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Covid-19 and Vaccine Information: Dwell International Updates

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Credit…Atul Loke for The New York Times

As a second wave of the pandemic rages in India, which set a global record new cases for the fifth consecutive day on Monday, countries around the world are trying to help. But their efforts to send oxygen and other critical aid are unlikely to plug enough holes in India’s sinking health care system to end its deadly catastrophe.

The Indian health ministry reported almost 353,000 new cases and 2,812 deaths on Monday. Enormous funeral pyres have spilled into parking lots and city parks. Experts say that India’s reported overall toll of more than 195,000 deaths could be a vast undercount.

The emergency in India, where a worrying virus variant is spreading rapidly, has global implications for potential infections worldwide, as well as for countries relying on India for the AstraZeneca vaccine, millions of doses of which are manufactured there.

“It’s a desperate situation out there,” said Ramanan Laxminarayan, the founder and director of the Center for Disease Dynamics, Economics & Policy, adding that donations will be welcome, but may make only a “dent on the problem.”

Scientists fear that part of the problem is the emergence of a virus variant known as the “double mutant,” B.1.617, because it contains genetic mutations found in two other difficult-to-control versions of the coronavirus. One of the mutations is present in the highly contagious variant that ripped through California earlier this year. The other mutation is similar to one found in the variant dominant in South Africa and is believed to make the virus more resistant to vaccines.

Still, scientists caution it is too early to know with certainty how pernicious the new variant emerging in India really is.

In the early months of 2021, the government of Prime Minister Narendra Modi acted as if the coronavirus battle had been won, holding huge campaign rallies and permitting thousands to gather for a Hindu religious festival.

Now, Mr. Modi is striking a far more sober tone. He said in a nationwide radio address on Sunday that India has been “shaken” by a “storm.” And countries, companies and powerful members of the diaspora have pledged to pitch in.

Patients are suffocating in the capital, New Delhi, and other cities because hospitals’ oxygen supplies have run out. Frantic relatives have appealed on social media for leads on intensive-care-unit beds and experimental drugs. The government has extended New Delhi’s lockdown by another week.

India’s Supreme Court last week ordered the government to come up with a “national plan” for distributing oxygen supplies.

The problems in India’s hospitals go beyond oxygen shortages. In the western state of Gujarat, more than a dozen patients were evacuated from a hospital on Sunday night after an air-conditioning unit caught fire, the Press Trust of India reported, the third accident involving virus patients in India in the past seven days.

Mr. Modi appears to be looking to the rest of the world to help India quell the wave. Saudi Arabia and the United Arab Emirates have promised oxygen generators. The United States has pledged raw material for coronavirus vaccines and intends to share up to 60 million doses of the AstraZeneca vaccine with other nations, so long as the doses clear a safety review conducted by the Food and Drug Administration, officials said Monday. Indian-American businessmen have pledged millions in cash from the companies they lead.

At a news conference on Monday, Dr. Tedros Adhanom Ghebreyesus, the director general of the World Health Organization, called the situation in India “beyond heartbreaking.” He said the organization has deployed 2,600 staff to India to provide surveillance and vaccination help.

A global coronavirus surge, driven largely by the devastation in India, continues to break daily records and run rampant in much of the world, even as vaccinations ramp up in wealthy countries. More than one billion shots have now been administered globally.

On Sunday, the world’s seven-day average of new cases hit 774,404, according to a New York Times database, higher than the peak average during the last global surge, in January. Despite the number of shots given around the world, far too small a percentage of the global population of nearly eight billion have been vaccinated to slow the virus’s steady spread.

United States › United StatesOn Apr. 25 14-day change
New cases 33,662 –16%
New deaths 282 –3%
World › WorldOn Apr. 25 14-day change
New cases 378,263 +15%
New deaths 7,655 +4%

U.S. vaccinations ›

Where states are reporting vaccines given

People getting vaccinated at a government hospital in Mumbai, India, this month.Credit…Atul Loke for The New York Times

President Biden, under intense pressure to do more to address the surging pandemic abroad, including a humanitarian crisis in India, intends to make up to 60 million doses of the AstraZeneca vaccine available to other countries, so long as federal regulators deem the doses safe, officials said Monday.

The announcement came after Mr. Biden spoke with Prime Minister Narendra Modi of India and the two pledged to “work closely together in the fight against Covid-19.” It is a significant, albeit limited, shift for the White House, which has until now been reluctant to make excess doses of coronavirus vaccine available in large amounts.

But the commitment is a tricky one to make: The AstraZeneca doses are manufactured at the Baltimore plant owned by Emergent BioSolutions, where production has been halted amid fears of contamination. The New York Times has reported extensively on problems at the plant, which had to throw out millions of doses of AstraZeneca vaccine between October and January, and later discarded up to 15 million doses of the vaccine developed by Johnson & Johnson, also because of concern about possible contamination.

AstraZeneca’s vaccine, unlike those of Pfizer, Moderna and Johnson & Johnson, has also not been granted emergency use authorization by the Food and Drug Administration. And the administration would not specify which countries will receive the vaccine.

Jen Psaki, the White House press secretary, cautioned at a news conference that the donations of doses would not happen right away. She said about 10 million doses could be released “in the coming weeks” if the F.D.A. determines that the vaccine meets “our own bar and our own guidelines,” and that another 50 million doses are in various stages of production.

“Right now we have zero doses available of AstraZeneca,” Ms. Psaki said.

In a statement, a spokesperson for AstraZeneca said that the company would not comment on specifics but that “the doses are part of AstraZeneca’s supply commitments to the U.S. government. Decisions to send U.S. supply to other countries are made by the U.S. government.”

Correction: April 26, 2021

An earlier version of this article referred incorrectly to a safety review that the Food and Drug Administration is required to conduct before AstraZeneca coronavirus vaccine doses are shared with other nations. The doses themselves must clear an F.D.A. safety review, not the plant where the doses are manufactured.

A Sputnik V vaccine production line in Saint Petersburg, Russia in February. Brazil’s health regulator rejected the Sputnik Covid-19 vaccine on Monday, citing safety concerns.Credit…Emile Ducke for The New York Times

Brazil’s health authority, Anvisa, said late on Monday that it would not recommend importing Sputnik V, the Covid-19 vaccine developed by Russia.

Anvisa said that important safety tests had not been performed, and that questions remained about the vaccine’s development, safety and manufacturing.

Data about the vaccine’s efficacy were “uncertain,” Gustavo Mendes Lima Santos, Anvisa’s manager of medicine and biological products, said in a lengthy presentation explaining the health authority’s decision.

A tweet from the official Sputnik V Twitter account — in Portuguese — pushed back on Monday, saying that the vaccine’s developers had shared “all the necessary information and documentation” with Anvisa. In another tweet, it urged Anvisa that “we have no time to waste — let us start saving lives in Brazil. Together.”

Russia is using Sputnik V in its mass vaccination campaign, and the vaccine has been approved for emergency use in dozens of other countries. Its rollout has been entangled in politics and propaganda, with President Vladimir V. Putin announcing its approval for use even before late-stage trials began. For months, it was pilloried by Western scientists.

The Gamaleya Research Institute, part of Russia’s Ministry of Health, developed the vaccine, also known as Gam-Covid-Vac. A peer-reviewed study published in The Lancet in February said the vaccine had an efficacy rate of 91.6 percent.

Skepticism from Western experts has focused mostly on its early approval, not the vaccine’s design, which grew out of decades of research on adenovirus-based vaccines. Other Covid-19 vaccines are also based on adenoviruses, such as one from Johnson & Johnson using Ad26, and one by the University of Oxford and AstraZeneca using a chimpanzee adenovirus.

While Sputnik V’s developers have yet to release detailed data on adverse events observed during the trials, the Russian government has been using the vaccine to inoculate its own citizens for months. Russia has also exported Sputnik V to Belarus, Argentina and other countries, suggesting that any harmful side effects overlooked during trials would by now have come to light.

As vaccine supply woes in Europe worsened, the European Union’s drug regulator announced last month that it was reviewing the Sputnik V vaccine after member nations began announcing they would acquire the shot on their own.

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E.U. Sues AstraZeneca

The European Union has sued AstraZeneca over its failure to deliver hundreds of millions of Covid vaccination doses by the end of June as promised.

Indeed, the commission has started last Friday a legal action against the company AstraZeneca on the basis of breaches of the advance purchase agreement. The reason indeed being that the terms of the contract or some terms of the contract have not been respected, and the company has not been in a position to come up with a reliable strategy to ensure the timely delivery of those. What matters to us in this case is that we want to make sure that there’s a speedy delivery of a sufficient number of doses that the European citizens are entitled to and which have been promised on the basis of the contract. So the commission has indeed started legal action on its own behalf and on behalf of the 27 member states that are fully aligned in their support for this procedure.

Video player loadingThe European Union has sued AstraZeneca over its failure to deliver hundreds of millions of Covid vaccination doses by the end of June as promised.CreditCredit…Alessandro Grassani for The New York Times

The European Union has sued AstraZeneca over what the bloc has described as delays in shipping hundreds of millions of doses of coronavirus vaccines, a sharp escalation of a longstanding dispute between the bloc and the maker of one of the world’s most important vaccines.

AstraZeneca has said that it would be able to deliver only a third of the 300 million doses that European officials had been expecting by the end of June. As a result, European officials said on Monday that they believed AstraZeneca had broken its contract, and that they were seeking speedier deliveries than the company said it could muster.

The two sides’ relationship had grown acrimonious in January when AstraZeneca slashed its expected deliveries for the first quarter of the year, setting back the bloc’s vaccination campaign by weeks as cases picked up across the continent and political leaders faced scorching criticism for inadequate planning.

For AstraZeneca, whose cheap and easy-to-store shot is being used by 135 countries, the lawsuit could create further difficulties in a bruising stretch. No company had been as instrumental in the race to vaccinate poorer countries around the world, but AstraZeneca has been buffeted in recent weeks by the discovery of an exceedingly rare, though serious, side effect that has prompted restrictions on its use in parts of Europe.

At issue in the legal dispute was whether AstraZeneca had done everything in its power to meet its delivery schedule. Pascal Soriot, the company’s chief executive, has said that the contract required only that it make its “best efforts” to deliver the purchased doses on time.

Vaccine production is a notoriously fickle science, with live cultures needing time to grow inside bioreactors, for instance. In an effort to supply doses not only to richer nations that had purchased them well in advance, but also to poorer nations, AstraZeneca had partnered with manufacturing sites around the world, rather than relying on only a few factories, as Pfizer and Moderna have.

AstraZeneca, which developed the vaccine with the University of Oxford, has also said that the European Commission, the bloc’s executive branch, finalized its contract months after Britain did, giving the company less time to iron out any manufacturing difficulties.

Legal experts said that the “best efforts” language in the contract raised the burden on the Europeans to prove that AstraZeneca did not act diligently enough to supply the promised doses. But they also said that it did not entirely insulate the company from being deemed in breach of contract.

GLOBAL ROUNDUP

Men walk on an empty street after a coronavirus curfew in Istanbul, Turkey, on Thursday.Credit…Chris Mcgrath/Getty Images

President Recep Tayyip Erdogan of Turkey ordered a national lockdown for three weeks, closing nonessential businesses and sending all students home, as the nation struggles to contain the latest surge in cases of the coronavirus.

Turkey ranks fourth in the world in new daily cases per person, averaging 63 cases per 100,000 people, according to a New York Times database. Its seven-day average for deaths ranks 11th in the world.

The lockdown starts on April 29 and will end on May 17, coinciding with Eid al-Fitr, the end of the holy month of Ramadan, Mr. Erdogan said after meeting with his cabinet. Schools and restaurants will close and travel within Turkey will require a permit, he said. Government employees will either work from home or in shifts. Essential businesses like those in the food, manufacturing and health sectors will be exempt, Mr. Erdogan said.

“In a period where Europe is opening up, we have to pull the number of cases’’ lower, Mr. Erdogan said. “Otherwise, it would be inevitable to face a heavy cost from tourism to trade to education.’’

So far, about 16 percent of its total population has received at least one dose of the vaccine from Sinovac or Pfizer-BioNTech, according to data from the Our World in Data project at the University of Oxford.

Turkey reported about 63,000 new cases on April 16, its highest daily tally since the start of the pandemic.

In other updates from around the world:

  • Brazil’s health regulator rejected the use of Russia’s Sputnik V vaccine late on Monday, citing “inherent risks” and a lack of information about the vaccine’s safety and quality, Reuters reported.

  • The governments of Singapore and Hong Kong said on Monday that a long-delayed travel bubble between the two Asian financial centers would begin next month, allowing travelers on designated flights to bypass quarantine. The travel arrangement, which was originally supposed to begin last November, was suspended at the last minute when Hong Kong experienced a sudden surge in cases.

  • The Philippines surpassed the one million mark on Monday in the total number of coronavirus cases it has reported, as the country struggles with newer, deadlier forms of the virus. The Philippines reported very few cases last year, and did not see a significant surge until recently. In response, Manila and four other suburbs went into lockdown earlier this month.

  • For the first time in nearly nine months, Portugal’s health authority on Monday reported no coronavirus-related deaths in the last 24 hours, according to Reuters. Portugal has reported nearly 17,000 Covid-19 deaths and more than 830,000 cases.

  • Health authorities in Germany will allow all adults to sign up for vaccine appointments beginning in June, Chancellor Angela Merkel said on Monday. The announcement came after a meeting with lawmakers to discuss lifting social restrictions for fully vaccinated people, a sign that Germany may be moving closer to emerging from its latest lockdown.

  • More than 78,000 people attended an Australian rules football match in Melbourne on Sunday night in what is believed to be the world’s biggest crowd at a sporting event since the coronavirus pandemic began. Just three days earlier, the government of the state of Victoria, of which Melbourne is the capital, had increased the attendance cap for the 100,000-capacity venue, the Melbourne Cricket Ground, to 85 percent from 75 percent.

A pub in Glasgow, Scotland on Monday.Credit…Andy Buchanan/Agence France-Presse — Getty Images

Scotland and Wales reopened restaurants, cafes, and nonessential shops on Monday, marking the next phase of a gradual relaxation of coronavirus restrictions that have been in place for months.

In Scotland, restaurants can serve food but not alcohol indoors until 8 p.m., and they can serve food and alcohol outdoors without restrictions. Stores, beauty salons, museums and galleries also reopened, and people are permitted to book travel in the rest of Britain.

The first minister of Scotland, Nicola Sturgeon, said she was hopeful that the country would continue its progress and lift more restrictions by the summer. But she cautioned that the virus was more infectious now than it had been in earlier waves and, therefore, “We must stick to the rules.” Free rapid tests will be available to the public.

In Wales, places of worship and retail stores reopened, and restaurants resumed outdoor service. Outdoor wedding receptions with up to 30 people can take place.

Cases remain low in Britain, with more than 40 percent of the population having received at least one dose of a vaccine. On Sunday, the country reported just over 1,700 new cases and 11 deaths, according to a New York Times database.

Health care workers prepared doses of a Covid-19 vaccine in Buffalo, W.Va., last month. Gov. Jim Justice announced a plan to give savings bonds to young people who get vaccinated.Credit…Stephen Zenner/Getty Images

West Virginia will give $100 savings bonds to 16- to 35-year-olds who get a Covid-19 vaccine, Gov. Jim Justice said on Monday.

There are roughly 380,000 West Virginians in that age group, many of whom have already gotten at least one shot, but Mr. Justice said he hoped the money would motivate the rest to get inoculated, as “they’re not taking the vaccines as fast as we’d like them to take them.”

The state will use federal funds from the CARES Act to pay for the bonds, Mr. Justice, a Republican, said at a news conference, adding that he had “vetted this every way that we possibly can” to ensure that the unconventional use of the funds was allowed.

The bonds will be also be available to anyone in that age group who has already been vaccinated, Mr. Justice said.

West Virginia has the 16th highest rate of new coronavirus cases per person among U.S. states and ranks 12th in hospitalizations, according to a New York Times database.

Mr. Justice said the state needed to stop the virus “dead in its tracks,” and that if it did, “these masks go away, the hospitalizations go away, the death toll and the body bags start to absolutely become minimal.”

Earlier this year, at the start of the country’s vaccination effort, West Virginia had stood out for its success in vaccinating its residents. At one point, it had administered second doses to more of its population than any other state; it was also behind only Alaska for the percent of its residents that had received a first dose.

But now West Virginia is fallen behind, ahead of only nine states for the portion of its residents that have had a first dose, according to a New York Times database tracking vaccines.

Mr. Justice said that young West Virginians could “always stand an extra dose of patriotism.” He urged them to “accept that wonderful savings bond” — which will allow the recipient to retrieve the $100, plus interest, at a later date — adding, “I hope that you keep it for a long, long, long time.”

State Senator Lora Reinbold of Alaska in Juneau in March.Credit…Pool photo by Becky Bohrer

Alaska Airlines has suspended an Alaska state lawmaker from its flights for violating its mask policies, the company said.

Lora Reinbold, a Republican state senator, was arguing with employees at Juneau International Airport about the airline’s mask rules, according to footage posted on Twitter.

“We need you to pull the mask up, or I’m not going to let you on the flight,” an employee is heard saying to Ms. Reinbold on the videos, which were posted on Thursday.

“It is up,” Ms. Reinbold responds.

“It is not,” an employee says. “It’s down below your nose. We can’t have it down.”

The airline said it had told Ms. Reinbold that she was “not permitted to fly with us for her continued refusal to comply with employee instruction regarding the current mask policy,” adding that the suspension is being reviewed.

The clash over the company’s rule was the latest to surface in the country about masks during the pandemic. Mask mandates have become a rallying cry for some activists and a divisive political talking point. Disputes about the rules have sometimes led to angry confrontations.

The European Union will ease travel restrictions for vaccinated Americans.Credit…Charlie Riedel/Associated Press

U.S. airlines have been bolstered by the return of customers eager to travel within the country or just outside its borders, but the nation’s largest carriers are still lamenting the loss of two particularly lucrative parts of the business: international and corporate travel. At least one of those could rebound this summer.

In an interview with The New York Times over the weekend, Ursula von der Leyen, the president of the European Commission, said she expected the European Union to ease travel restrictions for vaccinated American tourists, a move that could let the airline industry cash in during the year’s busiest travel season.

“Long-haul international flying represents a significant opportunity for United,” Andrew Nocella, the chief commercial officer for United Airlines, told investors last week. “We have seen in recent weeks that immediately after a country provides access with proof of a vaccine, leisure demand returns to the level of 2019 quickly.”

American Airlines and United said this month that international travel remained about 80 percent lower than in 2019. They and other airlines expect strong demand for domestic flights this summer, and the restoration of trans-Atlantic travel could provide the industry a much-needed boost as it works to generate profits again.

American, Delta Air Lines and United each reported a loss of more than $1 billion in the first three months of the year. Southwest Airlines reported a small profit, of $116 million, though its chief executive said the airline would have lost $1 billion without federal aid.

The news of the E.U. reopening to vaccinated American tourists was also welcomed by Willie Walsh, the director general of the International Air Transport Association, a global airline industry group, who said it could bode well for carriers elsewhere, too.

He said in a statement that coordination between the European Commission and the industry was essential “so that airlines can plan within the public health benchmarks and timelines that will enable unconditional travel for those vaccinated,” not just Americans but passengers from other countries as well.

A small number of guests enjoying the pool at a resort in Phuket, Thailand, this month.Credit…Adam Dean for The New York Times

Only a few weeks ago, Phuket seemed poised for a comeback. After a year of practically no foreign tourists arriving in Thailand, the national government decided that Phuket would start welcoming vaccinated visitors in July, without requiring them to go through quarantine. The project was called Phuket Sandbox.

But Thailand is now gripped by its worst Covid-19 outbreak since the pandemic began, spread in part by the well-heeled Thais who partied in Phuket and Bangkok with no social distancing. The confirmed daily caseload — albeit low by global standards — has increased from 26 on April 1 to more than 2,000 three weeks later, in a country that in early December had about 4,000 cases total.

The opening that Phuket had planned for July 1 now appears unlikely, Thailand’s tourism minister acknowledged this month.

“If you ask me how optimistic I am, I cannot say,” said Nanthasiri Ronnasiri, the director of the tourism authority’s Phuket office. “The situation changes all the time.”

The virus’s resurgence after so many months of economic hardship is devastating for the majority of Phuket’s residents, who depend on foreign tourists for their livelihoods.

Centner Academy in Miami sent teachers a letter repeating false claims that being vaccinated made people a health risk. People waited to receive a shot at Miami Dade College.Credit…Lynne Sladky/Associated Press

A private school in the fashionable Design District of Miami sent its faculty and staff a letter last week about getting vaccinated against Covid-19. But unlike institutions that have encouraged and even facilitated vaccination for teachers, the school, Centner Academy, did the opposite: One of its co-founders, Leila Centner, informed employees “with a very heavy heart” that if they chose to get a shot, they would have to stay away from students.

In an example of how misinformation threatens the nation’s effort to vaccinate enough Americans to get the coronavirus under control, Ms. Centner, who has frequently shared anti-vaccine posts on Facebook, claimed in the letter that “reports have surfaced recently of non-vaccinated people being negatively impacted by interacting with people who have been vaccinated.”

“Even among our own population, we have at least three women with menstrual cycles impacted after having spent time with a vaccinated person,” she wrote, repeating a false claim that vaccinated people can somehow pass the vaccine to others and thereby affect their reproductive systems. (They can do neither.)

In the letter, Ms. Centner gave employees three options:

  • Inform the school if they had already been vaccinated, so they could be kept physically distanced from students;

  • Let the school know if they get the vaccine before the end of the school year, “as we cannot allow recently vaccinated people to be near our students until more information is known”;

  • Wait until the school year is over to get vaccinated.

Teachers who get the vaccine over the summer will not be allowed to return, the letter said, until clinical trials on the vaccine are completed, and then only “if a position is still available at that time” — effectively making teachers’ employment contingent on avoiding the vaccine.

Credit…Romain Maurice/Getty Images for Haute Living

Ms. Centner required the faculty and staff to fill out a “confidential” form revealing whether they had received a vaccine — and if so, which one and how many doses — or planned to get vaccinated. The form requires employees to “acknowledge the School will take legal measures needed to protect the students if it is determined that I have not answered these questions accurately.”

Ms. Centner directed questions about the matter to her publicist, who said in a statement that the school’s top priority throughout the pandemic has been to keep students safe. The statement repeated false claims that vaccinated people “may be transmitting something from their bodies” leading to adverse reproductive issues among women.

“We are not 100 percent sure the Covid injections are safe and there are too many unknown variables for us to feel comfortable at this current time,” the statement said.

The Food and Drug Administration, the Centers for Disease Control and Prevention, the World Health Organization and many other authorities have concluded that the coronavirus vaccines now in emergency use in the United States are safe and effective.

The Centner Academy opened in 2019 for students in prekindergarten through eighth grade, promoting itself as a “happiness school” focused on children’s mindfulness and emotional intelligence. The school prominently advertises on its website support for “medical freedom from mandated vaccines.”

Ms. Centner founded the school with her husband, David Centner, a technology and electronic highway tolling entrepreneur. Each has donated heavily to the Republican Party and the Trump re-election campaign, while giving much smaller sums to local Democrats.

In February, the Centners welcomed a special guest to speak to students: Robert F. Kennedy Jr., the prominent antivaccine activist. (Mr. Kennedy was suspended from Instagram a few days later for promoting Covid-19 vaccine misinformation.) This month, the school hosted a Zoom talk with Dr. Lawrence Palevsky, a New York pediatrician frequently cited by anti-vaccination activists.

Kitty Bennett contributed research.

Teenagers in Scampia, a district on the outskirts of Naples, Italy.Credit…Gianni Cipriano for The New York Times

The number of students that dropped out of school in Italy because of the coronavirus pandemic is rising, aggravating what was already a crisis before the disease spread across the nation.

Italy had among the worst dropout rates in the European Union, and the southern city of Naples was particularly troubled by high numbers. When the coronavirus hit, Italy shuttered its schools more than just about all the other European Union member states, with especially long closures in the Naples region, pushing students out in even higher numbers.

While it is too early for reliable statistics, principals, advocates and social workers say they have seen a sharp increase in the number of students falling out of the system. The impact on an entire generation may be one of the pandemic’s lasting tolls.

Italy closed its schools — fully or in part — for 35 weeks in the first year of the pandemic — three times longer than France, and more than Spain or Germany.

And experts say that by doing so, the country, which has Europe’s oldest population and was already lagging behind in critical educational indicators, has risked leaving behind its youth, its greatest and rarest resource for a strong post-pandemic recovery.

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As China forges international commerce ties, U.S. dangers falling behind

Chinese Premier Li Keqiang attends the signing ceremony of the Regional Comprehensive Economic Partnership (RCEP) agreement following the fourth RCEP summit held on November 15, 2020 via video link. Chinese Trade Minister Zhong Shan signed the agreement on behalf of China.

Xinhua News Agency | Xinhua News Agency | Getty Images

The biggest hole in the Biden government’s otherwise encouraging efforts to better compete with China – a loophole that could undermine all other parts – is the lack of an international trade strategy.

As President Xi Jinping’s China accelerates its efforts to negotiate multilateral and bilateral trade and investment agreements around the world, both Republicans and Democrats in the US have become allergic to such agreements.

“The Chinese firmly believe in the importance of the correlation of forces, and they believe the correlation is in their favor right now,” said Stephen Hadley, former national security adviser to President George W. Bush. If the US does not change this Chinese belief, it will not regain the leverage needed to deal with Beijing.

“The most important missing element in changing this Chinese rationale is a trade strategy,” says Hadley, which could gather global allies, create American jobs and growth, and counter the escalating Chinese efforts to organize the world economy around them.

Former US Secretary of State Madeleine Albright once called the US the “indispensable country” of the world, but Xi now positions China as the “indispensable economy” of the world.

By 2018, 90 countries in the world were trading twice as much with China as they did with the United States. By 2019, China surpassed the US as the world’s largest recipient of FDI. The underlying message now is that China’s market is so large, its liquidity so deep and its recovery from Covid-19 so dramatic (up 18% in the first quarter) that no sane country can resist its acceptance.

“In times of economic globalization, openness and inclusion are an unstoppable historical trend,” President Xi told the Boao Asia Forum this week. Without mentioning Washington by name, he said that “attempts to” build walls “or” decouple “are contrary to economic law and market principles. They would harm the interests of others without being of any use to yourself.”

It is far too easy to poke holes in Xi’s statement: China is still rich in market protection measures and government interventions at home and abroad are on the rise. Intellectual property theft and cybercrime continue.

But without a modern, future-oriented trade strategy, the US is entering this global crisis with one arm behind its back.

“The US and China are in a strategic competition that will determine the shape of world politics this century,” former US Treasury Secretary Hank Paulson Jr. wrote in the Wall Street Journal. “But when it comes to trade, a critical dimension of this competition, America is stepping down.”

This undermines the early successes of the emerging Biden approach to China.

First, Biden has benefited from a bipartisan consensus, rare in Congress these days, on the urgency to face the Chinese challenge.

Second, Biden has started gathering friends and allies in Asia and Europe who share his concerns about China.

In March, Biden called the first meeting of the heads of state and government of the “Quad”, in which the US, India, Australia and Japan participated, in order to balance China in the region. To address China’s far-reaching vaccine diplomacy, countries agreed to distribute 1 billion doses of vaccines by 2022.

Last week, Biden welcomed Japanese Prime Minister Yoshihide Suga as the first head of government to visit Washington. Their joint statement made no mention of China, but did promise that “free and democratic nations that work together” could act to withstand “challenges to the free and open rules-based international order”. You also spoke of ensuring cross-strait peace. This is the first mention of Taiwan by a Japanese prime minister in a joint statement with a US president since 1969.

And for the first time, on March 22, the EU imposed economic sanctions on China for human rights abuses in the Xinjiang Autonomous Region, which acted alongside the US, Canada and the UK.

Third, the Biden government’s $ 1.9 trillion Covid-19 stimulus plan and its upcoming $ 2.3 trillion infrastructure-related investment will keep the US competitive through investment in human capital, physical infrastructure and advanced Improve technology.

The problem is that the same bipartisan consensus in Congress on the Chinese challenge comes with a bipartisan allergy to the kind of multilateral and bilateral trade and investment deals that are required to address Beijing’s dynamic.

Last November, China was one of 15 Asia-Pacific countries, accounting for 30% of global GDP, to sign the Regional Comprehensive Economic Partnership (RCEP). It was China’s first free trade agreement with its US allies Japan and South Korea, which formed the largest trade bloc in history.

China has also expressed an interest in joining the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP). This was the trade deal that eleven countries signed after the Trump administration pulled out of the effort as one of its first acts of government.

Should the RCEP agreement enter into force, which is expected to be before January 2022, and should China be able to join the CPTPP, the international trade agreement in Asia would have largely ended and China would have won.

At the same time, China is making progress on other fronts.

In January, it signed the EU-China Comprehensive Investment Agreement (CAI), much to the dismay of incoming Biden administration officials. (The conclusion of this agreement has stalled in the European Parliament due to new Chinese sanctions against the EU.)

Whatever happens in Brussels, most European countries are eager to sign trade and investment deals with China, which became the EU’s largest trading partner for the first time last year.

The real problem lies in Washington’s lack of alternatives – fueled by the misrepresentation by both parties that globalization has worked against American interests and jobs.

When the Republican Party transformed into the Trump Party, it abandoned the kind of free trade policy that President Ronald Reagan saw as “one of the keys to our nation’s great prosperity.”

While President Barack Obama was negotiating the Trans-Pacific Partnership during his presidency, presidential candidate Hillary Clinton rejected the deal in 2016 after calling it the “gold standard” only three years earlier.

“Both Democrats and Republicans are now advocating ‘a trade policy for the middle class,'” writes Adam Posen of the Peterson Institute in a convincing foreign policy that exposes this approach. “In practice, this appears to mean tariffs and ‘Buy American’ programs aimed at saving jobs from unfair foreign competition.”

Instead, he writes: “Washington should conclude deals that increase competition in the United States and raise tax, labor and environmental standards. It is the self-deceptive withdrawal from the international economy that has failed American workers for the past 20 years , not globalization itself. “

While the Biden government has put its trade agenda on hold, China marches forward – closing deals and setting the standards that will shape the future.

Frederick Kempe is a best-selling author, award-winning journalist, and President and CEO of the Atlantic Council, one of America’s most influential think tanks on global affairs. He worked for the Wall Street Journal for more than 25 years as foreign correspondent, assistant editor-in-chief and senior editor for the European edition of the newspaper. His latest book – “Berlin 1961: Kennedy, Khrushchev, and the Most Dangerous Place in the World” – was a New York Times bestseller and has been published in more than a dozen languages. Follow him on Twitter @FredKempe and subscribe here to Inflection Points, his view every Saturday of the top stories and trends of the past week.

More information from CNBC staff can be found here @ CNBCopinion on twitter.

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World News

My Household’s International Vaccine Journey

On February 22nd, Mom wrote that she and Dad had booked an appointment on March 11th to take their first recordings, followed by the second dose in April. A day later, she reported that Dad hadn’t pressed the button to confirm the appointment in the online booking system and had lost the slots.

The next week they texted again: They had gone to a private clinic where Sinovac recordings were handed in. After a short wait, they received the vaccine. On April 2nd, they announced that they had received their second dose of Sinovac and were feeling fine. Mom complained that even though they had an appointment, they “still have to wait half an hour”.

Our responses were more enthusiastic.

“Great news,” I wrote.

“Yay!” Pui-Ying texted him, followed by solemn emojis.

“Congratulations!” Said Pui Ling.

Pui-Ying moved to Malawi with her family in 2016 to work as a doctor and conduct clinical studies on children’s health. Resources at the Queen Elizabeth Central Hospital where she works have been limited. When Madonna’s charity funded the construction of a new children’s wing in the hospital, which opened in 2017, it was big news.

The staff was scarce even before the coronavirus, said Pui-Ying. When the pandemic broke out, the hospital opted for a weeklong, weeklong routine to reduce staff exposure to Covid-19 while ensuring there were enough healthcare professionals working at all times. Masks, gloves and other protective equipment were rare.

In pediatrics, Pui-Ying and her colleagues have set up a “breathing zone” for children with Covid-19. It was essentially a two-room ward with about a dozen beds in the main room. The second room, which was an isolation unit, had space for four children.

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Business

As U.S. Prospects Brighten, Fed’s Powell Sees Danger in World Vaccination Tempo

Federal Reserve chairman Jerome H. Powell stressed Thursday that despite the better economic outlook in the US, vaccinating the world and tackling the coronavirus pandemic remain critical to the global outlook.

“Viruses don’t respect borders,” Powell said when speaking on a panel at the International Monetary Fund. “Until the world is really vaccinated, we are all at risk of new mutations and we will not be able to resume activities around the world with confidence.”

While some advanced economies, including the United States, are rapidly moving towards widespread vaccination, many emerging economies are lagging far behind: some have only given one dose per 1,000 people.

Mr. Powell joined a chorus of global politicians, stressing the importance of ensuring that all nations – not just the richest – are able to fully protect themselves against the coronavirus. Kristalina Georgieva, executive director of the International Monetary Fund, said policy makers need to continue to focus on public health as a key policy priority.

“This year, next year, vaccination policy is economic policy,” said Ms. Georgieva on the same panel as Mr. Powell. “It has an even higher priority than the traditional instruments of fiscal and monetary policy. Why? Without them, we cannot reverse the fate of the world economy. “

Still, she also warned against withdrawing monetary support prematurely, saying that clear communication from the United States was helpful and important. The Fed is arguably the world’s most critical central bank thanks to the dollar’s widespread use, and unexpected policy changes in the United States can disrupt global markets and make it difficult for less developed economies to recover.

“Withdrawal of support prematurely can shorten recovery,” she warned.

The Fed has kept interest rates close to zero since March 2020 and buys around $ 120 billion worth of government bonds every month. This policy is designed to boost spending by keeping borrowing cheap. Officials knew they would continue to support the economy until it gets closer to its goals of maximum employment and stable inflation – and that while the situation is improving, it is not there.

“There are a number of factors that come together to improve the outlook for the US economy,” Powell said, noting that tens of millions of Americans are now fully vaccinated so that the economy can soon be fully reopened. “However, the recovery here remains uneven and incomplete.”

Employers hired more than 900,000 workers last month, but the country is still lacking millions of jobs compared to February 2020, and new data shows that state unemployment claims have increased over the past week. Mr Powell noted that the burden is least on those who can least bear it: lower-income service workers, who are largely minority and women, are hard hit by the job losses.

When asked what keeps him up at night, Mr. Powell said “There’s a pretty big tent city” he passes by on his way home from work in Washington. “We have to keep reminding ourselves that there is a very large group of people who aren’t, even though some parts of the economy are just doing fine.”

Given the pandemic’s role in exacerbating inequality, both Mr Powell and Ms Georgieva said it was important to support workers and make sure they find their way into new and decent jobs.

The Fed chairman said the policy is too focused on short-term, palliative measures and not enough on longer-term solutions that will help expand economic opportunities.

“I think we really need, as a country, to invest – and I’m not talking about a specific bill – in things that increase the inclusiveness of the economy and the longer-term potential of the economy,” said Powell. “In particular, invest in people so that they can participate, contribute to, and benefit from the prosperity of our economy.”

These comments come from the Biden government’s push for an ambitious $ 2 trillion infrastructure package that includes provisions for labor market training, technological research and widespread broadband. The administration has proposed paying for the package by increasing corporate taxes.

“We have been advocating more investment in infrastructure for some time. This helps to increase productivity here in the US, ”said Ms. Georgieva, describing the provisions on climate-focused and“ social infrastructure ”as positive. She said they didn’t have a chance to fully evaluate the plan, but “by and large, yes, we support it.”

But the White House plan has already met opposition from Republicans and some moderate Democrats who are cautious about raising taxes or other large spending package after several large stimulus packages.

Some commentators have warned that in addition to expanding the country’s debt burden, the government’s virus spending – particularly the recent $ 1.9 trillion stimulus package – could overheat the economy. Fed officials were less concerned.

“There is a difference between a one-time price spike and persistent inflation,” Powell said Thursday. “The nature of a bottleneck is that it gets fixed.”

If price gains and inflation expectations rose “substantially”, the Fed would react.

“We don’t think that’s the most likely outcome,” he said.

Categories
Politics

U.S. Intelligence Report Warns of International Penalties of Social Fragmentation

Income inequality could worsen, the report said, which is at times linked to information inequality.

The “trust gap” between an informed public that believes in a government solution and a broader public that is deeply skeptical of institutions is growing, the report says.

Updated

April 8, 2021, 9:43 a.m. ET

The problem is made worse by technology. Algorithms, social media and artificial intelligence have replaced expertise in deciding what information is most widely disseminated, and this has left the public more vulnerable to misinformation.

However, the positive demographic change in the last few decades, when people moved from poverty to the middle class, had created “rising expectations”, said Maria Langan-Riekhof, the director of the strategic future group of the secret service council. Fears of falling incomes are growing around the world, however, a worrying trend coupled with changes in the way information is shared and social divisions have deepened.

“These concerns lead people to search for the security of trustworthy voices, but also for like-minded groups in their societies,” said Ms. Langan-Riekhof. “Layer these trends that I am describing and you will see the recipe for larger divisions and increasing fractions. We believe this is likely to continue and get worse. “

Over time, these trends could weaken democratic governments.

“At the same time as the population is becoming empowered and asking for more, governments are coming under more pressure from new challenges and limited resources,” the report said. “This widening gap points to greater political volatility, an erosion of democracy and an expanding role of alternative governance providers. In time, these dynamics could open the door to more significant changes in the way people govern. “

The global trend report has often examined possible future situations. The 2017 report considered one example of a pandemic that is throwing the world into economic chaos. It envisioned nationalist politicians undermining alliances, a drop in oil prices that led to disaster, and more isolated trading practices. She also forecast a pandemic (albeit in 2023, not 2020) that would limit travel, create economic problems, and exacerbate existing tendencies toward isolation.

The report has discussed pandemic risk for nearly two decades, said Gregory F. Treverton, a past chair of the National Intelligence Council who led the 2017 effort. According to the 2004 report, some experts felt it was “only a matter of time” before a pandemic, he said.

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Business

Yellen Pushes for World Minimal Tax Fee on Corporations: Dwell Updates

Here’s what you need to know:

Credit…Andrew Harnik/Associated Press

Treasury Secretary Janet L. Yellen made the case on Monday for a global minimum tax, kicking off the Biden administration’s effort to help raise revenue in the United States and prevent companies from shifting profits overseas to evade taxes.

Ms. Yellen, in a speech to the Chicago Council on Global Affairs, called for global coordination on an international tax rate that would apply to multinational corporations regardless of where they locate their headquarters. Such a global tax could help prevent the type of “race to the bottom” that has been underway, Ms. Yellen said, referring to countries trying to outdo one another by lowering tax rates in order to attract business.

Her remarks came as the White House and Democrats in Congress begin looking for ways to pay for President Biden’s sweeping infrastructure plan to rebuild America’s roads, bridges, water systems and electric grid.

“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Ms. Yellen said. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”

The speech represented Ms. Yellen’s most extensive comments since taking over as Treasury secretary, and she underscored the scope of the challenge ahead.

“Over the last four years, we have seen firsthand what happens when America steps back from the global stage,” Ms. Yellen said. “America first must never mean America alone.”

Ms. Yellen also highlighted her priorities of combating climate change and reducing global poverty and underscored the importance of the United States helping to lead the world out of the crisis caused by the pandemic. Ms. Yellen called on countries not to pull back on fiscal support too soon and warned of growing global imbalances if some countries do withdraw before the crisis is over.

In a sharp break with the administration of former President Donald J. Trump, Ms. Yellen emphasized the importance of the United States working closely with its allies, noting that the fortunes of countries around the world are intertwined.

Overhauling the international tax system is a big part of that. Corporate tax rates have been falling around the world in recent years. Under the Trump administration, the rate in the United States was cut from 35 percent to 21 percent. Mr. Biden wants to raise that rate to 28 percent and increase the international minimum tax rate that American companies pay on their foreign profits to 21 percent.

The Organization for Economic Cooperation and Development, in coordination with the United States, has been working to develop a new international tax architecture that would include a global minimum tax rate for multinational corporations as part of its effort to curtail profit shifting and tax base erosion.

Ms. Yellen said she is working with her counterparts in the Group of 20 advanced nations on changes to the global tax system that will help prevent businesses from shifting profits to low-tax jurisdictions.

“President Biden’s proposals announced last week call for bold domestic action, including to raise the U.S. minimum tax rate, and renewed international engagement, recognizing that it is important to work with other countries to end the pressures of tax competition and corporate tax base erosion,” Ms. Yellen said. “We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom.”

Norwegian Cruise Line outlined a plan on Monday to start cruises in July.Credit…Alexandre Meneghini/Reuters

The Centers for Disease Control and Prevention issued long-awaited technical guidance for cruise lines on Friday, bringing them one step closer to sailing again in United States waters.

While some cruise lines operating in Europe have been requiring all passengers to be vaccinated, the C.D.C. did not go that far. Vaccination will be critical in the safe resumption of cruising, the agency said, and it recommended that all eligible port personnel, crew and passengers get a Covid-19 vaccine as soon as one becomes available to them.

By making vaccinations a recommendation instead of a requirement, the C.D.C. has avoided conflict with Florida, one of the cruise industry’s biggest bases of operations, which has banned businesses from requiring customers to show proof of vaccinations.

Cruise ships in the U.S. have been docked for over a year because of the pandemic and can only restart operations by following the C.D.C.’s Framework for Conditional Sailing Order, issued in October to ensure that cruise ships build the onboard infrastructure needed to mitigate the risks of the coronavirus.

The technical instructions will allow cruise lines to prepare their ships for simulation voyages, designed to test health and safety protocols and operational procedures with volunteers before sailing with paying passengers.

The new recommendations include increasing from weekly to daily the reporting of Covid-19 cases, implementing routine testing of all crew based on a ship’s Covid-19 status and making contractual arrangements with medical facilities on shore for passengers who may fall ill during a voyage.

Once cruise lines have prepared their ships, they must give 30 days notice to the C.D.C. before starting test cruises and will have to apply for a conditional sailing certificate 60 days before a planned regular voyage.

Norwegian Cruise Line, one of the industry’s biggest operators, submitted a letter to the C.D.C. on Monday outlining its plan to resume cruises from U.S. ports in July, which included mandatory vaccination of all guests and crew. The company said that its vaccination requirement and multilayered health and safety protocols exceeded the agency’s Conditional Sailing Order requirements.

Some big employers are making plans to call employees back to the office, but others are waiting.Credit…Gregg Vigliotti for The New York Times

At one point the target was the start of 2021. Then it was bumped to July. Now September is the new goal that many companies have marked on the calendar for bringing back office workers who have been working remotely for the past year.

Maybe. Companies are wary of setting hard deadlines, recent reporting by The New York Times found. Some corporations are reopening offices in the spring, while many are saying they will remain flexible, will stage returns over several months and will allow some workers to continue to work from home for a few days a week or more. As nerve-racking as it was for people last year to be abruptly torn from their desks, many people find the prospect of returning distressing.

Here is what some of the country’s biggest companies are telling workers.

Ford, which has more than 30,000 employees in the United States working remotely because of the pandemic, said in March that it would transition to a “flexible hybrid work model.” The company plans to let people stay home for focused work and come into the office for activities that require teamwork. The new protocol will start in July, when the company, which has its main campus in Dearborn, Mich., expects to gradually start bringing more employees back.

IBM, which employs about 346,000 people, hasn’t set a strict timeline for when its U.S. workers will return to the office. It expects about 80 percent of its employees to work with some combination of remote and office schedules, depending largely on role.

The bank, which has more than 20,000 office employees in New York City, has told employees that the five-day office workweek is a relic. It is considering a rotational work model, meaning employees would switch between working remotely and in the office.

The consulting firm formerly known as PricewaterhouseCoopers, which has about 284,000 employees, is set to open one office in each of its major cities in May and all of its offices in September. Even when the offices are formally reopened, PwC will allow some workers, depending on their job, to work remotely at least part time.

Most of Walmart’s 1.5 million employees work at the retail giant’s stores, and a vast number have continued to go into work throughout the pandemic. It said on March 12 that it would start bringing workers back at its Bentonville, Ark., office campus no earlier than July. Its global technology employees will continue to work virtually “for the long-term.”

At Wells Fargo, 60,000 employees worked at bank branches and other facilities during the pandemic, but 200,000 more worked remotely. The company told its staff in a memo last month that it had set a Sept. 6 return-to-office target and was “optimistic” that conditions surrounding Covid-19 vaccinations and case levels would allow it to keep it.

Ed Bastian, the chief executive of Delta Air Lines, abandoned all pretense of neutrality last week about the Georgia voting law. “The entire rationale for this bill was based on a lie,” he told employees.Credit…Etienne Laurent/EPA, via Shutterstock

Corporations have increasingly taken social and political stands, often spurred by the policies of former President Donald J. Trump. But the fight over voting laws, like the one recently passed in Georgia that restricts ballot access in several ways, has again thrust big businesses into partisan politics, pulled by Democrats focused on social justice and Republicans who have proven willing to punish those that cross them.

It presents a “head-spinning new landscape for big companies,” The New York Times’s David Gelles writes.

In Georgia, Delta tried to stay out of the fight at first. The airline is the state’s largest employer, and civil rights activists reached out to the company in February, flagging what they saw as problematic provisions in the Georgia voting law. The next month, Delta’s lobbyists pushed state lawmakers to remove some of the provisions, although Ed Bastian, the carrier’s chief executive, spoke out only in general terms until the bill was passed.

Then a group of more than 70 Black executives published a letter decrying the law and others like it in the works. The former American Express chief executive Kenneth Chenault, who is Black, spoke at length with Mr. Bastian. Mr. Bastian wrote a strongly worded memo that was sent to staff members the next morning, expressing “crystal clear” opposition to the law, which he said was “based on a lie.” Coca-Cola’s James Quincey quickly followed. The companies subsequently faced more criticism from Republican leaders than did other big Atlanta employers, like Home Depot and UPS, that stuck to less-specific statements about voting rights.

More fallout from the Georgia law:

  • Major League Baseball cited its opposition to “restrictions to the ballot box” as the reason for moving its All-Star Game out of Atlanta. Moving the game could cost Georgia over $100 million in tourism revenue, prompting the state’s Republican governor, Brian Kemp, to decry the move as a surrender to liberal activists.

  • Stacey Abrams, the prominent Georgia Democrat and voting rights activist, said she was “disappointed” by M.L.B.’s move and worried about the economic hit, but supported the league’s overall stance. The producer and actor Tyler Perry also fretted about collateral damage from boycotts even as he protested the law.

  • Trying to avoid a repeat in Texas, American Airlines and Dell have objected to a proposal that would restrict measures designed to make voting easier in the state. The statements were more forceful than Coke and Delta had initially been in Georgia. “To make American’s stance clear: We are strongly opposed to this bill and others like it,” the airline said.

By: Ella Koeze·Data delayed at least 15 minutes·Source: FactSet

Wall Street began the week on an upswing on Monday, climbing further into record territory, led by gains in travel and tourism stocks.

The S&P 500 climbed more than 1 percent, as did the Dow Jones industrial average and the Nasdaq composite.

Norwegian Cruise Line jumped 8 percent after it submitted a letter to the Centers for Disease Control and Prevention on Monday outlining its plan to resume cruises from U.S. ports in July. Other cruise operators were also higher. The C.D.C. on Friday issued technical guidance for how cruises may resume.

Also sharply higher were shares of MGM Resorts, Caesars Entertainment and United Airlines.

Tesla jumped more than 6 percent in the wake of its report on Friday that it more than doubled the number of cars it delivered in the first quarter from the prior year. The electric carmaker sold 184,8000 vehicles in the first three months of the year, up from 88,500 a year ago. It produced 180,338 vehicles, compared with 102,672 in the first quarter of 2020.

Investors have heard a drumbeat of good economic news in recent days, and Monday was also the first chance stock investors on Wall Street had to react to employment figures released on Friday, as markets were closed that day for Good Friday. The Labor Department said that U.S. employers added 916,000 jobs in March, the biggest jump since August, with hiring in the hospitality, retailing and transportation sectors all rising.

On Monday, the Institute for Supply Management said economic activity in the services sector grew in March for the 10th month in a row.

Although a recent sharp rise in coronavirus cases does add a dose of uncertainty to the picture, few economists expect the impact of a new Covid-19 surge to be as severe as it was last year, thanks in large part to the rapid growth of vaccinations.

In other markets, yields on 10-year Treasury notes, which have been on an upward trajectory since October, have stabilized over the last few days. On Monday the yield was steady at 1.72 percent.

Oil prices fell. West Texas Intermediate dropped more than 3 percent to below $60 a barrel. Traders have been adjusting their positions since last Thursday’s decision by OPEC and its allies to slowly relax curbs on output. Those controls were put in place in response to the sharp decline in oil demand during the pandemic.

Stock markets were closed for holidays in China, Hong Kong and much of Europe. The Nikkei index in Japan rose 0.8 percent, to its highest level since mid-March, and the Kospi index in South Korea gained 0.3 percent.

Shaundell Newsome of Small Business for America’s Future said changes were needed throughout the banking industry to improve outcomes for Black owners.Credit…Bridget Bennett for The New York Times

The government’s central small business relief effort, the Paycheck Protection Program, has made $734 billion in forgivable loans to nearly seven million businesses. But minority-owned businesses were disproportionately underserved by the program, a New York Times analysis found.

“The focus at the outset was on speed, and it came at the expense of equity,” said Ashley Harrington, the federal advocacy director at the Center for Responsible Lending.

The aid program’s rules were mostly written on the fly, and reaching harder-to-serve businesses was an afterthought. Structural barriers and complicated, shifting requirements contributed to a skewed outcome, The New York Times’s Stacy Cowley reports.

In the program’s final weeks — it is scheduled to stop taking applications on May 31 — President Biden’s administration has tried to alter its trajectory with rule changes intended to funnel more money toward businesses led by women and minorities. But those revisions have run into their own obstacles, including the speed with which they were rushed through. Lenders, caught off guard, have struggled to carry them out.

“Historically, access to capital has been the leading concern of women- and minority-owned businesses to survive, and during this pandemic it has been no different,” Jenell Ross, who owns an auto dealership, told a House committee.

The United States is particularly important to the world economy because it has long spent more than it sells.Credit…Scott McIntyre for The New York Times

The United States and its record-setting stimulus spending could help haul a weakened Europe and struggling developing countries out of their own economic morass.

American buyers are spurring demand for German cars, Australian wine, Mexican auto parts and French fashions. And many Americans have spent their stimulus checks on video game consoles, exercise bicycles or other products made in China.

The United States’ comparatively fast recovery involved a little bit of luck — new variants of the virus have just begun to push domestic infections higher — and a large policy response, including more than $5 trillion in debt-fueled pandemic relief, The New York Times’s Jeanna Smialek and Jack Ewing report.

“When the U.S. economy is strong, that strength tends to support global activity as well,” said Jerome H. Powell, the chair of the Federal Reserve.

But some hazards lurk. The slow pace of the European Union’s vaccination campaign will probably hurt its economy. Poorer and smaller countries, facing severely limited vaccine supplies and fewer resources to support government spending, are likely to struggle to stage an economic turnaround even if the U.S. recovery increases demand for their exports.

Chocolate is Britain’s second-largest food and drink export, after whiskey.Credit…Tom Jamieson for The New York Times

Small British chocolate makers emphasizing ethically sourced ingredients and bespoke batches became big sellers in Europe in recent years but have been nearly impossible to find there since January, David Segal reports for The New York Times.

“We have customers complain to us all the time, ‘Why can’t I buy my favorite British chocolate?’” said Hishem Ferjani, the founder of Choco Dealer in Bonn, Germany, which supplies grocery stores and sells through its own website. “We have store owners with empty shelves.”

“We have to explain, it’s not our fault, it’s not the fault of the producer. It’s Brexit,” he said.

Chocolate is Britain’s No. 2 food and drink export, after whiskey, according to the Food and Drink Federation. Chocolate exports to all countries hit $1.1 billion last year, and Europe accounts for about 70 percent of those sales. In January, exports of British chocolate to Europe fell 68 percent compared with the same period the year before.

The trade deal struck late last year with the European Union has not saved British companies from a maddening, unpredictable array of time-consuming, morale-sapping procedures and from stacks of paperwork that have turned exporting to the E.U. into a sort of black-box mystery. Goods go in and there is no telling when they will come out.

The Supreme Court in Washington.Credit…Stefani Reynolds for The New York Times

Around 50 groups have filed amicus briefs in a coming Supreme Court case pitting charities against the state of California in a fight over donation disclosures. A new brief from 15 Democratic senators explained how untraceable donations, or “dark money,” make their way into politics through social welfare charities. The senators warned that siding with the charities will increase the political influence of wealthy individuals and corporations, the DealBook newsletter reports.

The case was brought by the Americans for Prosperity Foundation, a “social welfare” nonprofit affiliated with the Koch network, against the state, which requires charities to privately disclose major donors in tax documents. The foundation says that anonymity is protected by the First Amendment and that disclosure could expose donors to threats. An appeals court sided with California, however, and the foundation wants the justices to reverse the ruling.

The Capitol riot on Jan. 6 put a spotlight on corporations’ direct and indirect political donations; justices agreed on Jan. 8 to hear the case and arguments will take place later this month.

Business interests want to create a “broad expansion of dark money rights,” the senators’ brief stated, referring to untraceable donations that are often routed via nonprofit groups. The court case is an influence campaign disguised as a technical legal fight, the senators said. The Chamber of Commerce and National Association of Manufacturers are among the trade groups supporting the foundation’s demand for anonymity.

Anonymous donors work like covert intelligence operations, the senators wrote. The donors give millions annually to charities that spend it in an effort to influence politics and policy. The senators pointed to congressional appropriations rules blocking disclosure efforts by the I.R.S. and S.E.C. over the past decade as evidence that the groups have swayed lawmakers behind the scenes. They also cite the number of amicus briefs filed as evidence of this issue’s significance, noting that briefs are an element of the business lobby’s influence campaigns.

The federal government is siding with California, more or less, telling the justices in a brief that the charities’ constitutional claim is wrong but that the case should be sent back to the lower courts for more analysis.

Categories
Business

South Asia faces a get up name because it trails in world gender equality

South Asia is on the brink of a wake-up call as it watches the world in its efforts to close the gender gap, an expert told CNBC.

The World Economic Forum predicts that it could now take 195 years to achieve gender equality in the region – 59 years more than the global average.

Corporations have a huge responsibility to fill that void, Sharmini Wainwright, senior managing director at Michael Page Australia recruiting agency, told CNBC.

“It may be a good time to wake up here,” said Wainwright on Thursday.

India in particular still has a long way to go in this regard. The pandemic and other cultural and demographic issues made it an “incredibly challenging year” for the country. Currently, only 13% of senior executives in India are women.

“There is still a long way to go,” said Wainwright. “Big Indian companies really need to push for change.”

The results come from a larger WEF study of the impact of the pandemic on the gender gap. It is now estimated that it will take 135.6 years to achieve gender equality – a generation longer than previously thought.

Western Europe has been a leader in gender equality. The gap is expected to close in 53 years, followed by North America (62 years) and Latin America and the Caribbean (69 years).

Thailand leads the Asia-Pacific region

However, other parts of the Asia-Pacific region showed signs of progress. In Thailand in particular, more than half (53%) of management positions were filled by women in 2020.

Those senior female executives This has usually been a combination of international and local talent, especially within multinational companies in manufacturing and in the supply chain.

“What you have is an economy and a market that is very fast moving and very aggressively pursuing talent,” said Wainwright.

She added that this was also the result of a concerted effort by certain industries such as manufacturing over the past few decades to attract and nurture a pipeline of female executives.

“Now, 20 years later, you have seen the benefits of people who have really taken the opportunity to enjoy exceptional careers in this sector and really advance to leadership positions within the sector,” she said.

More women needed in the top chair

Nevertheless, too few women today occupy the top management position, namely the role of CEO.

According to the report, the top three job titles for female executives were chief finance officer, marketing director and legal director.

Wainwright described this as the next “big breakthrough that has to take place” and urged men to be better allies.

“How do we manage to get that first place? It’s still to come,” she said.

“This conversation is about both men and women. They are usually the ones with the greatest influence in making a change and making a decision.”

Categories
Health

President Biden Takes 1st Tentative Steps to Deal with International Covid-19 Vaccine Scarcity

WASHINGTON – President Biden was under heavy pressure on Friday to donate excess coronavirus vaccines to nations in need to otherwise address global shortages and partnered with Japan, India and Australia to increase global manufacturing capabilities Expand vaccines.

In an agreement announced at the so-called Quad Summit, a virtual meeting of the heads of state and government of the four countries, the Biden government pledged to provide financial support to enable Biological E, a large vaccine manufacturer in India, to manufacture at least 1 Billion doses of coronavirus to help vaccines by the end of 2022.

This would fix acute vaccine shortages in Southeast Asia and beyond without risking the domestic setback of exporting cans in the coming months as Americans demand their shots.

The United States has fallen far behind China, India and Russia in the race to adopt coronavirus vaccines as an instrument of diplomacy. At the same time, Mr Biden is accused of hoarding vaccines from global health lawyers who want his government to route supplies to nations in need desperately seeking access.

The president insisted that Americans come first and has so far refused to make any specific commitments to free US-made vaccines, despite tens of millions of doses of the British-Swedish company AstraZeneca’s vaccine idling in American manufacturing facilities .

“If we have a surplus, we will share it with the rest of the world,” Biden said this week, adding, “We will first make sure that the Americans are taken care of first, but then we will try the rest of the world to help. “

In fact, the president still has a lot of work to do domestically to keep the promises made in the past few days: All states must question all adults for vaccinations by May 1st so that enough vaccine doses are available by the end of May to vaccinate every American adult, and that by July 4th, if Americans continue to follow public health guidelines, life should return to a semblance of normalcy.

Vaccine supplies seem on track to meet these goals, but the president still needs to put in place the infrastructure to manage the doses and overcome reluctance in large parts of the population to take them.

Still, Mr Biden has also made restoring US leadership a core part of his foreign policy agenda after his predecessor’s alliances frayed and relations with allies and global partners strained. His Foreign Secretary, Antony J. Blinken, said in a recent BBC interview that a global vaccination campaign would be part of this effort. Washington is “determined” to be an “international leader” in vaccinations.

Foreign policy experts and global health activists see clear diplomatic, public and humanitarian reasons for this.

“It’s time for US leaders to ask themselves: When this pandemic is over, do we want the world to remember America’s leadership in helping distribute life-saving vaccines, or will we leave that to others?” said Tom Hart, the North American executive director of One Campaign, a nonprofit founded by U2 singer Bono and dedicated to eradicating global poverty.

The federal government has bought 453 million surplus doses of vaccine, the group says. She has asked the Biden administration to share 5 percent of their doses overseas when 20 percent of Americans have been vaccinated, and gradually increase the percentage of divided doses as more Americans receive their vaccines.

According to the Centers for Disease Control and Prevention, 13.5 percent of people in the United States who are 18 years of age or older were fully vaccinated as of Friday.

The authoritarian governments of China and Russia, less affected by national public opinion, are already using vaccines to expand their sphere of influence. As the Biden government plans its strategy to counter China’s growing global clout, Beijing is polishing its image by shipping vaccines to dozens of countries on multiple continents, including Africa, Latin America, and the Southeast Asian backyard in particular.

Russia has been providing vaccines to Eastern European countries like Hungary, the Czech Republic and Slovakia at a time when Biden officials want to unify the European Union against Russian influence on the continent.

“We may be outdone by others who are more willing to share, even if they do so for cynical reasons,” said Ivo H. Daalder, former NATO ambassador and president of the Chicago Council on Global Affairs. “I think countries will remember who was there for us when we needed them.”

Updated

March 13, 2021, 3:49 p.m. ET

In the face of worrying and highly contagious new varieties in the US and around the world, public health experts say vaccinating people overseas is necessary to protect Americans too.

“It has to be sold to Americans to keep Americans safe over the long term, and it has to be sold to a highly divided, toxic America,” said J. Stephen Morrison, a global health expert with Centers for Strategic and International Studies. “I don’t think that’s impossible. I think Americans are beginning to understand that in a world of variation, anything that happens outside of our borders increases the urgency to act really quickly. “

Mr Blinken also said this to the BBC: “Until everyone in the world is vaccinated, nobody is really completely safe.”

The quad vaccine partnership announced at the summit on Friday includes different commitments from each of the nations, according to the White House.

In addition to supporting the Indian vaccine maker, the US has pledged at least $ 100 million to bolster vaccination capacity overseas and support public health efforts. Japan is “in discussion” to provide loans to the Indian government to expand the production of vaccines for export and will support vaccination programs for developing countries. Australia will allocate $ 77 million for vaccine provision and delivery assistance with a focus on Southeast Asia.

The four countries will also form oneQuad Vaccine Experts Group byTop scientists and government officials who will work to overcome production hurdles and funding plans.

Mr Morrison said the government deserves “some credit” for the effort, adding, “It shows diplomatic ingenuity and speed.” However, a spokesman for One Campaign, which focuses on extreme poverty, said his group would still see a plan for the United States’ vaccine supply, noting that Africa had given far fewer doses per capita than Asia.

Mr Biden’s efforts to ramp up vaccine production helped the United States produce up to a billion doses by the end of the year – far more than needed to vaccinate the roughly 260 million adults in the United States.

What you need to know about the vaccine rollout

A government-brokered deal to see drug company Merck manufacture Johnson & Johnson’s single-dose vaccine, which the president celebrated in the White House on Wednesday, will help achieve that goal. Also on Wednesday, Mr Biden directed federal health officials to source an additional 100 million doses of the vaccine from Johnson & Johnson.

The government has stated that these efforts are aimed at having enough vaccines for children, booster doses, to face new varieties and unforeseen events. Jeffrey D. Zients, Mr Biden’s coronavirus response coordinator, told reporters Friday that the Johnson & Johnson-Merck deal would also “expand capacity and ultimately benefit the world”.

Not only did Mr Biden resist the urge to dump excess doses, but he also criticized the Liberal Democrats for blocking a motion by India and South Africa for a temporary waiver of an international intellectual property agreement that would make it easier for poorer countries to access generic versions of Coronavirus vaccines and treatments.

“I understand why we should prioritize our supply to Americans – it was paid for by American taxpayers, President Biden is President of America,” said Representative Ro Khanna, a Liberal Democrat from California. “But there is no reason to prioritize the profits of pharmaceutical companies over the dignity of other countries.”

Mr Biden recently announced a $ 4 billion donation to Covax, the international vaccine initiative supported by the World Health Organization. David Bryden, director of the Frontline Health Workers Coalition, a nonprofit that supports health workers in low- and middle-income countries, said money was also urgently needed to train and pay these workers to administer vaccines overseas.

However, that donation and the Quad’s announcement of financial support for vaccine production on Friday fell short of the urgent demands of public health advocates for the United States to provide ready-to-use doses that can be quickly injected.

However, the quad’s focus on Southeast Asia most likely reflects an awareness of China’s gratitude in the region for Beijing’s focus in its vaccine distribution efforts.

If Mr Biden is widely viewed as helping the world recover from the coronavirus pandemic, that could become part of his legacy when President George W. Bush made a huge investment in public health funding in the 2000s the AIDS crisis in Africa responded. More than a decade later, Bush and the United States continue to be revered across much of the continent for the President’s Emergency Plan for AIDS Relief (Pepfar), which the government said has spent $ 85 billion and saved 20 million lives.

Michael Gerson, a former Bush White House speechwriter and policy advisor who helped shape the Pepfar program, said its impact has been both moral and strategic and that the program has been “an enormous amount of money to the United States.” goodwill “in Africa.

“I think the principle here should be that the people who need it most should get it, no matter where they live,” he said. “There is little moral sense in giving the vaccine to a healthy American 24-year-old in front of a front-line worker in Liberia.”

But he added, “It’s very difficult for an American politician to explain.”

Ana Swanson contributed to the coverage

Categories
Health

Biden Takes First Tentative Steps to Handle International Vaccine Scarcity

WASHINGTON – President Biden was under heavy pressure on Friday to donate excess coronavirus vaccines to nations in need to otherwise address global shortages and partnered with Japan, India and Australia to increase global manufacturing capabilities Expand vaccines.

In an agreement announced at the so-called Quad Summit, a virtual meeting of the heads of state and government of the four countries, the Biden government pledged to provide financial support to enable Biological E, a large vaccine manufacturer in India, to manufacture at least 1 Billion doses of coronavirus to help vaccines by the end of 2022.

This would fix acute vaccine shortages in Southeast Asia and beyond without risking the domestic setback of exporting cans in the months ahead as Americans demand their shots.

The United States has fallen far behind China, India and Russia in the race to adopt coronavirus vaccines as an instrument of diplomacy. At the same time, Mr Biden is accused of hoarding vaccines from global health lawyers who want his government to route supplies to nations in need desperately seeking access.

The president insisted that Americans come first and has so far refused to make any specific commitments to free US-made vaccines, despite tens of millions of doses of the British-Swedish company AstraZeneca’s vaccine idling in American manufacturing facilities .

“If we have a surplus, we will share it with the rest of the world,” Biden said this week, adding, “We will first make sure that the Americans are taken care of first, but then we will try the rest of the world to help. “

In fact, the president still has a lot of work to do domestically to keep the promises made in the past few days: All states must question all adults for vaccinations by May 1st so that enough vaccine doses are available by the end of May to vaccinate every American adult, and that by July 4th, if Americans continue to follow public health guidelines, life should return to a semblance of normalcy.

Vaccine supplies seem on track to meet these goals, but the president still needs to put in place the infrastructure to manage the doses and overcome reluctance in large parts of the population to take them.

Still, Mr Biden has also made restoring US leadership a core part of his foreign policy agenda after his predecessor’s alliances frayed and relations with allies and global partners strained. His Foreign Secretary, Antony J. Blinken, said in a recent BBC interview that a global vaccination campaign would be part of this effort. Washington is “determined” to be an “international leader” in vaccinations.

Foreign policy experts and global health activists see clear diplomatic, public and humanitarian reasons for this.

“It’s time for US leaders to ask themselves: When this pandemic is over, do we want the world to remember America’s leadership in helping distribute life-saving vaccines, or will we leave that to others?” said Tom Hart, the North American executive director of One Campaign, a nonprofit founded by U2 singer Bono and dedicated to eradicating global poverty.

The federal government has bought 453 million surplus doses of vaccine, the group says. She has asked the Biden administration to share 5 percent of their doses overseas when 20 percent of Americans have been vaccinated, and gradually increase the percentage of divided doses as more Americans receive their vaccines.

According to the Centers for Disease Control and Prevention, 13.5 percent of people in the United States who are 18 years of age or older were fully vaccinated as of Friday.

The authoritarian governments of China and Russia, less affected by national public opinion, are already using vaccines to expand their sphere of influence. As the Biden government plans its strategy to counter China’s growing global clout, Beijing is polishing its image by shipping vaccines to dozens of countries on multiple continents, including Africa, Latin America, and the Southeast Asian backyard in particular.

Russia has been providing vaccines to Eastern European countries like Hungary, the Czech Republic and Slovakia at a time when Biden officials want to unify the European Union against Russian influence on the continent.

“We may be outdone by others who are more willing to share, even if they do so for cynical reasons,” said Ivo H. Daalder, former NATO ambassador and president of the Chicago Council on Global Affairs. “I think countries will remember who was there for us when we needed them.”

Updated

March 12, 2021, 5:39 p.m. ET

In the face of worrying and highly contagious new varieties in the US and around the world, public health experts say vaccinating people overseas is necessary to protect Americans too.

“It has to be sold to Americans to keep Americans safe over the long term, and it has to be sold to a highly divided, toxic America,” said J. Stephen Morrison, a global health expert with Centers for Strategic and International Studies. “I don’t think that’s impossible. I think Americans are beginning to understand that in a world of variation, anything that happens outside of our borders increases the urgency to act really quickly. “

Mr Blinken also said this to the BBC: “Until everyone in the world is vaccinated, nobody is really completely safe.”

The quad vaccine partnership announced at the summit on Friday includes different commitments from each of the nations, according to the White House.

In addition to supporting the Indian vaccine maker, the US has pledged at least $ 100 million to bolster vaccination capacity overseas and support public health efforts. Japan is “in discussion” to provide loans to the Indian government to expand the production of vaccines for export and will support vaccination programs for developing countries. Australia will allocate $ 77 million for vaccine provision and delivery assistance with a focus on Southeast Asia.

The four countries will also form oneQuad Vaccine Experts Group byTop scientists and government officials who will work to overcome production hurdles and funding plans.

Mr Morrison said the government deserves “some credit” for the effort, adding, “It shows diplomatic ingenuity and speed.” However, a spokesman for One Campaign, which focuses on extreme poverty, said his group would still see a plan for the United States’ vaccine supply, noting that Africa had given far fewer doses per capita than Asia.

Mr Biden’s efforts to ramp up vaccine production helped the United States produce up to a billion doses by the end of the year – far more than needed to vaccinate the roughly 260 million adults in the United States.

What you need to know about the vaccine rollout

A government-brokered deal to see drug company Merck manufacture Johnson & Johnson’s single-dose vaccine, which the president celebrated in the White House on Wednesday, will help achieve that goal. Also on Wednesday, Mr Biden directed federal health officials to source an additional 100 million doses of the vaccine from Johnson & Johnson.

The government has stated that these efforts are aimed at having enough vaccines for children, booster doses, to face new varieties and unforeseen events. Jeffrey D. Zients, Mr Biden’s coronavirus response coordinator, told reporters Friday that the Johnson & Johnson-Merck deal would also “expand capacity and ultimately benefit the world”.

Not only did Mr Biden resist the urge to dump excess doses, but he also criticized the Liberal Democrats for blocking a motion by India and South Africa for a temporary waiver of an international intellectual property agreement that would make it easier for poorer countries to access generic versions of Coronavirus vaccines and treatments.

“I understand why we should prioritize our supply to Americans – it was paid for by American taxpayers, President Biden is President of America,” said Representative Ro Khanna, a Liberal Democrat from California. “But there is no reason to prioritize the profits of pharmaceutical companies over the dignity of other countries.”

Mr Biden recently announced a $ 4 billion donation to Covax, the international vaccine initiative supported by the World Health Organization. David Bryden, director of the Frontline Health Workers Coalition, a nonprofit that supports health workers in low- and middle-income countries, said money was also urgently needed to train and pay these workers to administer vaccines overseas.

However, that donation and the Quad’s announcement of financial support for vaccine production on Friday fell short of the urgent demands of public health advocates for the United States to provide ready-to-use doses that can be quickly injected.

However, the quad’s focus on Southeast Asia most likely reflects an awareness of China’s gratitude in the region for Beijing’s focus in its vaccine distribution efforts.

If Mr Biden is widely viewed as helping the world recover from the coronavirus pandemic, that could become part of his legacy when President George W. Bush made a huge investment in public health funding in the 2000s the AIDS crisis in Africa responded. More than a decade later, Bush and the United States continue to be revered across much of the continent for the President’s Emergency Plan for AIDS Relief (Pepfar), which the government said has spent $ 85 billion and saved 20 million lives.

Michael Gerson, a former Bush White House speechwriter and policy advisor who helped shape the Pepfar program, said its impact has been both moral and strategic and that the program has been “an enormous amount of money to the United States.” goodwill “in Africa.

“I think the principle here should be that the people who need it most should get it, no matter where they live,” he said. “There is little moral sense in giving the vaccine to a healthy American 24-year-old in front of a front-line worker in Liberia.”

But he added, “It’s very difficult for an American politician to explain.”

Ana Swanson contributed to the coverage

Categories
Business

HBO Max Plans International Enlargement: Stay Updates

Here’s what you need to know:

Credit…Kevin Lamarque/Reuters

Lawmakers on Friday debated an antitrust bill that would give news publishers collective bargaining power with online platforms like Facebook and Google, putting the spotlight on a proposal aimed at chipping away at the power of Big Tech.

At a hearing held by the House antitrust subcommittee, Microsoft’s president, Brad Smith, emerged as a leading industry voice in favor of the law. He took a divergent path from his tech counterparts, pointing to an imbalance in power between publishers and tech platforms. Newspaper ad revenue plummeted to $14.3 billion in 2018 from $49.4 billion in 2005, he said, while ad revenue at Google jumped to $116 billion from $6.1 billion.

“Even though news helps fuel search engines, news organizations frequently are uncompensated or, at best, undercompensated for its use,” Mr. Smith said. “The problems that beset journalism today are caused in part by a fundamental lack of competition in the search and ad tech markets that are controlled by Google.”

The hearing was the second in a series planned by the subcommittee to set the stage for the creation of stronger antitrust laws. In October, the subcommittee, led by Representative David Cicilline, Democrat of Rhode Island, released the results of a 16-month investigation into the power of Amazon, Apple, Facebook and Google. The report accused the companies of monopoly behavior.

This week, the committee’s two top leaders, Mr. Cicilline and Representative Ken Buck, Republican of Colorado, introduced the Journalism and Competition Preservation Act. The bill aims to give smaller news publishers the ability to band together to bargain with online platforms for higher fees for distributing their content. The bill was also introduced in the Senate by Senator Amy Klobuchar, a Democrat of Minnesota and the chairwoman of that chamber’s antitrust subcommittee.

Global concern is growing over the decline of local news organizations, which have become dependent on online platforms for distribution of their content. Australia recently proposed a law allowing news publishers to bargain with Google and Facebook, and lawmakers in Canada and Britain are considering similar steps.

Mr. Cicilline said, “While I do not view this legislation as a substitute for more meaningful competition online — including structural remedies to address the underlying problems in the market — it is clear that we must do something in the short term to save trustworthy journalism before it is lost forever.”

Google, though not a witness at the hearing, issued a statement in response to Mr. Smith’s planned testimony, defending its business practices and disparaging the motives of Microsoft, whose Bing search engine runs a very distant second place behind Google.

“Unfortunately, as competition in these areas intensifies, they are reverting to their familiar playbook of attacking rivals and lobbying for regulations that benefit their own interests,” wrote Kent Walker, the senior vice president of policy for Google.

Union members canvassing at the Amazon fulfillment center in Bessemer, Ala.Credit…Lynsey Weatherspoon for The New York Times

Senator Marco Rubio of Florida became the most prominent Republican leader to weigh in on the unionization drive at the Amazon warehouse in Bessemer, Ala., with a surprising endorsement of the organizing effort on Friday.

“The days of conservatives being taken for granted by the business community are over,” Mr. Rubio wrote in an opinion piece published in USA Today.

“Here’s my standard: When the conflict is between working Americans and a company whose leadership has decided to wage culture war against working-class values, the choice is easy — I support the workers,” he continues. “And that’s why I stand with those at Amazon’s Bessemer warehouse today.”

More than 5,800 workers at the Amazon warehouse, outside Birmingham, are voting by mail this month to decide whether to join the Retail, Wholesale and Department Store Union. Last week, President Biden posted a video message on Twitter referring to the vote in Alabama and espousing on the importance of unions in helping build the middle class, while excoriating employers who interfere in unionization efforts. He did not mention Amazon by name, but his remarks followed reports that the online retailer was engaged in aggressive anti-union tactics.

“We welcome support from all quarters,” the union’s president, Stuart Appelbaum, said in a statement. “Senator Rubio’s support demonstrates that the best way for working people to achieve dignity and respect in the workplace is through unionization. This should not be a partisan issue.”

Mr. Rubio, who recalls marching in a union picket line with his father, a hotel bartender, accused Amazon of expressing “woke” values, while bowing to Chinese censorship. And he warned the company not to expect Republicans to come to its rescue and condone its anti-union efforts.

“Its workers are right to suspect that its management doesn’t have their best interests in mind,” Mr. Rubio wrote. “Wealthy woke C.E.O.s instead view them as a cog in a machine that consistently prioritizes global profit margins and stoking cheap culture wars. The company’s workers deserve better.”

A recut of “Justice League” by Zack Snyder is among the films available on HBO Max as AT&T looks to build out its streaming service.Credit…Warner Bros. Pictures

HBO Max is going global.

The new streaming platform, currently only available to U.S. subscribers, will launch in 61 other markets starting in June.

The company also plans to launch an advertising-driven streaming service in the United States at the same time. The announcements came Friday as part of a broader presentation outlining a set of goals for AT&T, which owns HBO.

The company hopes to reach between 120 million and 150 million total customers for HBO Max and its traditional HBO TV channel by the end of 2025, a more ambitious target compared with its previous goal of 75 million to 90 million.

The company also expects between 67 million and 70 million customers by the end of 2021. It had 61 million as of the end of December, but the number of people actually watching HBO Max is much smaller. About 41.5 million customers are in the United States, and of that group about 17.2 million have HBO Max accounts. That suggests that of the company’s new subscriber target, not all of them will necessarily be streaming HBO Max.

The company has a complicated setup around HBO Max. People can sign up for the service directly, and those who already pay for the premium cable channel through their cable or satellite provider also have access, but not everyone has set up their streaming account. The service is also offered for free or at a reduced price to AT&T’s wireless customers.

The jump into international markets shows how aggressively AT&T needs to expand its streaming enterprise. The addition of an advertising-based service means the company sees an opportunity to capture the ad dollars that have started to move away from traditional television. It’s unclear if the ad-supported version will be free or whether it will only be available at a reduced price from HBO Max’s current $15 per month cost.

Jason Kilar, the chief executive of WarnerMedia, the unit that manages HBO, said the service is expected to start making money after 2025. It should generate about $15 billion in sales by that year, he added.

HBO Max has become a key part of AT&T’s overall strategy to keep and grow mobile customers, so losing money is less of an immediate concern if it helps AT&T retain its core wireless subscribers. Mr. Kilar emphasized HBO Max’s value to the phone business, citing that 25 percent of HBO Max customers have come via AT&T.

He ended his presentation with a cliché from the Warner Bros. film archives: “It’s the beginning of a beautiful friendship.”

Simon Hu, the chief executive of Ant Group, at a conference in Shanghai in September. Mr. Hu asked to resign for personal reasons, the company said.Credit…Cheng Leng/Reuters

The chief executive of Ant Group, the Chinese internet finance giant, has stepped down, the company said on Friday, a move that came in the middle of a business overhaul meant to address regulators’ concerns about its rapid growth.

Ant said its chief executive, Simon Hu, had asked to resign for personal reasons. The company’s chairman, Eric Jing, was named as Mr. Hu’s replacement, effective immediately. Mr. Jing, who will remain Ant’s chairman, previously served as chief executive until December 2019, when Mr. Hu took over the post.

Hundreds of millions of people in China use Ant’s Alipay app to make everyday payments, sock away savings and shop on credit. Ant, which was spun out of the e-commerce giant Alibaba, has faced rising scrutiny from China’s government, and officials scuttled the company’s plans last year to go public in Shanghai and Hong Kong.

The company had been preparing to raise more than $34 billion by listing its shares in November, in what would have been the largest initial public offering on record. Instead, days before Ant’s shares were scheduled to begin trading, Chinese officials summoned company executives — namely, Mr. Hu, Mr. Jing and Jack Ma, Alibaba’s co-founder — to discuss regulation. The I.P.O. was halted soon after, and financial watchdogs said Ant had taken advantage of gaps in China’s regulatory system and ordered it to revamp its business.

Mr. Hu joined Alibaba in 2005 and was president of its cloud division from 2014 to 2018. He joined Ant as president that year before becoming chief executive in 2019. Mr. Jing, also an Alibaba veteran, has been Ant’s executive chairman since April 2018. They are both members of the Alibaba Partnership, the company’s club of elite management partners.

Ford Motor said two members of the Ford family have been nominated to join the automaker’s board of directors, replacing one family member who is retiring and an independent director who has chosen not to seek re-election.

Alexandra Ford English, 33, daughter of Ford’s chairman, Bill Ford, and Henry Ford III, 40, son of Edsel B. Ford II, a current board member, are expected to be elected to the board by shareholders at the company’s annual meeting on May 13. Both are great-great-grandchildren of Henry Ford, who founded the company in 1903.

Ms. English is a director in corporate strategy at the company. Henry Ford III is a director in investor relations.

They will replace Edsel Ford II, 72, who is retiring after being on the board since 1988, and John C. Lechleiter, 67, who joined Ford’s board in 2013 and is a former president of Eli Lilly, the pharmaceutical company.

Although the Ford family only owns a small portion of the company’s common stock, it retains effective control of the automaker though Class B shares with super-voting rights.

A banner for the South Korean retailer Coupang hung in front of the New York Stock Exchange on Thursday, the day the company’s shares began trading.Credit…Courtney Crow/New York Stock Exchange, via Associated Press

The stock of Coupang, a start-up in South Korea that is sometimes called the Amazon of South Korea, drifted after trading publicly for the first time in New York on Thursday.

Coupang — the company’s name is a mix of the English word “coupon” and “pang,” the Korean sound for hitting the jackpot — was founded by a Harvard Business School dropout and has shaken up shopping in South Korea, an industry long dominated by huge, button-down conglomerates.

The initial public offering raised $4.6 billion and valued Coupang at about $85 billion, the second-largest American tally for an Asian company after Alibaba Group of China in 2014. Coupang’s shares rose 6.6 percent on Friday as trading began but ended the day down 2 percent.

Coupang is South Korea’s biggest e-commerce retailer, its status further cemented by people stuck at home during the pandemic and those in the country who crave faster delivery. In a country where people are obsessed with “ppalli ppalli,” or getting things done quickly, Coupang has become a household name by offering “next-day” and even “same-day” and “dawn” delivery of groceries and millions of other items at no extra charge.

The electric Endurance pickup truck made by Lordstown Motors. An investment firm claimed the company had inflated the number of orders for its pickup trucks.Credit…Tony Dejak/Associated Press

Shares of Lordstown Motors, an electric-vehicle start-up, fell more than 19 percent on Friday after an investment firm claimed the company had inflated the number of orders for its pickup trucks and overstated its technological and production capabilities.

The revelations are the latest to call into question the promises made by an electric vehicle company that has gone public by merging with a shell company that has a stock market listing, cash and no operating business. Lordstown, which gained prominence by buying a former General Motors factory in Ohio to make electric trucks for commercial users, completed its merger with a shell company and started trading on the stock market in October 2020.

In a lengthy post on its website, the investment firm, Hindenburg Research, said that Lordstown’s claim of having 100,000 “pre-orders” for its electric pickup truck included tens of thousands from small companies that do not operate fleets, and others who merely agreed to consider buying trucks but made no commitment to do so. Hindenburg said it had bet against Lordstown’s stock by selling its shares short, a maneuver used by some professional investors when they believe a stock is overvalued and poised to fall.

“Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy,” Hindenburg said.

A Lordstown spokesman said the company was working on a response to the report.

One company that Lordstown said was prepared to buy 14,000 trucks, E Squared Energy, appears to be based in an apartment in Texas, have two employees and owns no vehicles. Hindenburg also unearthed a police report that showed a Lordstown prototype caught fire and burned to a shell during a test drive in January in Michigan.

On Friday morning, Lordstown shares were trading at just over $14 a share, down from their close the previous day of $17.71.

Former President Donald J. Trump hailed Lordstown in 2018 when it agreed to buy a plant in Lordstown, Ohio, that General Motors had closed, and former Vice President Mike Pence participated in an unveiling of the company’s truck in June. In September, Mr. Trump hosted Lordstown’s chief executive, Steve Burns, at the White House and praised the company’s technology.

Hindenburg Research gained prominence last year when it released a report saying Nikola, an electric truck start-up, and its executive chairman, Trevor Milton, had mislead investors and exaggerated the capabilities of that company’s technology. The revelations resulted in Mr. Milton’s departure from Nikola, and prompted General Motors to scale back a partnership with the company.

Nikola denied some of Hindenburg’s claims but recently acknowledged to the Securities and Exchange Commission that Mr. Milton had made statements that were “inaccurate in whole or in part.”

Target will cease operations in the City Center building in downtown Minneapolis, relocating 3,500 employees.Credit…Lucy Nicholson/Reuters

Target, a fixture in downtown Minneapolis, is giving up space in a large office building there, becoming the latest company to permanently allow its staff to spend more time working from home.

The retailer told employees it would cease operations in the City Center building in downtown Minneapolis and that the 3,500 employees working there would relocate to other nearby offices, while also working from home part of the time. More than a quarter of Target’s corporate employees in the Minneapolis area work in the City Center building.

“This change is driven by Target’s longer-term headquarters environment that will include a hybrid model of remote and on-site work, allowing for flexibility and collaboration and ultimately, requiring less space,” the company said Thursday.

Office landlords across the country have been struggling to retain tenants as the pandemic drags on and companies realize their staff has been able to work effectively in a remote setting. Empty office buildings are putting a squeeze on city budgets, which are heavily reliant on property taxes.

Salesforce, the software company based in San Francisco, adopted a flex model in which most of its employees would be able to come into the office one to three days a week. In a bet that more people would work from home after the pandemic ends, Salesforce acquired the workplace software company Slack in December.

After the move, Target said it would still occupy about three million square feet of office space in the Minneapolis area.

“It’s not easy to say goodbye to City Center, but the Twin Cities is still our home after all these years,’’ Target’s chief human resources officer, Melissa Kremer, said in an email to employees.

Microsoft offices in Beijing. Microsoft owns LinkedIn, which has operated in China by conforming to the authoritarian government’s tight restrictions on the internet.Credit…Wu Hong/EPA, via Shutterstock

LinkedIn has stopped allowing people in China to sign up for new member accounts while it works to ensure its service in the country remains in compliance with local law, the company said this week, without specifying what prompted the move. A company representative declined to comment further.

Unlike other global internet mainstays such as Facebook and Google, LinkedIn offers a version of its service in China, which it is able to do by hewing closely to the authoritarian government’s tight controls on cyberspace.

It censors its Chinese users in line with official mandates. It limits certain tools, such as the ability to create or join groups. It has given partial ownership of its Chinese operation to local investors.

In 2017, the company blocked individuals, but not companies, from advertising job openings on its site in China after it fell afoul of government rules requiring it to verify the identities of the people who post job listings.

The backdrop to the suspension of new user registrations is not clear. The government has previously blocked internet services that it believes to be breaking the law. In 2019, Microsoft’s Bing search engine was briefly inaccessible in China for unclear reasons. Microsoft also owns LinkedIn.

By: Ella Koeze·Data delayed at least 15 minutes·Source: FactSet

  • The S&P 500 inched further into record territory on Thursday, rising 0.1 percent. The index gained 2.6 percent this week, its best weekly performance since early February.

  • The Nasdaq composite fell 0.6 percent, while the Dow Jones industrial average rose 0.9 percent.

  • The yield on 10-year Treasury notes jumped as much as 10 basis points, or 0.1 percentage points, to 1.64 percent, its highest level in more than a year.

  • Higher interest rates and tighter central bank policies are now considered to be the single biggest threat to so-called risk assets, mainly stocks, according to a Bank of America survey of fund managers. Investors have grown concerned that the stimulus bill and economic rebound will trigger inflation, prompting central banks to pull back on stimulus measures.

  • The Stoxx Europe 600 index dropped 0.3 percent, while the FTSE 100 index in Britain rose 0.4 percent.

  • Data published on Friday showed that the British economy declined 2.9 percent in January as the country entered its third lockdown, shut schools and left the European Union single market and customs union. Separate data for the same month showed the largest monthly drop in trade since records began in 1997. Exports to the European Union dropped 40 percent and imports fell nearly 30 percent. Some of the fall is because of stockpiling at the end of last year, but many businesses struggled to keep trading as they dealt with new customs requirements.

Shoppers wait in line at an outlet mall in Southaven, Miss. on Saturday. Many Americans are set to benefit from the new economic relief plan.Credit…Rory Doyle for The New York Times

The economic relief plan that is headed to President Biden’s desk has been billed as the United States’ most ambitious antipoverty initiative in a generation. But inside the $1.9 trillion package, there are plenty of perks for the middle class, too.

An analysis by the Tax Policy Center published this week estimated that middle-income families — those making $51,000 to $91,000 per year — would see their after-tax income rise by 5.5 percent as a result of the tax changes and stimulus payments in the legislation. This is about twice what that income group received as a result of the 2017 Tax Cuts and Jobs Act.

Here are some of the ways the bill will help the middle class.

Americans will receive stimulus checks of up to $1,400 per person, including dependents.

The size of the payments are scaled down for individuals making more than $75,000 and married couples earning more than $150,000. And they are cut off for individuals making $80,000 or more and couples earning more than $160,000. Those thresholds are lower than in the previous relief bills, but they will still be one of the biggest benefits enjoyed by those who are solidly in the middle class.

The most significant change is to the child tax credit, which will be increased to up to $3,600 for each child under 6, from $2,000 per child. The credit, which is refundable for people with low tax bills, is $3,000 per child for children ages 6 to 17.

The legislation also bolsters the tax credits that parents receive to subsidize the cost of child care this year. The current credit is worth 20 to 35 percent of eligible expenses, with a maximum value of $2,100 for two or more qualifying individuals. The stimulus bill increases that amount to $4,000 for one qualifying individual or $8,000 for two or more.

After four years of being on life support, the Affordable Care Act is expanding, a development that will largely reward middle-income individuals and families, since those on the lower end of the income spectrum generally qualify for Medicaid.

Because the relief legislation expands the subsidies for buying health insurance, a 64-year-old earning $58,000 would see monthly payments decline to $412 from $1,075 under current law, according to the Congressional Budget Office.

One of the more contentious provisions in the legislation is the $86 billion allotted to fixing failing multiemployer pensions. The money is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The legislation gives the weakest plans enough money to pay hundreds of thousands of retirees their full pensions for the next 30 years.