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Russ Roberts (https://trendsingeopolitics.blogspot.com).

 

Good afternoon. Here’s what you should know today, Feb. 14: The standoff within the Justice Department over Eric Adams’s criminal case escalates Boeing vows to shut shadow factories that fix planes instead of building new ones Some chefs don’t want a Michelin star By Zlati Meyer Thanks for reading What’s News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). PHOTO: LEAH MILLIS/REUTERS 1. Vice President JD Vance accused European allies of repressing free speech and ignoring voters’ will. In an address at a Munich security forum, he said the growing censorship of conservative views (🔐 read for free), isolation of populist parties and erosion of democracy posed a greater threat to Europe than Russia or China. The vice president in an exclusive WSJ interview yesterday wielded the threat of sanctions and military action to push Russia into a peace deal with Ukraine. Here’s the transcript. 2. OpenAI’s board turned down Elon Musk’s $97.4 billion offer to buy the company’s assets. The rejection stated that the board decided the bid was “not in the best interests” of the company’s mission. OpenAI’s chairman Bret Taylor separately called it “Musk’s latest attempt to disrupt his competition.” The billionaire’s attorneys said Wednesday that he’d drop his bid if the ChatGPT developer abandoned its conversion to a for-profit company. Musk co-founded OpenAI in 2015 and left in 2018. 3. Another star U.S. prosecutor quit over an order to drop bribery charges against New York City Mayor Eric Adams. Hagan Scotten said the Justice Department couldn’t do it to induce the mayor to support President Trump’s efforts to fight illegal immigration and violent crime. Emil Bove, Justice’s acting No. 2 official, took over the case when the New York office refused to comply. He told the roughly two dozen lawyers in the DOJ’s public-integrity section in Washington that they had an hour to decide who’d sign a motion to dismiss, people familiar with the matter said. A prosecutor agreed, in a bid to spare other career staff from potentially being fired, some of the people said. No motion had been filed in court as of this afternoon. 4. The Trumps have raked in close to $80 million since their patriarch was reelected. The money for family members and the Trump presidential library comes from lawsuit settlements and new business ventures, including an Amazon documentary deal for Melania Trump. The figure doesn’t include potential gains from crypto pursuits. WSJ dives into the family’s windfall. In other money news, the Pentagon is preparing for potential cuts by Musk’s Department of Government Efficiency, and WSJ breaks down the economic argument for and against ditching the penny. 5. This Valentine’s Day marks a bittersweet time for confectionary lovers. Let me explain it in a format appropriate for Cupid’s big day: Roses are red Violets are blue Valentine’s chocolate is pricier Because cocoa futures are up, too. They ended yesterday at $10,538 a metric ton—around 86% higher than a year ago and more than three times the typical price over the past two decades. MEMBER MESSAGE: DELOITTE The CIO Evolution To prepare for the C-suite, tech leaders can take on cross-functional roles to help gain perspective and unlock new possibilities with tech. Listen Now Spotlight Boeing’s push to boost its 737 production starts with closing dozens of so-called shadow factories. To chip away at a growing backlog of orders, the plane maker is targeting production lines where engineers and mechanics fix, maintain or update aircraft. Shuttering them frees up skilled workers to build new planes. Boeing manufactured far fewer planes last year due to quality problems and a machinist strike. Production-line issues came to the fore after a door plug blew off during an Alaska Airlines flight in January 2024. Read More ‏‏‎Quoted “You don’t have that necessary freedom or joy to make discoveries and to make mistakes because you’re simply worried about losing that star, or trying to achieve that first star.” —Scott Nishiyama, who trained under Michelin-star chefs before opening his own eatery. Some restaurateurs consider the award a burden because of heightened customer expectations and the loss of cost-conscious expense-account diners. The Michelin Guide said the stars serve as a free recommendation for restaurants that are outside of major cities or can’t afford to advertise. Catch Up Paramount Executives Ask: Could They Be Sued for Settling Trump’s $20 Billion CBS Lawsuit? (Read) ICE Raids Send Chill Through Migrant Workforces (Read) Trump Wants the U.S. to Control Gaza. So, Who Owns It Anyway? (Read) Heard on the Street: Walmart Is Retail King Again. Can It Keep the Crown? (Read) The College Football Rivalry That Crashed College Basketball (Read) Reporter's Journal Nonstop talk of tariffs, egg prices cracking records. If you’re worried about the economy, your feelings might be warranted: U.S. prices rose 0.5% in January from December, the largest monthly increase since August 2023, per Wednesday’s consumer-price index report. We spoke to economics reporter Rachel Wolfe to take the temperature on how everyone’s feeling. Write to her at rachel.wolfe@wsj.com. Q:  We’re only a month and a half into 2025. How has consumer sentiment shifted since the year began? A:  Consumer sentiment fell for Democrats, Republicans and Independents this month, to its lowest reading since July 2024, according to the University of Michigan. Republicans are coming off of their post-election confidence bump, and Democrats and Independents also seem to believe that economic conditions have deteriorated. Q:  Why are people’s attitudes about the economy shifting? A:  People are afraid that the Trump administration's import tariffs are going to cause a surge in inflation. They're also worried by the swings they've seen in the stock market, and are confused about which of the president's executive orders will actually happen after seeing some get quickly reversed and others face legal challenges. Q:  What surprised you the most about the University of Michigan survey findings and why? A:  Americans are paying closer attention to Trump’s pronouncements about tariffs than I would have expected. I also didn't think we would see such a big dip in consumer confidence, especially among Republicans, this soon after Trump took office. Take a Break PHOTO: ANDRE COELHO/EPA/SHUTTERSTOCK Brazilians keep breaking up. They’re turning to sorcerers and chicken feet for help. But some bemoan spells that work too well, as partners become stage-5 clingers. Read More Beyond the Newsroom Buy Side from WSJ: Struggling to sleep? These expert-tested mattress toppers could transform your nights. 🗨 Catch up on the day's most important markets moves. Check out our newly redesigned Markets P.M. newsletter, delivered after the closing bell. Sign Up Today's newsletter was curated by Zlati Meyer in collaboration with reporting assistant Cordilia James and senior publishing editor Laura Bird in New York. Follow Zlati on X at @Zlatimeyer. Sign up for WSJ newsletters on markets, tech, careers and more. 📰 Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer.   Access WSJ‌.com and our mobile apps. Subscribe

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