Business
David Zaslav WBD-Paramount payout highlights CEO ‘golden parachutes’

Warner Bros. Discovery CEO David Zaslav‘s potential payout of more than $800 million from the Paramount Skydance deal highlights an obscure tax rule originally designed to limit CEO pay.
According to SEC filings, Zaslav could collect hundreds of millions of dollars in severance and other stock awards and payments following Paramount’s acquisition of WBD. The payments include about $500 million in share awards, about $115 million in vested stock awards and $34 million in cash, according to the filings.
The deal also includes up to $335 million in potential payments to Zaslav for what’s known as the “golden parachute” excise tax. The tax was originally created by Congress in the 1980s to limit what many considered to be outsized payouts to chief executives upon a change of control or sale of their companies. The tax, of 20%, kicks in when an executive’s payout exceeds three times their typical base salary and target annual bonus.
As part of the acquisition, Paramount agreed to pay Zaslav’s excise tax if his other payments trigger the tax. The reimbursement declines over time and drops to zero if the deal closes in 2027. Paramount has said it is aiming to close the deal, pending regulatory approval, by this fall.
The Paramount board said the reimbursement would be paid by Paramount, not Warner shareholders.
Without the payment, known as a “gross up,” the board said “Mr. Zaslav would be at a substantial disadvantage in terms of excise tax exposure relative to the previously proposed transaction with Netflix,” which wouldn’t have involved a golden parachute tax.
Zaslav’s payout from the deal is expected to be around $667 million without the tax.
Management experts have said that rather than limiting pay, the golden parachute rules have instead incentivized CEOs to sell their companies and reap ever-higher rewards. The tax has also led companies, and their shareholders, to spend even more to pay the special taxes.
“Over time, especially as executive compensation radically shifted toward stock-based pay, golden parachutes have become increasingly lucrative, platinum in many cases,” said Jeffrey Gordon, co-director of Columbia Law School’s Ira M. Millstein Center for Global Markets and Corporate Ownership, wrote in a paper. “Even if there is pain among those who are laid off when the firm is sold and layoffs occur, there is plainly one winner: the CEO with a golden parachute.”
Business
Wall Street tumbles as Middle East turmoil fans inflation fear

Wall Street tumbles as Middle East turmoil fans inflation fear
Business
Argentina’s economy grows 4.4% in 2025, slightly below forecasts

Argentina’s economy grows 4.4% in 2025, slightly below forecasts
Business
Form 6K NatWest Group plc For: 20 March

Form 6K NatWest Group plc For: 20 March
Business
Gold Falls as Iran War Clouds Rate Outlook
Gold prices plunged below $4,800 a troy ounce, pressured by a stronger dollar and dimming hopes for further interest-rate cuts in the near term.
In early European trading, futures fell 2.9% to $4,755 an ounce, while the U.S. dollar index was up 0.1% to 100.18, making dollar-denominated commodities more expensive for overseas buyers.
The Federal Reserve held interest rates steady on Wednesday, as widely expected, but highlighted the risks that higher energy prices will lift inflation. “The rally in oil followed renewed escalation in the Middle East, with markets increasingly pricing the risk of disruptions to energy supplies and shipping routes,” ING analysts said.
Business
iShares 10-20 Year Treasury Bond ETF: Thinking Long Term (NYSEARCA:TLH)
Daniel Martins is the founder of independent research firm DM Martins Research. The firm’s work is centered around building more efficient, easily replicable portfolios that are properly risk-balanced for growth with less downside risk. His work has been featured on Seeking Alpha and other platforms through 2,000+ articles, and it has been cited by the New York Times, CNN, Reuters, USA Today, and others.- – -Daniel is the founder and portfolio manager at DM Martins Capital Management LLC, a macro strategy hedge fund (leveraged risk-parity approach that uses return stacking to achieve aggressive long-term capital appreciation). He is a former equity research professional at FBR Capital Markets and Telsey Advisory in New York City and finance analyst at macro hedge fund Bridgewater Associates, where he developed most of his investment management skills earlier in his career. Daniel is also an equity research and global equities market instructor for Wall Street Prep, where he has developed content and trained hundreds of senior and junior analysts at some of the largest bulge bracket investment banks and sovereign investment funds in the world.He holds an MBA in Financial Instruments and Markets from New York University’s Stern School of Business.- – -On Seeking Alpha, DM Martins Research has partnered with EPB Macro Research and collaborated with Risk Research, Inc.
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Business
Hints, Answers and Full Breakdown for Puzzle #649 on March 21, 2026
The New York Times Connections puzzle for March 21, 2026 — puzzle #649 — challenges players with 16 words that demand sharp pattern recognition and a mix of general knowledge and clever wordplay. Released at midnight local time (with global access varying by time zone), today’s grid has drawn praise for its balanced difficulty, rated around 3.3 out of 5 by community trackers and the official NYT companion.

Connections, a daily word game that exploded in popularity since its 2023 debut, requires grouping 16 seemingly random words into four themed sets of four. Categories are color-coded: yellow for the most straightforward, followed by green, blue and purple for the trickiest, often involving puns or cultural references. Solvers get four mistakes before the game ends, encouraging strategic guessing and reshuffling.
**Today’s 16 Words**
COMPASS, ICON, SOAP, WORLD, LEGEND, EXAM, STENCIL, CHART, SCENE, RULER, MITZVAH, CIRCLE, GREAT, SPHERE, LION, T-SQUARE.
These words blend everyday terms with specialized vocabulary, creating red herrings like potential animal or measurement groupings that lead many astray.
**Progressive Hints for Each Category**
To guide without immediate spoilers, here are layered hints ranked by difficulty:
– **Yellow (easiest)**: Synonyms for one’s personal or social environment — think “in my ___” or “sphere of ___.”
– **Green**: Terms for highly admired or influential figures, often in entertainment, history or society — like a “social ___” or cultural “___.”
– **Blue**: Precise instruments found in an architect’s or engineer’s toolkit for technical drawings.
– **Purple (hardest)**: Words that complete the phrase “___ bar” in common compounds, from legal tests to hygiene items.
These clues draw from community sources like Mashable, Parade, TheGamer and Forbes breakdowns, which note the puzzle’s emphasis on contextual synonyms over strict synonyms in some groups.
**Full Answers and Detailed Breakdown**
Here are the complete categories with groupings and explanations:
**Yellow: Milieu** (A person’s surroundings, setting or sphere of activity/influence)
– CIRCLE (social circle)
– SCENE (the scene, as in local scene or music scene)
– SPHERE (sphere of influence)
– WORLD (one’s world, as in “in my world”)
This accessible group rewards recognition of idiomatic expressions for environment or social context. Many solvers spot it early due to the thematic consistency.
**Green: Luminary** (An outstanding or highly respected person in their field)
– GREAT (one of the greats)
– ICON (cultural icon)
– LEGEND (a living legend)
– LION (social lion, denoting a prominent, charismatic figure)
The category celebrates exceptional individuals. “Lion” trips up some as a potential animal red herring, but in context it fits perfectly as a metaphorical term for prominence.
**Blue: Architectural Drawing Tools** (Instruments used for precise technical or blueprint work)
– COMPASS (for circles and arcs)
– RULER (straightedge for lines)
– STENCIL (for lettering or shapes)
– T-SQUARE (for horizontal lines and right angles)
This specialized set appeals to those familiar with drafting or design. It stands out once players notice the technical theme, though “compass” can mislead toward navigation.
**Purple: Bar _____** (Phrases completed by adding “bar” before or after the word)
– CHART (bar chart)
– EXAM (bar exam)
– MITZVAH (bar mitzvah)
– SOAP (soap bar)
The hardest group relies on compound wordplay. “Bar mitzvah” and “bar exam” are cultural/legal staples, while “bar chart” and “soap bar” add everyday variety. This pun-heavy category often comes last, as solvers chase literal connections first.
**Player Performance and Common Pitfalls**
Community feedback from sites like Reddit, NYT’s own companion and solver polls shows many finish with 0-2 mistakes. The purple “bar” group causes the most errors — players often group SOAP with hygiene items or EXAM with tests without seeing the pattern. LION frequently gets misplaced with potential “big cat” themes or as a celebrity synonym outside the luminary context.
Strategy tips include scanning for obvious tool pairs (RULER + T-SQUARE), then hunting word endings or prefixes like “bar.” Shuffling the board helps spot overlooked links, and avoiding hasty one-offs preserves lives.
Today’s puzzle ties loosely into themes of environment, influence and precision — perhaps echoing the recent vernal equinox balance — though Connections categories stand alone. The NYT continues refining the game with fresh twists, maintaining its addictive appeal alongside Wordle.
Whether solved perfectly or with a few stumbles, March 21’s edition offers satisfying “aha” moments. Players who conquered it can share grids on social media; those still puzzling have tomorrow’s reset to try again. Connections remains a daily highlight for word lovers worldwide, proving simple mechanics can deliver endless challenge.
Business
Trump-backed television merger moves forward
Critics fear the consolidation will add to strains facing local news and degrade coverage.
Business
Western Bulldogs Edge Adelaide Crows in Thrilling Round 2 Clash at Adelaide Oval
ADELAIDE, Australia — The Western Bulldogs held off a fast-finishing Adelaide Crows side to claim a hard-fought six-point victory, 14.10 (94) to 13.10 (88), in Round 2 of the 2026 AFL premiership season on Friday night at Adelaide Oval.

The result, sealed in a tense final quarter, keeps the Bulldogs undefeated at 2-0 and positions them among the early ladder leaders with a percentage of 154.1. For the Crows, the narrow loss drops them to 1-1, highlighting defensive lapses despite a strong comeback effort that nearly turned the game.
Played under clear skies with a crowd of around 42,000, the match lived up to pre-game hype as a potential shootout between two attacking teams. Adelaide entered as slight favorites at home, buoyed by a Round 1 upset win over Collingwood, while the Bulldogs carried momentum from a dominant 81-point thrashing of GWS Giants.
The Bulldogs struck first with early goals to key forwards, building a 22-18 lead by quarter time. Their midfield, led by Marcus Bontempelli and Jack Macrae, won crucial clearances and generated clean entries inside 50. Adelaide responded in the second term, but the Bulldogs extended their advantage to 47-32 at halftime through efficient scoring and pressure acts.
A pivotal third quarter saw the Bulldogs maintain control, pushing the margin to 73-55. They dominated contested possessions and tackles, with standout performances from midfielders and defenders shutting down Adelaide’s key forwards. The Bulldogs’ pressure rating remained high, forcing turnovers that fueled their attack.
The final term belonged to the Crows. Trailing by 18 points at three-quarter time, Adelaide mounted a spirited charge, kicking five goals to one in the last stanza. Izak Rankine, Taylor Walker and Jordan Rachele combined for crucial majors, narrowing the gap to a single point on multiple occasions. A rushed behind and a late goal to the Bulldogs’ forwards proved decisive, with a brilliant snap from a Bulldogs forward sealing the win in the dying minutes.
Post-match statistics underscored the Bulldogs’ dominance in key areas: 767 disposals to Adelaide’s 387, 84 clearances to 29, and superior tackling numbers. The Crows led in hit-outs and inside-50s at times but struggled to convert opportunities, finishing with 13.10 from 55 entries.
Bulldogs coach Luke Beveridge praised his side’s resilience. “We knew Adelaide would come hard in the last, and our boys stood up,” he said. “The midfield’s work rate and the way we absorbed pressure was outstanding. It’s a big win on the road against a quality opponent.”
Adelaide coach Matthew Nicks acknowledged the effort but pointed to early deficits. “We fought back brilliantly, but you can’t give a team like the Bulldogs a head start,” he said. “Credit to them for holding on. We’ve got areas to fix before next week.”
Standouts included Bulldogs captain Bontempelli with high disposals and clearances, while Rankine and Dawson shone for the Crows with goals and run. The match featured several momentum swings, with injuries minimal and both teams avoiding major setbacks.
The result bolsters the Bulldogs’ credentials as early contenders, joining Gold Coast and others at the top after strong starts. Adelaide’s loss highlights the importance of consistency against top sides, especially in high-pressure finals-like atmospheres.
With Round 2 continuing Saturday featuring Richmond vs. Gold Coast, GWS vs. St Kilda and Fremantle vs. Melbourne, the league’s early narrative focuses on emerging form lines. The Bulldogs’ road win in Adelaide adds to their reputation as a tough, resilient outfit capable of grinding out results.
Fans and analysts will dissect the final minutes, where Adelaide’s surge fell agonizingly short. The Bulldogs’ ability to respond under pressure could prove crucial as the season unfolds toward September.
As the 2026 campaign builds, Friday night’s thriller at Adelaide Oval delivered entertainment and intrigue, underscoring the AFL’s competitive depth from the outset.
Business
Dollar Firms as Oil Leaps Further
The dollar was rising, alongside U.S. Treasury yields, to reflect yet another jump in oil prices.
The DXY dollar index, which measures the dollar against a basket of currencies, is up 0.1% at 100.208, while Brent crude last traded at $113.55 per barrel, close to its intraday high of $114.08.
“We emphasize that rising global energy prices and tighter global financial conditions would both be supportive factors for the broad U.S. dollar,” Danske Bank’s Filip Andersson said in a note.
Business
Iran Official Says Natural Gas Is Still Flowing After Israeli Attack
The targeted facility was a plant that processes production from South Pars before sending hydrocarbons to consumers in Iran. “They are producing gas and refining it and will send it directly to the pipeline” and then to customers in Iran, said Hamid Hosseini, a board member at the Iranian Oil, Gas and Petrochemical Products Exporters’ Union.
Hosseini said natural-gas storage facilities had been hit. Mohammadreza Julaei, production supervision manager at National Iranian Gas Co., told Iran’s oil ministry news agency Shana late Wednesday that some refining units were damaged.
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