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Business

Reside Inventory Market Updates – The New York Instances

Here’s what you need to know:

Credit…Rebecca Cook/Reuters

General Motors said on Wednesday that it earned $6.4 billion in 2020, a modest decline from the year before, as brisk sales of pickup trucks and sport-utility vehicles in the second half of the year offset the damage on its business caused by the pandemic in the spring.

The automaker reported that revenue declined 11 percent to $122 billion from $137 billion in 2019, when it reported net income of $6.7 billion.

“G.M.’s 2020 performance was remarkable by any measure, and even more so in a year when a global pandemic caused companies around the world — including G.M. — to temporarily suspend manufacturing,” Mary Barra, the company’s chief executive, said in a letter to shareholders.

The pandemic forced G.M. and other automakers to close all of their North American plants for about 60 days last spring, and caused a deep drop in sales of new vehicles.

Automakers also struggled in the pandemic with a shortage of semiconductors needed for features like touch screens, computerized engine controls and transmissions. New cars can have more than a hundred semiconductors.

The shortage of chips is expected to last well into 2021. This led G.M. to cut its forecast for operating profit this year by $1.5 billion to $2 billion.

In a conference call with reporters, Ms. Barra said G.M. was working with suppliers to ensure it had the chips it needed, and it expected to be able to make up for any lost production over the course of the year.

“The semiconductor shortage won’t slow our growth plans, and without mitigation strategies we still expect to see a very good year for General Motors,” she said. “Right now, we won’t lose any production as it relates to full-size trucks and S.U.V.s throughout the year.”

Among the full-size vehicles the company is counting on is an electric Hummer pickup truck that it will begin delivering late this year. It is one of 30 electric cars G.M. plans to introduce by 2025 as part of a broader goal it set late last month to sell only zero-emission vehicles by 2035.

The company currently makes only a few electric vehicles, including the Chevrolet Bolt, but it is spending heavily to increase its offerings and compete with Tesla, the leading electric carmaker. This year, G.M. will spend more than $7 billion on developing electric and autonomous vehicles. By 2025, it plans to spend more than $27 billion on those two technologies.

Ms. Barra said on Wednesday that she and other G.M. officials had spoken with President Biden and his aides about the company’s plans for electric and autonomous vehicles. Mr. Biden has said he intends to step up the fight against climate change and wants the government to help create millions of jobs in renewable energy and auto manufacturing.

“The Biden administration is increasingly aligned around the importance of domestic manufacturing and the need for widespread adoption of E.V.s,” she said. “We look forward to working with the administration on policies that support safe transportation and zero emissions.”

“Part of how United will combat global warming is embracing emerging technologies that decarbonize air travel,” said Scott Kirby, the chief executive of United Airlines.Credit…Chris Helgren/Reuters

United Airlines plans to invest in and buy as many as 200 aircraft from Archer Aviation, an electric air taxi start-up that announced plans on Wednesday to go public, in a deal that Archer said valued it at about $3.8 billion.

“Part of how United will combat global warming is embracing emerging technologies that decarbonize air travel,” United’s chief executive, Scott Kirby, said in a statement on Wednesday. “By working with Archer, United is showing the aviation industry that now is the time to embrace cleaner, more efficient modes of transportation.”

United is investing about $20 million in Archer, and an additional $5 million will come from Mesa Airlines, which operates regional flights for United and others. The airline’s tentative aircraft order is valued at up to $1 billion, Archer said in a statement. United said it would only purchase the aircraft once they were available and had met its operating and business requirements.

The aircraft, which can travel at speeds of up to 150 miles an hour for up to 60 miles, would be used within the next five years to let United’s customers commute in dense urban areas or quickly reach the airline’s airport hubs, United said. The aircraft are set to debut this year, according to Archer, which is based in California.

The news follows United’s announcement late last year that it plans to become carbon-neutral by 2050, in part by investing in a “direct air capture” plant in Texas that will remove carbon dioxide from the sky and inject it underground.

Archer said it planned to go public via a sale to a blank-check company, also known as a special purpose acquisition company. The combined company is expected to raise about $600 million from investors, including United, the newly formed carmaker Stellantis and others. The company expects to be listed on the New York Stock Exchange under the ticker ACHR.

Copper sheathing used in undersea cables, in 2018. The metal is seen as good predictor for the direction of the global economy.Credit…Chang W. Lee/The New York Times

  • The S&P 500 rose less than half a percent on Wednesday, rebounding from a small decline the day before.

  • General Motors on Wednesday reported $6.4 billion profit for 2020, as brisk sales of pickup trucks and sport-utility vehicles in the fall offset the pandemic disruptions in the spring. Its shares fell about 5 percent, however.

  • Twitter’s shares rose 14 percent in early trading after the company said on Tuesday that its revenue rose 28 percent in the fourth quarter compared with the previous year.

  • Lyft jumped about 9 percent after the company’s fourth-quarter revenue — although down sharply from a year ago — was higher than the previous period.

  • Commodities prices rose to multiyear highs as traders anticipated stronger demand for raw materials to aid the economic recovery. West Texas Intermediate futures, the U.S. crude benchmark, gained 0.5 percent to $58.67 a barrel, the highest level since April 2019. Brent prices climbed to $61.50 a barrel, the highest since July 2019.

  • Copper prices, which have been climbing for 10 straight months, approached an eight-year high in London trading. The metal is seen as good predictor for the direction of the global economy given its broad usage, especially for the wiring for power transmission.

  • The Stoxx Europe 600 index gained 0.3 percent, helped by advances among banking companies. Gains were led by Adyen, a Dutch payments company that handles transactions for companies including eBay, after it raised its growth expectations. Adyen’s shares were at a record high, having more than doubled over the past year.

Salesforce Tower in San Francisco is one of the tallest buildings on the West Coast. The company will allow more remote work long-term.Credit…Jason Henry for The New York Times

Salesforce, the business software giant and San Francisco’s largest employer, said on Tuesday that it would allow most of its employees to permanently work remotely on a full- or part-time basis.

The company, which has 54,000 employees, said most workers would visit the office one to three days a week for meetings and collaborative work. A small population will work from the office four or five days a week, and other Salesforce workers who don’t live nearby or need an office will be fully remote.

Tech companies have been at the forefront of permanent work-from-home policies. In May, Facebook was one of the first to announce that it would allow many employees to work remotely even after the pandemic. Twitter, Coinbase, Shopify and Microsoft have followed suit.

Salesforce said in December it would buy the workplace chat app Slack. Over the summer, as Salesforce and other companies toyed with the idea of returning to the office, Marc Benioff, Salesforce’s chief executive, seemed to acknowledge that office work would be permanently changed.

“I just feel very strongly that we have the ability to do something very powerfully here and to motivate this new workplace, just like we did in the prior workplace,” Mr. Benioff said at the time. “Technology is actually going to become a critical part of managing our workplace, where before it was not part of our culture.”

Salesforce said it planned to redesign offices to create more spaces that foster collaboration, including “café-style seating, open-air conference areas and private nooks, with an emphasis on clean desks and social distancing,” the company said in a statement.

Nicolo Laurent, the chief executive of Riot Games, is the subject of an investigation by his company after a lawsuit accused him of harassment.Credit…Yicun Liu/Riot Games

Riot Games, the video game publisher that produced the popular title League of Legends, said Tuesday it was investigating claims of sexual harassment and gender discrimination against its chief executive, Nicolo Laurent.

Mr. Laurent and Riot were sued in Los Angeles County Superior Court in January by Sharon O’Donnell, a former executive assistant to Mr. Laurent. In court documents, Ms. O’Donnell said Mr. Laurent repeatedly made sexually suggestive remarks to her, asked her to work at his house when his wife was not home, and told women who worked for Riot that the way to handle stress related to the coronavirus pandemic was to “have kids.”

“Riot Games is a male-dominated culture,” the lawsuit said. Female employees like Ms. O’Donnell were “discriminated against, harassed and treated as second-class citizens,” it said.

When she refused Mr. Laurent’s advances, Ms. O’Donnell said in the lawsuit, he yelled at her, grew hostile, took away some of her responsibilities and eventually fired her in July.

Ms. O’Donnell “believes that this was because she refused to have sex or an affair with the defendant,” according to the lawsuit, which was first reported on Tuesday by Daily Esports.

Riot disputed Ms. O’Donnell’s claim in a statement, saying she “was dismissed from the company over seven months ago based on multiple well-documented complaints from a variety of people.”

Riot said an outside law firm was conducting the investigation into Mr. Laurent and was being overseen by a committee of the company’s board of directors. Riot said Mr. Laurent was cooperating with the investigation.

Riot, which is owned by the Chinese internet giant Tencent, has grown into one of the world’s most prominent video game companies.

Its flagship League of Legends game, released in 2009, brought in more than $1.8 billion in revenue last year, according to an estimate from the research firm SuperData. And the series of professional competitions Riot has built around the game has attracted tens of millions of fans and turned star gamers into e-sports celebrities who can make millions of dollars.

But Riot has also been under fire for what employees have said is a sexist, toxic workplace. In 2019, it agreed to pay $10 million to the 1,000 women who had worked at the company since 2014 to settle a class-action lawsuit claiming gender discrimination and unequal pay.

California’s Department of Fair Employment and Housing, which has been investigating Riot since 2018, said last year that the women could be entitled to as much as $400 million, which Riot disputed. It said earlier this month that it was moving forward in court with an effort to seek “class-wide relief” for the women who worked at Riot.

  • Aunt Jemima formally rebranded itself on Tuesday as the Pearl Milling Company, moving one step closer to permanently abandoning the breakfast product line’s likeness that critics had long said perpetuated a racist stereotype for more than a century. The new name comes from the milling company in St. Joseph, Mo., that pioneered the self-rising pancake mix that became known as Aunt Jemima.

  • Heineken, the big brewer based in Amsterdam, said on Wednesday it would lay off 8,000 workers, or almost 10 percent of its work force, as it confronts a steep fall in beer sales to restaurants and bars closed because of the pandemic. The company reported an 18 percent drop in net revenue for 2020, and a 79 percent fall in operating profit. Dolf van den Brink, the chief executive, called it a “year of unprecedented disruption and transition.”

  • Lyft said on Tuesday that revenue for the fourth quarter of 2020 was $570 million, a 44 percent decline from the year before but in line with Wall Street expectations. Losses increased 22 percent, to $458.2 million. Revenue for 2020 was down 35 percent, to $2.4 billion.

  • Twitter said on Tuesday that its revenue in the fourth quarter last year was $1.29 billion, a 28 percent increase from the previous year and slightly above Wall Street expectations. Profit for the quarter was $222 million, bolstered by a turnaround in income after a significant drop in ad spending earlier in 2020. The company lost $1.14 billion for the year.

Categories
Business

Inventory Market, Bitcoin, Tesla: Reside Enterprise Information Updates

Here’s what you need to know:

Credit…Michael M. Santiago/Getty Images

Bitcoin continued its rally, the latest leg of which was set off by Tesla’s announcement on Monday that it had purchased $1.5 billion worth of the digital currency and would start accepting Bitcoin payments. Bitcoin rose above $48,000 per coin early on Tuesday, a record, before coming off that high later, according to CoinDesk, a trading platform for digital currencies.

It is up more than 45 percent in 2021, and other cryptocurrencies are rising, too — including Dogecoin, which rose about 1,000 percent over the past week.

The momentum has been building as more trading apps allow users to buy, hold and sell cryptocurrencies, reported Nathaniel Popper for The New York Times: “The rally is a moment of euphoria for the thousands of different versions of digital money, which years ago were dismissed as little more than online Beanie Babies caught in a speculative bubble,” he wrote.

  • On Wall Street, the S&P 500 was slightly lower in early trading Tuesday, after the index had climbed to another record on Monday. Through Monday, the S&P 500 had climbed for six consecutive trading days.

  • European market were modestly changed, with the FTSE in Britain up slightly while the Stoxx Europe 600 was slightly lower.

  • The Nikkei in Japan gained 0.4 percent, while the Kospi in South Korea fell 0.2 percent.

  • Democrats in the House on Monday proposed legislation to send stimulus checks of $1,400 to Americans earning up to $75,000 and households with incomes up to $150,000. The direct payments are a critical part of President Biden’s stimulus plan, although the proposal may run into opposition from Republicans and some Democrats who want to focus the payments on lower-income Americans.

  • House committees on Tuesday are expected to begin considering the overall $1.9 trillion package, aimed at supporting the economy through the pandemic.

  • Ocado, the online supermarket based in Britain, reported a 35 percent rise in sales over the past year. As the company invests in new warehouses, “The landscape for food retailing is changing, for good,” said the chief executive, Tim Steiner.

  • Still, the company reported a net loss of 44 million pounds (about $60 million), down from 215 million pounds the previous year, and its shares fell.

Neera Tanden is President Biden’s nominee to head the Office of Management and Budget.Credit…Leah Millis/Reuters

Neera Tanden, President Biden’s nominee to head the Office of Management and Budget, will tell a Senate committee this morning that she would “work in good faith with all members of Congress” if confirmed, in a bid to head off Republican complaints about her past criticisms of conservatives.

Ms. Tanden is the president of the liberal Center for American Progress think tank, a veteran of the Clinton and Obama administrations and a former top aide to Hillary Clinton’s 2016 presidential campaign. She is set to testify on Tuesday morning before the Senate Homeland Security committee, with a second hearing scheduled for Wednesday before the budget committee.

Republicans in the Senate have criticized Ms. Tanden for past statements, including Twitter posts, in which she criticized Republicans in Congress and elsewhere. Ms. Tanden will nod to those criticisms in the opening statement she has prepared for delivery.

“The role of O.M.B. director is different from some of my past positions,” she plans to say. “Over the last few years, it’s been part of my role to be an impassioned advocate. I understand, though, that the role of O.M.B. director calls for bipartisan action, as well as a nonpartisan adherence to facts and evidence.”

Ms. Tanden will also stress her qualifications for the job, including her experience being raised by an immigrant single mother who was forced to draw on the government safety net at times.

“We relied on food stamps to eat, and Section 8 vouchers to pay the rent,” Ms. Tanden will say. “At school, I remember being the only kid in the cafeteria line who used 10-cent vouchers from the Free Lunch Program. I remember using food stamps at the grocery store.”

“If I am privileged to serve as director,” she will say, “I would ensure that O.M.B. uses every tool at its disposal to efficiently and effectively deliver for working Americans, small businesses, and struggling communities.”

Suzanne Scott will remain as the leader of Fox News Media, which includes Fox News, Fox Business and the streaming service Fox Nation.Credit…Fox

The chief executive of Fox News, Suzanne Scott, will remain in her role for several years to come after signing a new contract with Rupert Murdoch’s Fox Corporation, the network said on Tuesday.

The new multiyear deal will keep Ms. Scott as the leader of Fox News Media, which also includes the cable channel Fox Business and the streaming service Fox Nation.

“Suzanne’s track record of success, innovative sprit and dedication to excellence make her the ideal person to continue to lead and grow Fox News,” Lachlan Murdoch, the executive chairman of the Fox Corporation and Rupert Murdoch’s eldest son, said in a statement on Tuesday.

The network did not disclose the exact length or financial terms of the deal.

Fox News is facing a major defamation lawsuit and working to regain the ratings crown it recently lost to CNN for the first time in decades. Some viewers left the network for alternative channels like Newsmax after Fox’s news division called the presidential election for Joseph R. Biden Jr., over the protestations of then-President Trump.

Until Election Day, though, Fox News had been enjoying another record year under Ms. Scott’s tenure. Its weeknight lineup ended the year as the third-most-watched in all of prime-time television, ahead of the ABC broadcast network.

“I am grateful to Rupert and Lachlan Murdoch for the opportunity to continue leading Fox News Media and positioning all of our platforms for future success,” Ms. Scott said in a statement.

Representative Richard E. Neal, Democrat of Massachusetts, unveiled the bill on Monday ahead of a week of legislative work to solidify the details of President Biden’s stimulus proposal. Credit…Anna Moneymaker for The New York Times

House Democrats on Monday rolled out a key plank of President Biden’s stimulus plan, proposing legislation to send direct payments of $1,400 to Americans earning up to $75,000 and households with incomes up to $150,000.

The plan, drafted the day before key committees are scheduled to being meeting to consider it, is at odds with proposals from some Republicans and moderate Democrats who want to curtail eligibility for direct payments, targeting it to lower income people. Mr. Biden has said he is open to such modifications.

For now, the measure would allow individuals earning up to $100,000 and households earning up to $200,000 to be eligible for some payment, though the size of the checks would phase out gradually for those with incomes above $75,000, or $150,000 for a family.

The bill, unveiled by Representative Richard E. Neal, Democrat of Massachusetts and the chairman of the Ways and Means Committee, was one of a series that Democrats presented on Monday ahead of a week of legislative work to solidify the details of Mr. Biden’s stimulus proposal.

The decision to keep the income cap at the same level as the last round of stimulus payments comes after days of debate among the House Democratic caucus over the size of the checks, as some moderates pushed to restrict the full amount to those who make $50,000 or less and households earning up to $100,000.

The legislation also includes a series of significant changes to the tax code and an increase in an extension of weekly federal unemployment benefits. It would raise the $300-a-week payment to $400 a week and continue the program — currently slated to begin lapsing in March — through the end of August.

The $1.9 trillion plan would also provide for billions of dollars for schools and colleges, small businesses and a provision that would increase the federal minimum wage to $15 by 2025, a progressive priority.

Elon Musk, Tesla’s chief executive, is known for bucking convention, so his company’s purchase of Bitcoin is not surprising.Credit…Mike Blake/Reuters

Cryptocurrency prices are soaring after Tesla said that it had purchased $1.5 billion worth of Bitcoin with company funds. The electric carmaker wasn’t the first company to shift corporate cash into cryptocurrencies, but it was one of the biggest. It could make finance chiefs elsewhere consider whether they should follow suit, the DealBook newsletter reports.

Tesla’s move is an “exclamation point” for institutional acceptance of Bitcoin, said Matthew Graham, the chief executive of the Beijing-based blockchain investment firm Sino Global Capital. “It’s clear that Bitcoin is ready for Main Street.”

Elon Musk, Tesla’s chief executive, is known for bucking convention, so his company’s purchase is not as surprising as it would be at, say, Ford or General Motors.

Tesla had more than $19 billion in cash at the end of 2020, a big enough cushion to make the Bitcoin purchase a relatively small share of its resources. But much of that cash was raised in recent stock sales, and the company only recently reported its second year of positive free cash flow. Because of Bitcoin’s unique characteristics, Tesla will have to record declines in the value of its Bitcoin against its earnings, but cannot book gains.

The software company MicroStrategy now holds Bitcoin worth about a third of its market capitalization, according to a site that tracks corporate holdings. MicroStrategy’s chief, Michael Saylor, held a conference last week that promoted Bitcoin for corporations.

Naresh Aggarwal of the Association of Corporate Treasurers in London is skeptical that many companies will follow Tesla and MicroStrategy and buy Bitcoin at scale. “Gold is probably a more traditional form of alternative investment,” he said, yet few firms outside the financial sector hold it. “If they’re not tempted by gold, then I can’t see them being tempted by Bitcoin,” he added, likening it to “putting money on a horse race.”

Keeping money in liquid, safe investments is particularly important during the pandemic, and many corporate finance chiefs remember being burned in 2008 by higher-yielding alternatives.

Supervisors told employees that Kroger was shutting down two stores because of local hazard pay requirements.Credit…Maggie Shannon for The New York Times

The race to distribute vaccines and the emergence of more contagious variants of the coronavirus have put a renewed spotlight on the plight of grocery workers in the United States.

The industry has boomed in the past year as Americans have stayed home and avoided restaurants. But in most cases, that has not translated into extra pay for its workers, Sapna Maheshwari and Michael Corkery report for The New York Times. After Long Beach, Calif., mandated hazard pay for grocery workers, the grocery giant Kroger responded last week by saying it would close two locations.

And now, even as experts warn people to minimize time spent in grocery stores because of new coronavirus variants, The Times found only 13 states that had started specifically vaccinating those workers.

“Kroger is sending a message, more than anything else,” said Andrea Zinder, president of Local 324 of the United Food and Commercial Workers, which represents about 160 employees at the two stores. “They are trying to intimidate workers and communities: If you pass these types of ordinances, there will be consequences.”

Kroger, which operates about 2,750 stores, has attracted particular attention because it pursued stock buybacks last year and because its chief executive, Rodney McMullen, earned more than $20 million in 2019. The median compensation of a Kroger employee that year was $26,790, or a ratio of 789 to 1, according to company filings.

General Motors plans a  Hummer pickup as part of its ambitious lineup of electric vehicles.Credit…General Motors, via Agence-France Press — Getty Images

“I’ve been writing about the auto industry for 19 years, and I’ve really never seen anything like this,” Neal E. Boudette, who covers the auto industry for The New York Times, told Shira Ovide in this week’s On Tech newsletter.

“When I saw the G.M. news, I sat back in my chair and reflected on how revolutionary this was,” Mr. Boudette said. “G.M., for more than a century, has been producing internal combustion engine vehicles, and soon it won’t be.

“We’re on the cusp of one of those big industrial transformations in which we shift from an old way of doing things to a completely new one, and everything will be turned upside down.”

They discussed the future of cars and whether traditional automakers or tech-focused companies, like Tesla and Apple, would rule the next generation of the roads.

“It’s not either-or,” Mr. Boudette said. “The companies that succeed will need to think like the other side. Auto companies need to adapt the mind-set and expertise of tech firms, and vice versa.”

Joe Biden in an October 2009 meeting with economic advisers, including Larry Summers, second from right. Mr. Summers, then the director of the National Economic Council, is one of the economists now questioning the scale of the Biden administration’s pandemic stimulus plan.Credit…Mandel Ngan/Agence France-Presse — Getty Images

For weeks, policy veterans have been fretting among themselves over the scale of President Biden’s proposal for more pandemic aid, in private emails and text chains, Neil Irwin reports for The New York Times.

Larry Summers, the former Treasury secretary, made those concerns public with an op-ed article in The Washington Post last week. The article received some support on Twitter from another economist from the Obama administration and from a former chief economist at the International Monetary Fund.

The core question is whether the administration’s $1.9 trillion plan is too big. Is action on that scale needed to contain the economic damage from the pandemic? Or is it far too big relative to the hole the economy’s in, thus setting the stage for a burst of inflation followed by a potential recession?

  • Mr. Summers argues that the plan’s total size reaches a scale that risks major future problems. That implies that much of that spending will just slosh around the economy, causing prices to rise.

  • Treasury Secretary Janet Yellen and other top officials argue that their proposal is prudent and appropriately scaled and that the United States is in a do-whatever-it-takes moment. They do not dismiss the possibility that there will be higher inflation down the road — but say it is a manageable risk.

  • The economy is in uncharted territory. There is a lot of money poised to be spent, and some things may reduce the supply of goods and services. Lots of money chasing finite supply is an Economics 101 recipe for surging prices.

  • But for the medium term, the more important question is whether any inflation surge would be a temporary not-so-harmful phenomenon or the start of something more lasting.

Categories
Health

CDC director says to observe Tremendous Bowl nearly or solely with individuals you already stay with

Dr. Rochelle Walensky, Joe Biden’s chief executive officer for the U.S. Centers for Disease Control and Prevention (CDC), listens as Biden announces candidates and officers for his health and coronavirus response teams during a press conference at his transitional headquarters Wilmington, Delaware, December 8, 2020.

Kevin Lamarque | Reuters

Americans shouldn’t gather indoors with people outside their households to watch the Super Bowl this weekend to keep the coronavirus from spreading, the director of the Centers for Disease Control and Prevention said Wednesday.

“Whichever team you choose and which commercial is your favorite, be sure to watch the Super Bowl and only meet virtually or with the people you live with,” said CDC Director Dr. Rochelle Walensky on Wednesday at a Covid-19 briefing in the White House. “We have to take prevention and intervention seriously.”

Walensky noted that the number of new Covid-19 cases and hospitalizations continues to decline and that the daily death toll is likely to follow. But she added, “This is not the time to let go of our watch.” She said new, more contagious variants of the coronavirus are threatening to reverse the country’s progress in fighting the outbreak.

The CDC has issued guidelines on how to safely watch the Super Bowl, urging people not to travel to parties. It has been said, “Meeting virtually or with people you live with is the safest choice.”

According to CDC instructions, if people choose to gather, they should wear a mask, practice physical distance, wash their hands frequently, and watch the big game in a well-ventilated room or outdoors.

Epidemiologists say the country is just recovering from a spate of cases, hospitalizations, and deaths, largely caused by gatherings over Christmas, New Year, and other holidays in recent years. Infection levels remain worryingly high in much of the country, and inter-household gatherings for Sunday’s Super Bowl could lead to renewed spikes in some cases.

This is particularly worrying given that three other contagious variants of the virus have been discovered in the US that are of concern to federal health officials. The strain B.1.1.7 was discovered in the United Kingdom in autumn and is the dominant variant there. The B.1.351 was recently found in South Africa and has established itself in that country. The P.1 variant in Brazil has become the dominant Covid-19 strain there.

The US doesn’t do nearly as many genetic sequences as, say, the UK, which means it’s difficult to know exactly how widespread the variants are in the US. The CDC has confirmed more than 500 B.1.1.7 cases, three cases from B.1.351 and two cases from P.1 to date.

Dr. Leana Wen, former Baltimore health commissioner, said in a telephone interview that the spread of the new variants could lead to an “exponential explosive spread” of the virus. She added that the nation is in a race to vaccinate people before the new strains take root in the United States

Jeff Zients, coordinator of President Joe Biden’s Covid-19 task force, said Wednesday that the new administration had increased the pace of vaccine distribution by 20% since the president took office. As vaccinations rise, some public health specialists say the government could do more to increase the number of Americans who are vaccinated each day.

According to the CDC, more than 52.6 million doses of the vaccines have been distributed to states, but fewer than 32.8 million doses have actually been given.

“We have triggered a response from the entire government. We have increased the vaccine supply. And we are making sure that all Americans in every community have more vaccination sites,” Zients said on Wednesday.

Categories
Business

Pandemic Stymies Labor Market Restoration: Dwell Updates

Here’s what you need to know:

Job growth is stalling

Cumulative change in all jobs since before the pandemic

By Ella Koeze·Seasonally adjusted·Source: Bureau of Labor Statistics

The American economy produced little relief last month as the winter pandemic surge continued to stymie a rebound in the labor market. The weak showing comes in the midst of a fresh effort in Washington to provide a big infusion of aid to foster a recovery.

U.S. employers added 49,000 jobs in January, the Labor Department said Friday. The number reflected a disappointing month of hiring even as it provided hope of renewed economic momentum.

The unemployment rate fell to 6.3 percent, from 6.7 percent.

Unemployment rate

By Ella Koeze·Seasonally adjusted·Source: Bureau of Labor Statistics

The limited January gains followed an outright setback in December, when the economy shed jobs for the first time since April. December’s loss, originally stated at 140,000, was revised on Friday to 227,000. The gain for November was revised from 336,000 to 264,000.

There was a small victory in avoiding a second consecutive month of job losses, a prospect that some economists had feared given the one-two punch of rising coronavirus cases and waning federal aid.

“It is a positive sign that we got over those speed bumps and the wheels haven’t completely come off the car,” said Nick Bunker, head of research for the job site Indeed.

But Mr. Bunker said the gains were nothing to celebrate. The economy still has more than nine million fewer jobs than it did before the pandemic, and progress has slowed significantly since the summer. Unlike in December, when job losses were concentrated in a few pandemic-exposed sectors, the weakness in January was broad-based, with manufacturers, retailers and transportation companies all cutting jobs.

“It’s not clear that this one month assuages those concerns,” he said. “A hundred thousand here, a hundred thousand there is steady progress, but it’s not the sort of gains we need to see.”

Looking to strengthen the recovery, President Biden and congressional Democrats have been pressing for a $1.9 trillion relief measure. The legislation took a step forward early Friday when the Senate narrowly passed a budget resolution that will next go to the House, where Democrats will not need Republican support to approve it.

Some Republicans have said a smaller package would suffice, and others have said it is too soon for another round of aid.

Nearly a year after the pandemic devastated the job market, many forecasters predict that the economy will strengthen from here on. The $900 billion federal relief package enacted in December is expected to bolster the economy, with more aid potentially on the way. The vaccination push, though slower than hoped, is paving the way for wider reopenings even as coronavirus mutations around the world make the rollout more urgent.

“There should be a tailwind at the economy’s back,” said Julia Pollak, a labor economist at the online job site ZipRecruiter. “We’ll need all the tailwinds we can get.”

But the winter slowdown could leave lasting wounds. Though the economy has regained more than half of the 22 million jobs lost last spring, millions of people have been unemployed for a long period — potentially making it harder to rejoin the work force — or are no longer classified as unemployed because they have stopped looking for a job.

“It is difficult on a monthly basis to really see what the long-term impacts will be,” said Daniel Zhao, an economist with the career site Glassdoor. “But certainly the long-term economic scarring is something that is a huge concern for the recovery.”

Credit…Ilana Panich-Linsman for The New York Times

As the pandemic recession drags on, more Americans are falling into long-term unemployment — a growing scourge that could threaten not just individual workers but the economic recovery as a whole.

More than four million people in January had been out of work for more than six months, the standard definition of long-term unemployment. That was up slightly from December and almost four times the number before the pandemic began.

The long-term jobless now account for nearly 40 percent of all unemployed workers, the biggest share since the aftermath of the recession of 2007-9. That doesn’t count people who have given up looking for jobs or who can’t work because of child care or other responsibilities.

The long-term jobless got a lifeline in December when Congress extended emergency programs that offer help to people whose regular benefits have expired. But another cliff is coming: Those programs are set to end in March, when there will almost certainly still be millions of people relying on them to pay rent and buy food.

Long-term unemployment continues to rise

Share of unemployed who have been out of work 27 weeks or longer

By Ella Koeze·Seasonally adjusted·Source: Bureau of Labor Statistics

“People still haven’t recovered from the December cliff, so they are just being kept in this constant cycle of panic,” said Stephanie Freed, a laid-off lighting designer who last year started an advocacy group for the unemployed.

Even with aid, however, the long-term jobless could face challenges that endure after the pandemic ends. Economic research has shown that when people are unemployed for extended periods, they have a harder time finding jobs. That — combined with businesses that have likewise faced a prolonged hibernation — could leave lasting economic damage.

“The longer a recession lasts, the more there can be permanent scarring,” said Beth Ann Bovino, the chief U.S. economist for S&P Global Ratings Services. “For those people who are long-term unemployed, those businesses that need to reopen, it takes time. It’s not like switching on and off the light bulb.”

Joblessness remained especially elevated for people of color in January as the pandemic continued to affect sectors where they are more likely to work.

The unemployment rate for Hispanic workers stood at 8.6 percent, exactly double where it was a year earlier. For Asian workers, joblessness was at 6.6 percent, more than twice its 3.1 percent level last January.

Black workers had the highest unemployment rate of any major racial or ethnic group, at 9.2 percent last month, up from 6.1 percent a year earlier. Unemployment for white workers is the lowest, at 5.7 percent, though that is still up significantly compared with 3 percent last January.

The figures underline that although the pandemic’s labor market effects have inflicted widespread damage, workers of color continue to shoulder a heavy burden as labor market weakness drags on.

Asian and Hispanic women’s unemployment rates grew the most

Unemployment rates for Black, Hispanic, Asian and white men

Unemployment rates for Black, Hispanic, Asian and white women

By Ella Koeze·Rates are seasonally adjusted except those for Asian men and women.·Source: Bureau of Labor Statistics

Women have also borne a major share of the pandemic’s economic fallout. The labor force participation rate — which tracks the share of the population either working or looking for jobs — is down 2.1 percentage points from last year for women 16 and older, compared with a 1.8-percentage-point drop for men.

Women may be lingering on the labor market’s sidelines for several reasons. They are more likely to work in service jobs affected by lockdowns and social distancing, and child care duties have fallen more heavily on mothers as the pandemic shutters schools and day care centers, studies have shown.

The Federal Reserve is attuned to those differences as it assesses the job market.

“When we say that the maximum employment is a broad and inclusive goal, what we’re seeing there is we’re not just going to look at the headline,” Jerome H. Powell, the Fed’s chair, said at a news conference late last month. “We’re going to look at different demographic groups, including women, minorities and others.”

The share of people working or looking for work remained depressed in January relative to its pre-pandemic level, underlining the labor market’s continued weakness.

The so-called labor force participation rate hovered at 61.4 percent last month, the Labor Department said on Friday, little changed from December and down from 63.3 percent in February 2020, just before the crisis took hold. The measure of work force attachment had slumped as low as 60.2 percent last April, and now it seems to have leveled off after rebounding only partway.

People who have left the labor force altogether have still not been replaced

Share of the working-age population who are in the labor force (employed, unemployed but looking for work or on temporary layoff)

By Ella Koeze·Seasonally adjusted·Source: Bureau of Labor Statistics

That so many people remain outside of the work force suggests there is more weakness in the labor market than implied by the slowly declining headline unemployment rate, which tracks only people who are actively applying for work. Continued shutdowns and health concerns could be keeping would-be job seekers on the sidelines.

“The third wave of the virus may have dissuaded some individuals from applying for jobs,” Spencer Hill at Goldman Sachs wrote in a note previewing the report.

For people in their prime working years, classified as 25 to 54 years old, labor force participation came in at 81.1 percent in January. That figure stood at 82.9 percent last February and fell to 79.8 percent during the worst part of the pandemic.

Economists and policymakers are closely watching measures of labor force attachment to gauge how far the job market is from full recovery. After the 2007-9 recession, participation for workers in their prime unexpectedly rebounded as some who were believed to have permanently dropped out of the job market began to look for jobs or take open positions.

“Clearly, we have a ways to go before we get back to the vibrant economy we had on the eve of the pandemic, when the unemployment rate stood at 3.5 percent and there were nearly 10 million more people on payrolls,” Charles Evans, the president of the Federal Reserve Bank of Chicago, said in a speech this week.

Food banks like COPO pantry in Brooklyn have seen record numbers of clients during the pandemic.Credit…Todd Heisler/The New York Times

The Labor Department’s report on Friday that the economy added 49,000 jobs in January, while unemployment fell to 6.3 percent, is fueling a push by President Biden and congressional Democrats to pass a $1.9 trillion aid package as soon as this month.

The report showed the economy remains 10 million jobs below its pre-pandemic levels, with sluggish job growth outside of government: The private sector added only 6,000 jobs on net for the month. Revisions to November and December’s jobs data also showed the job market was struggling even more than previously known in the late fall and early winter.

Even the government gains, which were entirely concentrated in state and local education hiring, could be illusory. The department warned in its report that education layoffs caused by the pandemic last year “distorted the normal seasonal buildup and layoff patterns” in education, and possibly made January’s hiring numbers look better than they actually were.

Mr. Biden lamented the jobs numbers before a meeting with House Democrats in the White House to discuss the aid package, saying the 6,000 new private-sector jobs was far too small a figure. “At that rate it’s going to take 10 years before we get to full unemployment.”

“We can’t do too much here, but we can do too little,” he said. “We’ve got a chance to do something big here.”

Mr. Biden, who is set to speak about the economy later on Friday morning, has repeatedly urged Congress to spend aggressively on vaccine deployment, direct aid to individuals and families, expansions of the social safety net and other provisions meant to bring the pandemic to a swifter end and to bridge vulnerable people and businesses to the resumption of normal levels of economic activity.

He and his aides dismissed any sign in the latest report of an economy healing faster than expected and any reason to scale back on plans to provide more help.

The White House Council of Economic Advisers posted a series of messages to Twitter on Friday morning, calling the report “yet another reminder that our economy remains in a hole worse than the depths of the Great Recession and needs additional relief.”

Strong relief is urgently and quickly needed to control the virus, get vaccine shots in arms, and finally launch a robust, equitable, and racially inclusive recovery

— Council of Economic Advisers (@WhiteHouseCEA) February 5, 2021

“Strong relief is urgently and quickly needed,” the council wrote, “to control the virus, get vaccine shots in arms, and finally launch a robust, equitable, and racially inclusive recovery.”

Analysts had been expecting more significant job gains, and they largely called the report a disappointment. “This is not a good start to 2021,” said Nick Bunker, economic research director at the online jobs site Indeed. “Today’s report is essentially the opposite of what we need almost a year into the pandemic.”

Still, some Republicans have argued that the economy is just now starting to reap the benefits of a $900 billion aid package Congress approved in December and that the economy does not need an additional $1.9 trillion jolt. They are likely to point to the drop in the unemployment rate reported on Friday as further evidence that the aid bill should be smaller and more targeted.

Representative Kevin Brady, Republican of Texas, called the jobs report “weak” but said the economy did not need the type of stimulus package that Mr. Biden is proposing.

“Unfortunately, there is little stimulus in the president’s nearly two-trillion dollar ‘stimulus,’” he said. “And unless he begins to work with Republicans in earnest, Americans will suffer tepid job growth as the new normal.”

Denise N. George, the attorney general of the U.S. Virgin Islands. Credit…Gabriella N. Baez for The New York Times

The top law enforcement officer in the U.S. Virgin Islands accused the executors of Jeffrey Epstein’s estate of mismanagement after a compensation fund established for Mr. Epstein’s sexual abuse victims had to suspend payments.

Lawyers for Denise N. George, the attorney general for the U.S. Virgin Islands, asked the probate judge overseeing Mr. Epstein’s vast estate to temporarily stop the executors from writing checks and selling assets. The motion, filed late Thursday, says that the executors, two former business associates of Mr. Epstein’s, had mishandled the estate’s finances, including by paying certain legal expenses and landscaping costs for Mr. Epstein’s properties.

Earlier Thursday, the independent administrator of the victims’ fund said she had to suspend approving any further settlement payments after the executors told her they did not have sufficient cash to fund the program.

The program has approved about $55 million in payments to victims. About 150 woman have filed claims saying that Mr. Epstein abused them when the were teenagers or young women. The deadline to file claims is March 25.

Lawyers for the executors contend that they have been unable to sell many of the estate’s assets, including real estate, because of the pandemic. At the end of last year, the estate reported having $240 million in assets, including $49 million in cash on hand.

As of

Data delayed at least 15 minutes

Source: Factset

  • Stocks on Wall Street climbed for a fifth consecutive day on Friday, extending a rally that has brought the S&P 500 back up to record highs.

  • The gains continued even after government data showed that U.S. employers added just 49,000 jobs in January, a weak recovery from an outright setback in December. But the rally also reflected expectations for a new stimulus plan, which continues to advance in Congress.

  • The S&P 500 rose about half a percent, adding to a rally of more than 4 percent already this week. It has more than recovered from last week when a frenzy by retail traders in “meme stocks” like GameStop and AMC Entertainment unnerved markets. This weeks showing is the market’s best since early November.

  • Oil prices have risen nearly 9 percent this week, the biggest jump since October. Futures of West Texas Intermediate, the U.S. benchmark, were at $56.72 a barrel, while Brent crude, the European benchmark, approached $60 a barrel.

  • GameStop was volatile, falling in early trading before snapping sharply higher just minutes later. By midmorning Friday, the shares were up about 37 percent as they rebounded from a plunge earlier in the week.

  • The rally came after Robinhood, the online trading app that enraged users when it restricted buying some of the most popular stocks, announced “there are currently no temporary limits” on buying shares.

  • AMC Entertainment, another stock that has been the focus of small investors who have egged each other on with social media posts about their trades, also rallied from an early drop and was up more than 10 percent.

  • Janet Yellen, the Treasury secretary, met with market regulators on Thursday to discuss the volatility caused by the frenzy of trading in GameStop, AMC and other stocks. Afterward, the Treasury Department issued a statement that said the markets’ “core infrastructure was resilient” and that the Securities and Exchange Commission should publish a study of what happened.

  • Most European stock indexes were higher on Friday, with Italy’s still leading the way, as investors expressed confidence in Mario Draghi, the former head of the European Central Bank, forming a new Italian government. The FTSE MIB in Italy has gained close to 7 percent this week, compared with a 3.3 percent gain in the Stoxx Europe 600 index.

  • Yields on 10-year British government bonds rose to 0.49 percent, the highest since March. Bond prices fell and the yields rose after the Bank of England said on Thursday that it wanted banks to be prepared for negative rates but it had no intention of introducing them imminently. The central bank said it expected the vaccine rollout to prompt a swift economic recovery later this year. The optimism has helped lift bond yields across Europe and the United States.

Among the winners in the meme-stock frenzy is the Koss family of Milwaukee. The Nasdaq-listed headphone maker that bears their name was swept up in the recent market frenzy, pushing the company’s share price up by nearly 2,000 percent in a matter of days. Koss, like other so-called meme stocks, was singled out by traders because it had attracted a lot of interest from short-sellers, which the buyers hoped to squeeze by bidding up the company’s shares.

Koss insiders sold some $44 million in stock this week, an amount worth more than the company’s entire market cap before crowds of retail traders sent its shares soaring. Michael J. Koss, the chief executive and son of the firm’s founder, sold shares worth more than $13 million, according to a regulatory disclosure. He was joined by other family members, executives and directors in paring their holdings.

The company, founded in 1958, was a pioneer in personal headsets, inventing the first stereo headphone. The company reported around $18 million in revenue in its latest fiscal year, with about a fifth of its sales going to Walmart. It employs just over 30 people directly, in addition to contracting with manufacturers in Asia.

Although executives at other companies at the center of the frenzy, namely GameStop and AMC, haven’t sold shares during the rally, there is nothing untoward legally about the move, provided that the insiders did not have access to private information about the rally. The Reddit-fueled surge in demand was largely conducted in the open, by investors cheering each other on via a public message board.

“As the stock goes up in price, whether it makes sense or not, the people on the end of the short sale suffer,” Craig Marcus, a partner at the law firm Ropes & Gray, told the DealBook newsletter. “People who hold the stock and have the opportunity to sell it and benefit from it, benefit from it.”

Kirin, one of Japan’s biggest breweries, announced on Friday that it would halt a joint venture in Myanmar after the coup earlier this week.

Beginning in 2015, the company set up two brewing companies in Myanmar, hoping to “contribute positively to the people and the economy of the country as it entered an important period of democratization,” Kirin said in a statement on Friday.

But in light of the coup, Kirin decided to exit its joint venture with Myanma Economic Holdings Public Company Limited, it said in the statement, citing the company’s connections to Myanmar’s military. It did not specify a time frame but said it was taking steps “as a matter of urgency.”

Kirin had been under pressure to cut ties with its partner in Myanmar after the release late last year of an Amnesty International report that said the Japanese brewer’s Burmese partner had directed payments to military units implicated in systematic violence against the Rohingya ethnic minority. The report’s allegations could not be independently verified.

In a statement, Amnesty International said Kirin’s decision showed it was “taking its human rights responsibilities in Myanmar seriously.”

Over 400 Japanese companies currently operate in Myanmar, according to data collected by Japan’s external trade agency.

A Kauishou billboard outside the company’s headquarters in Beijing. Its app has similar features to Periscope, Snapchat and Instagram.Credit…Wu Hong/EPA, via Shutterstock

Kuaishou, a short-video app, has captured the eyeballs of people across China. It has also caught the attention of stock pickers in Hong Kong, who nearly tripled the value of its shares in its public debut on Friday.

The app, which offers similar features to Periscope, Snapchat and Instagram, raised $5.4 billion and became the largest initial public offering by a Chinese internet company in Hong Kong. (Alibaba and other Chinese giants that are listed in Hong Kong brought in bigger hauls, but they debuted in New York before issuing secondary listings in Hong Kong.)

The company is now worth $160 billion, a valuation that surpasses that of Wells Fargo. More than 1.4 million individual retail investors in Hong Kong put in orders for Kuaishou shares ahead of its listing, according to a person with knowledge of the offering’s details, demonstrating the appetite for Chinese internet companies.

The video app has a large following outside of China’s high-rise metropolises. It is known for videos that focus on slice-of-life vignettes, often in rural areas. In a country that spends much of its waking hours online, Kuaishou has turned ordinary people like train conductors and welders into celebrities. It has also, at times, caught the attention of China’s censors.

Kuaishou’s fund-raising success is a vote of confidence for Hong Kong’s reputation as a top finance capital. Hong Kong is a part of China that operates under separate laws, but the city faces political uncertainty after a crackdown on a pro-democracy movement and the imposition of a national security law by Beijing.

The city has long served as a bridge between the world and mainland China, and for years has served as a home for multinational companies that relied on its legal protections and free flow of information, features that are not available on the mainland.

Beijing’s increasingly heavy hand in the city’s affairs has undermined some of these assumptions. The decision by Chinese regulators to pull the plug on the initial public offering of Ant Group just days ahead of its planned debut in November added to concerns about the risks of interference by Beijing.

Peloton said it would invest heavily to limit the delays in getting the equipment to customers that have plagued the company.Credit…Dolly Faibyshev for The New York Times

Peloton, the home fitness company, reported a jump in quarterly sales and profits on Thursday. But its stock price fell more than 8 percent in after-hours trading, as supply-chain issues continue to weigh on the company and as investors consider whether demand for its bikes and treadmills may fall as gyms reopen.

Peloton’s value has soared nearly sixfold to $46 billion over the past year as pandemic lockdowns made its internet-connected fitness equipment a hot commodity. But the company has struggled to get the bikes to customers because of supply-chain challenges and delivery delays.

Peloton reported $1.1 billion in revenue for the three months that ended in December, a 128 percent increase from a year earlier. It reported a net income of $64 million, compared with a net loss of $55 million a year earlier. Peloton now counts 4.4 million members, it said, including 1.67 million who own its fitness devices and subscribe to its streaming classes.

In a letter to shareholders, Peloton said port closures on the West Coast and other “Covid-related factors” continued to delay deliveries. In December, the company acquired Precor, a fitness company with factories in the United States. It has also begun production in a new factory in Taiwan.

Peloton also said it would invest $100 million to expedite deliveries and would ship equipment by air rather than sea, incurring costs that are 10 times higher than normal.

“These unprecedented measures are for these unprecedented times,” John Foley, Peloton’s chief executive, wrote in a letter to customers.

Credit…Jeenah Moon for The New York Times

And now for something completely unexpected: The New York Post recorded a profit for the first time in decades.

The colorful, pun-happy tabloid made money in the most recent quarter, its parent company, News Corp, said Thursday as part of its earnings report.

The Post, which was remade by Rupert Murdoch into the sensationalist, Fleet Street form he preferred, was famous within media circles for being a money-losing enterprise. But it afforded Mr. Murdoch a significant voice in American media. Its aggressive coverage of boldfaced names and intense focus on Wall Street made it a must-read among the powerful. And its financial losses, which at one point reached more than $40 million annually, were considered well worth the cost.

But the irony in The Post’s new profit milestone is that it comes at a time when the paper has arguably lost much of its sensationalist charm and no longer enjoys its reputation as a potent tabloid teaser.

Losses at Mr. Murdoch’s papers in Australia and Britain have forced News Corp to tighten belts at every division in the last few years. The Post also underwent deep cost cuts, laying off more than 20 staff members last year and announcing a leadership change in January. In October, some of the paper’s reporters revolted when they were asked to put their names to a dubious report tying Joseph R. Biden Jr. to his son Hunter’s lobbying activities abroad.

News Corp didn’t say exactly how much profit the paper made, but Robert Thomson, the chief executive, touted the moment and added, “Our task now is to ensure its long-term profitability.”

Mr. Murdoch’s other U.S. paper, The Wall Street Journal, continued to see strong financial results. The broadsheet had 3.22 million print and digital subscribers as of the end of December, a 19 percent jump over the previous year. Of that number, about 2.46 million were for digital-only customers, a 28 percent increase over the previous year, amounting to a gain of about 106,000 new digital customers for the period.

Dow Jones, which includes The Journal, the sister publication Barron’s, and Risk and Compliance, an expensive subscription product targeted primarily to banks and other big businesses, saw a 4 percent increase in revenue, to $446 million. Profit before taxes rose 43 percent to $109 million, a portion of which was driven by Risk and Compliance.

As at other papers, advertising revenue at Dow Jones, which includes The Journal, continued to fall, with a 29 percent decrease in print ads, but digital advertising rebounded, growing 29 percent over the previous year. Advertising decreased overall by 4 percent, the company said.

News Corp reported a 3 percent decline in its overall revenue, to $2.41 billion, and a pretax profit of $497 million for the three months ending in December, the company’s second fiscal quarter.

But the company’s biggest bright spot was at the book publisher HarperCollins, where revenue jumped 23 percent, to $544 million, as the division saw higher sales in every book category. News Corp recently lost its bid to Penguin Random House to buy the rival publisher Simon & Schuster.

Categories
Business

Inventory Market Dwell Updates: Jobless Claims, Merck CEO, 23andMe and Extra

Here’s what you need to know:

Credit…Ilana Panich-Linsman for The New York Times

The American job market continues to struggle, held back by the coronavirus, the slow rollout of vaccines and the loss of overall economic momentum.

The Labor Department reported Thursday that new claims for unemployment benefits fell last week for the third straight week but remained at extraordinarily high levels by historical standards.

Last week brought 816,000 new claims for state benefits, compared with 840,000 the previous week. Adjusted for seasonal variations, last week’s figure was 779,000, an decrease of 33,000.

There were 349,000 new claims for Pandemic Unemployment Assistance, a federally funded program for part-time workers, the self-employed and others ordinarily ineligible for jobless benefits. That total, which was not seasonally adjusted, was down 55,000 from the week before.

The easing of new diagnoses and the partial relaxation of restrictions in some places seems to have taken off a bit of the pressure on employers that was evident a few weeks ago.

“These numbers were slightly encouraging,” said Gregory Daco, chief U.S. economist at Oxford Economics. “While still alarmingly high, it’s better than the spike that occurred at the beginning of January.”

Mr. Daco noted that the wait in passing a new stimulus package in December amid partisan battles in Washington may have delayed some claims that ended up being filed in January after it was signed into law. Now that surge seems to be clearing.

Nevertheless, for workers in the hardest-hit industries, conditions remain difficult.

“It’s been a rough winter, especially for folks in the leisure and hospitality sector and the food sector,” said David Deull, an economist at the research and analysis firm IHS Markit. “They were also the ones to suffer during the initial wave of shutdowns in the spring.”

The latest data strengthens the argument for more stimulus, economists say, a key policy position of the Biden White House. The $900 billion aid package passed in December helps many unemployed workers only through mid-March.

“I do think there is a need for more stimulus,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “It’s a crucial part of this rebound.”

Kenneth Frazier, the chief executive of Merck, is one of four Black chief executives of Fortune 500 companies.Credit…Mike Cohen for The New York Times

Kenneth C. Frazier, the chief executive of Merck who has led the pharmaceutical company for a decade, will step down from that post later this year, the company said Thursday.

Mr. Frazier will stay on after June as executive chairman during a transition period as Robert M. Davis, Merck’s chief financial officer since 2014, takes over as chief executive.

Shares of Merck, which also reported earnings that fell slightly short of analysts expectations on Thursday, were up a little less than 1 percent in premarket trading. The company’s share price has more than doubled since Mr. Frazier took the reins in January 2011, but this has lagged the S&P 500 index, which tripled over the same period.

Mr. Frazier is an outspoken advocate of racial justice. As Merck’s chief executive, he drew headlines for standing up to President Donald Trump over the violent Charlottesville demonstrations in 2017. As a Harvard-educated lawyer before that, he spent a decade successfully pushing for the exoneration of a wrongfully accused man on death row.

“The most important role of a leader is to safeguard the heritage and values of the company,” he told The New York Times in 2018.

He is one of just four Black chief executives of Fortune 500 companies, including Marvin R. Ellison at Lowe’s, René F. Jones at M&T Bank and Rosalind Brewer, who will take over at Walgreens next month.

The company said in a release announcing the transition that Mr. Frazier’s “belief in the importance of a strong, values-based culture, and his ability to attract and retain the best talent, will stand as an enduring testament to his concern and care for the people whose skill and commitment will be critical to Merck’s continued success.”

Treasury Secretary Janet Yellen will discuss the recent market frenzy with regulators on Thursday.Credit…Kriston Jae Bethel for The New York Times

Janet Yellen, the Treasury Secretary, will meet on Thursday with officials from financial market regulators including the Securities and Exchange Commission to discuss the market volatility created by retail traders, the Treasury Department said, after the remarkable rise in prices of “meme stocks” such as GameStop.

The meeting, which will also include the heads of the Federal Reserve, the Federal Reserve Bank of New York and the Commodity Futures Trading Commission, is a sign of heightened scrutiny in Washington toward the frenzy in trading.

Shares in GameStop, a video game retailer, surged last week but have since fallen from their dizzying heights, testing the will of investors who joined in the fervor as a challenge to Wall Street investors. It shares soared 1,600 percent in January alone. Since Friday, the price of GameStop stock has plummeted to about $90 from $325.

The scrutiny in Washington comes as Gary Gensler, President Biden’s nominee to head the S.E.C., the principal overseer of capital markets, awaits Senate confirmation. Mr. Gensler served as head of the C.F.T.C. during the Obama administration and gained a reputation as a tough regulator.

Richard Branson, the founder of the Virgin Group, is backing an investment fund that will merge with 23andme in a plan to take the DNA-testing company public.Credit…Simon Dawson/Reuters

23andMe, one of the most popular consumer-DNA testing providers, said on Thursday that it planned to become a publicly traded company by merging with an investment fund backed by the British entrepreneur Richard Branson.

The company, which helped popularize at-home DNA testing after it was founded in 2006, will join the ranks of businesses that have found new homes in the public markets by merging with so-called special purpose acquisition companies. The company will be valued at $3.5 billion, including debt.

Commonly known as SPACs or blank-check funds, these vehicles have become one of Wall Street’s biggest crazes. They raise money from public-market investors for the sole purpose of buying a privately held company and giving them their stock tickers, bypassing the traditional cumbersome process of an initial public offering.

Last year, 248 blank-check funds raised $80 billion, shattering records, according to SpacInsider. They have grown so popular that their backers now include an array of unconventional figures, like the former Oakland A’s manager Billy Beane and the former House speaker Paul Ryan.

Mr. Branson was an early participant in the trend: In 2019, he took his Virgin Galactic space tourism company public by merging it with a SPAC. The company is now valued at more than $13 billion.

Now he is turning his attention to one of the biggest names in consumer DNA testing. 23andMe pitched itself as a way for people to screen their genetic data for potential health issues, but was temporarily ordered to stop by the Food and Drug Administration. The agency has since allowed it to offer those services.

Under the terms of the deal announced Thursday, 23andMe will combine with VG Acquisition Corporation, which is backed by Mr. Branson and his Virgin Group. Also investing in the transaction are the mutual fund giant Fidelity and 23andMe’s chief executive, Anne Wojcicki.

The Bank of England building in November. Policymakers are looking into negative interest rates, which have been used by central banks in Europe and Japan to stimulate the economic.Credit…Andrew Testa for The New York Times

The Bank of England has told British banks that they should take whatever steps are necessary to prepare their systems for negative interest rates, opening up a pathway for the central bank to use this additional policy tool to encourage more lending.

But policymakers cautioned on Thursday that they weren’t trying to send the signal that rates would be cut below zero imminently. The markets responded accordingly: The British pound and short-dated bond yield rose as traders pared back expectations for a rate cut.

The central bank held interest rates at 0.1 percent and continued its asset-buying program at the same pace.

For months, there has been a debate about whether the Bank of England could introduce negative interest rates as another mechanism to bolster the economy. Other central banks in Europe and Japan have had negative interest rates for several years, but there were questions about how effective this move would be in the British economy.

After consulting with banks about whether it would be feasible to cut rates further, it found that most firms would need to make some changes to their systems and processes. On Thursday, it asked the banks to begin making these changes.

“While the Committee was clear that it did not wish to send any signal that it intended to set a negative Bank Rate at some point in the future, on balance, it concluded overall that it would be appropriate to start the preparations to provide the capability to do so if necessary in the future,” the minutes from February’s monetary policy meeting said. Banks should prepare “to be ready to implement a negative Bank Rate at any point after six months.”

The central bank also updated its forecasts for the British economy, which is in the midst of the pandemic and also dealing with the initial impact of Brexit, its divorce from the European Union’s single market and customs union. It said the economy didn’t suffer as badly at the end of 2020 as previously expected, but there would be a downturn in the first quarter of 2021 because of the long lockdown while vaccinations are rolled out.

Gross domestic product was forecast to fall 4.2 percent in the first three months of the year. That’s a downgrade from November’s forecast, when the central bank had predicted more than 2 percent growth.

A Shell station in Lone Tree, Colo. Despite a big fall in profit, Royal Dutch Shell said Thursday it would increase its dividend.Credit…David Zalubowski/Associated Press

Royal Dutch Shell, Europe’s largest oil company, joined other energy giants this week in reporting sharply lower earnings on Thursday as the pandemic weighed on oil and gas prices and consumption.

Shell said that its adjusted earnings, a metric followed by analysts, fell 87 percent in the 4th quarter compared with the same period a year earlier, to $393 million. By the same metric, Shell’s profit for all of 2020 fell by 71 percent to $4.8 billion.

When including enormous write-downs on oil and gas fields and other assets during the year, Shell reported a loss of $21.7 billion for 2020.

Despite the disappointing results, Shell said it would increase its dividend payout by 4 percent in the first quarter of 2021. It had already increased its dividend by a similar amount in the third quarter of 2020 after a two-thirds cut earlier in the year, the company’s first since World War II.

Shell says it is able to afford the dividend increases because it pulled in about $21 billion in cash over the year after expenditures.

Shell is one of the largest oil producers in the Gulf of Mexico, but Ben van Beurden, the chief executive, said he did not “see any economic impact” on the company from the Biden administration’s decision to pause the granting of new leases on federal property. Mr. van Beurden, on a call with reporters, said that Shell had some 300 lease positions in the Gulf, giving the company “enough running room for the rest of the decade.”.

He did suggest that the administration’s approach might be shortsighted because it could lead to the United States importing oil and gas produced with greater carbon emissions from elsewhere.

A Deutsche Bank office building in Berlin. The bank, Germany’s largest, credited a rise in trading revenue for its first annual profit in six years.Credit…Emile Ducke for The New York Times

  • The S&P 500 index rose 0.3 percent at the start of trading after a small gain on Wednesday.

  • On Friday, the first major report on unemployment and hiring for 2021 will be released by the Labor Department. Despite the vaccine rollout, there are still signs that the labor market is struggling. This week, congressional Democrats and the Biden administration moved forward with their $1.9 trillion economic stimulus package.

  • Trading in “meme stocks” like GameStop and AMC Entertainment has calmed in the past few days. GameStop shares fell about 7 percent in early trading. Later on Thursday, Treasury Secretary Janet Yellen will meet with financial market regulators to discuss the recent volatility caused by retail trading.

  • Most European stock indexes were little changed. The Stoxx Europe 600 was slightly higher with gains in health care stocks offset by losses in consumer and utilities companies.

  • Deutsche Bank posted its first annual profit in six years thanks to an increase in fixed-income trading revenue. But investors showed little interest in the beleaguered German bank’s stock, and its shares fell on Thursday.

  • Royal Dutch Shell reported a nearly 90 percent drop in its profit in the fourth quarter, the latest in a string of big oil and gas companies that have been beaten down by the pandemic, which has sapped demand. It adds pressure to the industry’s transition to greener energy.

  • Oil prices rose. Brent crude, the European benchmark, gained 0.7 percent, reaching $58.84 a barrel, the highest in nearly a year.

Keith Gill’s Roaring Kitty videos include a disclaimer saying investors “should not treat any opinion expressed on this YouTube channel as a specific inducement to make a particular investment.”Credit…via YouTube

A regulator in Massachusetts wants to know if Keith Gill, an early endorser of GameStop also known as Roaring Kitty, broke any rules pertaining to his former day job when he promoted the video-game retailer on social media platforms.

Mr. Gill is a registered securities broker who worked for the insurer MassMutual as a financial wellness education director, and the company has told the state’s securities regulators that it was unaware that he had spent more than a year posting about GameStop on social media, online message boards and YouTube. The insurer also told regulators that had it known about Mr. Gill’s outside activities, it would have asked him to stop or possibly fired him, The New York Times’s Matt Goldstein reports.

Inspired in part by Mr. Gill’s cheerleading, thousands of small investors pushed stock in GameStop to as high as $483 a share and made Mr. Gill fabulously rich on paper. A picture he posted last week on the Reddit WallStreetBets forum showed his GameStop investment was worth $48 million, though his actual returns could not be independently verified.

Mr. Gill may also be summoned to testify before the House Financial Services Committee later this month, Representative Maxine Waters, the chairwoman of the committee, said on the Cheddar financial news channel on Wednesday.

As a young executive at Amazon, Andy Jassy, who will be the company’s next chief executive, spent 18 months shadowing Jeff Bezos, the founder.Credit…David Paul Morris/Bloomberg

Andy Jassy, the Amazon executive who will take over the company as chief executive when its founder, Jeff Bezos, steps aside later this year, spent more than two decades learning from Mr. Bezos.

In 2002, as a young executive, began following Mr. Bezos everywhere, including board meetings, and sat in on his phone calls, The New York Times’s Karen Weise and Daisuke Wakabayashi report.

The idea, said Ann Hiatt, who was Mr. Bezos’ executive assistant from 2002 to 2005, was for Mr. Jassy to be “a brain double” for Mr. Bezos so that he could challenge his boss’s thinking and anticipate his questions.

As Mr. Jassy followed Mr. Bezos, he also spearheaded Amazon’s move into a new field: cloud computing. That project became Amazon Web Services, now Amazon’s largest source of profit.

Categories
Business

Reside Updates on Inventory Market At the moment: The Newest

Here’s what you need to know:

Credit…Brendan Mcdermid/Reuters

Exxon Mobil on Tuesday reported its fourth consecutive quarterly loss on Tuesday as the pandemic continued to weigh on energy demand and oil and natural gas prices.

In the worst year for the company in four decades, Exxon said it lost $22.4 billion in 2020, compared with a profit of $14.3 billion in 2019. A big chunk of the company’s losses came from $19.3 billion in write-downs in the last three months of the year as the company marked down the value of U.S. natural gas fields acquired when gas prices were far higher before fracking flooded the market a decade ago.

Exxon sharply cut spending on exploration and production by $21.4 billion, or 35 percent, last year because of the pandemic.

“The past year presented the most challenging market conditions Exxon Mobil has ever experienced,” said Darren W. Woods, the company’s chairman and chief executive. He added that the company ended the year as “a stronger company” with a “flexible capital program that is robust to a range of market scenarios and focused on our highest-return opportunities.”

There were some signs of recovery in the fourth quarter. Excluding its write-downs, Exxon made a small profit of $110 million in the quarter as commodity prices began to recover.

Exxon’s large chemical business earned $691 million, its best quarterly result since 2018. Oil production in the Permian basin straddling Texas and New Mexico increased by 42 percent in the quarter compared with the fourth quarter of 2019. After a slow start in 2019, oil production in the deep waters off the coast of Guyana ramped up to 120,000 barrels a day and is expected to increase significantly over the next five years.

Early in 2020, there were persistent concern among investors that the company would cut its dividend, but as oil prices surged above $50 a barrel in recent weeks, those fears have subsided. The company’s stock price has recovered by roughly 40 percent since November. Exxon was up about 2 percent in early trading on Tuesday.

Under pressure to show progress on curbing emissions, the company said on Monday that it was creating a new business called Low Carbon Solutions to develop carbon capture and sequestration projects around the world.

The company is expected to reorganize its board in the coming months and on Tuesday announced the election of a new member, Tan Sri Wan Zulkiflee Wan Ariffin, a former president of the Malaysian oil company Petronas.

The price of silver futures reached an eight-year high on Monday, but has fallen since then.Credit…Peter Andrews/Reuters

  • Stocks on Wall Street rose on Tuesday, following gains in Asian and European stock markets, as the retail trading frenzy that gripped market watchers for the past week appeared to die down.

  • The S&P 500 rose 1 percent, adding to a gain of 1.6 percent from the day before, ahead of earnings reports from Amazon and Alphabet.

  • GameStop shares plunged 40 percent, after dropping 31 percent on Monday. Still, the shares of the video game retailer were up sharply for the year after they rallied 1,600 percent in January. There were signs that efforts to squeeze funds that had bet against the stock were working. Short interest in the stock has fallen by more than half, and some hedge funds have reported losses.

  • Shares in AMC Entertainment declined 35 percent.

  • Robinhood loosened its limits on the buying of securities of GameStop, AMC and six other companies. Trading volumes for both companies were lower on Monday than any day in the previous week.

  • Futures in silver fell 5 percent on Tuesday to $27.90 an ounce, pulling back from an eight-year high reached on Monday.

  • Over the weekend, online chatter encouraged retail investors to buy silver in an effort to create a “silver squeeze” as attention seemed to move away from the meme stocks of last week. After websites that sold silver coins and bars reported a surge in demand and the largest exchange-traded product tracking the metal reported record inflows, silver futures rose 9 percent on Monday.

  • In equity markets, the Stoxx Europe 600 rose 1 percent, the biggest single-day increase in nearly four weeks.

  • The eurozone economy contracted 0.7 percent in the fourth quarter, data published Tuesday showed, putting the region on track for a double-dip recession as it struggles to ramp up its vaccination program. That said, the economic decline at the end of last year was slightly smaller than economists forecast.

A 2021 Tesla Model X sport-utility vehicle. The company said it would recall Model S vehicles from 2012 to 2018 and Model X vehicles from 2016 to 2018.Credit…David Zalubowski/Associated Press

Tesla has agreed to recall nearly 135,000 vehicles after a federal regulator raised concerns about problems with the touch-screen displays in some of the company’s most expensive cars.

The company disagreed with a request made in January by the regulator, the National Highway Traffic Safety Administration, that it recall the cars, but it said that it would proceed “in the interests of efficiently resolving this matter and providing a better experience for the customer,” a Tesla executive said in a letter to the agency that was made public on Tuesday.

The recall affects Model S vehicles from 2012 to 2018 and Model X vehicles from 2016 to 2018. Those are the company’s flagship cars and can cost up to $100,000 or more.

At issue is a memory chip in the center display of the vehicles, which drivers use to control many aspects of their Teslas. The safety agency said when the chip wears out, it can cause the loss of certain functions, including turn signal lighting and the rearview camera display.

“As stated in our letter, the agency tentatively concluded that these vehicles contain a defect related to motor vehicle safety,” the regulator said in a statement. “Safety is NHTSA’s top priority, and timely recalls are crucial to ensuring the safety of drivers, passengers, and other road users.”

Tesla plans to notify owners of the affected vehicles and will replace the component for free, the regulator said. The recall is expected to begin on March 30.

BP’s chief executive, Bernard Looney, said that he welcomed the environmentally friendly approach of the Biden administration.Credit…Ben Stansall/Agence France-Presse — Getty Images

BP on Tuesday reported its first loss in at least a decade, taking a $5.7 billion loss for the year compared with a $10 billion profit for 2019. The company said it eked out a $115 million profit for the fourth quarter of 2020, representing a year-on-year decline of about 95 percent.

Oswald Clint, an analyst at Bernstein, a market research firm, called the quarterly results “terrible” in a note to clients.

BP blamed a host of factors including low demand for its refined products because of the economic slowdown brought on by the pandemic, as well as low prices for oil and natural gas.

Last year, BP’s chief executive, Bernard Looney, announced a shift away from oil and gas toward clean energy like wind, solar and hydrogen. On a call with analysts, though, Mr. Looney acknowledged that the payoff from some of these investments would not come until the 2030s and that the company would remain reliant on oil and gas for profit for the next few years.

BP, based in London, is a major oil and gas producer in the United States, but Mr. Looney said in an interview that he welcomed the environmentally friendly approach of the Biden administration.

President Biden’s new policies had raised questions about the impact on BP’s drilling for oil in the Gulf of Mexico, Mr. Looney said, but the administration’s interest in clean energy was likely to aid BP’s recent investment in offshore wind projects off the east coast of the United States.

“That is one of the good things about being a company in transition,” he said.

Alibaba also said sales rose 37 percent n the latest quarter as China’s economy bounced back.Credit…Thomas Peter/Reuters

The Chinese e-commerce titan Alibaba said on Tuesday that it was conducting internal reviews of its business in response to an antitrust investigation by the Chinese government, which in recent months has begun scrutinizing the country’s big internet companies like never before.

For many years, the growth of giants like Alibaba was celebrated in China as the fruit of a thriving private sector. Now, regulators in Beijing are more concerned about how the companies’ size and influence are affecting the interests of their customers and competitors, echoing the scrutiny that Western tech giants like Google face in the United States and Europe.

“We approach this antimonopoly investigation with a cooperative, receptive and open mind set,” Alibaba’s chief executive, Daniel Zhang, said on a conference call announcing the company’s latest financial results. “We have a deep appreciation of the significant social and public responsibilities of operating our platform. Beyond complying with regulatory requirements, we will continue to do our best to fulfill our responsibilities to society.”

Mr. Zhang said Alibaba would say more when the investigation was complete. He gave no indication when that might be.

China’s market watchdog announced the inquiry in late December, amid a series of actions by the authorities to rein in tech giants. The month before, officials had abruptly halted plans by Ant Group, Alibaba’s financial-technology affiliate, to go public in Shanghai and Hong Kong, citing the need for new supervision of internet finance. Regulators later ordered Ant to revamp its business, a process that Mr. Zhang said was still ongoing.

Ant’s business prospects and fund-raising plans remain “subject to substantial uncertainties,” Mr. Zhang said.

Like other tech giants such as Amazon, Alibaba has enjoyed strong growth during the pandemic, as lockdowns lead people to depend more on digital services.

China’s resilient economy helped drive a 37 percent increase in Alibaba’s sales in the latest quarter, the company also said on Tuesday. Profits for the quarter were $12.2 billion and revenue was $33.9 billion, beating analysts’ forecasts. Cloud computing revenue grew 50 percent from a year ago, to $2.5 billion. Alibaba said that part of its business was profitable for the first time in the December quarter.

The city center in Milan during a lockdown in December. The eurozone economy fell in the October-December period, reflecting an economic malaise as European leaders struggle to vaccinate their citizens.Credit…Matteo Corner/EPA, via Shutterstock

The eurozone economy shrank in the last three months of 2020 as European countries closed shops and restaurants and restricted travel to try to contain the coronavirus.

Economic output in the 19 countries that belong to the eurozone fell 0.7 percent in the fourth quarter compared with the previous quarter, according to a preliminary estimate by the European Union’s official statistics agency said.

For the full year, overall output fell 5.1 percent.

Economists expect the economy to shrink again in the first quarter of 2021, leading to a double-dip recession. The bloc’s economy also shrank during the first half of 2020.

The decline capped a roller coaster year for the eurozone economy. In the second quarter, gross domestic product fell 11.7 percent as the pandemic took hold, then rebounded 12.4 percent in the third quarter as lockdowns eased and firms adjusted to the crisis.

The latest data reflects the malaise that has taken hold as European leaders struggle to vaccinate their citizens, a project that has moved more slowly on the continent than in Britain or the United States.

“The short-term prospects for the European economy remain clouded by a challenging health situation in several countries and an underwhelming start of the vaccination rollout,” Nicola Nobile, lead eurozone economist at Oxford Economics, said in a note to clients.

European factories have largely adapted to the pandemic and are operating almost normally, but stores, restaurants and hotels continue to suffer. More than half of Germans who work in hotels or restaurants, about 600,000 people, are on government-subsidized furloughs and effectively unemployed, according to the Ifo Institute in Munich, a research organization.

Growth figures for all the eurozone members are not yet available, but among the countries that have reported so far, Austria, Italy and France suffered declines in output in the quarter while Germany, Spain and most other countries managed modest growth.

Including countries like Poland, Hungary and Sweden that are members of the European Union but not the eurozone, output in the bloc fell 0.5 percent in the October-December period.

UPS has put in place a strategy aimed at improving profit over package volume.Credit…John Sommers Ii/Reuters

United Parcel Service reported a 21 percent increase in sales, to nearly $24.9 billion, in the final three months of last year, driven in part by a supercharged online holiday shopping season.

“Our financial performance in the fourth quarter exceeded our expectations, and I thank all UPS-ers for their extraordinary efforts to deliver industry-leading service through the holidays,” Carol Tomé, the company’s chief executive, said in a statement.

Ms. Tomé, who took the helm at the company just after the pandemic began, has been putting in place a “better, not bigger” strategy, aimed at improving profit over package volume. Excluding pension costs and a tax charge related to the sale of UPS Freight, the company’s profit per share rose to $2.66 in the fourth quarter from $1.94 a year earlier, far surpassing analyst estimates. The company’s share price was up more than 3.5 percent in premarket trading, but dipped after the market opened.

Despite causing early disruptions, the pandemic accelerated a shift to online shopping, helping to raise the company’s average daily package volume for the year to 24.6 million, a 13 percent increase from 2019. Excluding one-time costs, profit also rose 9.5 percent for 2020, to nearly $7.2 billion.

The company declined to provide a forecast for this year, citing uncertainty caused by the pandemic.

Robinhood decreased the number of companies with trading restrictions to eight from 50.Credit…Ian C. Bates for The New York Times

  • Silver briefly replaced GameStop as the breakout focus. Over the weekend, the precious metal experienced a surge of interest along with an uptick in online chatter about the chances for generating the kind of price increases that grabbed the world’s attention last week. On Monday, the price of silver jumped as much as 11.5 percent in early trading — to the highest level in eight years — but gave up some of its early gains, and ended the day at about $29 per ounce, a 7 percent increase. That was still around its highest level since early 2013. It fell on Tuesday.

  • Shares of GameStop fell about 31 percent on Monday, and was set to fall further on Tuesday. Short interest in GameStop, a measure of the volume of bets against the stock, fell by more than half last week, according to the market-data firm S3 Partners, suggesting that the gambit to inflict financial pain on Wall Street institutions by creating a so-called short squeeze may have worked. Robinhood decreased the number of companies with trading restrictions to eight from 50, according to an update on its website.

  • Robinhood raised an additional $2.4 billion over the weekend, adding to the $1 billion it had to seek from its investors earlier last week. On Thursday, an arm of the Depository Trust and Clearing Corporation, Wall Street’s main clearinghouse for stock trades, demanded $3 billion in additional collateral from Robinhood, to cover risky trades by its customers, according to Vladimir Tenev, the brokerage firm’s chief executive. That demand was later reduced to about $700 million.

  • Melvin Capital Management, one of the hedge funds pilloried on social media message boards for its short-selling bets that GameStop shares would fall, lost 53 percent on its portfolio in January, a person familiar with the matter said. A principal reason was the huge losses the firm suffered when small investors bid up the stock of GameStop.

Categories
World News

World Covid-19 Reside Updates: Information on Vaccine, Variants, Stimulus and Circumstances

Here’s what you need to know:

Credit…Rory Doyle for The New York Times

Vaccinations in the United States are slowly picking up speed as the Biden administration pushes to accelerate inoculations and blunt the spread of more contagious virus variants.

The United States has administered about 30 million doses, and, as of Sunday, is averaging more than 1.3 million doses administered over the past seven days, compared with an average of less than one million per day two weeks earlier, according to a New York Times vaccine tracker.

President Biden, under pressure to speed up coronavirus vaccinations, has recently suggested the nation could soon reach an average of 1.5 million shots a day.

But just as there are signs of progress, another problem has taken root: the spread of the variants, which scientists warn must be contained before they become dominant. Several hundred cases of the more contagious variant discovered in Britain, which experts have said could be the dominant form in the United States by March, have already been confirmed.

The country has also recorded its first two cases of the variant spreading rapidly in South Africa, which has proved to reduce the effectiveness of vaccines.

“If we didn’t have these variants looming,” we would be in a good place, said Dr. Peter Hotez, a vaccine scientist and pediatrician at Baylor College of Medicine in Houston. If those variants take over by spring, “as many of us are predicting,” he said, “it changes everything. Now, we really have to vaccinate the American population by late spring, early summer.”

Two key challenges in the weeks ahead are “increasing the supply of vaccines” and “speeding up the time it takes to administer them,” Andy Slavitt, a White House adviser, said in a news briefing on Friday. Many experts have pushed for bringing other vaccine options out and releasing the first doses more widely.

The most effective state programs, said Dr. Ashish Jha, the dean of the Brown University School of Public Health, are “very simple, age-based, not a lot of complex rules. They focus on getting the vaccines out.”

Here is a snapshot of how five of the best-performing states are doing:

  • West Virginia has given at least one dose to 10.7 percent of its population, second only to Alaska, and leads the nation in the percentage of its population that has received two doses (3.7 percent). Early on, the state got a head start because it opted out of a federal program to vaccinate people in nursing homes and other long-term care facilities. While other states chose the federal plan, which teamed with Walgreens and CVS, officials decided the idea made little sense in West Virginia, where many communities are miles from the nearest chain store, and about half of pharmacies are independently owned. Instead the state created a network of pharmacies, pairing them with about 200 long-term care facilities.

  • According to health officials in Alaska, there are several reasons behind the state’s relatively high vaccination rate, The Anchorage Daily News has reported. Those factors include: the state’s having received a high number of doses through the Indian Health Service; the decision to receive doses monthly, versus weekly, as most states do; and declining virus caseloads, which has allowed health care workers to focus on inoculations. The state has vaccinated 13 percent of its population, according to a Times database.

  • North Dakota has used 91 percent of the vaccines distributed to the state, according to the Times vaccine tracker. It is the only state above 90 percent; more populous states like California (58 percent) and New York (64 percent) have used less, proportionally. North Dakota was among the first states to lower the minimum age eligible for vaccination, from 75 to 65.

  • In a recent interview with the American Medical Association, health officials in New Mexico attributed part of the state’s success to its “data-oriented and science-oriented” governor, Michelle Lujan Grisham, and to an app that allowed easy registration and close coordination among hospitals and providers. The state has given 9.8 percent of residents at least one shot, and has used 83 percent of its doses.

  • Connecticut got mass vaccination sites up and running early, and uses an inventory system that allocates unused doses to places that need them. But older residents have complained about long waits.

United States › United StatesOn Jan. 31 14-day change
New cases 111,478 –32%
New deaths 1,875 –5%
World › WorldOn Jan. 31 14-day change
New cases 389,735 –21%
New deaths 8,093 +2%

U.S. vaccinations ›

Where states are reporting vaccines given

A shopping mall in Cergy-Pontoise, near Paris, on Sunday. France is still under a 6 p.m. to 6 a.m. curfew, and places like cafes, museums and theaters are closed.Credit…Andrea Mantovani for The New York Times

PARIS — Public frustration with lockdowns is palpable across Europe, with pensioners protesting this weekend in Vienna, restaurateurs taking to the streets in Budapest and demonstrators clashing with the police in Belgium, prompting dozens of arrests. The Dutch authorities fined more than 10,000 people last week for violating the national curfew.

While none of the protests resulted in the kind of violence seen in the Netherlands in recent weeks, they reflect a growing impatience as political leaders extend restrictions to guard against a resurgence of the virus fueled by new variants.

In France, President Emmanuel Macron has resisted a full lockdown, making a calculated gamble that his government can tighten the rules just enough to avoid a new wave of infections.

Prime Minister Jean Castex appeared in front of television cameras for an unexpected statement on Friday night, announcing a handful of new curbs, including strict border closures.

“Even if the path is very narrow, we must take it,” Mr. Macron was reported to have said at a cabinet meeting last week, according to the Journal du Dimanche, pushing back against the advice of several senior aides. According to the newspaper, he added: “When you are French, you have all you need to get by, as long as you dare to try.”

Polls in France have shown weariness with restrictions, and grumbling about the rules is growing in some quarters.

France is still under a 6 p.m. to 6 a.m. curfew, and places like cafes, museums and theaters are closed. Schools and shops are open.

After a widely publicized breach of the rules at a restaurant in the southern city of Nice last week and a call to “civil disobedience” by some restaurant owners, the French economy minister, Bruno Le Maire, warned on Monday that any establishments that flouted the rules would be cut off from coronavirus aid.

In the French Alps, protesters blocked roads on Monday to demand that ski lifts reopen.

Critics say that Mr. Macron’s approach may simply be delaying the inevitable and that he could be forced to change course if cases started to surge.

“It’s a risk, I’m hoping it was a calculated risk,” Karine Lacombe, an infectious-disease specialist, told the French news channel LCI on Sunday.

Mr. Macron’s plan is rooted partly in the relative stability of the pandemic in France. The number of new daily cases has inched up only slowly and while hospitalizations remain high, there has been no sudden surge. More contagious variants of the virus have been registered in the country, but the authorities say they believe that their spread, so far, is under control.

“Everything suggests that a new wave could occur because of the variant,” Olivier Véran, the French health minister, told the Journal du Dimanche. “But perhaps we can avoid it thanks to the measures that we decided early and that the French people are respecting.”

Aurelien Breeden reported from Paris, and Marc Santora from London.

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N.Y.C. Snowstorm Delays Vaccinations

On Monday, Mayor Bill de Blasio of New York postponed coronavirus vaccinations to prevent older residents from traveling to appointments in blizzard-like conditions.

The storm is disrupting our vaccination effort, and we need to keep people safe. We don’t want folks, especially seniors, going out in unsafe conditions to get vaccinated. We know we can reschedule appointments very quickly because, of course, we have supply. We’re going to use the supply we have. Our problem is lack of supply. So we can take the supply we have and distribute it very quickly in the days to come, and make sure everyone gets the appointments. But it’s not safe out there today. So vaccinations are canceled today. They’re also going to be canceled tomorrow. Based on what we are seeing right now, we believe that tomorrow, getting around the city will be difficult, it’ll be icy, it’ll be treacherous. We do not want seniors, especially, out in those conditions. So we’re going to have vaccinations off for today and tomorrow, come back strong on Wednesday. We’ll be able to catch up quickly because, again, we have a vast amount of capacity. We don’t have enough vaccine. So we’ll simply use the days later in the week. Crank up those schedules, get people rescheduled into those days.

Video player loadingOn Monday, Mayor Bill de Blasio of New York postponed coronavirus vaccinations to prevent older residents from traveling to appointments in blizzard-like conditions.CreditCredit…James Estrin/The New York Times

Mayor Bill de Blasio of New York said on Monday that coronavirus vaccinations scheduled for Tuesday would be postponed because of the winter storm, the second day in a row that they have been delayed.

Heavy snow was also complicating vaccination efforts in Washington, Philadelphia, New Jersey and elsewhere.

At a news conference on Monday, Mr. de Blasio of New York City said he did not want older residents traveling to vaccine appointments amid blizzard-like conditions with gusty winds.

“Based on what we are seeing right now, we believe tomorrow, getting around the city will be difficult,” Mr. de Blasio said. “It will be icy, it will be treacherous.”

He said he believed the city could quickly make up the appointments later in the week.

“We have a vast amount of capacity; we don’t have enough vaccine,” he said. “We’ll simply use the days later in the week, crank up those schedules, get people rescheduled into those days.”

The storm will temporarily derail a vaccine rollout that has been plagued by inadequate supply, buggy sign-up systems and confusion over the New York State’s strict eligibility guidelines. The vaccine is available to residents 65 and older as well as a wide range of workers designated “essential.”

About 800,000 doses have been administered so far in the city, Mr. de Blasio said.

Vaccine appointments originally scheduled for Monday at several sites in the region — the Javits Center in Manhattan, the Aqueduct Racetrack in Queens, a drive-through site at Jones Beach in Long Island, SUNY Stony Brook and the Westchester County Center — would be rescheduled for this week, according to a statement from Melissa DeRosa, a top aide to Gov. Andrew M. Cuomo. “We ask all New Yorkers to monitor the weather and stay off the roads tomorrow so our crews and first responders can safely do their jobs,” she said.

Mr. Cuomo said at a news conference on Monday that New York’s seven-day average positive test rate was 4.8 percent, the 24th straight day it had declined.

Mr. Cuomo added that the state had administered about 1.96 million doses of the vaccine.

In the Philadelphia area, city-run testing and vaccine sites were closed on Monday. Connecticut, New Jersey, Rhode Island and parts of the Washington, D.C., area were following suit. Some areas away from the center of the storm were expected to remain open for vaccinations, including parts of Massachusetts and upstate New York.

A medical technician at a coronavirus testing site in Austin, Texas, last month.Credit…Tamir Kalifa for The New York Times

The past few weeks in the United States have been the deadliest of the coronavirus pandemic, and residents in a majority of counties remain at an extremely high risk of contracting the virus. At the same time, transmission seems to be slowing throughout the country, with the number of new average cases 40 percent lower on Jan. 29 than at the U.S. peak three weeks earlier.

Other indicators reinforce the current downward trend in cases. Hospitalizations are down significantly from record highs in early January. The number of tests per day has also decreased, which can obscure the virus’s true toll, but the positivity rate of those tests has also gone down, indicating that the slowed spread is real.

Still, the average reported daily death rate over the past seven days remains above 3,000, compared with less than 1,000 per day in September and October.

Experts say the decrease could mark a turning point in the outbreak after months of ever-higher caseloads. But new, more contagious variants threaten to upend progress and could even send case rates to a new high if they take hold, especially if the national vaccine rollout faces hurdles.

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Biden to Discuss Pandemic Relief Package With Republicans

President Biden will meet with 10 Republican senators on Monday who have proposed a much smaller Covid-19 relief package. Jen Psaki, the White House press secretary, told reporters that the Mr. Biden’s biggest concern is releasing a package that is too small.

The president has been clear since long before he came into office that he’s open to engaging with both Democrats and Republicans in Congress about their ideas. And this is an example of doing exactly that. So as we said in our statement last night, it’s an exchange of ideas, an opportunity to do that. This group obviously sent a letter with some outline, some top lines of their concerns and their priorities, and he’s happy to have a conversation with them. What this meeting is not, is a forum for the president to make or accept an offer. His view — it remains — what was stated in the statement last night, but also what he said on Friday, which is that the risk is not that it is too big, this package, the risk is that it is too small. And that remains his view, and it’s one he’ll certainly express today. But it’s important to him that he hears this group out on their concerns, on their ideas. He’s always open to making this package stronger. And he also, as was noted in our statement last night, remains in close touch with Speaker Pelosi with Leader Schumer, and he will continue that engagement throughout the day, and in the days ahead.

Video player loadingPresident Biden will meet with 10 Republican senators on Monday who have proposed a much smaller Covid-19 relief package. Jen Psaki, the White House press secretary, told reporters that the Mr. Biden’s biggest concern is releasing a package that is too small.CreditCredit…Doug Mills/The New York Times

White House officials offered a pointed, if polite, warning to 10 Senate Republicans planning to pitch a scaled-back coronavirus relief package to President Biden at the White House on Monday evening: Think bigger.

Jen Psaki, the White House press secretary, played down expectations of the meeting, a critical first test of Mr. Biden’s dueling commitments to bipartisanship and speeding pandemic aid, saying no deal would be done without further negotiations — a statement aimed at reassuring Democrats leery of a fast, weak deal.

“What this meeting is not is a forum for the president to make or accept an offer,” Ms. Psaki told reporters on Monday afternoon, repeating the president’s determination to push through a $1.9 trillion stimulus bill.

“The risk is not that it is too big, this package,” Ms. Psaki added. “The risk is that it is too small. That remains his view.”

A coalition of center-right Republican senators, led by Susan Collins of Maine, on Monday outlined a more limited $618 billion stimulus plan, which they are billing as a way for Mr. Biden to pass a pandemic aid bill with bipartisan support and make good on his inauguration pledge to unite the country.

With 10 Republicans on board, joining the Senate’s 50 Democrats, a bipartisan bill could overcome the chamber’s 60-vote filibuster rule. But Democrats have shown little enthusiasm for a measure that amounts to less than one third of what the president says is needed.

Still, after receiving a letter from the senators on Sunday requesting a meeting, Mr. Biden called Ms. Collins and invited her and the other signers to the White House. He also spoke with Speaker Nancy Pelosi of California and Senator Chuck Schumer of New York, the majority leader.

The Republican proposal is likely to be met with resistance from congressional Democrats, who are preparing this week to begin laying the groundwork for passing Mr. Biden’s plan through a process known as budget reconciliation, which would allow it to bypass a filibuster and pass solely with Democratic votes.

The proposal would include $160 billion for vaccine distribution and development, coronavirus testing and the production of personal protective equipment; $20 billion toward helping schools reopen; more relief for small businesses; and additional aid to individuals. The package would also extend enhanced unemployment benefits of $300 a week — currently slated to lapse in March — until June 30.

“We recognize your calls for unity and want to work in good faith with your administration,” wrote the Republican group, which includes Senators Lisa Murkowski of Alaska, Bill Cassidy of Louisiana and Mitt Romney of Utah.

The measure omits a federal minimum wage increase that Mr. Biden included in his plan. It would also whittle down his proposal to send $1,400 checks to many Americans, and limit it to lower-income earners.

The proposal calls for checks of up to $1,000 for individuals making $50,000 a year or less and families with a combined income of up to $100,000, with individuals earning less than $40,000 — and families earning less than $80,000 — receiving the full amount.

Previous rounds of direct payments were targeted to Americans earning less than $99,000 annually, with those earning less than $75,000 receiving the full amount.

Congress approved more than $4 trillion through a series of bills last year to address the coronavirus crisis and its economic fallout. Most recently, in December, lawmakers passed a $900 billion stimulus plan that included $600 direct checks to many Americans.

Mr. Biden received an important boost on Monday ahead of his meeting with the senators: Gov. Jim Justice of West Virginia, a close ally of former President Trump, said he supported a bigger relief package than the one that the center-right Republicans are proposing.

“If we actually throw away some money right now, so what?” said Mr. Justice, a former Democrat who switched parties to support Mr. Trump in 2017, told CNN.

A shuttered business in Los Angeles. It may take years to return to the pre-pandemic levels of employment.Credit…Kendrick Brinson for The New York Times

The American economy will return to its pre-pandemic size by the middle of this year, even if Congress does not approve any more federal aid for the recovery, but it will be years before everyone thrown off the job by the pandemic is able to return to work, the Congressional Budget Office projected on Monday.

The new projections from the office, which is nonpartisan and issues regular budgetary and economic forecasts, are an improvement from the office’s forecasts last summer. Officials told reporters on Monday that the brightening outlook was a result of large sectors of the economy adapting better and more rapidly to the pandemic than originally expected.

They also reflect increased growth from a $900 billion economic aid package that Congress passed in December, which included $600 direct checks to individuals and more generous unemployment benefits.

The budget office now expects the unemployment rate to fall to 5.3 percent at the end of the year, down from an 8.4 percent projection last July. The economy is expected to grow 3.7 percent for the year, after recording a much smaller contraction in 2020 than the budget office initially expected.

The rosier projections are likely to inject even more debate into the discussions over whether to pass President Biden’s $1.9 trillion economic rescue package. It could embolden Republicans who have pushed Mr. Biden to scale back the plan significantly, saying the economy does not need so much additional federal support and that another big package could “overheat” the economy.

But the report shows little risk of that happening. The economy is projected to remain below potential levels until 2025 on its current path. And big economic risks remain. The number of employed Americans will not return to its pre-pandemic levels until 2024, officials predicted, reflecting the prolonged difficulties of shaking off the virus and returning to full levels of economic activity.

The Federal Reserve chair, Jerome H. Powell, warned last week that the economy was “a long way from a full recovery” with millions still out of work and many small businesses facing pressure.

Budget officials said the rebound in growth and employment could be significantly accelerated if public health authorities were able to more rapidly deploy coronavirus vaccines across the population.

As it stands, the budget office sees little evidence of growth running hot enough in the years to come to spur a rapid increase in inflation. It forecast inflation levels below the Federal Reserve’s target of 2 percent for years to come, even with the Fed holding interest rates near zero.

Other independent forecasts, including one from the Brookings Institution last week, have projected that another dose of economic aid — like the $1.9 trillion package Mr. Biden has proposed — would help the economy grow more rapidly, topping its pre-pandemic path by year’s end.

Dr. Ricardo Cigarroa hugging a patient at the Laredo Medical Center in Laredo, Texas.Credit…Verónica G. Cárdenas for The New York Times

During January, the pandemic’s deadliest month, Laredo, Texas, held the bleak distinction of having one of the most severe outbreaks of any city in the United States. The death toll in the overwhelmingly Latino city of 277,000 now stands at more than 630 — including at least 126 in January alone.

When the virus made its way to the borderlands almost a year ago, Dr. Ricardo Cigarroa could have just hunkered down. He could have focused on his profitable cardiology practice, which has 80 employees. He could have kept quiet.

Instead, Dr. Cigarroa has become a top crusader and the de facto authority on the pandemic along this stretch of the U.S.-Mexico border.

On regional television stations, he calmly explains, in both English and Spanish, how the virus is evolving. Known for making Covid-19 house calls around Laredo in his old Toyota Tacoma pickup, he is interviewed so often that Texas Monthly called him “The Dr. Fauci of South Texas,” comparing him to Dr. Anthony S. Fauci, the country’s top infectious disease expert — though Dr. Cigarroa holds no official government portfolio.

Lately, Dr. Cigarroa has been losing his patience.

Looking exhausted in a video posted on Facebook, he blasted political leaders for allowing the virus to rampage through this part of South Texas. Dr. Cigarroa singled out Gov. Greg Abbott, a Republican, for refusing to allow Laredo to impose stricter mitigation measures.

“To the governor: It’s OK to swallow your pride,” Dr. Cigarroa said, stunning some viewers with a warning that the virus could kill 1 in 250 Laredoans by midyear. “It’s OK to say that you’re not going to do it, and then do it to save lives.”

Pleading with the people of Laredo to consider civil disobedience in the form of staying home from work if politicians fail to act, he added, “The only thing that will save lives at this point will be staying home and shutting down the city.”

Students waiting to be admitted at a public school in Brooklyn in December. In New York City, about 12,000 more white children have returned to classrooms than Black students.Credit…Victor J. Blue for The New York Times

Even as more districts reopen their buildings and President Biden joins the chorus of those saying schools can safely resume in-person education, hundreds of thousands of Black parents say they are not ready to send their children back. That reflects both the disproportionately harsh consequences the coronavirus has visited on nonwhite Americans and the profound lack of trust that Black families have in school districts, a longstanding phenomenon exacerbated by the pandemic.

It also points to a major dilemma: School closures have hit the mental health and academic achievement of nonwhite children the hardest, but many of the families that education leaders have said need in-person education the most are most wary of returning.

That is shifting the reopening debate in real time. In Chicago, only about a third of Black families have indicated they are willing to return to classrooms, compared with 67 percent of white families, and the city’s teachers’ union, which is hurtling toward a strike, has made the disparity a core part of its argument against in-person classes.

In New York City, about 12,000 more white children have returned to classrooms than Black students, though Black children make up a larger share of the overall district. In Oakland, Calif., just about a third of Black parents said they would consider in-person learning, compared with more than half of white families. And Black families in Washington, Nashville, Dallas and other districts also indicated they would keep their children learning at home at higher rates than white families.

Education experts and Black parents say decades of racism, institutionalized segregation and mistreatment of Black children have left Black communities to doubt that school districts are being upfront about the risks.

“For generations, these public schools have failed us and prepared us for prison, and now it’s like they’re preparing us to pass away,” said Sarah Carpenter, the executive director of Memphis Lift, a parent advocacy group in Tennessee. “We know that our kids have lost a lot, but we’d rather our kids to be out of school than dead.”

In many cities and districts, Latino and Asian-American families are also less likely than white families to send their children back. Asian-Americans have opted out of in-person classes at the highest rates of any ethnic group in New York City. Latino families in Chicago were most likely to say they would keep their children at home when schools reopened.

Still, the pattern is most consistent and pronounced with Black families, which have been particularly affected by decades of underinvestment. By one estimate, a $23 billion gap, or $2,226 per pupil, separates funding for predominantly white districts and nonwhite districts, and Jessica Calarco, a sociologist at Indiana University Bloomington who has studied reopening, said the pandemic had amplified that inequity.

“If you know your school doesn’t have hot running water, how would you feel about sending your child to that school knowing they can’t fully wash their hands before they eat lunch?” she asked.

GLOBAL ROUNDUP

Workers loading South Africa’s first coronavirus vaccine doses at OR Tambo airport in Johannesburg on Monday.Credit…Elmond Jiyane for GCIS, via Reuters

A million doses of the Oxford-AstraZeneca coronavirus vaccine arrived in South Africa on Monday, paving the way for the country to begin vaccinating its population of nearly 60 million. Health care workers will be the first to be offered the shots, officials said.

The country has reported by far the most cases and deaths from the coronavirus on the African continent. It has participated in clinical trials of several vaccines.

The plane delivering the eagerly awaited doses from the Serum Institute of India, which produced them, was met at the airport by President Cyril Ramaphosa. The president has come under criticism over the country’s lagging start to widespread vaccination, with many countries in Asia and the West able to start immunizing their populations weeks before South Africa could secure a supply.

South Africa experienced a surge in new cases around the turn of the year, fueled by the more transmissible variant of the virus that was first detected in the country. But the surge has begun to ease in recent weeks. Information has not yet been released on the AstraZeneca vaccine’s effectiveness against the variant, which is now predominant in the country.

Over the course of the pandemic, South Africa has reported about 1.45 million cases, and has lately been averaging about 5,800 new cases a day, according to a New York Times database.

In other developments around the world:

  • Seeking a better understanding of the pandemic’s origins, a team of 15 World Health Organization experts is visiting some of the places first hit by the coronavirus in the Chinese city of Wuhan, including a live animal market, a hospital and a disease control center. The inquiry is expected to take months to complete. Scientists initially believed the outbreak began at the Huanan Seafood Wholesale Market in Wuhan, but many experts now doubt that theory.

  • The European Union will get 75 million additional doses of vaccine in the next few months, the German pharmaceutical company BioNTech announced on Monday. The vaccine jointly developed by the company and Pfizer was the first to be authorized for use in the E.U., but supplies have been limited by production issues in the early going, and several countries, including Germany, are off to slower than expected starts in vaccinating their populations.

  • The police in China said they had broken up a criminal ring that manufactured and sold more than 3,000 fake coronavirus vaccine doses, the state-run Xinhua news agency reported on Monday. More than 80 people were arrested, the agency said. According to Xinhua, the police said that since September, the main suspect had been selling vials of “vaccine” that was really just saline solution.

Congressman Adriano Espaillat of New York at the Capitol this month.Credit…J. Scott Applewhite/Associated Press

The scattered reports from around the country can play like a cruel irony: Someone tests positive for the coronavirus even though they have already received one or both doses of a Covid-19 vaccine.

It’s happened to at least three members of Congress recently:

But it’s been reported in people in other walks of life too, including Rick Pitino, a Hall of Fame basketball coach, and a nurse in California.

Experts say cases like these are not surprising and do not indicate that there was something wrong with the vaccines or how they were administered. Here is why.

  • Vaccines don’t work instantly. It takes a few weeks for the body to build up immunity after receiving a dose. And the vaccines now in use in the U.S., from Pfizer-BioNTech and Moderna, both require a second shot a few weeks after the first to reach full effectiveness.

  • Nor do they work retroactively. You can already be infected and not know it when you get the vaccine — even if you recently tested negative. That infection can continue to develop after you get the shot but before its protection fully takes hold, and then show up in a positive test result.

  • The vaccines prevent illness, but maybe not infection. Covid vaccines are being authorized based on how well they keep you from getting sick, needing hospitalization and dying. Scientists don’t know yet how effective the vaccines are at preventing the coronavirus from infecting you to begin with, or at keeping you from passing it on to others. (That’s why vaccinated people should keep wearing masks and maintaining social distance.)

  • Even the best vaccines aren’t perfect. The efficacy rates for Pfizer-BioNTech and Moderna vaccines are extremely high, but they are not 100 percent. With the virus still spreading out of control in the U.S., some of the millions of recently vaccinated people were bound to get infected in any case.

Gov. Andrew M. Cuomo of New York has said that he believed he had no choice but to seize more control over pandemic policy from state and local public health officials.Credit…Pool photo by Mary Altaffer

The deputy commissioner for public health at the New York State Health Department resigned in late summer. Soon after, the director of its bureau of communicable disease control also stepped down. So did the medical director for epidemiology. Last month, the state epidemiologist said she, too, would be leaving.

The high-level departures came as morale plunged in the Health Department and senior health officials expressed alarm to one another over being sidelined and treated disrespectfully, according to five people with direct experience inside the department.

Their concern had an almost singular focus: Gov. Andrew M. Cuomo.

Even as the pandemic continues to rage and New York struggles to vaccinate a large and anxious population, Mr. Cuomo has all but declared war on his own public health bureaucracy. The departures have underscored the extent to which pandemic policy has been set by the governor, who with his aides designed a vaccination program hampered by early delays.

The troubled rollout came after Mr. Cuomo declined to use the longstanding vaccination plans that the State Department of Health had developed in recent years in coordination with local health departments. Mr. Cuomo instead adopted an approach that relied on large hospital systems to coordinate vaccinations.

In recent weeks, the governor has repeatedly made it clear that he believed he had no choice but to seize more control over pandemic policy from state and local public health officials, who he said had no understanding of how to conduct a real-world, large-scale operation like vaccinations. After early problems, in which relatively few doses were being administered, the pace of vaccinations has picked up and New York is now roughly 20th in the nation in percentage of residents who have received at least one vaccine dose.

“When I say ‘experts’ in air quotes, it sounds like I’m saying I don’t really trust the experts,” Mr. Cuomo said at a news conference on Friday, referring to scientific expertise at all levels of government during the pandemic. “Because I don’t. Because I don’t.”

His comments reflected a rift between the state’s top elected official and its career health experts of the sort that has occurred across different levels of government during the pandemic.

In Albany, tensions worsened in recent months as state health officials said they often found out about major changes in pandemic policy only after Mr. Cuomo announced them at news conferences — and then asked them to match their health guidance to the announcements.

That was what happened with the vaccine plan, when state health officials were blindsided by the news that the rollout would be coordinated locally by hospitals.

At least nine senior state health officials have left the department, resigned or retired in recent months. They include Dr. Elizabeth Dufort, the medical director in the division of epidemiology; and Dr. Jill Taylor, the head of the renowned Wadsworth laboratory — which has been central to the state’s efforts to detect virus variants — and the executive in charge of health data, according to state records.

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Business

Inventory Market Immediately Reside: The Newest Updates on Silver, AMC and Gamestop

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Credit…Michael Dalder/Reuters

The frantic price swings last week in stocks like GameStop and AMC Entertainment, led by retail traders aiming to take on Wall Street, have spread to a new target: silver. The price of the precious metal jumped 10 percent on Monday to the highest in eight years after online calls to create a “silver squeeze.”

The attraction to silver came as the S&P 500 index rose in early trading, following gains on European and Asian stock markets.

Retail websites for buying silver coins and bars said they were experiencing high demand and there would be delays in shipping orders. Moneymetals.com, a dealer in precious metals, said it was not taking any new silver orders until midmorning Monday and put some restrictions on gold purchases as well. The iShares Silver Trust, a large BlackRock exchange-traded product tracking the metal, reported record net inflows on Friday of $944 million.

Shares in companies that mine for silver surged higher, too. Fresnillo rose 15 percent and Polymetal International was up 7 percent, and both were among the biggest gainers on the FTSE 100 index in Britain. On the U.S. exchanges, Silvercorp Metals rose 30 percent and Fortuna Silver Mines rose 25 percent.

But the silver market is fundamentally different than that of beleaguered companies like AMC and GameStop.

The company stocks that caught the attention of the army of day traders over the past week, spurred on by memes on Reddit, had been unloved by hedge funds. By driving the price of these stocks higher, the traders “squeezed” the firms holding short positions.

Melvin Capital Management, one of the hedge funds that bet GameStop shares would fall, lost 53 percent on its portfolio in January, a person familiar with the matter said. Short sellers lose money when a company’s shares rise, and the losses are potentially limitless.

Silver prices had already been rising before the recent interest, and some users on Reddit have warned against a “silver squeeze,” saying it would benefit the same hedge funds and investors they toppled last week. Also, silver is a much bigger and deeper market, making it harder to influence.

The price of silver climbed nearly 50 percent last year, and some institutional investors expected it to outperform gold this year. Still, the traders, who appear to be mostly small investors focused only on a handful of stocks and assets, have emerged as a new risk factor for the large firms betting against stocks and regulators concerned about the smooth functioning of markets.

  • The S&P 500 index rose 1 percent, rebounding from a loss of more than 3 percent last week — its worst week since late October.

  • GameStop’s shares fell about 10 percent in early trading, having gained 400 percent last week and more than 1,600 percent in January. Another target of the trading frenzy, AMC, rose 18 percent. It gained about 280 percent last week.

  • Most European stock indexes were higher in midday trading. The Stoxx Europe 600 gained more than 1 percent, led by industrial and technology stocks.

  • Asos, the online fashion retailer, bought Topshop, Miss Selfridge and other brands from Arcadia Group, once the crown jewel of Britain’s high street retailers, for 295 million pounds ($404 million). Asos shares rose more than 6 percent.

The Securities and Exchange Commission said last week it was “actively monitoring” the volatile trading around GameStock shares and other securities.Credit…Carlo Allegri/Reuters

After a week of wild trading, GameStop’s shares fell about 10 percent in early trading on Monday, as some of the attention shifted to the market for silver, where the price of the precious metal jumped to the highest since 2013 and websites selling silver coins reported unusually high demand.

Last week, GameStop’s stock reached as high as $483 and fell as low as $61. It lost 44 percent on Thursday after Robinhood and other trading platforms said they would limit customers’ ability to buy certain securities, including GameStop, AMC Entertainment and BlackBerry. Then the trading app reversed some of the restrictions, and the shares rose about 65 percent on Friday.

On Reddit’s Wall Street Bets forum, posters implored others to keep holding their GameStop shares and options. GameStop’s shares closed at $325 on Friday, up 1,625 percent in January.

On Monday, AMC rose about 18 percent early in the day. Last week, the price jumped nearly 280 percent.

The interest in silver began over the weekend. Moneymetals.com, a dealer in precious metals, said it wasn’t taking any new silver orders until midmorning Monday The iShares Silver Trust, which tracks the metal, reported record net inflows on Friday of $944 million.

The Securities and Exchange Commission said Wednesday it was “actively monitoring” the volatile trading. Melvin Capital Management, one of the hedge funds that bet against GameStop’s shares, lost 53 percent on its portfolio in January, a person familiar with the matter said.

Vlad Tenev, the chief executive of Robinhood, in 2016. Mr. Tenev was grilled by Elon Musk over trading curbs on shares of GameStop and other companies.Credit…Brendan Mcdermid/Reuters

“This has been a very surreal weekend and week for me.”

So said Vlad Tenev, the chief executive of the online brokerage firm Robinhood, in a public conversation with — of all people — Elon Musk about the challenges his company has faced amid the run-up in stocks like GameStop’s, the DealBook newsletter reports.

Mr. Tenev opened up on the social network Clubhouse late on Sunday about what led Robinhood to impose curbs on trading shares in GameStop and other companies last week, drawing outrage from customers and politicians alike. Last Thursday, an arm of the Depository Trust and Clearing Corporation, Wall Street’s main clearinghouse for stock trades, had demanded $3 billion in additional collateral — “an order of magnitude” more than usual, Mr. Tenev said — to cover risky trades by its customers.

That demand was later reduced to about $700 million, but Robinhood was still forced to draw down credit lines from banks and raise $1 billion from existing investors.

“This was nerve-racking,” Mr. Tenev said.

Mr. Tenev said the clearinghouse’s decision was based on “an opaque formula,” but sought to dispel persistent rumors that Wall Street elites were behind the move. Mr. Musk, a noted provocateur on Twitter, asked whether “something really shady” was behind the collateral demand. “You’re getting into conspiracy theories a little bit,” Mr. Tenev answered, and added that other brokers were also asked to post additional cash.

“We had no choice, in this case,” Mr. Tenev said. “We had to conform to regulatory capital requirements.”

The Robinhood chief also disputed speculation that his brokerage firm had imposed the trading curbs to aid Wall Street partners, including the big financial firm Citadel, whose brokerage arm executes most of its trades and whose hedge fund had invested in a fellow investment firm that had been betting against GameStop’s share price.

When Mr. Musk asked whether Robinhood was “beholden” to Citadel, Mr. Tenev shot back, “That’s just false.”

Unlike the fraud or manipulation that regulators like Gary Gensler are used to pursuing, the GameStop frenzy involves investors who have publicly acknowledged the risks they are takingCredit…Kayana Szymczak for The New York Times

The recent surge in GameStop’s stock — propelled by individual investors who banded together on Reddit — has put new pressure on the Biden administration’s pick for the top job at the Securities and Exchange Commission, Gary Gensler.

Mr. Gensler would inherit the agency as it faces calls to more tightly regulate online trading programs such as Robinhood that critics say enable unsophisticated investors to make risky financial bets, Deborah B. Solomon reports in The New York Times. But defenders of such platforms say they help flatten out inequities in the financial markets that have long favored deep-pocketed firms over average people. The S.E.C. said it was “closely monitoring” the situation in a statement.

“What’s going on with GameStop has almost nothing to do with GameStop as a company,” said Barbara Roper, director of investor protection for the Consumer Federation of America. “When you see the markets essentially turned into a video game or turned into a casino, that actually has some pretty serious repercussions for the way we use the markets to fund our economy.”

The question for Mr. Gensler, and the agency, will be what, if anything, they should do about concerns from people like Ms. Roper.

The S.E.C.’s role has traditionally been to ensure that companies disclose enough information for people to make informed investment decisions. But it does so by enforcing laws that were written before the advent of trading platforms such as Robinhood. Mr. Gensler’s first moves, those who know him say, will be investigating the GameStop surge to figure out who benefited, as there is speculation that it may have been fueled by some big funds after all.

Melvin Capital was a main player in the stock market drama over the video game retailer GameStop.Credit…Nick Zieminski/Reuters

Melvin Capital Management, one of the hedge funds pilloried on social media message boards for its short-selling bets that GameStop shares would fall, lost 53 percent on its portfolio in January, a person familiar with the matter said.

A principal reason was the huge losses the firm suffered when small investors bid up the stock of GameStop. The Wall Street Journal first reported the amount of Melvin Capital’s loss.

Founded by Gabe Plotkin, a protégé of the hedge fund billionaire and New York Mets owner Steven A. Cohen, Melvin Capital had $8 billion in assets under management at the end of January. That amount included $2.75 billion that Mr. Cohen’s fund, Point72, and Citadel, another hedge fund, put into Melvin Capital, as well as fresh capital from new investors, the person said.

Hedge fund returns at Citadel fell 3 percent for the month, about a third of which was caused by a $2 billion investment it made in Melvin about a week ago, according two people briefed on Citadel’s results.

Melvin Capital exited its position in GameStop after having to raise additional funds, Mr. Plotkin confirmed to CNBC last week. The firm was a main player in the market drama set off by a group of day traders who have been bidding up a handful of stocks that Wall Street had given up on — forcing losses on big hedge funds.

The traders appear to be mostly small investors focused on a handful of stocks like GameStop and AMC Entertainment. But they have emerged as a new risk factor for large firms that had bet against those companies with what are known as short sales. While the financial damage on Wall Street appears so far limited to a number of firms, the volatility shook the broader market. The S&P 500 fell 1.9 percent on Friday, finishing its worst week in three months.

Google has come under increasing scrutiny for its dominance in the digital ad market.Credit…Elijah Nouvelage/Agence France-Presse — Getty Images

The owner of The Charleston Gazette-Mail and other West Virginia news publications filed a lawsuit in federal court on Friday against Google and Facebook, accusing the companies of profiting from “anticompetitive and monopolistic practices” that have damaged the newspaper business.

The publisher, HD Media, said the lawsuit was the first of its kind to be filed by a newspaper company. The suit is focused on the centrality of Google to the online advertising market, as well as an agreement between Google and Facebook that is the center of an antitrust lawsuit brought by 10 state attorneys general. It is estimated the two tech companies together accounted for more than half of all digital advertising spending in 2019.

“Google and Facebook have monopolized the digital advertising market, thereby strangling a primary source of revenue for newspapers across the country,” HD Media said in the suit, filed in U.S. District Court of the Southern District of West Virginia.

“There is no longer a competitive market in which newspapers can fairly compete for online advertising revenue,” the suit continued.

The rise of digital media has led to sharp drops in revenue for many newspaper companies, which once depended on print ads and print subscriptions to stay in business. More than one in four American newspapers shut down between 2004 and 2018, and tens of thousands of newsroom jobs have disappeared.

In addition to The Gazette-Mail, which in 2018 won a Pulitzer Prize for investigative reporting, papers owned by HD Media include The Herald-Dispatch and The Logan Banner.

“We invite every other newspaper in America to join this cause,” Doug Reynolds, the managing partner of HD Media, said in a statement on Friday. “We are fighting not only for the future of the press but also the preservation of our democracy.”

Tech companies have come under new scrutiny in recent months. In October, the Justice Department filed suit against Google, accusing the company of illegally protecting its monopoly over internet search and the digital advertising market. In two lawsuits filed in December, dozens of states accused Google of abusing its dominance of the online ad business and thwarting competitors in search.

Last month, the lyric-annotation company Genius Media and two left-wing magazines, The Nation and The Progressive, filed an antitrust lawsuit against Google — as well as its parent company, Alphabet, and a sibling company, YouTube — citing what the suit called “anticompetitive conduct” in the digital ad market.

Google referred a request for comment to a statement the company issued this month in response to a separate complaint. In the statement, the company said its ad business “helps websites and apps make money and fund high-quality content.” Facebook did not immediately reply to a request for comment.

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World News

Covid-19 World Reside Updates: AstraZeneca and Johnson & Johnson Vaccines

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Fauci Warns New Virus Mutations Are a ‘Wake-Up Call’

On Friday, Dr. Anthony S. Fauci warned that new virus variants, despite the global vaccine distribution, should offer a wake-up call to the continuing dangers of the pandemic.

We’re all aware of the variance that we knew dominated — the U.K. B.1.1.7 , the B.1.351 in South Africa and other variants, such as the P.1. in Brazil. When these variants were first recognized, it became clear that we had to look at, in vitro, in the test tube, whether the antibodies that were induced by the vaccines that we had available would actually neutralize these new mutants. Antigenic variation, i.e. mutations that lead to different lineage do have clinical consequences because as you can see, even though the long-range effect in the sense of severe disease is still handled reasonably well by the vaccines, this is a wake-up call to all of us that we will be dealing as the virus uses its devices to evade pressure, particularly immunological pressure, that we will continue to see the evolution of mutants. So that means that we as a government, the companies, all of us that are in this together, will have to be nimble to be able to just adjust readily to make versions of the vaccine that actually are specifically directed towards whatever mutation is actually prevalent at any given time.

On Friday, Dr. Anthony S. Fauci warned that new virus variants, despite the global vaccine distribution, should offer a wake-up call to the continuing dangers of the pandemic.CreditCredit…Doug Mills/The New York Times

Dr. Anthony S. Fauci warned Friday that new clinical trial results from Johnson & Johnson, showing that its vaccine is less effective against a highly infectious variant of the coronavirus circulating in South Africa, were a “wake up call.” He said the virus will continue to mutate, and vaccine manufacturers will have to be “nimble to be able to adjust readily” to reformulating the vaccines if needed.

Dr. Fauci’s warning, at the White House briefing on the virus, comes amid increasing concern about new and more infectious variants of the virus that are emerging overseas and turning up in the United States. This week, officials in South Carolina reported identifying two cases of the variant circulating in South Africa, and officials in Minnesota announced they had found a case of the variant that was first detected in Brazil.

Dr. Rochelle Walensky, the new director of the Centers for Disease Control and Prevention, who was also at the briefing, said another variant, first identified in Britain, has now been confirmed in 379 cases in 29 states. She said officials remained concerned about the variants and were “rapidly ramping up surveillance and sequencing activities” to closely monitor them. Unlike Britain, the United States has been conducting little of the genomic sequencing necessary to track the spread of the variants.

Dr. Walensky also issued a plea to Americans to continue wearing masks and practice social distancing, and to avoid travel. Earlier this month, the C.D.C. warned that the variant circulating in Britain could become the dominant source of infection in the United States and would likely lead to a surge in cases and deaths that could overwhelm hospitals. And given the speed at which the variant swept through that country, it is conceivable that by April it could make up a large fraction of infections in the United States.

“By the time someone has symptoms, gets a test, has a positive result and we get the sequence, our opportunity for doing real case control and contact tracing is largely gone,” she said. “We should be treating every case as if it’s a variant during this pandemic right now.”

Friday’s briefing, the second in what the Biden White House has promised will be thrice-weekly updates on the pandemic, came just hours after Johnson & Johnson reported that while its vaccine was 72 percent effective in the United States, the efficacy rate was just 57 percent in South Africa, where a variant has been spreading.

Public health officials including Dr. Fauci and Dr. Walensky say the emergence of these variants is heightening the urgency of vaccinations. Dr. Fauci also said Friday that children under 16, who are not currently eligible for the vaccine, will likely start getting vaccinated “by late spring or early summer” if small-scale clinical trials show that it is safe and effective to do so.

He noted that the Johnson & Johnson vaccine is 85 percent effective against severe disease, and called the results “very encouraging,” even though the vaccine is not as effective as those by Pfizer and Moderna, which have emergency approval from the Food and Drug Administration. Johnson & Johnson will now seek its own emergency approval.

“This really tells us that we have now a value-added additional vaccine candidate,” he said.

But Dr. Walensky offered a far more sobering observation. While the daily number of new virus cases has been declining, the figures were still much higher than a period last summer, and deaths currently remain worrisome.

According to data compiled by The New York Times, new virus cases have averaged about 160,000 a day in recent days, compared to about 40,000 new cases a day around early September. As of Thursday, the seven-day average of new deaths was more than 3,200 a day, still near peak levels. The daily death toll has topped 4,000 deaths six times in the United States, including twice this week.

At Wednesday’s briefing by the Biden virus team, Jeffrey D. Zients, Mr. Biden’s coronavirus response coordinator, said the United States is lagging far behind other countries in sequencing the genomes of the new variants — a delay he called “totally unacceptable.” Dr. Walensky said she is working to change that.

“We have scaled up surveillance dramatically just in the last ten days, in fact, but our plans are more than what we’ve done so far,” Dr. Walensky said, adding that the C.D.C. is now asking every state to track for worrisome variants and sequence at least 750 samples from patients per week. In addition, she said, the agency has seven collaborations with universities to scale up surveillance to cover thousands of samples per week.

United States › United StatesOn Jan. 28 14-day change
New cases 165,264 –34%
New deaths 3,868 –2%
World › WorldOn Jan. 28 14-day change
New cases 603,392 –22%
New deaths 16,817 +4%

U.S. vaccinations ›

Where states are reporting vaccines given

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E.U. Plans to Halt Vaccine Exports Until Supply Contracts Are Met

The European Union announced a plan that would effectively stop AstraZeneca from shipping Covid-19 vaccine doses manufactured in the bloc to other countries until its E.U. supply contracts are met.

The commission has adopted a strictly targeted measure that will allow us to gather accurate information about the production of vaccines and where manufacturers intend to ship them. The measure is time-limited and specifically applies to those Covid-19 vaccines that were agreed by advance purchase agreements. The measure is intended to run until the end of March. The aim is to provide us immediately with full transparency, transparency that until now has been lacking, and what Europeans expect. And if needed, it also will provide us with a tool to ensure vaccine deliveries.

Video player loadingThe European Union announced a plan that would effectively stop AstraZeneca from shipping Covid-19 vaccine doses manufactured in the bloc to other countries until its E.U. supply contracts are met.CreditCredit…Dinuka Liyanawatte/Reuters

BRUSSELS — The European Union on Friday announced plans to effectively halt any attempt by AstraZeneca to move vaccine doses manufactured in the bloc to other countries unless it first meets its supply obligations to the bloc’s 27 member states.

The move, the latest escalation in a dispute between the bloc and the pharmaceutical company over reduced supplies, came as the European Union’s drug regulator authorized AstraZeneca’s coronavirus vaccine for use across its member states.

AstraZeneca said this month that it would significantly cut its promised delivery supply of the jab to the European Union as of mid-February. That pitted the bloc against Britain, a former member, which has been receiving a steady flow of vaccine doses from AstraZeneca since approving it well ahead of the E.U., in early December.

The AstraZeneca vaccine was developed in cooperation with Britain’s University of Oxford. The European Union accused the pharmaceutical company of using its promised doses to serve Britain, despite having paid the company about $400 million in October to help it scale up its capabilities and produce doses ahead of authorization.

The policy announced by the European Commission on Friday, presented as a “transparency tool,” will ask all pharmaceutical companies manufacturing coronavirus vaccines in factories within the bloc — currently Pfizer and AstraZeneca — to submit paperwork alerting the European authorities of any intention to move their products to non-E.U. countries. It will be in place until the end of March and will not apply to exports to poorer countries.

The Commission said it reserved the right to block such exports if it determined that the pharmaceutical companies were not meeting their contractual obligations with the E.U. first.

The measure could theoretically also affect Pfizer clients, but the Commission has said it is happy with how that company has handled a supply disruption in its Belgian factory that is setting back deliveries. The company has spread the pain among its clients, which include the E.U., Britain and Canada.

The Commission said that AstraZeneca’s decision to maintain delivery volumes to Britain while slashing its deliveries to the E.U., after a problem arose in a Belgium-based plant, was in bad faith and breach of the company’s contractual obligations.

The company’s chief executive responded that he regretted the situation, but that his company had not committed to a specific schedule, but rather to a vow to make its “best effort.”

The Commission dismissed the claim, and published a heavily redacted version of the contract with AstraZeneca. The contract affords the company many standard protections in case it fails to deliver, but includes some clauses that could be seen as favoring the E.U. interpretation that AstraZeneca is obligated to turn to other factories, including in Britain, to fulfill its delivery promises.

The matter is further complicated by regulation issues: The European drug regulator, the European Medicines Association, received an application for authorization from AstraZeneca on Jan. 12, nearly two weeks after the company received emergency authorization in Britain. The E.U. agency was expected to announce approval of use of the vaccine later on Friday.

The dispute with AstraZeneca is occurring against a backdrop of severe shortages of doses at vaccination centers across Europe. French and German regions have reported that they are nearly running out, and the Madrid region of Spain has suspended its rollout for at least two weeks until fresh deliveries arrive.

The E.U. regulator stopped short of imposing an age cap on the use of the vaccine, despite concerns about a paucity of data on the vaccine’s efficacy in people age 65 and older.

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N.Y.C. Indoor Dining to Reopen on Valentine’s Day

On Friday, Gov. Andrew M. Cuomo announced that indoor dining in New York City could resume at up to 25 percent capacity starting on Valentine’s Day.

New York City restaurants, on our current trajectory, we can reopen indoor dining at 25 percent on Valentine’s Day. The restaurants want a period of time so they can notify workers. They can get up to speed for indoor dining, order supplies, etc. So we’re saying indoor dining. 25 percent on Valentine’s Day. Going forward, we are very excited about the possibility of reopening venues with testing. Restaurants are opened on Valentine’s Day. You could make a reservation now or plan dinner on Valentine’s Day, you propose on Valentine’s Day. And then you can have the wedding ceremony March 15, up to 150 people. People will actually come to your wedding because you can tell them with the testing, it will be safe. Everybody there will be tested, and everybody will be safe.

Video player loadingOn Friday, Gov. Andrew M. Cuomo announced that indoor dining in New York City could resume at up to 25 percent capacity starting on Valentine’s Day.CreditCredit…Clay Williams for The New York Times

Indoor dining will resume with limited capacity in New York City restaurants next month, Gov. Andrew M. Cuomo announced on Friday, more than a month after he had banned it to combat a second wave of the coronavirus.

Starting on Feb. 14, the city’s restaurants can seat customers indoors at 25 percent maximum capacity, he said.

The announcement was a source of hope for the restaurant industry, an important driver of the city’s economic engine, which has been decimated by ever-changing virus-induced restrictions that have forced many restaurants and bars to go out of business and caused thousands of workers to lose their jobs.

After shutting down restaurants in March, Mr. Cuomo allowed the city’s indoor dining to restart in late September. He prohibited it again in mid-December as holiday travel threatened to increase transmission of the virus and overwhelm hospitals.

Restaurants and bars that have stayed afloat have relied on takeout and delivery, as well as outdoor dining, an increasingly untenable option as the frigid winter advances.

Starting March 15, wedding receptions with up to 150 attendees will be allowed in the state, the governor said, as long as the venues are at no more than 50 percent capacity. The gatherings would have to be approved in advance by a local health department, and all attendees will have to be tested.

“We want to use testing as the key to reopening events,” Mr. Cuomo said.

The governor’s decisions come at an incredibly precarious phase in the state’s battle against the virus, which has killed more than 42,500 people in New York State, a one-time center of the pandemic.

Yankee Stadium will open its doors as a mass vaccination site, Mr. Cuomo said, pointing to high positivity rates in the Bronx. He did not specify a time frame.

Participating in a Johnson & Johnson vaccine trial at the Desmond Tutu H.I.V. Foundation Youth Center near Cape Town last month.Credit…Joao Silva/The New York Times

Johnson & Johnson said on Friday that its one-dose coronavirus vaccine provided strong protection against Covid-19, offering the United States a third powerful tool in a race against a worldwide rise in virus mutations.

But the results came with a significant cautionary note: The vaccine’s efficacy rate dropped from 72 percent in the United States to 57 percent in South Africa, where a highly contagious variant is driving most cases. Studies suggest that this variant also blunts the effectiveness of Covid vaccines made by Pfizer-BioNTech, Moderna and Novavax.

The variant has spread to at least 31 countries, including two cases documented in the United States this week.

Johnson & Johnson said it planned to apply for emergency authorization of its vaccine from the Food and Drug Administration as soon as next week, putting it on track to receive clearance later in February.

“This is the pandemic vaccine that can make a difference with a single dose,” said Dr. Paul Stoffels, the company’s chief scientific officer.

The company’s announcement comes as the Biden administration is pushing to immunize Americans faster even as vaccine supplies tighten. White House officials have been counting on Johnson & Johnson’s vaccine to ease the shortfall. But the company may have as few as seven million doses ready when the vaccine is authorized, according to federal health officials familiar with its production, and no more than 32 million doses by early April.

The variant from South Africa, known as B.1.351, could make the vaccine push tougher. Given the speed at which the variant swept through that country, it is conceivable that it could make up a large fraction of infections in the United States by April and therefore undermine the effectiveness of available vaccines.

The two vaccines approved by the U.S. government have been found to be less effective against the B.1.351 variant in clinical trials, a development that has unsettled federal officials and vaccine experts.

Many researchers say it is imperative to vaccinate people as quickly as possible. Lowering the rate of infection could thwart the more contagious variants while they are still rare.

“If ever there was reason to vaccinate as many people as expeditiously as we possibly can with the vaccine that we have right now, now is the time,” said Dr. Anthony S. Fauci, the government’s top infectious disease expert. “Because the less people that get infected, the less chance you’re going to give this particular mutant a chance to become dominant.”

A pregnant woman being vaccinated in Tel Aviv. Credit…Jack Guez/Agence France-Presse — Getty Images

The World Health Organization on Friday changed its guidance for pregnant women considering a Covid-19 vaccine, abandoning opposition to immunization for most expectant mothers unless they were at high risk.

The change followed an outcry to the W.H.O.’s previous stance, which stated that the organization did “not recommend the vaccination of pregnant women” with the vaccines made by Pfizer-BioNTech and Moderna.

Several experts had expressed disappointment on Thursday with the W.H.O.’s earlier position. The experts noted that it was inconsistent with guidance on the same issue from the U.S. Centers for Disease Control and Prevention, and would confuse pregnant women looking for clear advice.

The vaccines made by Pfizer-BioNTech and Moderna, while they have not been tested in pregnant women, have not shown any harmful effects in animal studies. And the technology used in the vaccines is generally known to be safe, experts said.

The W.H.O.’s new phrasing reflects this information:

“Based on what we know about this kind of vaccine, we don’t have any specific reason to believe there will be specific risks that would outweigh the benefits of vaccination for pregnant women.” The recommendation is now closely aligned with the C.D.C.’s stance.

Experts praised the shift, welcoming agreement between the world’s leading public health organizations on this important issue.

“I was very pleased to see that W.H.O. changed their guidance regarding offering the Covid-19 vaccine to pregnant women,” said Dr. Denise Jamieson, an obstetrician at Emory University and a member of the Covid expert group with the American College of Obstetrics and Gynecology. The association was among the many women’s health organizations that had urged Pfizer and Moderna to speed up vaccine tests in pregnant women.

“The more permissive W.H.O. language provides an important opportunity for pregnant women to get vaccinated and protect themselves from the severe risks of Covid-19,” Dr. Jamieson said. “This impressively rapid revision by W.H.O. is good news for pregnant women and their babies.”

Pregnant women have traditionally been excluded from clinical trials, leaving a dearth of scientific data on the safety of drugs and vaccines in women and their unborn children. Vaccines are generally considered to be safe, and pregnant women have been urged to be immunized for influenza and other diseases since the 1960s, even in the absence of rigorous clinical trials to test them.

Pfizer will test its vaccine in pregnant women over the next few months, according to a spokeswoman for the company. And Moderna plans to establish a registry to observe side effects in women who were immunized with its vaccine.

Border police at the international airport in Frankfurt, Germany.Credit…Thomas Lohnes/Getty Images

Germany on Friday announced its plans to restrict incoming travel from a handful of countries, including Britain and Ireland, in an attempt to curb the spread of infectious coronavirus variants, going beyond the measures recommended by the European Union.

“It’s about stopping the entry of a highly infectious virus,” Horst Seehofer, Germany’s interior minister, said on Thursday, a day before the federal cabinet approved the restrictions.

Under the new travel ban — which also applies to passengers coming from Portugal, Brazil, South Africa, Lesotho and Eswatini (formerly known as Swaziland) — German residents will be able to return home, but non-German residents from the areas in question will be refused entry, even with a negative coronavirus test.

While multiple known infectious variants have been found in Germany, including the B.1.1.7 variant at a hospital in Berlin, which then had to go into lockdown, health authorities believe they can still prevent variants from spreading and driving new infections.

The change will go into effect over the weekend and will be in place until at least Feb. 17. It follows a temporary halt in travel for all passengers coming from the United Kingdom and South Africa, which was lifted a few days after it was enacted. All nonessential travel remains discouraged.

After more than six weeks of a strict lockdown — during which restaurants, bars, nonessential shops and most schools have been shuttered — Germany is starting to show slight improvement in its daily case numbers. On Thursday, health authorities reported 14,022 infections in a 24-hour period, nearly 4,000 less than the amount registered one week earlier.

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Canadian Airlines Suspend Flights to the Caribbean and Mexico

Prime Minister Justin Trudeau of Canada announced on Friday that major airlines have agreed to suspend flights to sunny vacation spots as new coronavirus quarantine measures are put into place.

The government and Canada’s main airlines have agreed to suspend service to some destinations right away. Air Canada, WestJet, Sunwing and Air Transat are canceling air service to all Caribbean destinations and Mexico starting this Sunday up until April 30. Starting next week, all international passenger flights must land only at the following four airports: Vancouver, Calgary, Toronto and Montreal. In addition to the pre-boarding test we already require, as soon as possible in the coming weeks, we will be introducing mandatory P.C.R. testing at the airport for people returning to Canada. Travelers will then have to wait for up to three days at an approved hotel for their test results, at their own expense, which is expected to be more than $2,000. We will also, in the coming weeks, be requiring non-essential travelers to show a negative test before entry at the land border with the U.S. And we’re working to stand up additional testing requirements for land travel.

Video player loadingPrime Minister Justin Trudeau of Canada announced on Friday that major airlines have agreed to suspend flights to sunny vacation spots as new coronavirus quarantine measures are put into place.CreditCredit…Blair Gable/Reuters

Prime Minister Justin Trudeau of Canada announced Friday that flights between the country and several sunny vacation spots will be suspended, as new testing and quarantining measures are put in place for most air travelers entering Canada.

After previously requiring that air travelers coming to Canada for nonessential purposes show evidence of a negative coronavirus test result from within 72 hours before being allowed on planes, Mr. Trudeau said that they will now also be tested when they land upon their return to Canada. Travelers will have to wait for the results of that second test for three days in a government hotel at their own expense under the new measures.

“Now is just not the time to be flying,” Mr. Trudeau said at an outdoor news conference. “By putting in place these tough measures now, we can look forward to a better time when we can all plan those vacations.”

During most of the pandemic, international flights leaving and entering Canada have been limited to four airports. The flights that are canceled under the new order mainly service resort areas in Mexico and the Caribbean. Airlines are making arrangements to return Canadians who are already in those areas, Mr. Trudeau said.

In December, Canada temporarily stopped air travel to and from the United Kingdom following the appearance there of a new variant of the coronavirus.

Mr. Trudeau estimated that the mandatory three-day stay would cost travelers about 2,000 Canadian dollars, or about $1,570. Travelers with a negative test result will then need to quarantine for 11 more days at their homes. Those with positive test results will be sent to government facilities.

Travelers entering Canada on nonessential trips at land border crossings will also soon be tested, Mr. Trudeau said. They have long been required to quarantine for two weeks.

The premiers of Ontario and Quebec, the country’s two most populous provinces, have been pressuring Mr. Trudeau to introduce testing upon arrival at airports and introduce further flight restrictions. Several Canadian politicians and officials have also come under severe criticism and, in some cases, resigned their positions for traveling outside of the country for vacation.

Mr. Trudeau acknowledged that the percentage of Covid-19 cases in Canada linked to foreign travel is “extremely low.” But he said that the new restrictions should limit the risk posed by new variants of the virus.

“These variations represent a very real challenge,” Mr. Trudeau said.

Columbia University has mostly offered online instruction during the pandemic, and allowed only a sliver of students to live on campus or attend in-person classes. Credit…Mark Lennihan/Associated Press

Over 1,100 undergraduate and graduate students at Columbia University have pledged to withhold their tuition for the spring semester to demand a discount for what they see as a lost spring term.

While some universities have brought students back to campus, Columbia has mostly offered online instruction for students and allowed only a sliver of them to live on campus or attend in-person classes.

In response, students are asking the university to reduce their total costs — including tuition, fees, and room and board — by at least 10 percent, following suit of several schools including Georgetown University, Princeton University and Williams College. Columbia College, the university’s undergraduate school, can cost more than $80,000 a year for students not receiving financial aid.

Strike organizers said that both graduate and undergraduate students were participating; the university has more than 31,000 students.

“It’s a reasonable demand,” said Matthew Gamero, 19, a sophomore who is one of the strike organizers. “This is about the university providing an education of its worth, and to have it online is certainly not what we’re paying for.”

“This is a moment when an active reappraisal of the status quo is understandable, and we expect nothing less from our students,” the university said in a statement. “Their voices are heard by Columbia’s leadership, and their views on strengthening the University are welcomed.”

A tuition discount is only one of a series of demands made by strikers. They have also called on the university to reduce funding for campus policing, improve working conditions for graduate students and provide aid for the surrounding West Harlem community.

The tuition strike was officially kicked off after the spring term bill was due last Friday. For undergraduates, the university could impose a $150 late fee and prevent them from registering for summer or fall classes. The university could also penalize seniors by withholding their diplomas until their balance is paid.

People walk near the Eiffel Tower in Paris the day after Christmas. France will shut its borders to nonessential travel from countries outside the European Union on Sunday.  Credit…Michel Euler/Associated Press

France said on Friday that it would close its borders to non-European Union countries as cases rise and the government struggles to avoid a new lockdown.

Jean Castex, the French prime minister, said that all travel between France and nations outside of the E.U. would be banned starting on Sunday, with exceptions made only for urgent matters. All travelers from E.U. countries, except for cross-border workers, will have to present a negative coronavirus test to enter the country, Mr. Castex added.

Speculation about new restrictions had been growing in France over the past week, with a flurry of conflicting and often confusing information from officials, and many were expecting President Emmanuel Macron to replace the current 6 p.m. to 6 a.m. curfew with a new lockdown.

Speaking after a special cabinet meeting in Paris, Mr. Castex acknowledged France faced a “strong risk of acceleration of the epidemic” because of the more contagious British and South African variants of the virus, and said debates over a new nationwide lockdown were “legitimate.”

“But we all know the very heavy toll it has on the French, on all counts,” he said of a lockdown. “This evening, we consider that in view of the numbers over the past few days, we can still give ourselves a chance to avoid one.”

The variants that emerged in Britain and South Africa have both been detected in France, and the country’s vaccination campaign has slowed amid disruptions in the E.U. supply chain. The number of new cases has continued to rise in France over the past few weeks, with nearly 23,000 new cases reported on Friday, though they have not skyrocketed like they have for some of France’s neighbors.

Britain, which has faced record numbers of cases and deaths, tightened its travel restrictions on Wednesday, requiring British citizens arriving from 22 high-risk countries to quarantine in hotels for 10 days at their own expense. England entered its latest lockdown at the start of January.

The European Commission, the executive arm of the European Union, recommended on Monday restricting nonessential travel in a bid to prevent blanket border closures, which can obstruct trade and the movement of cross-border workers.

“We need to keep safe and discourage nonessential travel,” Ursula von der Leyen, the president of the commission, wrote on Twitter, citing the danger of new variants circulating.

Mr. Castex also announced the closure of the country’s largest malls that do not sell groceries, starting on Sunday, and increased police checks on curfew violations and establishments like restaurants that open illegally. Companies will be further encouraged to have their employees work from home, he said.

“Our goal is to do everything to avoid a new lockdown, and the next few days will be decisive,” Mr. Castex said.

A woman walks past a sorority house on the University of Michigan campus, where more than a dozen cases of a coronavirus variant were found.Credit…Shannon Stapleton/Reuters

Fourteen students at the University of Michigan have contracted a highly contagious variant of the coronavirus, leading health authorities to issue a stay-at-home recommendation for students living on and off campus.

Students were advised to not leave their residences until Feb. 7, except to attend classes, seek medical treatment or run essential errands.

The outbreak of the variant, first detected in Britain and known as B.1.1.7, appears to have started with a student who traveled to the United Kingdom over the winter break, according to Susan Ringler-Cerniglia, a spokeswoman for the Washtenaw County Department of Health.

The first case on the university’s campus was identified on Jan. 16 after the student tested positive and notified officials that he or she had traveled to an area where the variant was prevalent. That prompted additional sequencing that identified the student was infected with the variant, Ms. Ringler-Cerniglia said.

Since then an additional 13 students who are positive with the same variant have been identified. One of them had visited a local indoor mall and a grocery store before testing positive, leading authorities to issue a public notice to people who had visited those locations, asking them to seek testing.

Rick Fitzgerald, a spokesman for the university, said that all the infected students were in isolation with mild symptoms.

The stay-at-home recommendation announced by the Washtenaw County Health Department this week applies to the Ann Arbor campus but not to the broader community.

“More stringent, mandatory actions may be imposed if this outbreak continues to grow and additional variant clusters are identified,” the health department said in a memo to university officials on Wednesday.

Michigan athletics also imposed a two-week pause in competitions and practice, citing the emergence of the variant as the reason. Five of the cases involved individuals connected to the athletic program.

The variant is regarded as 50 percent more transmissible than the standard form of the virus but it isn’t more dangerous, and the vaccines that are currently on the market appear to be effective against it.

Since Michigan’s winter session began Jan. 19, the university has identified a total of 175 coronavirus cases, including the 14 cases of the variant.

Cardinal Timothy Dolan blessed the crowds from the steps of St. Patrick’s Cathedral in Manhattan after Easter Mass in 2016.Credit…Kathy Willens/Associated Press

Cardinal Timothy M. Dolan, the leader of the Roman Catholic Archdiocese of New York, was in quarantine on Friday after he interacted last week with a person who later tested positive for the coronavirus, according to a spokesman.

In a statement, the archdiocese said the cardinal “has not tested positive, feels fine, and has no symptoms.” Joseph Zwilling, a spokesman for the archdiocese, said the cardinal is tested regularly, had tested negative since the interaction, and would be tested again “in a few days.” He did not specify what kind of tests were used nor the timing of when he cardinal was tested after the interaction.

Tests taken too soon after exposure may return false negative results, because the virus has not yet had time to build up to detectable levels. People are thought to carry the largest quantity of virus around the time their symptoms appear, if they experience symptoms at all.

The cardinal’s quarantine had not previously been announced by the archdiocese. Mr. Zwilling said the cardinal had been in quarantine since Wednesday but that no announcement had been made because the infected individual had not received the results of their coronavirus test until Thursday.

“He did not have any public events, and all of his meetings were via Zoom, etc.,” Mr. Zwilling said in an email, referring to the cardinal. “We are announcing today because the exposure was confirmed, and the first public events — Mass tomorrow evening and Sunday morning — were coming up, and he will obviously not be present for those events.”

The cardinal will “continue to follow health and safety protocols as instructed by medical professionals, as will others on his staff who also had close contact with this individual,” the statement said.

Cardinal Dolan is one of the most influential figures in American Catholicism, and the Archdiocese of New York is the second-most populous in the United States, with more than 2.8 adherents living in a territory that stretches from Staten Island into the Hudson Valley.

He had celebrated Mass last Sunday at Saint Patrick’s Cathedral and interacted with other priests and parish personnel, all wearing masks, at that time, according to online video of the service.

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W.H.O. Delivers Update on China Visit

On Friday, the World Health Organization reviewed the details of its investigation into the origin of the coronavirus in China, and what it hopes to learn from the visit.

There is a very long list of site visits planned and face-to-face meetings continue. The — the visits will include the Wuhan Institute of Virology, other labs, the Wuhan markets, early responders, hospitals in which the first clusters of cases occurred. We continue to be hopeful that all of the data and all of the meetings that they need will be had. And and just to reconfirm that all hypotheses are on the table, and we’re looking forward, hopefully, to a successful conclusion of the mission. Success in the case of animal human interface investigations is not measured necessarily in absolutely finding a source on the first mission. This is a complicated business, what we need to do is gather all of the data, all of the information, summarize all of these discussions and come to an assessment as to how much more we know about the origins of the disease, and what further studies may be needed for the release of.

Video player loadingOn Friday, the World Health Organization reviewed the details of its investigation into the origin of the coronavirus in China, and what it hopes to learn from the visit.CreditCredit…Hector Retamal/Agence France-Presse — Getty Images

After months of delays, a team of World Health Organization scientists tracing the pandemic’s origin began its field work on Friday in Wuhan, the Chinese city where the coronavirus was first detected.

The W.H.O. said its team of 15 experts planned to visit hospitals, laboratories and a live animal market over the next several weeks in Wuhan, a city of 11 million, where the virus was detected in late 2019.

“As members start their field visits on Friday, they should receive the support, access and the data they need,” the W.H.O. said on Twitter. “All hypotheses are on the table as the team follows the science in their work to understand the origins of the #COVID19 virus.”

The Chinese government had repeatedly sought to delay the inquiry, apparently out of concern that the experts would draw attention to the government’s early missteps in handling the outbreak. But it relented under mounting global pressure.

The W.H.O. experts were first asked to undergo 14 days of quarantine in Wuhan, which ended on Thursday.

They plan to speak with some of the first patients to show symptoms of Covid-19, as well as with medical workers and Chinese scientists, according to the W.H.O. Their fieldwork will include a visit the Huanan Seafood Wholesale Market, where some of the first cases were detected.

They will also visit the Wuhan Institute of Virology and a laboratory operated by Chinese Center for Disease Control and Prevention.

The question of the pandemic’s origin has caused friction between China and the United States, with officials in each country at times blaming the other for unleashing the virus on the world.

Jen Psaki, the White House press secretary, said on Wednesday that the United States hoped for a “robust and clear” international investigation.

Chinese officials, in response, defended the country’s handling of the inquiry.

“We hope the U.S. side will work with China, take on a responsible attitude and respect facts, science and the diligent work of W.H.O. experts,” Zhao Lijian, a spokesman for the Chinese foreign ministry, said at a news conference in Beijing on Thursday.

  • Chinese officials said on Friday that several passengers traveling to China from the United States had falsified coronavirus test results so they could gain entry to the country. The Chinese consulate in San Francisco said the passengers had “changed their test results from positive to negative” and that other travelers had lied about test results. The consulate did not provide details about the passengers or the punishments they might face. China maintains strict border control rules, including a requirement that travelers present results from antibody and nucleic acid tests before they fly. The consulate said the passengers had violated public health laws. “The way they put others at risk is odious,” the statement said.

  • Vietnam recorded nine more coronavirus cases on Friday, including one in the capital, Hanoi, as a new outbreak spread beyond the two northern provinces where infections had first been detected a day earlier. Officials put the number of cases from the latest outbreak at 93 as of Friday afternoon but said that it could reach 30,000, nearly 20 times the number of cases that Vietnam detected during the entire first year of the pandemic. Vietnam has been among the most successful countries in containing the virus, with strict border controls, mask-wearing, contact tracing and isolation of infected people. The latest outbreak comes as officials from the governing Communist Party meet to select the country’s new leaders, an event held once every five years.

  • Hungary’s medicine authority has approved the coronavirus vaccine developed by the Chinese company Sinopharm. “This means that in addition to Pfizer, Moderna, Sputnik and AstraZeneca, we can also count on Sinopharm,” said Dr. Cecilia Muller, the country’s chief medical officer. “We trust that these vaccines will be readily available in large quantities and the immunization process will be completed in larger numbers in less time.” The country’s foreign minister later announced that it had purchased five million doses of the vaccine. Regarding the options, Prime Minister Viktor Orban expressed enthusiasm for the Chinese vaccine on Friday. “I will wait for the Chinese vaccine,” he said. “I trust that one the most.”

  • Spain’s first case of the South African variant of Covid-19 was detected in the port city of Vigo, in the northwestern region of Galicia. Health authorities in Galicia said a 30-year old man who works in the shipping industry returned from a recent work trip to South Africa and tested positive for the variant earlier this month. He had light symptoms and was not hospitalized, they said.

Registered nurses demonstrated against unsafe staffing practices at Good Samaritan Hospital in San Jose, Calif., in December. Credit…Sarahbeth Maney for The New York Times

The unions representing the nation’s health care workers have emerged as increasingly powerful voices during the still-raging pandemic.

With more than 100,000 Americans hospitalized and many among their ranks infected, nurses and other health workers remain in a precarious frontline against the coronavirus and have turned again and again to unions for help.

Nurses across the country from various unions are participating in dozens of strikes and protests. National Nurses United, the country’s largest union of registered nurses, held a “day of action” on Wednesday with demonstrations in more than a dozen states and Washington, D.C., as it starts negotiations at hospitals owned by big systems like HCA, Sutter Health and CommonSpirit Health.

“It’s so overwhelming. It’s unlike anything I’ve ever seen before,” said Erin McIntosh, a nurse at Riverside Community Hospital in Southern California, a part of the country that has been among the hardest hit by a surge in cases. “Every day I’m waist-deep in death and dying.”

Hospitals said the unions are playing politics during a public health emergency and say they have no choice but to ask more of their workers.

But health care workers say they have been bitterly disappointed by their employers’ and government agencies’ response to the pandemic. Dire staff shortages, inadequate and persistent supplies of protective equipment, limited testing for the virus and pressure to work even if they might be sick have left many workers turning to the unions as their only ally. The virus has claimed the lives of more than 3,300 health care workers nationwide, according to one count.

Credit…Joshua Lott/Reuters

“We wouldn’t be alive today if we didn’t have the union,” said Elizabeth Lalasz, a Chicago public hospital nurse and steward for National Nurses United.

Despite the decades-long decline in the labor movement and the small numbers of unionized nurses, labor officials have seized on the pandemic fallout to organize new chapters and pursue contract talks for better conditions and benefits. National Nurses organized seven new bargaining units last year, compared to four in 2019. The Service Employees International Union, which represents Mrs. McIntosh, also says it has seen an uptick in interest.

Tyler Perry in 2019.Credit…Frederic J. Brown/Agence France-Presse — Getty Images

With the pandemic exposing racial disparities in the United States — Black people have died of Covid-19 at nearly three times the rate of white people, according to the Centers for Disease Control and Prevention — health officials have been working to promote vaccinations in Black communities, and to combat doubt.

So doctors in Atlanta turned to Tyler Perry — a popular and prolific actor, director and studio head — to spread the word to Black audiences that the vaccine was harmless. He agreed to interview the experts, turning it into a TV special that aired Thursday night on BET. On the show, he peppered doctors from Grady Health System with questions about the safety of the vaccine, how it was developed, how it was tested and how it works.

At the end of the interview, with his sleeve pulled up, Perry got the jab as cameras rolled.

Perry is one of the most powerful people in the entertainment industry. He built his fortune portraying the character of Madea, a tart-tongued and irreverent matriarch, onstage and onscreen, before retiring her in 2019 to concentrate on other projects, which include running his 330-acre studios in Georgia.

Skepticism about the Covid-19 vaccine among Black people has been deeply concerning to health officials. A recent study by the Kaiser Family Foundation found that one in three Black people was hesitant about vaccine. A recent CNN analysis found that Black and Latino Americans were getting the vaccine at significantly lower rates than white people — rates attributed to, among other factors, lack of access to health care for many Black people, but also to an entrenched mistrust about the medical establishment.

On the BET special, Perry spoke of episodes in history that have led to a lack of faith in the medical establishment and the government, among them the Tuskegee Syphilis Study, in which doctors allowed syphilis to progress in Black men by withholding treatment from them, and the case of Henrietta Lacks, a Black woman who died of cervical cancer in 1951, whose cells were used in research without her knowledge or consent.

“We as Black people have healthy hesitation when it comes to vaccinations and so on and so forth, and even disease,” he said.

Perry said he didn’t want people getting vaccinated just because he had. “What I want to do is give you the information, the facts,” he said. “There’s a lot of misinformation out there.”

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New York City Sets ‘Aggressive Goal’ of 5 Million Vaccinations by June

Mayor Bill de Blasio said the city is aiming to vaccinate 5 million New Yorkers against Covid-19 by June. He also announced plans to bring city workers back to offices in May and reopen schools for all students in September.

We’re going for an aggressive goal, five million New Yorkers vaccinated by June. I am absolutely certain we can do it so long as we have the vaccine. And I am more and more confident because the actions the Biden administration, because the Johnson Johnson vaccine is coming, more and more confident that we will have what we need. I’m going to push hard on the federal government to get every pharmaceutical company in America into this work because they’re not right now. The federal government needs to ensure that they are required to produce vaccine, whether they’re the originator of the vaccine or not. So long as we have the supply, we can reach five million new Yorkers in June, get to a point of community immunity. And we’re going to bring back our city workforce in May and after, because obviously so many are on the job right now. But the folks who work in our offices and do so much important work, we want them back. We want to send a signal to this whole city. We’re moving forward. We want to see the private sector bring workforces back. We are going to have an entirely different situation as we proceed into the spring. By the end of the spring, I think you’re going to see something very different. And we’re going to a great group of folks out there, our vaccine for all core leading the way. Now, a lot of different pieces matter, and one of the most crucial ones that matters to us for today, for our parents, for our families, for our future, tomorrow — our schools, one of the things that says most clearly, we are back is our schools. And so in September, our schools come back fully. We focus on helping kids overcome that Covid achievement gap. Our 2021 student achievement plan focuses on the academic side, but also the emotional side, the mental health needs of our kids after everything they’ve been through.

Video player loadingMayor Bill de Blasio said the city is aiming to vaccinate 5 million New Yorkers against Covid-19 by June. He also announced plans to bring city workers back to offices in May and reopen schools for all students in September.CreditCredit…James Estrin/The New York Times

In his final State of the City address, Mayor Bill de Blasio offered a sprawling vision of New York City’s recovery from a pandemic that has taken tens of thousands of lives and destroyed the city’s economy.

The mayor committed to accelerating the city’s vaccination efforts and set a goal of inoculating five million New Yorkers by June.

“We’re going for an aggressive goal,” Mr. de Blasio said at a news conference on Friday morning, adding that “I am absolutely certain we can do it, so long as we have the vaccine.”

On Friday, Mr. de Blasio said that, given an adequate supply of the vaccine, the city could vaccinate half a million people per week, and that he planned to reopen vaccination sites that had closed as more vaccine became available.

Johnson & Johnson announced on Friday that their vaccine was very effective at preventing the virus, but that its efficacy dropped steeply against a more contagious variant in South Africa. White House officials have been counting on Johnson & Johnson’s vaccine, to ease the shortfall of vaccine supply. Unlike the federally authorized vaccines made by Pfizer and Moderna, Johnson & Johnson’s vaccine is effective after only one dose. But the company may only have about seven million doses ready when the F.D.A. decides whether to authorize it, according to federal health officials familiar with its production, and about 30 million doses by early April.

Mr. de Blasio also noted on Friday that the citywide seven-day average rate of positive test results was 8.63 percent, and city data show that in more than 30 city ZIP codes the rate is above 10 percent.

During the State of the City address, the mayor also said he would begin in May to bring back to offices the thousands of city employees who have been working remotely, and would safely reopen schools for all students in September.

“New York City’s vaccination effort is the foundation of a recovery for all of us,” the mayor’s 18-page recovery plan says. “With every vaccine shot, New York City moves closer and closer to fully reopening our economy, restoring the jobs we lost and ensuring equality in our comeback.”

If the federal government provides enough stimulus dollars to the city, Mr. de Blasio said, he will create a City Cleanup Corps of 10,000 temporary workers to focus on beautifying the city — an idea he compared to President Franklin D. Roosevelt’s Works Progress Administration during the Great Depression.

Mr. de Blasio also proposed two plans to help small businesses: a $50 million “recovery tax credit” program for businesses that have faced hardships from the pandemic, and a $100 million “recovery loan” program to help shops stay open. The city will provide low-interest loans of up to $100,000 to roughly 2,000 small businesses, according to the mayor’s plan.

But Mr. de Blasio has also warned that the city is facing major budget cuts and layoffs. He recently announced that the city’s property tax revenues are projected to decline by $2.5 billion next year, driven by a drop in the value of office buildings and hotel properties that have emptied out during the pandemic.

Gov. Andrew M. Cuomo announced on Friday that restaurants in New York City, major drivers of its economy that have struggled under pandemic restrictions, could reopen for indoor dining at 25 percent capacity starting on Feb. 14. Mr. Cuomo closed them last month as virus numbers ticked up.

Mr. de Blasio and Mr. Cuomo have expressed optimism that President Biden, along with a Democratic-led Congress, will bring substantial assistance to the city. Mr. de Blasio also called for higher taxes on wealthy New Yorkers in his speech — a policy he has pushed for years, but that Mr. Cuomo has opposed.

Mr. de Blasio noted that more than 100 billionaires in the state increased their net worth by billions of dollars during the pandemic and called again for a redistribution of wealth.

“There is clearly enough money in New York to invest in a fair and fast recovery — it’s just in the wrong hands,” he said.

A protest outside the Denver office of the Occupational Safety and Health Administration last year after hundreds of workers at a Colorado meatpacking plant developed Covid-19, six fatally.Credit…David Zalubowski/Associated Press

The federal occupational safety agency on Friday posted new guidance for employers on reducing the spread of Covid-19 in the workplace, just over one week after President Biden signed an executive order directing it to do so.

The move by the Occupational Safety and Health Administration, part of the Labor Department, includes only recommendations, not requirements. But the agency said it was exploring a rule mandating certain protective measures.

The agency declined to issue such a rule, known as an emergency temporary standard, during the Trump administration. But Mr. Biden indicated support for a standard during the campaign.

The new guidance makes fewer distinctions than the Trump administration’s version based on the exposure risk of different workers. “Everyone should be protected, not some more protected than others,” Ann Rosenthal, a senior adviser to the agency, said on a video call with reporters.

The document issued on Friday also uses less equivocal language than the agency did under President Donald J. Trump. For example, it says the most effective prevention programs “ensure that absence policies are nonpunitive.” During the Trump administration, the agency advised employers to “ensure that sick leave policies are flexible and consistent with public health guidance.”

Meatpacking and meat processing have been a particular source of concern, accounting for an outsized portion of Covid-19 infections nationally.

In late December, a state judge in California issued a temporary restraining order in a lawsuit involving workers at a local poultry plant, requiring a variety of safety protocols such as providing masks and requiring workers to wear them, as well as face shields, where social distancing isn’t possible.

The court announced Friday that it would issue a preliminary injunction to the same effect, giving workers an ongoing ability to force compliance if the company backs off the protocols. It cited evidence submitted by the plaintiffs that “regulatory agencies are overwhelmed by the issues raised by the Covid-19 pandemic and are unable to inspect with the same regularity as was the practice prior to the pandemic.”

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GameStop and Inventory Market Stay Updates

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

Stocks on Wall Street fell sharply on Friday, the latest turn in stretch of volatile trading that’s put the S&P 500 on track for its worst week since late October.

The index fell more than 2 percent by Friday afternoon, adding to a decline of 1.4 percent for the week through Thursday.

Wall Street’s attention this week has been consumed by an army of day traders that has been whipping around a handful of stocks, forcing losses on hedge funds and earning the attention of regulators and senators. These traders, mostly small investors on trading apps like Robinhood who share their ideas on Reddit and other social media, are only focused on a relatively small number of stocks.

But they’ve become a cause for concern for large investors who had bet against those companies and are losing money quickly as the shares rise. GameStop, still the favorite of this crowd, is was up nearly 70 percent on Friday alone. Another target, AMC Entertainment rose more than 60 percent.

For the broader market, the concern is that the big institutions that are losing money as a result of the frenzy, will have to sell other stocks to offset those losses. This so-called forced liquidation was a factor in a sharp decline earlier in the week, Mark Haefele, chief investment officer at UBS Global Wealth Management wrote in a note to clients.

  • Johnson & Johnson said on Friday that its one-dose coronavirus vaccine provided strong protection against Covid-19 — but it appeared to be less effective against new variants of the coronavirus. Johnson & Johnson’s vaccine is also less effective than those produced by Moderna and Pfizer, and its shares fell.

  • In the United States, personal income ticked back up in December while consumer spending continued to fall, the Commerce Department reported. Income increased 0.6 percent after two straight monthly declines. Spending was down 0.2 percent, the second drop in a row.

  • Data from Europe, meanwhile, showed that the German and French economies performed better at the end of last year than analysts expected. Germany, Europe’s largest economy, even managed to grow slightly. But a struggle to increase the region’s supply of vaccinations has damped optimism about this year’s economic recovery. Spain on Wednesday became the first E.U. country to partly suspend immunizations for lack of doses.

Credit…Amy Lombard for The New York Timesø

Robinhood raised $1 billion from investors on Thursday to help it cover cash demands during the week’s stock trading frenzy. But the online brokerage, the venue of choice for small investors during the mania for shares in GameStop, AMC Entertainment and others, must still confront feelings of betrayal from its loyal customers and questions about its business model, the DealBook newsletter writes.

In imposing trading limits on hugely popular stocks yesterday because of financial requirements from a central Wall Street trading hub, Robinhood alienated some of its core customers. (Small groups of them gathered to protest outside the New York Stock Exchange and Robinhood’s headquarters in Menlo Park, Calif.) That sense of abandonment — that the brokerage had chosen to protect Wall Street institutions at risk of losing money over small investors making it — may be harder to address than annoyance over technical outages, like those that bedeviled the platform last year.

Meanwhile, Robinhood’s business model of no-fee trading is under renewed pressure. The company turned to existing investors and bank credit lines for cash because it cannot raise money by charging customers more. It benefits from more trading — but more trading also means it needs more capital to hold against its users’ trades, especially when volatility makes its partners in settling trades more risk averse. Becoming a publicly listed company, able to more easily sell stock and raise debt, would help, but future trading frenzies could lead to more demands for cash.

Washington also sees cause for concern. The Securities and Exchange Commission said on Friday that it would review action that “may disadvantage investors or otherwise unduly inhibit their ability to trade certain securities.”

Lawmakers in the House and Senate have pledged to hold hearings into the inner plumbing of Wall Street trading, and could perhaps require brokerages to post higher margin requirements to prevent similar runs. That could make trading costlier for users, turning some off to the whole business.

Credit…Gabriela Bhaskar for The New York Times

GameStop shares surged on Friday, the latest turn in a week of wild price swings in companies that have been bid up in a frenzy of activity by small investors.

This week, shares in GameStop — a stock Wall Street had given up on — have reached as high as $483 and fallen as low as $61.

GameStop had ended the regular trading session down 44 percent on Thursday. The drop earlier in the day had come as Robinhood and other trading platforms said they would limit the ability to buy certain securities, including AMC Entertainment and BlackBerry.

Then the trading app reversed some of the restrictions. The shares rose about 65 percent on Friday.

“We plan to allow limited buys of these securities” starting Friday, Robinhood said in blog post on Thursday afternoon. “We’ll continue to monitor the situation and may make adjustments as needed.”

Robinhood called its move “a risk-management decision,” and later said it had raised $1 billion to cover the costs of the high volume of transactions so it wouldn’t need to reimpose restrictions.

Other brokerage firms have also limited trading of some of the same stocks. The Securities and Exchange Commission said Wednesday it was “actively monitoring” the volatile trading.

Other stocks spurred on by day traders in Reddit forums like “Wall Street Bets” include AMC Entertainment, the movie-theater chain that has narrowly avoided bankruptcy four times in the past nine months, which rose 53 percent in early trading Friday after dropping 57 percent on Thursday.

Chevron reported its third straight quarterly loss on Friday, as oil and natural gas prices remained low because the pandemic has disrupted activity across the economy. It was the company’s worst performance in four years.

The oil industry has suffered mightily over the last year, forcing companies to slash jobs, write off assets and, in the case of dozens of mostly smaller firms, file for bankruptcy.

With its varied international operations, Chevron comes out of the year stronger than most of its competitors, but the California-based company still lost $665 million in the last three months of 2020. The company lost $5.5 billion for the full year, down from a $2.9 billion profit in 2019.

“2020 was a year like no other,” said Chevron’s chief executive Mike Wirth in a statement. “We were well positioned when the pandemic and economic crisis hit, and we exited the year with a strong balance sheet.”

With oil and gas prices rising at the end of the year, Chevron’s oil and gas production yielded a $501 million profit in the fourth quarter, but its refining and chemical businesses continued to suffer as the global economy remained sluggish.

A spraypainted sign near the New York Stock Exchange. GameStop’s stock surge has been carried by a populist message.Credit…Gabriela Bhaskar for The New York Times

GameStop started the week as a curiosity — an illustration of how markets may have become detached from reality and how small traders can use options to drive stock prices.

By Tuesday, the story of the stock had become an obsession, as it nearly doubled in price. Groups of renegade investors on forums such as Reddit and Discord were trying to force a short squeeze — pushing up the price of stocks that hedge funds had bet would go down.

On Wednesday, GameStop was the most actively traded stock, with $24 billion worth of shares switching hands as prices rose 135 percent. Brokerages started to worry about their exposure, with some limiting customers from purchasing shares on margin — with borrowed funds. Elon Musk and Chamath Palihapitiya jumped into the fray, urging the crowd on via Twitter. The Securities and Exchange Commission said it was “actively monitoring the ongoing market volatility.”

The surge of GameStop and other stocks — AMC Entertainment and American Airlines were two other favorite targets — was starting to take a toll on hedge funds. Melvin Capital had to raise a $2.75 billion bailout from Citadel and Point72 early in the week, and its founder, Gabriel Plotkin, confirmed to CNBC that he was throwing in the towel and had exited his position.

Point72’s returns were down nearly 15 percent for the year as of Wednesday, and returns at Citadel were down by single digits.

The stock had its first daily drop of the week on Thursday, as the apps that many traders relied on limited action. Robinhood, among others, temporarily prevented its users from buying new positions in GameStop and other companies. The announcement infuriated users, who felt that the platform had betrayed them to satisfy big investors. “They call themselves Robinhood, but they’re helping the wealthy take money back from the middle class,” said a protester outside Robinhood’s headquarters.

Robinhood said it would reallow some trades on Friday, potentially setting up another day of wild swings. It said it had placed the limits because of “financial requirements” and was raising an infusion of $1 billion to ensure it wouldn’t need to further limit transactions.

Analysts expect GameStop to report a loss from continuing operations of $465 million for 2020, on top of the $795 million it lost in 2019.

Felix Hufeld, who served as president of Germany’s financial regulatory agency for six years, is stepping down after a review of the Wirecard scandal.Credit…Armando Babani/EPA, via Shutterstock

The president of Germany’s financial oversight authority is stepping down and the body will be reorganized following the collapse of the financial technology company Wirecard and the ensuing accounting scandal, the German finance minister, Olaf Scholz, said on Friday.

Mr. Scholz said the regulatory agency, known as BaFin, needed a reorganization to more effectively carry out its duties. The announcement came following a monthslong investigation into Wirecard’s collapse in June.

“Alongside of the planned organizational reform at BaFin, there should also be a change in personnel,” Mr. Scholz said in a statement announcing the departure of Felix Hufeld, who had served as president of BaFin for six years.

German authorities have been criticized for failing to act despite reports of irregularities at the Bavaria-based Wirecard, which filed for insolvency proceedings in June. Days earlier, the company acknowledged that 1.9 billion euros ($2.1 billion at the time) on its balance sheets probably never existed. The episode marked a dramatic turn of events for Wirecard, an electronics payments processor that had once been listed on Germany’s blue-chip DAX stock index.

Calls for Mr. Hufeld to be replaced came after BaFin reported one of its employees to state prosecutors on Thursday on suspicion of insider trading linked to Wirecard shortly before it collapsed.

Munich prosecutors are investigating Markus Braun, Wirecard’s longtime chief executive, and Jan Marsalek, an Austrian who fled Germany and remains at large. German prosecutors believe Mr. Marsalek may have embezzled more than €500 million.

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Benefits of Acting Now on Relief ‘Far Outweigh the Costs,’ Yellen Says

Speaking alongside President Biden, Treasury Secretary Janet L. Yellen pushed for swift action on coronavirus relief legislation to combat the economic impacts of the pandemic.

“Millions of people are out of work, unemployed. The future of millions are held back for no good reason other than our failure to act. So the choice couldn’t be clearer. We have learned from past crises the risk is not doing too much. The risk is not doing enough. And this is the time to act now. I’ve asked Secretary Yellen, who’s been leading this effort to come in, and we’re going to go into some detail among ourselves. But I think she has a statement to make as well.” “Thank you for the privilege, Mr. President. Well, there is a huge amount of pain in our economy right now, and it was evident in the data released yesterday. Over a million people applied for unemployment insurance last week, and that’s far more than in the worst week of the Great Recession. And economists agree that if there’s not more help, many more people will lose their small businesses, the roofs over their heads and the ability to feed their families. And we need to help those people before the virus is brought under control. The president’s American rescue plan will help millions of people make it to the other side of this pandemic. And it will also make some smart investments to get our economy back on track. I want to emphasize, the president is absolutely right. The price of doing nothing is much higher than the price of doing something and doing something big. We need to act now. And the benefits of acting now, and acting big, will far outweigh the costs in the long run.”

Video player loadingSpeaking alongside President Biden, Treasury Secretary Janet L. Yellen pushed for swift action on coronavirus relief legislation to combat the economic impacts of the pandemic.CreditCredit…Anna Moneymaker for The New York Times

President Biden received his first formal economic briefing from Treasury Secretary Janet L. Yellen on Friday as the White House pushes to get another stimulus package moving through Congress.

The meeting took place in the Oval Office and Vice President Kamala Harris was also in attendance. Ms. Yellen was sworn in on Tuesday and has spent her initial days in the job getting briefed by advisers on the status of the existing stimulus programs and speaking to foreign finance ministers about America’s plans to engage with its allies. She has also been monitoring the unusual stock market activity related to GameStop this week.

“The price of doing nothing is much higher than the price of doing something and doing something big,” Ms. Yellen said before the briefing. “We need to act now. The benefits of acting now and acting big will far outweigh the costs in the long run.”

Ms. Yellen was joined in the meeting by Brian Deese, director of the National Economic Council, and Jared Bernstein of the Council of Economic Advisers.

The economic recovery shows signs of slowing, fueling concerns among White House officials that time is running short to pass a robust package before some emergency benefits expire in March. Democrats in Congress are still debating whether to push legislation forward on their own, using a mechanism called reconciliation, or work with Republicans on a bipartisan bill.

Ms. Yellen foreshadowed her advice to Mr. Biden during her confirmation hearing last week. She called on lawmakers to “act big” and said that providing robust support was the fiscally responsible thing to do to avoid long term damage to the economy.

Ms. Yellen’s team at Treasury is still taking shape and people close to her suggest that she will most likely assume the role of offering the White House high-level economic advice and helping to close the deal with lawmakers in Congress, rather than directly engaging in negotiations. The Treasury Department will also be heavily involved in the design and implementation of the relief programs.

Mr. Biden indicated that passing relief legislation was his top priority.

“People are going to be badly, badly hurt if we don’t pass this package,” Mr. Biden said on Friday.

A market in Paris this month. The French economy shrank 8.3 percent overall in 2020, but performed better than expected in the October-December quarter.Credit…Ludovic Marin/Agence France-Presse — Getty Images

Severe recessions in Germany and France last year, caused by the coronavirus pandemic, began to improve slightly toward the end of 2020, as a second series of lockdowns had a milder impact on their economies, those governments reported on Friday.

But prospects for a hoped-for recovery this year in Europe’s two largest economies may be delayed as a new variant of the virus circulates and as problems emerge in the rollout of vaccines, economists warned.

The French economy shrank by 8.3 percent last year as two sets of national lockdowns, lasting months, dealt strong blows to business activity, the national statistics agency reported on Friday.

But the overall contraction was less than expected. By reducing the strictness of the nation’s second lockdown, which went into effect in October and was mainly limited to restaurants and cultural events, the government avoided a worse economic hit, the statistics agency said. Growth in the fourth quarter fell 1.3 percent, compared with the same period a year ago — far less than the 4 percent contraction forecast by many economists.

In a note to clients, the Dutch bank ING wrote, “The big question now is whether France will manage to avoid a second recession in 15 months.”

“Given the current health situation, another recession looks all but certain,” the bank added.

The economy in Germany grew 0.1 percent in the fourth quarter compared with the third quarter, the country’s Federal Statistical Office said. That compared to growth of 8.5 percent in the third quarter, as the economy bounced back from a severe downturn early in the year, when the pandemic brought German factories to a standstill.

Over all, the German economy shrank 5 percent for all of 2020, the statistical office said.

In a separate note to clients, ING said, “It’s the worst performance since the financial crisis in 2009 but still much better than some had feared at the start of the Covid-19 crisis.”

Economists predict that the German economy will shrink again in the first quarter of 2021 (not the first quarter of 2020 as was earlier reported here) because of the slow rollout of vaccines and extended lockdowns.

Local businesses have been eviscerated by the pandemic.Credit…Adria Malcolm for The New York Times

The economic upheaval caused by the pandemic is changing communities across the country. Hundreds of thousands of businesses have closed, leading to lost livelihoods and empty storefronts. Many of these businesses were neighborhood pillars, beloved locales that we returned to over and over again. In your neighborhood, perhaps the bar where you met friends after work, the restaurant where your family celebrated birthdays or the bookstore where you loved to browse is now gone.

The New York Times would like to hear from you about a local business that has shut down. Why was it special to you, and what do you miss about it? How is its absence altering the fabric of your community?

We may contact you with a few follow-up questions. And if you can, please share a photo of the business as well.

Robinhood curbed trading in cryptocurrencies on Friday, its latest restriction on users in a frenzied week of trading centered on the soaring stock of the video game retailer GameStop.

The trading platform said that instant deposits were temporarily unavailable for crypto purchases, which means users cannot buy anything until their deposit settles. But customers can still use any settled funds in their account to buy cryptocurrencies.

“Due to extraordinary market conditions, we’ve temporarily turned off instant buying power for crypto,” Robinhood said in a statement. “We’ll keep monitoring market conditions and communicating with our customers.”

A spokeswoman for the firm said it typically aims to give customers immediate access to up to $1,000 of their deposit. The new rules do not affect its Gold customers.

Robinhood and several other online brokerages put restrictions on trading of stocks like GameStop and the movie theater chain AMC, which soared this week in a rally sparked by amateur investors. But the platform said that it was beginning to relax some of those limitations.

Robinhood is now allowing its users to buy shares in some of the affected stocks, but within certain limits: Users can buy just five shares of GameStop, according to its website, and up to 115 shares of AMC. Positions in options contracts are also limited.

In the frenzy this week to buy shares of shorted stock, small-scale investors have turned to American Airlines. Its stock is the most shorted of any major U.S. airline.Credit…Kriston Jae Bethel for The New York Times

American Airlines appeared to seize an opportunity on Friday morning when it announced plans to raise more than $1.1 billion by selling shares amid a frenzy for its stock.

The airline this week found itself in the middle of a war of wills between amateur individual investors and professional traders at hedge funds and financial firms. The individual investors, who congregated on social media sites like Reddit, collectively bought up shares of companies like GameStop and AMC Entertainment that professionals had bet against. In so doing, some of these self-described financial insurgents earned big profits and forced some big investors to take major losses.

Emboldened by that success, the amateurs turned their attention to other companies whose stocks have been shorted, or bet against, including American. The airline said on Thursday that it lost nearly $9 billion last year, a figure that was largely ignored by the small-scale investors who tried to pile into its stock, despite being hamstrung by brokerage firms like Robinhood that restricted trading in several stocks, including American’s. The company’s stock rose more than 20 percent between Wednesday and Friday morning, but fell somewhat once regular trading began on Friday.

By issuing additional shares, American seems be making the most of the thirst for its stock while it can. There is no guarantee that interest will persist because online traders could easily decide to move onto other companies.

“American will need to shift its focus to fixing the balance sheet after demand comes back and the company begins generating cash again,” Helane Becker, managing director and senior airline analyst at Cowen, an investment bank, said in a note to clients on Thursday.

Airlines have been burning through cash since the pandemic took hold early last year. Air travel has recovered somewhat, but passenger traffic is still down about two-thirds compared with the same time in 2019.

American entered the pandemic with more debt than its rivals. As a result, professional investors have bet heavily against it. According to S3 Partners, a financial data firm, American is the most shorted major U.S. airline, with nearly 19 percent of its shares subject to short trades, compared to just 4.7 percent for JetBlue and 4.4 percent for United Airlines.

Credit…Greg Baker/Agence France-Presse — Getty Images

HNA Group, a Chinese conglomerate that spent $50 billion on trophy businesses spanning the globe but has since grappled with high debt, said on Friday that a creditor has filed a petition for it to be declared bankrupt.

HNA said in a short statement that the creditor submitted the application to a court in the southern province of Hainan, where HNA is based, because the company had failed to pay its debts. The company did not say whether the court had ruled on the petition.

The announcement highlights challenges that continue to besiege the once high-flying company, which previously owned big stakes in Deutsche Bank, Hilton Hotels and Virgin Australia. HNA asked the Chinese government to help bail it out last year, blaming the impact of the coronavirus on flight cancellations for its debt woes.

Founded as a regional airline, HNA was once a rising star among a new breed of Chinese companies that included Anbang Insurance Group, Dalian Wanda and Fosun International. Lubricated by cheap loans from state-run banks and aided by strong political connections, these private companies scoured the world for splashy deals, buying hotels, production companies and even stakes in big global banks.

But as these companies expanded their empires, authorities worried that the huge debt bill they had racked up posed a lurking risk to China’s financial system.

Struggling under a massive $90 billion debt bill, HNA sold off billions of dollars’ worth of properties. At one point it was so strapped for cash that it asked its own employees to lend it money.

Eventually, HNA’s chairman admitted that the company was having trouble paying its bills and the salaries of some employees. Officials from the civil aviation administrator and China Development Bank stepped in last year to take over the responsibility of managing the company’s risk. HNA also gave two board seats to local government officials.

HNA said on Friday that it had been notified by a court in Hainan, where it is headquartered, that creditors applied for its bankruptcy. The company would cooperate with the court, it said in a statement on its website.