Categories
Politics

‘We’re Free As a result of They Have been Courageous’

Memorial Day 2021, a day honoring the sacrifices of the nation’s veterans, was particularly poignant a year after many memorial ceremonies – and many family outings and barbecues – were curtailed because of the coronavirus pandemic. The parades, which were canceled in 2020, took place again in 2021. The services held online last year were continued in person this year. The holiday traffic returned, as did the beach trips – at least in parts of the country that were not cursed with cold rainy weather.

President Biden honored the fallen at Arlington National Cemetery and delivered an emotional speech under blue, sunlit skies just one day after the five-year anniversary of the death of his son Beau, who served in Iraq. “It can be painful to remember, but the pain is how we feel and how we heal,” Biden said after laying a wreath at the Tomb of the Unknown. He urged the Americans to keep the fallen military in mind. “We are free because they were brave,” he said.

President Biden and Vice President Kamala Harris at Arlington National Cemetery in Arlington, Virginia.

A member of the military stands near the Tomb of the Unknown before a wreath-laying ceremony at Arlington National Cemetery.

Members of the military are reflected in the Vietnam Veterans Memorial in Washington.

Beach goers on South Beach in Miami Beach, Florida.

Veterans during a Memorial Day parade in Myrtle Beach, SC

A family in search of horseshoe crabs on Orchard Beach in the Bronx.

Light a fire to keep warm on Orchard Beach and longtime Bronx residents playing dominoes.

Hughes Van Ellis, a veteran who survived the Tulsa Race massacre, is awarded a medal on the event’s 100th anniversary.

In Barnstable, Massachusetts, a police honor guard remembered the town’s war dead.

The Oakmont-Verona Memorial Day Parade in Oakmont, Pennsylvania.

Kyle Watts, an Ohio vacationer, uses a metal detector in Myrtle Beach.

Crowds enjoy the waves on Myrtle Beach.

Categories
World News

Inventory futures begin month barely decrease after main indexes noticed beneficial properties in Might

Traders on the floor of the New York Stock Exchange.

Source: NYSE

Stock futures are slightly lower in overnight trading after major indexes saw gains in May.

Futures on the Dow Jones Industrial Average fell 30 points, or 0.09%. S&P 500 futures shed 0.09% and Nasdaq 100 futures ticked 0.04% lower.

The moves in overnight trading come after the blue-chip Dow and the S&P 500 gained 1.93% and 0.55% in May, respectively, to mark their fourth consecutive positive month. The S&P 500 closed Friday just 0.8% off its record high.

The small cap Russell 2000 rose 0.11% in May to post its eighth positive month in a row — its longest monthly win streak since 1995.

The Nasdaq gained 2.06% last week to post its best weekly performance since April. However, the tech-heavy composite lost 1.53% in May, breaking a 6-month win streak.

A key inflation gauge — the core personal consumption expenditures index — rose 3.1% in April from a year earlier, faster than the forecasted 2.9% increase. Despite the hotter-than-expected inflation data, treasury yields fell on Friday.

“Overall, given the market’s reaction to [Friday]’s PCE release, investor concerns about inflation may have been exaggerated — or perhaps already priced in,” Chris Hussey, a managing director at Goldman Sachs, said in a note.

“Consensus may be building that the inflation we are seeing today is ‘good’ inflation — the kind of rise in prices that accompanies accelerating growth, not a monetary policy mistake,” Hussey said.

Investors are awaiting the Federal Reserve’s meeting scheduled for June 15-16. Key for the markets is whether the Fed begins to believe that inflation is higher than it expected or that the economy is strengthening enough to progress without so much monetary support. 

May’s employment report, set to be released on Friday, will provide a key reading of the economy. According to Dow Jones, economists expect to see about 674,000 jobs created in May, after the much fewer-than-expected 266,000 jobs added in April.

Zoom Video Communications and Hewlett Packard Enterprise are set to report quarterly earnings results on Tuesday after the bell.

— CNBC’s Patti Domm contributed reporting.

Categories
Business

The Pan America Marks a New Period for Harley Davidson

Recent years have not been kind to Harley-Davidson. Its sales have sagged, its core customers have aged, and its push toward the electric future, while newly serious, has underwhelmed so far.

In 2019, the last full year unaffected by the coronavirus, Harley shipped 218,000 motorcycles, earning $424 million in net income on $5.36 billion in revenue, healthy enough but well off its glory days. Results from the first quarter of 2021 suggest the company, which is based in Milwaukee, may be turning a financial corner, but the reality is that not enough new buyers are entering the market to offset the riders aging out of it. Harley recently made its innovative LiveWire electric model the flagship of a free-standing brand, but electric sales won’t contribute to the bottom line until there’s a more affordable model that sells in higher volume.

The company openly acknowledged these headwinds as far back as 2018, when Matt Levatich, who was the chief executive, laid out his “More Roads to Harley-Davidson” strategy. A key part of this blueprint would be to poach customers from other brands, which meant branching out from Harley’s traditional (some might say stereotypical) beefy cruisers.

Perhaps the most daring proposal was a high-tech, high-performance “adventure touring” motorcycle named the Pan America, to be powered by a new Revolution Max engine, already in development. The response was skepticism — that any Harley would be too heavy and too expensive.

The Pan America was delayed a year, during which Mr. Levatich resigned under pressure from the company’s board and after five years of falling sales. He was replaced by another board member, Jochen Zeitz, who was previously the chief executive of Puma.

Mr. Zeitz grabbed the handlebar, replacing the “More Roads” strategy with a hard-nosed approach he called “Hardwire.” He cut overhead and staff, closed some foreign subsidiaries, reduced the number of U.S. dealers and cut inventories. Additionally, he reduced the pace of new model introductions and spun off an electric bicycle division.

The plan looked like retrenchment, and some industry observers wondered if the Pan America would even be released. But the new chief was just as determined to enter this market. The result, hitting dealerships now, is a bike that is definitely not your dad’s Harley-Davidson cruiser. The audacious 1,250-cubic-centimeter Pan America Special is a shot across the bow to the European manufacturers that have long dominated this niche market.

“Before you launch into a new category, you always get the doubters and the cynics, but I don’t really care about them,” Mr. Zeitz said in an interview. “Adventure and touring are in Harley-Davidson’s DNA,” he added. “We have not been active in the adventure touring market because we didn’t have a bike, but we sure have the history. We would not have been able to build this bike if it wasn’t in the DNA of the company.”

The adventure touring category traces its roots to 1980 when BMW began selling the R 80 G/S — a model inspired by motorcycles raced in the Paris-Dakar rally. Fast-forward 40 years and BMW’s R 1250 GS is still a best seller. You’ve seen them parked in front of your local cafe — tall, brawny motorcycles with knobby tires, often accessorized with rugged aluminum side cases. They’re motorcycles that seem to say, “Today I’m just having a latte, but tomorrow I’m heading for Tierra del Fuego.”

Fans just call them “ADV” bikes. They’re all flagship models that can hold their own on the autobahn, with long-travel suspensions capable of handling fire roads or worse; they all have advanced anti-lock brakes and traction control.

Another European manufacturer, KTM, sells a Super Adventure model that’s even taller. Ducati, known for sport bikes, offers its take on the category with the Multistrada. When Ducati recently introduced adaptive cruise control to motorcycles, it did so on the Multistrada V4 S Sport.

In February, Mr. Zeitz hosted a much-ballyhooed virtual launch of the Pan America on the company’s YouTube channel. To the surprise of skeptics, the weight (the base model is 534 pounds) and the price (from $17,319) seemed competitive. (Those figures were 200 pounds and $2,000 lighter than Harley-Davidson’s most popular heavy cruisers and touring bikes.)

Today in Business

Updated 

May 28, 2021, 12:54 p.m. ET

Of course adventure bikes aren’t ridden virtually. The asphalt, gravel, mud and sand they must take in stride are all too real. So once the coronavirus threat had abated, the company offered test drives at a remote camp in the Mojave Desert, about 100 miles north of Los Angeles. First impressions were made over hundreds of miles of paved and unpaved roads, jeep trails and an infamous stretch of treacherous deep sand.

The model provided was the Pan America Special (which is expected to outsell the base model about two-to-one). The Special has a more expansive electronics package and semiactive suspension. As tested, the bikes weighed about 574 pounds and carried a price tag of about $21,500.

The response this time was far from underwhelming.

“I didn’t really have doubts that the engineers could do a good job,” said Kevin Duke, the editor in chief at Thunder Press, who has been writing about motorcycles for 25 years. “But I was skeptical that they could enter a new market segment and be that good right out of the box.”

Mr. Duke was so impressed by his test ride that it changed his attitude about the company. “The news about Harley for the past couple of years has been quite pessimistic,” he said. “With the older demographic aging out, there was no real hint at what the company could do to gain market share, but this really changes it. The new motor is that good.”

Harley-Davidson calls itself the Motor Company. True to that slogan, engineers acknowledge that they created the motor first and then asked themselves what they could do with it.

The only thing the Revolution Max has in common with other Harley engines is that it’s a V-twin. It produces 150 horsepower and revs to 9,500 r.p.m. — roughly double the red line of its cruiser cousins. Forget the laconic “potato-potato” exhaust note of those slow-revving traditional cruisers; this one roars.

The new motor features a balance shaft so effective that engineers admitted to putting a little vibration back in so it would feel “like a Harley.” It features computer-controlled variable valve timing that is more sophisticated than anything else in the market. The result is a motor that’s ferocious when used aggressively but docile when it has to be, at slow speeds on tricky terrain.

Like the other motorcycles in this class, the Pan America offers a range of ride modes that adjust throttle response, anti-lock brake settings and traction control for rain, “street” or “sport” road settings, as well as two off-road settings. Owners can also create their own ride modes.

Harley raised the stakes with a first for any motorcycle: The Special’s semiactive suspension continuously adjusts to suit the weight of rider, passenger and luggage; terrain encountered; and riding style.

Adventure touring bikes need extra ground clearance and long-travel suspension. As a result, seat heights reach 37 inches — they’re intimidating, even for tall riders. A $1,000 Adaptive Ride Height option on the Pan America Special lowers the suspension as the motorcycle comes to a stop. It is a game changer for shorter or less-experienced riders.

Off-road performance drives bragging rights in the ADV category. But another thing that these motorcycles have in common with Land Rovers and Mercedes-Benz G-wagons — besides being rangy, rugged and expensive — is that they’re driven on paved roads 99 percent of the time.

ADV bikes are just as fun to ride on a winding road as any sport bike. Many motorcyclists graduate to ADVs when their knees, wrists and shoulders can no longer handle a crouched riding position. And unlike conventional road motorcycles, ADVs give riders the option of striking off on paths less taken. That’s why ADVs are popular in Europe (where Harley-Davidson would love to increase its market share of 3 to 4 percent) and becoming more popular here.

Before embarking on the Pan America project, Harley-Davidson surveyed its customers. Many of them already owned or were considering an adventure motorcycle. The Pan America gives those customers a made-in-America option. (The Revolution Max engines are manufactured in Milwaukee; the motorcycles are assembled in York, Pa.) Another upside to a Harley that the European makers can’t match: its extensive dealer network.

Every Harley dealer, roughly 600 of them, will carry the Pan America — a decision made easier because customers raced to put down deposits before the machines hit sales floors.

Under Mr. Zeitz, Harley-Davidson has been careful to build dealer enthusiasm. Dealers who hit certain targets have already cycled through Harley’s training camp in the Mojave, so they’ll be able to talk the talk when a new kind of customer walks through the door.

When those customers ride away, whether it’s to Starbucks or South America, the Pan America will be right at home.

Categories
Health

It is not vaccine passport, however extra journey CLEAR post-pandemic

CLEAR, a New York City-based company that specializes in biometric security that originally started pumping travelers through growing airport lines in the post-9/11 period, now sees a huge opportunity with the country covered by the Covid -19 pandemic is excluded.

CLEAR recently released a product called Health Pass that links Covid-19 health information to biometric identifiers such as face, eyes and fingerprints.

Since its launch, Health Pass has made significant strides, especially in stadiums that host sporting events and need to quickly check the status of many people. In February, 100 vaccinated health care workers were able to participate in the Super Bowl by checking their status on the Health Pass. A third of the NBA teams use the app to enforce their Covid protocols for fans. People who attend NHL hockey games in Arizona also use the Health Pass.

The post-pandemic innovation pushed CLEAR to 19th place on this year’s CNBC Disruptor 50 list.

“What we determined in March 2020 was that there will be a new card in your wallet that contains a vaccination card or test results,” CLEAR co-founder and CEO Caryn Seidman-Becker said on CNBC’s TechCheck on Wednesday. “So it has always been part of our mission to connect you to your health insights related to Covid.

More coverage of the 2021 CNBC Disruptor 50

As more people get vaccinated and concerts, sporting events and large gatherings reopen, it is becoming more and more likely that customers will need to digitally submit their Covid vaccination or testing status in order to be approved.

“September 11th changed the way people thought about securing their building or stadium,” Seidman-Becker said last month in a virtual town hall for members of the CNBC Technology Executive Council. “It has raised awareness of security and, in particular, internal security.”

No “vaccination pass”

The CEO of CLEAR emphasized that the company’s technology should not be tied to the idea of ​​a vaccination card. “We’re not talking about a vaccination record. We’re talking about giving people control and access to their health information about what happened before,” she said on CNBC on Wednesday. “So many trends accelerated in 2020 and we see this as a major … ongoing trend … people should have access and control over their information.”

US officials have said they are largely relying on people to be honest about their vaccination status, and retailers and hotel chains have said they have no intention of looking for evidence of vaccine. However, some retailers like Walmart have partnered with CLEAR to offer the Health Pass.

Investment groups involved in the NFL and restaurant mogul Danny Meyer recently participated in a venture capital round for the company, and the Shake Shack founder’s Union Square Hospitality Group has used the technology to bring back indoor dining.

“We offer it to employers, but we also offer it to consumers free of charge so that they can link their health insights to their CLEAR Health Pass,” said Seidman-Becker. “We partnered with Walmart, but we also partnered with the NBA to help people get back into stadiums or reopen offices.”

“Frankly, this is a pervasive problem that makes experiences safer and easier,” she added.

Categories
Business

Cryptocurrency poses a major danger of tax evasion

R. Tsubin | Moment | Getty Images

Crypto tax evasion

But how does cryptocurrency lead to tax evasion?

According to tax experts, it largely comes down to lax reporting requirements.

The IRS may not be able to track crypto earnings or transactions if they are not reported by exchanges, corporations, and other third parties. And that means the income may not be taxed.

“Nobody has set clear rules about it, so a lot is not reported,” said Jon Feldhammer, partner at law firm Baker Botts and former senior litigator at the IRS.

“Every time you create a path of non-reporting, you create an opportunity to capitalize on tax fraud in incomprehensible or much elusive ways,” he said.

Crypto is fast becoming an alternative to cash as more and more merchants accept Bitcoin and other virtual currencies as a means of payment. However, cash is more regulated.

For example, a company that receives more than $ 10,000 in cash from a customer must file a currency transaction report. This can happen when a consumer buys a car for more than $ 10,000 in cash, when someone wins big at the casino, or when a bank receives a large cash deposit.

These reports tell the government that a buyer has a lot of money that may or may not be reported on a tax return.

However, the same rules don’t apply to crypto. A used car company that receives $ 20,000 worth of Bitcoin from a customer does not need to file a report of currency transactions. This income can also remain untaxed if it is not reported on the business owner’s tax return, Feldhammer said.

“Although cryptocurrency transactions are a relatively small part of business income today, they are likely to grow in importance over the next decade, especially given a broad system of reporting financial accounts,” the financial report said.

Additionally, virtual currencies do not have to be bought or sold through an exchange, making these transactions more opaque to government officials.

Biden crypto proposal

Al Drago / Bloomberg via Getty Images

About 80% of the “tax gap” in the US is due to underreported income, according to the Treasury Department, especially the wealthy who hide income in opaque structures.

Stricter reporting standards – including “full reporting” for cryptocurrency – are among the most effective ways to improve tax compliance.

Biden’s tax agenda would treat crypto transactions like cash and require companies to report if they received more than $ 10,000 in virtual currency.

Financial institutions, payment processing companies and stock exchanges and custodians for digital assets would also have to report crypto transactions above a certain threshold, according to an analysis of the proposal published by the law firm Greenberg Traurig.

The IRS has already shown a greater interest in learning more about taxpayers’ crypto activities. The agency asked a question about cryptocurrency holdings on page 1 of the 2020 tax returns.

Biden’s compliance agenda would have to be passed by Congress. The overall plan would raise $ 700 billion in the first decade and an additional $ 1.6 trillion in the second decade, according to Treasury.

The White House would use these funds to fund action in the American Families Plan. This proposal includes additional funding for two years of free universal preschool, two years of free community college, heavily subsidized childcare for middle-class families, federal paid family vacations, and expanded child tax credits.

Categories
Health

Two New Legal guidelines Limit Police Use of DNA Search Methodology

In other cases, detectives might surreptitiously collect the DNA of a suspect’s relative by testing an object that the relative discarded in the trash.

Maryland’s new law states that when police officers test the DNA of “third parties” — people other than the suspect — they must get consent in writing first, unless a judge approves deceptive collection.

Investigators cannot use any of the genetic information collected, whether from the suspect or third parties, to learn about a person’s psychological traits or disease predispositions. At the end of the investigation, all of the genetic and genealogical records that were created for it must be deleted from databases.

And perhaps most consequential, Maryland investigators interested in genetic genealogy must first try their luck with a government-run DNA database, called Codis, whose profiles use far fewer genetic markers.

Mr. Holes said that this part of the law could have tragic consequences. For old cases, he pointed out, DNA evidence is often highly degraded and fragile, and every DNA test consumes some of that precious sample. “In essence, the statute could potentially cause me to kill my case,” he said. And given the speed that DNA technology evolves, he added, it is unwise for a law to mandate use of any particular kind of test.

But other experts called this provision crucial, because the potential privacy breach is far more severe for genetic genealogy, which gives law enforcement access to hundreds of thousands of genetic markers, than it is for Codis, which uses only about two dozen markers.

These searches are “the equivalent of the government going through all of your medical records and all of your family records just to identify you,” said Leah Larkin, a genetic genealogist who runs a consulting business in the San Francisco Bay Area that is largely focused on helping adoptees and others find their biological relatives. “I don’t think people fully appreciate how much is in your genetic data.”

Categories
Entertainment

Traces By no means Felt So Good: Crowds Herald New York’s Reopening

The line outside the Metropolitan Museum of Art trailed out the door, down the rain-swept stairs, around the trees and past the fountain and the hot-dog stands on Fifth Avenue as visitors waited under dripping umbrellas. They were among more than 10,000 people who had the same idea for how to fill a rainy Sunday in New York City, turning the holiday weekend into the museum’s busiest since the start of the pandemic.

In Greenwich Village, jazz fans lined up to get into Smalls, a dimly lit basement club with a low-ceiling where they could bop their heads and tap their feet to live music. All five limited capacity screenings of Fellini’s “8 ½” sold out on Monday at the Film Forum on Houston Street, and when the Comedy Cellar sold out five shows, it added a sixth.

If the rainy, chilly Memorial Day weekend meant that barbecues and beach trips were called off, it revived another kind of New York rainy-day tradition: lining up to see art, hear music and catch films, in a way that felt liberating after more than a year of the pandemic. The rising number of vaccinated New Yorkers, coupled with the recent easing of many coronavirus restrictions, made for a dramatic and happy change from Memorial Day last year, when museums sat eerily empty, nightclubs were silenced, and faded, outdated posters slowly yellowed outside shuttered movie theaters.

For Piper Barron, 18, the return to the movies felt surprisingly normal.

“It kind of just felt like the pandemic hadn’t happened,” she said.

Standing under the marquee of Cobble Hill Cinemas in Brooklyn, Barron and three friends who had recently graduated high school waited to see “Cruella,” the new Emma Stone movie about the “One Hundred and One Dalmatians” villain. Before the pandemic, the group was in the habit of seeing movies together on Fridays after school, but that tradition was put on hold during the pandemic.

“We haven’t done that in a long time — but here we are,” said Patrick Martin, 18. “It’s a milestone.”

In recent weeks, Governor Andrew M. Cuomo has relaxed many of the coronavirus restrictions that limit culture and entertainment, and Memorial Day weekend was one of the first opportunities for venues to try out the new rules, with a growing numbers of tourists and vaccinated New Yorkers looking forward to a summer of activity.

At the Met, Saturday and Sunday each drew more than 10,000 visitors, a record for the museum during the pandemic, and roughly double what it was logging two months ago, before the state loosened capacity restrictions, said Kenneth Weine, a spokesman for the museum.

Despite the near-constant rain, museum visitors and moviegoers agreed: this was much better than whatever they did over Memorial Day weekend last year. (“Nothing, just stayed home,” recalled Sharon Lebowitz, who visited the Met on Sunday with her brother.)

Of course, the pandemic is not yet over: an average of 383 cases per day are being reported in New York City, but that is a 47 percent decrease from the average two weeks ago. And there were physical reminders of the pandemic everywhere. At Cobble Hill Cinemas, there were temperature checks and a guarantee that each occupied seat would have four empty ones surrounding it. At the Met, a security staffer asked visitors waiting in line for the popular Alice Neel exhibition to stand further apart from each other.

And, everywhere, there were masks, even though Mr. Cuomo lifted the indoor mask mandate for vaccinated individuals in most circumstances earlier this month. Most museums in the city are maintaining mask rules for now, recognizing that not all visitors would be comfortable being surrounded by a sea of naked faces.

“It’s certainly not all back to normal,” said Steven Ostrow, 70, who was examining Cypriot antiquities at the Met.

“If it was, we wouldn’t be looking like Bazooka Joe,” he added, referring to a bubble gum-wrapper comic strip, which has a character whose turtleneck is pulled high up over his mouth, mask-like.

And at the Museum of Modern Art, the gift shop was offering masks on sale for up to 35 percent off, perhaps a sign that the precaution could be on the way out.

Although the state lifted explicit capacity limits for museums and other cultural venues, it still requires six feet of separation indoors, which means that many museums have set their own limits on how many tickets can be sold each hour. And some have retained the capacity limits of previous months, including the Museum of Jewish Heritage, which has capped visitors at 50 percent, and El Museo del Barrio, which remains at 33 percent.

Venues that only allow vaccinated guests can dispense with social distancing requirements, which is proving a tempting option for venue owners eager to pack their small spaces. And there seems to be no shortage of vaccinated audience members: On Monday, the Comedy Cellar, which is selling tickets to vaccinated people and those with a negative coronavirus test taken within 24 hours, had to add an extra show because there was such high demand.

No one was more pleased to see lines of visitors than the venue owners, who spent the past year eating through their savings, laying off staff and waiting anxiously for federal pandemic relief.

During the lockdown, Andrew Elgart, whose family owns Cobble Hill Cinemas, said he would sometimes watch movies alone in the theater with only his terrier for company (no popcorn, though — it was too much work to reboot the machine). Reopening to the public was nothing short of therapeutic, he said, especially because most people seemed grateful to simply be there.

“These are the most polite and patient customers we’ve had in a long time,” he said.

Reopening has been slower for music venues, which tend to book talent months in advance, and who say the economics of reopening with social distancing restrictions is impractical.

Those capacity limits and social distancing requirements have kept most jazz clubs in the city closed for now, but Smalls, in the Village, is an exception. In fact, the club was so eager to reopen at any capacity level that it tried to briefly in February, positioning itself primarily as a bar and restaurant with incidental music, said the club’s owner, Spike Wilner. That decision resulted in a steep fine and ongoing red tape, he said.

Still, for Wilner, there was no comparison between this year and last, when he was “in hiding” in a rented home in Pennsylvania with his wife and young daughter.

“It feels like some kind of Tolstoy novel: there’s the crash and the redemption and then the renewal,” he said as he shepherded audience members into the jazz club. “Honestly, I feel positive for the first time. I’m just relieved to be working and making some money.”

Categories
Business

Delhi Reopens a Crack Amid Gloomy Financial Forecast for India

NEW DELHI — The Indian capital, which just weeks ago suffered the devastating force of the coronavirus, with tens of thousands of new infections daily and funeral pyres that burned day and night, is taking its first steps back toward normalcy.

Officials on Monday reopened manufacturing and construction activity, allowing workers in those industries to return to their jobs after six weeks of staying at home to avoid infection. The move came after a sharp drop in new infections, at least by the official numbers, and as hospital wards emptied and the strain on medicine and supplies has eased.

Life on the streets of Delhi is not expected to return to normal immediately. Schools and most businesses are still closed. The Delhi Metro system, which reopened after last year’s nationwide lockdown, has suspended service again.

But the city government’s easing of restrictions will allow people like Ram Niwas Gupta and his employees to begin returning to work — and, more broadly, to start to repair India’s ailing, pandemic-struck economy. Mr. Gupta, a construction company owner, must replace the migrant workers who fled Delhi when a second wave of the coronavirus struck in April, but he was confident that business would return to normal soon.

“Immediately we will not be able to start work, but slowly in six to 10 days we will be able to mobilize labor and material and start the work,” said Mr. Gupta, who is also the president of the Builders Association of India in Delhi.

At least one million people in Delhi’s construction sector will be able to return to job sites.

Even a small opening represents a gamble by city officials. Just 3 percent of India’s 1.4 billion people are fully vaccinated. Because of limited health infrastructure and public reporting, the state of the pandemic in rural areas — including some just outside Delhi — is largely unknown. Experts are already predicting a third wave while cautioning that the lull in Delhi may be just a respite, and not the end, of the second wave.

Six weeks ago, the number of new cases in Delhi was soaring, reaching a peak of 28,395 new recorded infections on April 20. Nearly one in three coronavirus tests came back positive. Hospitals, full beyond capacity, turned away throngs of people seeking treatment, with some patients dying just outside the gates. Cremation, the preferred last rite for Hindus, spilled over into empty lots, with so many bodies burned that Delhi’s skies turned an ash gray.

The nightmare in India’s capital appears to be over, at least for now, even as cases rise elsewhere in the country. The city reported 648 new cases on Monday, and about four-fifths of the intensive care unit beds were vacant.

Officials in Delhi, and around India, feel a need to strike a balance between pandemic precautions and economic viability.

On Monday, India released a new set of numbers that showed the country’s economy grew by 1.6 percent for the three-month period ending in March.

But economists say those numbers, which reflected activity before the full impact of the ferocious second wave, are likely unsustainable in the near future.

The Ministry of Statistics and Program Implementation also forecast that India’s gross domestic product would shrink by at least 7.3 percent over the financial year that began in April.

Experts point to two main reasons: India’s prolonged lockdowns and its vaccination rate, which has fallen to just over a million doses a day now from about 4 million last month because of the country’s limited vaccine manufacturing capacity.

Though the lockdowns have helped India slow the surge of infections, economists say restrictions might need to remain in place at least until about 30 percent of the country’s 1.4 billion people have received one vaccine shot.

“We estimate that India will reach the vaccine threshold by mid- to late August, and, accordingly, expect restrictions will be extended into the third quarter,” Priyanka Kishore, the head of India and Southeast Asia at Oxford Economics, said in a research briefing last week. “Consequently, we have lowered our 2021 growth forecast.”

She added that supply issues and vaccine hesitancy could prevent the country from reaching the 30 percent threshold by August, which could result in further economic decline.

One economist said that the impact of the country’s shrinking economy would be even more pronounced in rural areas.

“As things stand now, the scale, the speed and the spread of Covid has once again given a push back to the economy,” said Dr. Sunil Kumar Sinha, the principal economist at India Ratings and Research, a credit ratings agency. Dr. Sinha added that the country’s negative growth forecasts for the financial year were the lowest ever recorded.

The lockdown that began easing on Monday was nowhere near as severe as the nationwide lockdown imposed by India’s prime minister, Narendra Modi, last year, which pushed millions of people out of cities and into rural areas, often on foot because rail and other transportation had been suspended. Mr. Modi resisted calls by many epidemiologists, including Dr. Anthony Fauci, the director of the U.S. National Institute of Allergy and Infectious Diseases, to reinstitute similar curbs this year.

But in a nod to the chaos of last year’s lockdown, throughout the second wave, core infrastructure projects across the country, which employ millions of domestic migrant workers, were exempted from restrictions. More than 15,000 miles of Indian highway projects, along with rail and city Metro improvements, continued.

Most private construction sites, however, were closed down, placing workers like Ashok Kumar, a 36-year-old carpenter, in extremely precarious positions.

Mr. Kumar usually earns 700 rupees, about $10, per day, but has sat at home idly for the last 40 days, unable to pay rent to an increasingly impatient landlord. He hoped to be vaccinated before returning to close quarters with other workers, but hasn’t been able to secure a dose at one of the city’s public dispensaries, which have closed intermittently because of vaccine shortages.

“My first priority is my stomach,” Mr. Kumar said. “If my stomach is not filled I will die even before corona.”

Understand the Covid Crisis in India

In a meeting with the city’s disaster management authority on Friday, Delhi’s chief minister, Arvind Kejriwal, said the lockdown would be eased in phases according to economic need.

“Our priority will be the weakest economic sections, so we will start with laborers, particularly migrant laborers,” many of whom work in construction and manufacturing, Mr. Kejriwal said.

Millions of people in India are already in danger of sliding out of the middle class and into poverty. The country’s economy was fraying well before the pandemic because of deep structural problems and the sometimes impetuous policy decisions of Mr. Modi.

Epidemiologists in India generally approved of the Delhi government’s approach to lifting its lockdown, but cautioned that the low infection numbers may represent a reprieve — and not the end — of the capital’s terrifying second wave.

“It’s not a decision that can be questioned on the merit, but obviously they have to take the maximum care,” said Dr. K. Srinath Reddy, president of the Public Health Foundation of India.

India averaged 190,392 reported cases per day in the last week, a drop of more than 50 percent from the peak, on May 9. The death toll also fell, though less precipitously, to 3,709 on Sunday. The overall toll of 325,972 is widely considered to be a vast undercount.

As cases have fallen in Delhi, people have cautiously left their homes for evening strolls after the daytime summer heat has abated, or to pick up groceries from the normally bustling but now quiet neighborhood markets.

Elsewhere in India, the pandemic is far from over. Cases are rising in remote rural areas that have scant health infrastructure.

The state of Haryana, which borders Delhi and is home to the industrial hub of Gurugram, extended its tight lockdown by at least another week. And in southern Indian states where the daily case numbers remain high, official orders allowing manufacturing to resume have been met by resistance from workers.

“It is a question of life versus livelihood,” said M. Moorthy, general secretary of the workers union at the Renault Nissan auto plant in Chennai.

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Politics

Senate Republicans block invoice to probe Capitol revolt

U.S. Senate Minority Leader Mitch McConnell (R-KY) speaks after the Republican Senate lunch on Capitol Hill in Washington Jan.

Evelyn Hockstein | Reuters

Senate Republicans on Friday blocked a bill that would set up an independent commission to investigate the January 6 riot in the U.S. Capitol as Democrats and the GOP argue over how best to investigate the legislature attack and another attack on the democratic process can be prevented.

With 54 to 35 votes, the measure did not reach the threshold required to overcome a filibuster, as almost all GOP senators were against it. Six Republicans voted to move the proposal forward: Bill Cassidy from Louisiana, Susan Collins from Maine, Lisa Murkowski from Alaska, Rob Portman from Ohio, Mitt Romney from Utah and Ben Sasse from Nebraska. All of these senators, with the exception of Portman, voted in February to hold former President Donald Trump guilty of inciting a riot.

The vote likely undermines the creation of a Democratic panel, and some Republicans have said it is important to understand what led to the violent attempt to disrupt the transfer of power to President Joe Biden. GOP leaders have claimed the commission could redouble existing efforts by the Department of Justice and Congressional committees to investigate the pro-Trump mob attack that resulted in five deaths, including that of Capitol Police officer Brian Sicknick.

Sicknick’s mother met with a handful of Republican senators Thursday and urged them to support the commission.

Republicans have tried to divert attention from the uprising – to which Trump’s 2020 election conspiracy theories contributed – as they seek to regain control of Congress in next year’s midterm elections. Top GOP lawmakers, particularly in the House of Representatives, have set themselves the goal of suppressing criticism of Trump, who remains the Republican Party’s most popular figure.

“Fear of or allegiance to Donald Trump, the Republican minority only prevented the American people from learning the full truth about January 6,” Senate Majority Leader Chuck Schumer, DN.Y., said after the vote.

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The Democratic-owned House of Representatives passed the bipartisan bill earlier this month with 252-175 votes. 35 Republicans supported it, while 175 GOP officials voted against. House Republican leaders pushed for resistance after Rep. John Katko, RN.Y. negotiated the deal with Rep. Bennie Thompson, D-Miss.

The bill failed to win the Republican votes it needed to move forward in the evenly divided Senate after minority leader Mitch McConnell, R-Ky., Urged his faction to oppose it.

“I will continue to support the real, serious work of our criminal justice system and our own Senate committees,” McConnell said Thursday before the vote. “And I will continue to urge my colleagues to oppose this superfluous shift if the Senate has to vote.”

The bill would set up a 10-person commission to study the factors that led to the uprising. The Democratic and Republican leaders would each appoint half of the members who could not be current government officials.

The subpoenaed panel would report on its investigation by the end of the year.

Schumer urged senators Thursday to back the commission law, saying the country must eradicate belief in Trump’s unsubstantiated claims that widespread fraud led to his defeat in November. He called the lies a “cancer” in the GOP.

“We have to investigate, uncover and report the truth,” he said. “We need to make a trustworthy record of what really happened on January 6th and what happened before that. That is exactly what this commission is supposed to do, non-partisan and right down the middle.”

At least one senior Republican in the Senate has suggested that the panel would detract from the party’s mid-term messages. John Thune, RS.D., said earlier this month, “Anything that makes us rewarm the 2020 elections is, in my opinion, a day where we don’t contrast ourselves with the very radical left-wing Democrats’ agenda can.” “

Senator Joe Manchin, the most conservative Democrat in the Senate, has repeatedly called on Republicans to vote in favor of setting up the commission. However, the West Virginia senator said he still would not team up with most of his Democratic counterparts to get rid of the filibuster that would allow the party to pass the bill on its own.

Biden, whose takeover of the presidency the pro-Trump mob sought to disrupt, scoffed Thursday at the prospect of senators voting against the commission’s establishment.

“I can’t imagine anyone voting against setting up a commission for the biggest attack on the Capitol since the Civil War,” he said.

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Business

Black Wall Road was shattered 100 years in the past. How Tulsa race bloodbath was coated up

Ruins of the Greenwood District after the massacre of African Americans in Tulsa, Oklahoma, in June 1921. American National Red Cross photograph collection.

GHI | Universal Images Group | Getty Images

A century ago this week, the wealthiest U.S. Black community was burned to the ground.

At the turn of the 20th century, the Greenwood District of Tulsa, Oklahoma, became one of the first communities in the country thriving with Black entrepreneurial businesses. The prosperous town, founded by many descendants of slaves, earned a reputation as the Black Wall Street of America and became a harbor for African Americans in a highly segregated city under Jim Crow laws.

On May 31, 1921, a white mob turned Greenwood upside down in one of the worst racial massacres in U.S. history. In the matter of hours, 35 square blocks of the vibrant Black community were turned into smoldering ashes. Countless Black people were killed — estimates ranged from 55 to more than 300 — and 1,000 homes and businesses were looted and set on fire.

A group of people looking at smoke in the distance coming from damaged properties following the Tulsa, Oklahoma, racial massacre, June 1921.

Oklahoma Historical Society | Archive Photos | Getty Images

Yet for the longest time, the massacre received scant mentions in newspapers, textbooks and civil and governmental conversations. It wasn’t until 2000 that the slaughter was included in the Oklahoma public schools’ curriculum, and it did not enter American history textbooks until recent years. The 1921 Tulsa Race Riot Commission was formed to investigate in 1997 and officially released a report in 2001.

“The massacre was actively covered up in the white community in Tulsa for nearly a half century,” said Scott Ellsworth, a professor of Afro American and African studies at the University of Michigan and author of “The Ground Breaking” about the Tulsa massacre.

“When I started my research in the 1970s, I discovered that official National Guard reports and other documents were all missing,” Ellsworth said. “Tulsa’s two daily white newspapers, they went out of their way for decades not to mention the massacre. Researchers who would try to do work on this as late as the early 1970s had their lives threatened and had their career threatened.”

The body of an unidentified Black victim of the Tulsa race massacre lies in the street as a white man stands over him, Tulsa, Oklahoma, June 1, 1921.

Greenwood Cultural Center | Archive Photos | Getty Images

In the week following the massacre, Tulsa’s chief of police ordered his officers to go to all the photography studios in Tulsa and confiscate all the pictures taken of the carnage, Ellsworth said.

These photos, which were later discovered and became the materials the Oklahoma Commission used to study the massacre, eventually landed in the lap of Michelle Place at Tulsa Historical Society & Museum in 2001.

“It took me about four days to get through the box because the photographs were so horrific. I had never seen those kinds of pictures before,” Place said. “I didn’t know anything about the riot before I came to work here. I never heard of it. Since I’ve been here, I’ve been at my desk to guard them to the very best of my ability.”

Patients recovering from injuries sustained in the Tulsa massacre. American National Red Cross Photograph Collection, November 1921.

Universal History Archive | Universal Images Group | Getty Images

The Tulsa museum was founded in the late 1990s, but visitors couldn’t find a trace of the race massacre until 2012 when Place became executive director, determined to tell all of Tulsa’s stories. A digital collection of the photographs was eventually made available for viewing online.

“There’s still a significant number of people in our community who don’t want to look at it, who don’t want to talk about it,” Place said.

‘The silence is layered’

Not only did Tulsa city officials cover up the bloodbath, but they also deliberately shifted the narrative of the massacre by calling it a “riot” and blaming the Black community for what went down, according to Alicia Odewale, an archaeologist at University of Tulsa.

The massacre also wasn’t discussed publicly in the African American community either for a long time. First out of fear — if it happened once, it can happen again.

“You are seeing the perpetrators walking freely on the streets,” Odewale said. “You are in the Jim Crow South, and there are racial terrors happening across the country at this time. They are protecting themselves for a reason.”

Moreover, this became such a traumatic event for survivors, and much like Holocaust survivors and World War II veterans, many of them didn’t want to burden their children and grandchildren with these horrible memories.

Ellsworth said he knows of descendants of massacre survivors who didn’t find out about it until they were in their 40s and 50s.

“The silence is layered just as the trauma is layered,” Odewale said. “The historical trauma is real and that trauma lingers especially because there’s no justice, no accountability and no reparation or monetary compensation.”

A truck carries African Americans during race massacre in Tulsa, Oklahoma, U.S. in 1921.

Alvin C. Krupnick Co. | National Association for the Advancement of Colored People (NAACP) Records | Library of Congress | via Reuters

What triggered the massacre?

On May 31, 1921, Dick Rowland, a 19-year old Black shoeshiner, tripped and fell in an elevator and his hand accidentally caught the shoulder of Sarah Page, a white 17-year-old operator. Page screamed and Rowland was seen running away.

Police were summoned but Page refused to press charges. However, by that afternoon, there was already talks of lynching Rowland on the streets of white Tulsa. The tension then escalated after the white newspaper Tulsa Tribune ran a front-page story entitled “Nab Negro for Attacking Girl In Elevator,” which accused Rowland of stalking, assault and rape.

In the Tribune, there was also a now-lost editorial entitled “To Lynch Tonight,” according to Ellsworth. When the Works Progress Administration went to microfilm the old issues of the Tribune in the 1930s, the op-ed had already been torn out of the newspaper, Ellsworth said.

Many believe the newspaper coverage undoubtedly played a part in sparking the massacre.

The aftermath

People stand outside the Black Wall Street T-Shirts and Souvenirs store at North Greenwood Avenue in the Greenwood District of Tulsa Oklahoma, U.S., on Thursday, June 18, 2020.

Christopher Creese | Bloomberg | Getty Images

For Black Tulsans, the massacre resulted in a decline in home ownership, occupational status and educational attainment, according to a recent study through the 1940s led by Harvard University’s Alex Albright.

Today, there are only a few Black businesses on the single remaining block in the Greenwood district once hailed as the Black Wall Street.

This month, three survivors of the 1921 massacre — ages 100, 106 and 107 — appeared before a congressional committee, and a Georgia congressman introduced a bill that would make it easier for them to seek reparations.

Rev. Dr. Robert Turner of the Historic Vernon Chapel A.M.E. Church holds his weekly Reparations March ahead of the 100 year anniversary of the 1921 Tulsa Massacre in Tulsa, Oklahoma, U.S., May 26, 2021.

Polly Irungu | Reuters

Meanwhile, historians and archaeologists continued to unearth what was lost for decades. In October, a mass grave in an Oklahoma cemetery was discovered that could be the remains of at least a dozen identified and unidentified African American massacre victims.

“We are able to look for signs of survival and signs of lives. And really look for those remnants of built Greenwood and not just about how they died,” Odewale said. “Greenwood never left.”

— CNBC’s Yun Li is also co-author of “Eunice Hunton Carter: A Lifelong Fight for Social Justice.”