital regulations.

Trade officials within the European Union are willing to make many concessions to avert a painful and protracted trade war and to avert higher tariffs. They have offered to drop car tariffs to zero, to buy more gas and to increase military purchases. Negotiators have even suggested they could buy more of certain agricultural products, like soy beans.

But Europeans have their limits, and those include America’s treated T-bones and acid-washed chicken breasts.

“E.U. standards, particularly as they relate to food, health and safety, are sacrosanct — that’s not part of the negotiation, and never will be,” Olof Gill, a spokesman for the European Commission, the E.U. administrative arm, said at a recent news conference. “That’s a red line.”

It is not clear how serious the Americans are about pushing for farm products like beef and chicken. But the topic has surfaced repeatedly. When U.S. officials unveiled a trade deal with Britain on Thursday, for instance, beef was part of the agreement.

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But according to Britain, the deal would simply make it cheaper for Americans to export more hormone-free beef to the country and would not weaken British health and safety rules, which are similar to those in the E.U.

When it comes to the European Union, the United States can already export a large amount of hormone-free beef without facing tariffs, so an equivalent deal would do little to help American farmers.

But diplomats and European officials have repeatedly insisted that there is no wiggle room to lower those health and safety standards. And when it comes to meat-related trade restrictions more broadly, there is very little. Chicken, for instance, faces relatively high tariffs, and there is limited appetite to lower those rates.

That’s because Europe is protective of both its food culture and its farms.

Where America tends to have massive agricultural businesses, Europeans have maintained a more robust network of smaller family operations. The 27-nation bloc has about nine million farms, compared with about two million in the United States.

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Subsidies and trade restrictions help to keep Europe’s agricultural system intact. The European Union allocates a big chunk of its budget to supporting farmers, and a mix of tariffs and quotas limit competition in sensitive areas. E.U. tariffs on agricultural products are around 11 percent overall, based on World Trade Organization estimates, though they vary hugely by product.

And the bloc could place higher tariffs on U.S. farm goods if trade negotiations fall through. Their list of products that could face retaliatory levies, published Thursday, includes beef and pork, along with many soy products and bourbon.

But it’s not just tariffs limiting European imports of American food. Strict health and safety standards also keep many foreign products off European grocery shelves.

Take beef. Mr. Dierendonck and other European farmers are banned from using growth stimulants, unlike in the United States, where cattle are often raised on large feedlots with the use of hormones. European safety officials have concluded that they cannot rule out health risks for humans from hormone-raised beef.

To Mr. Dierendonck, the rules also fit European preferences. The lack of hormones results in a less homogenous product. “Every terroir has its taste,” he explains, describing the unique “mouth feel” of the West Flemish Red cow he raises on his farm on the Belgian coast.

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But farming beef without hormones is more expensive. And American exporters have to adhere to hormone limitations when they send steaks, hamburgers or dairy products to E.U. countries, which European farmers argue is only fair. Otherwise, imports produced using cheaper methods could put European farmers out of business.

“We cannot accept import products that do not meet our production standards,” said Dominique Chargé, a cattle farmer from the west of France who is also president of La Coopération Agricole, a national federation representing French agricultural cooperatives.

The result is that the United States does not sell much beef to Europe. It makes more economic sense for U.S. farmers to sell into markets that allow hormone-raised cattle.

One frequent American complaint is that European health standards are more about preference than actual health.

American scientists have called the risks of hormone use in cows minimal. And though E.U. officials and consumers frequently sneer at America’s “chlorinated chickens,” that rallying cry is a bit dated. American farmers have for years been using a vinegar-like acid, and not chlorine, to rinse poultry and kill potential pathogens.

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Some studies in Europe have suggested that such treatments are not a replacement for raising a chicken in a way that makes it pathogen-free from the start. American scientists have concluded that the rinses do their job and are not harmful to humans.

“I don’t know that it’s really about the science,” said Dianna Bourassa, a microbiologist specializing in poultry at Auburn University. “In my microbiological opinion, there are no health implications.”

From the perspective of European farmers, though, whether the health risks are genuine is besides the point. So long as European voters oppose chemical-treated chicken and hormone-treated beef, Europe’s farmers cannot use those farming techniques.

“When you speak to our farmers, it’s about fairness,” explained Pieter Verhelst, a member of the executive board of a Belgian farmers’ union, Boerenbond. “The policy framework we start with is totally different, and those issues are mostly totally out of the hands of farmers.”

And European consumers do seem to support E.U. food and farming rules.

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Farmer protests last year loudly opposed more beef imports from South American countries, in part over concerns that the cows might be raised with a growth hormone. An Obama-era trade deal died in part thanks to popular anger over “chlorine chicken” (“Chlorhünchen,” to derisive Germans.)

E.U. public opinion polling has suggested that policies that promote farming and farmers are very popular. In a 2020 poll fielded in-person across the bloc, nearly 90 percent of Europeans agreed with the idea that agricultural imports “should only enter the E.U. if their production has complied with the E.U.’s environmental and animal welfare standards.”

In Europe, including at Mr. Dierendonck’s butchery and farm, there’s a value placed on the old-fashioned, small-scale way of doing things, policymakers and farmers agreed. Mr. Dierendonck does buy some American beef for customers who ask for it — it’s easy to cook, he said — but it’s a small part of the business.

“I like American beef very much, but I don’t like it too much,” said Mr. Dierendonck, explaining that to him, the beef his European suppliers provide is varied, like a fine wine. “For me, it’s about keeping traditions alive.”

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