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"Columbia University yields to Trump's demands."

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

Good afternoon. Here’s what you should know today, March 21: Heathrow airport’s vulnerability to a power failure disrupted global travel The Fed posted a loss of $77.6 billion last year One of Wiz’s investors is bringing in more than $4 billion after the Google deal 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!). The Columbia University campus in New York. PHOTO: TED SHAFFREY/ASSOCIATED PRESS 1. Columbia will cede to President Trump in a battle over more than $400 million in federal funding, according to a memo from the school to the administration. The university agreed (🔐 read for free) to ban masks, empower 36 campus police with new powers to arrest students and appoint a senior vice provost to oversee its Middle East studies, among other White House demands. Columbia’s acquiescence is a significant moment in the intensifying fight between Trump and elite universities. The president campaigned on curbing what he sees as leftist ideology in higher education and has moved to investigate allegations of campus antisemitism. 2. Heathrow said it would resume some flights late today, after a power outage closed the London airport for much of the day. Hundreds of flights from around the world were diverted and canceled, leaving thousands of passengers stranded at airports they hadn’t intended on visiting. Heathrow expects significant disruption for days. An explosion at an electrical substation a mile and a half away shut down Europe’s busiest airport and upended global air travel. Here’s what passengers need to know. 3. Elon Musk won’t receive a sensitive Pentagon briefing on a plan for potential war with China because of his financial ties to Beijing. The billionaire visited the Defense Department today, but Trump said he was there in his capacity as the architect of government efficiency efforts. Musk was originally scheduled to receive the briefing because he asked for it, according to a person familiar. In other Musk news, the Tesla CEO yesterday urged employees not to sell their shares. Some investors worry his DOGE work is distracting him and turning off potential customers with different political views. Meet former Tesla die-hards now unloading the stock. 4. Boeing will build what might be the most expensive jet fighter ever. The piloted planes are to be fielded in the 2030s, the Trump administration said. The Air Force believes a sophisticated jet is vital to deter China’s military in the future. Boeing beat rival Lockheed Martin for the Pentagon contract, and its shares closed up more than 3%. In other administration moves, the Small Business Administration will announce that it’s cutting more than 40% of its workforce, according to people familiar with the plans. 5. The Fed ran an operating loss of $77.6 billion in 2024, the second straight year of losses. It’s a side effect of the central bank’s supporting the economy during the pandemic and its subsequent interest-rate increases to combat high inflation. Heftier rates meant the Fed had to pay financial institutions more money on their central-bank reserves. The operating loss doesn't affect day-to-day operations. Generating profits and interest income isn’t a specific Fed goal. MEMBER MESSAGE: DELOITTE Embedding Innovation and Growth with Cyber Resiliency Leadership inside the C-suite is critical for effectively integrating business, tech and risk management. Learn More The Number $4.3 billion The amount Index Ventures is earning from its investment in the cybersecurity startup Wiz. A whopping 250-fold return on its $3.5 million in seed money comes thanks to Google’s $32 billion acquisition agreement, which was announced this week. Index ultimately invested $245 million. Early-stage investing is a lost art in Silicon Valley. VCs prefer bigger deals, and investors from sovereign-wealth funds to large pensions have crowded in. ‏‏‎Quoted “You know what you do? You go out and find another job, and there are plenty of jobs to find.” —Catherine Byrd, a retired business owner in Georgia, responding to the mass layoffs of federal workers. Despite an outcry over the DOGE-inspired cuts, some Americans take a dim view of government workers and resent their perks. Catch Up Germany Set for Trillion-Euro Defense and Infrastructure Splurge (Read) Vince Haley Is the Most Influential Trump Adviser You’ve Probably Never Heard Of (Read) The Warship That Shows Why the U.S. Navy Is Falling Behind China (Read) Inside Trump’s Lightning-Fast Deportation of Venezuelans to a Salvadoran Prison (Read) Disney’s New ‘Snow White’ Movie Is Making Pretty Much Everyone Mad (Read) Live Better ILLUSTRATION: KIERSTEN ESSENPREIS The tips a WSJ tax expert tells her children Reporter Laura Sanders’s pointers can save young people time and trouble. On her list: Never miss IRS deadlines (unpaid taxes can add up), and learn how your investments impact your taxes. Read More Reporter's Journal Does anyone enjoy paying property taxes? Probably not. In Florida, as home values and insurance costs rise, a movement is gaining ground to ditch property taxes altogether. State lawmakers have filed dozens of bills on the issue, ranging from an end to property taxes to more targeted tweaks. The Sunshine State would be the first in the nation to eliminate the taxes entirely if it proceeds. We spoke with reporters Arian Campo-Flores and Deborah Acosta, who recently covered the issue, about the pros, cons and potential impact on the real-estate market. Write to them at arian.campo-flores@wsj.com and deborah.acosta@wsj.com. Q:  Why has this idea gained traction in Florida? A:  Many Floridians are contending with soaring homeownership costs. As home values have climbed in recent years, so, too, have property-tax bills. On top of that, average home-insurance premiums have risen sharply. The result is a ballooning tab for many homeowners, some of whom are clamoring for the state to provide relief. Lawmakers and the governor already have tried to address the insurance issue through various laws in the past few years. Now, they're aiming to tackle property taxes, with some legislators pushing for their full elimination. Q:  What are the arguments in favor of eliminating property taxes? A:  Proponents of the move say it would provide a much-needed reprieve for homeowners who have been grappling with rising costs for years. They argue that rising property-tax revenues have provided a bonanza for local governments and fueled sometimes irresponsible spending. And they make a philosophical argument as well: If homeowners are required to pay taxes each year to live on their property, do they ever truly own it? Q:  And the arguments against? A:  Opponents say that property taxes provide crucial funding to local governments for schools, police, parks and other services. That revenue is even more essential, they say, in a state like Florida that lacks a personal income tax. They also argue that property taxes are an efficient levy that provide steady revenue and aren't overly susceptible to economic swings. If they were replaced with a much higher sales tax, opponents say, the effect would be regressive, disproportionately affecting lower-income people. Q:  How might it impact Florida’s real-estate market? A:  The elimination of property taxes could lead to an increase in property values. The lack of a state income tax has already been a major draw for domestic migration during and after the pandemic, particularly among wealthy buyers looking for tax breaks. Adding yet another major tax break could draw more new residents to the state. That massive migration of residents is part of what has turbocharged the property market in Florida. This additional tax break could add more demand and, therefore, price increases. Take a Break PHOTO: KARRIE LAUGHTON One of Trump’s executive orders is fueling the return to plastic. What’s a paper-straw lover to do? Read More Beyond the Newsroom Buy Side from WSJ: The best budgeting apps offer insight into where your money is going and how your spending aligns with your values. 🗨 Got tax questions? The WSJ’s AI bot has answers. Lars the tax assistant can help you find what you need from our articles and IRS guides. Ask Lars Today's newsletter was curated by Zlati Meyer in collaboration with Leigh Kamping-Carder in New York. Follow Zlati on X at @Zlatimeyer and Leigh at @Leigh_KC. 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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