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U.S. Financial system Grew 1 P.c within the Final Quarter: Stay Updates

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Gross domestic product, adjusted for inflation and seasonality, at annual rates

Gross domestic product, adjusted for inflation

and seasonality, at annual rates

The U.S. economic recovery stumbled but didn’t collapse at the end of last year, setting the stage for a much stronger rebound this year.

Gross domestic product rose 1 percent in the final three months of 2020, the Commerce Department said Thursday. That represented a sharp slowdown from the previous quarter, when business reopenings led to a record 7.5 percent growth rate. On an annualized basis, G.D.P. increased 4 percent in the fourth quarter, down from 33.4 percent in the third.

Looking at the quarter as a whole obscures the full extent of the slump: Many analysts believe economic output declined outright in November and December, as rising coronavirus cases and waning government aid led consumers to pull back on spending and forced businesses to shut down, in some cases for good.

But four weeks into January, the new year looks different. Aid passed by Congress in December has begun to flow in enhanced unemployment benefits, small-business loans and direct payments to households. Two runoff elections in Georgia delivered Democratic control of the Senate, making further rounds of assistance more likely. And the rollout of coronavirus vaccines, though slower than hoped, offers the prospect that hotels, bars and other businesses hurt by the pandemic will see customers return later this year.

“That fiscal stimulus is helping push the train of the economy through the tunnel, and the light on the other side is widespread vaccination and inoculation,” said Nela Richardson, chief economist at the payroll processing firm ADP.

The late-year slump was driven by a slowdown in consumer spending. Spending grew less than 1 percent in the fourth quarter, compared with 9 percent in the third. But parts of the economy that are less exposed to the pandemic helped pick up the slack. The housing market continued to surge, partly because of low interest rates, and business investment was strong, a sign of confidence among corporate leaders.

The economy is still in a significant hole. Measured against the final quarter of 2019, G.D.P. ended 2020 down 2.5 percent, making it the second-worst calendar year on record after a 2.8 percent contraction in 2008. Comparing 2020’s output over all with the previous year’s, G.D.P. fell 3.5 percent, the worst on record. The economy has regained roughly three-quarters of the output lost during the collapse last spring, and only a bit more than half of the jobs.

Cumulative percent change in

G.D.P. from the start of the

last five recessions

Final quarter

before

recession

4 quarters

into recession

Cumulative percent change in G.D.P.

from the start of the last five recessions

Final quarter

before

recession

4 quarters

into recession

Still, the rebound has been significantly stronger than most forecasters expected last spring. In May, economists at the Congressional Budget Office estimated that G.D.P. would end the year down 5.6 percent and wouldn’t reach its pre-pandemic level until well into 2022. Now, most forecasters expect it to hit that benchmark this year.

Last year’s overall showing was “bad but not historically bad, and not as bad as what was experienced in the Great Recession, and not nearly as bad as what was expected midyear,” said Jason Furman, a Harvard economist who ran the Council of Economic Advisers under President Barack Obama.

The stronger-than-expected rebound is partly a reflection of businesses’ flexibility — retailers embraced online sales, restaurants built outdoor patios, and factories reorganized production lines to allow for social distancing. But it is also a result of trillions of dollars in federal aid, which kept households and small businesses afloat when much of the economy was shut down.

“The fiscal stimulus package was not perfect,” said Stephanie Aaronson, an economist at the Brookings Institution. “But the truth is both Congress and the Fed acted very, very quickly, and I think that did save the economy from a much worse outcome.”

An outdoor dining area under construction at a San Diego restaurant after California relaxed restrictions on gathering in the latest phase of the pandemic.Credit…Ariana Drehsler for The New York Times

New claims for unemployment fell last week, the government reported on Thursday, but the elevated levels are fueling worries about prolonged damage inflicted on the labor market by the pandemic and the slow rollout of vaccines.

A total of 873,966 workers filed first-time claims for state unemployment benefits for the week that ended Jan. 23, the Labor Department said, while an additional 426,856 new claims were filed under a federal pandemic jobless program that covers freelancers, part-time workers and others normally ineligible for state jobless benefits. Neither figure is seasonally adjusted. On a seasonally adjusted basis, new state claims totaled 847,000.

The figures for newly filed claims are below the staggering levels of last spring, when the coronavirus started its march across the map, but they continue to dwarf previous records.

The impact of the virus on the service sector, particularly leisure and hospitality, is extracting the heaviest toll. “We need the service sector to come back for the economy more broadly to come back,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.

Although the Conference Board reported on Tuesday that consumer confidence edged up in January, views of the labor market’s current health dropped. The percentage of respondents saying jobs are “plentiful” declined, and the share saying that “jobs are hard to get” rose.

“Everything goes back to the health crisis,” Ms. Farooqi said, “Once you get most of the population vaccinated, that’s a completely different picture.”

The $900 billion pandemic relief bill signed into law last month has provided a bridge of support, but provisions specifically extending relief to jobless workers are scheduled to expire in mid-March.

President Biden has proposed a $1.9 trillion emergency relief package that includes a $400 weekly unemployment insurance supplement, although Republicans and a handful of Democratic lawmakers have balked at the cost of the overall proposal.

Isaac Curtis, left, picked up donations at a food bank in Augusta, Maine, on Wednesday. Mr. Curtis interviewed for a job earlier in the day.Credit…Tristan Spinski for The New York Times

Job recruiters are accustomed to seeing a pattern in late January: When the holiday crush and seasonal gigs end, job-hunting surges. But not this year.

The demand is there, but many of the job seekers aren’t, said Julia Pollak, a labor economist with the hiring site ZipRecruiter.

“In our marketplace over the past three weeks, employer activity has been completely exuberant, it has surpassed our forecasts,” Ms. Pollak said. But the ranks of “job seekers are way, way, way lower than usual.”

Some have argued that generous jobless benefits are discouraging people from working. But Ms. Pollak disagrees, saying the main reason for the low number of applications is the continuing fallout from the coronavirus pandemic.

“Many people who should be looking for jobs aren’t even eligible for benefits, like millions of women who left the labor market for child care,” she said. And some are staying home because of other family responsibilities, or out of concern about getting sick if they re-enter the work force, particularly with the arrival of a more infectious coronavirus strain, she said.

Ernie Tedeschi, an economist and head of fiscal analysis at Evercore ISI, described the labor market as “treading water right now.”

The pandemic and the cold winter months in parts of the country continue to hobble the economy’s recovery, he said, and vaccine distribution has been too slow to have much effect.

At ZipRecruiter, the strongest demand for jobs can be found in delivery services, e-commerce, big-box and grocery stores and warehouse clubs as well as tax preparation, mortgage origination and home building.

Industries like hospitality, leisure, travel and others that involve face-to-face contact have incurred the biggest job losses, but in one way that lopsidedness is reassuring, Mr. Tedeschi said. Those are businesses that one would expect to be down because of the pandemic. It would be more worrying if the weakness had spread throughout the labor market, a sign of longer-term scarring in the economy, he said.

American lost nearly $8.9 billion in 2020, which its chief executive, Doug Parker, described as “the most challenging year in our company’s history.Credit…Lindsey Wasson for The New York Times

American Airlines, Southwest Airlines and JetBlue Airways reported steep annual losses on Thursday, joining industry peers in closing the books on a merciless year for aviation.

American lost nearly $8.9 billion in 2020, which its chief executive, Doug Parker, described as “the most challenging year in our company’s history.” JetBlue shed almost $1.4 billion and Southwest nearly $3.1 billion, its first annual loss since 1972.

“The Covid-19 pandemic challenged our industry in ways we have never seen before,” Robin Hayes, JetBlue’s chief executive, said in a statement.

The airline industry’s hopes now rest on the distribution of the coronavirus vaccine, but none of the airlines expect a rebound to materialize soon. In fact, Southwest expects to incur higher daily losses in January and February than it did in the final three months of 2020 because of a seasonal decline in travel and the rising cost of fuel.

Southwest said it also expected revenues to be down between 65 and 70 percent in January and February compared to a year earlier. American said it expected revenues to be down 60 to 65 percent in the first three months of 2021 compared to the same period in 2019. JetBlue forecast a similar decline.

Operating revenues for 2020 were down about 63 percent for Southwest and 65 percent for both American and JetBlue compared to 2019. Southwest said it ended the year with about $13.3 billion in easily accessible cash and short-term investments, while American had nearly $14.3 billion and JetBlue about $3.1 billion.

Southwest also said that it expects to start flying Boeing’s 737 Max on March 11, just over two years after the plane was grounded worldwide following two fatal crashes. The Federal Aviation Administration lifted its ban on the jet in November and has since been followed by regulators in Brazil, Canada and Europe.

The trio of financial results on Thursday came a day after Boeing reported a $11.9 billion loss in 2020, its worst year ever. Earlier this month, United Airlines reported a $7 billion annual loss and Delta Air Lines a loss of over $12 billion. At the time, Delta’s chief executive called 2020 the “toughest year” in the carrier’s history, and United’s chief executive said the pandemic had “changed United Airlines forever.”

After a tumultuous day on Wednesday, futures markets indicated New York trading would open with a measure of calm on Thursday. The S&P 500 was set to open little changed following the worst single-day drop since October.

European markets opened lower before recovering some of their losses, and Asian stock markets closed in the red. This week, traders have been unnerved by the gloomy short-term outlook for the global economy and the havoc caused by speculative trading in other corners of the market.

Investors are facing a host of concerns, which has increased volatility. There is uncertainty about whether the market can sustain its relentless rise of recent months, and whether asset bubbles were starting to form. They also worried about whether the Biden administration would be able to quickly pass an ambitious stimulus spending program or be forced to pare it back to get a bill through a closely contested Senate.And investors are watching the pace of the coronavirus vaccine rollout, wary of delays that could push back the economic recovery around the world.

“The assumption was by the time we got to midyear we were fully back to normal and that’s being questioned,” said Karen Ward, a strategist at J.P. Morgan Asset Management.

“The whole timeline of vaccine rollout and that point of normality is going back a few months,” she said. “The markets are pretty comfortable waiting as long as they know that in the economic cost that’s incurred in the interim is absorbed by governments.”

Unease also stemmed from the shocking run-up in shares of companies with big brand names but uncertain prospects, like GameStop, the video game retailer; AMC, the movie theater chain; and BlackBerry, once the maker of hand-held devices that no financial professional would leave the office without. The surge pointed to frothy conditions in financial markets, suggesting a bunch of amateurs investors could take the reins and force steep losses on established hedge funds.

Investors who had bet that these stocks would perform poorly were taking losses at a steep cost brought on by a group of traders cheering each other on in a Reddit forum for picking stocks. Point72, the hedge fund run by Steve Cohen, the billionaire hedge fund manager and owner of the New York Mets baseball team, has lost nearly 15 percent this year, according to a person with knowledge of the matter.

Regulators stepped in to say that they were watching the situation. In premarket trading on Thursday, shares in GameStop rose again. Naked Brand, a clothing retailer, was one of the most heavily traded stocks in premarket trading, up more 70 percent after being cited in a Reddit forum.

Elsewhere, investors moved money into traditionally safe assets. Yields on U.S. Treasury bonds fell back toward 1 percent as prices rose.

  • The Stoxx Europe 600 was down 0.7 percent.

  • The FTSE 100 in Britain fell 1 percent, the DAX in Germany was down 0.6 percent, and the CAC 40 in France was 0.2 percent lower.

  • In Japan, the Nikkei 225 index tumbled 1.5 percent.

  • China-related stocks also suffered. The Shanghai Composite Index fell 1.9 percent, while Hong Kong shares were down 2.6 percent.

GameStop One-Week Share Price

GameStop’s shares were one of the most actively traded stocks in premarket trading on Thursday as amateur traders continue to drive it higher, while collectively taking on some of Wall Street’s most sophisticated investors. They’ve piled into trades around companies — big and small — that other investors had written off, pushing stock prices to stratospheric levels.

The main focus is GameStop, the troubled video game retailer. Its stock is up about 40 percent in premarket trading, a much more moderate gain after trading platforms placed restrictions on the stock. But it’s already up 1,700 percent this month, including Wednesday’s climb of 135 percent, that has given the company an astonishing market valuation of $24 billion. AMC Entertainment rose 300 percent on Wednesday, and BlackBerry is up more than 275 percent this month.

Billions of shares were traded in Naked Brand, a clothing manufacturer, on Wednesday. Its share price rose from 39 cents to $1.38, a 252 percent gain. It was again one of the most traded stocks in premarket on Thursday, rising 110 percent, after being cited on a Reddit forum. The company had been trying to orchestrate its own turnaround and escape “penny stock” status to avoid being delisted.

The surging shares have become detached from the factors that traditionally help establish a company’s value to investors — like growth potential or profits. But the traders who are piling in probably aren’t thinking about those fundamentals.

Instead, they are part of a frenzy that appears to have originated on a Reddit message board, WallStreetBets, a community known for irreverent market discussions, and on messaging platforms like Discord. (One comment from WallStreetBets read, “PUT YOUR LIFTOFF DIAPERS ON ITS ABOUT TO START.”) Both Tesla’s Elon Musk and the billionaire tech investor Chamath Palihapitiya have encouraged the crowd via Twitter.

Egged on by the message boards, these traders are rushing to buy options contracts that will profit from a rise in the share price. And that trading can create a feedback loop that drives the underlying share prices higher, as brokerage firms that sell the options have to buy shares as a hedge.

As more traders snap up options, the brokers have to buy up more shares, driving the astounding rise in the company’s stock prices. GameStop began the year at $19 and ended trading on Wednesday at nearly $348.

Another reason the shares are rising so quickly is that, until recently, they were heavily targeted by big investors who bet the stocks would decline by taking on short positions. As the shares surge, the shorters also have to buy the stock in order to cut their losses, and that triggers a so-called short squeeze — a sudden spike in a share’s value.

Gabe Plotkin, the hedge fund trader whose Melvin Capital was shorting GameStop, confirmed to CNBC on Wednesday that he had exited his position after having to raise a $2.75 billion bailout from Citadel and his former boss, Steve Cohen, amid the short squeeze. Mr. Plotkin’s other short bets appear to be suffering, possibly because they are being targeted by traders — Melvin and Mr. Plotkin are often pilloried on the message boards.

The Securities and Exchange Commission said Wednesday it is “actively monitoring” the volatile trading.

Point72, Steve Cohen’s hedge fund, has an investment in Melvin Capital, which maintained a big bet against GameStop.Credit…Sasha Arutyunova for The New York Times

As shares of GameStop, the video game retailer, have surged amid a wave of speculative investment by small investors, Point72, the hedge fund run by the Mets owner Steve Cohen, has lost nearly 15 percent this year, according to a person with knowledge of the matter.

GameStop’s sudden rally — the shares jumped 135 percent on Wednesday alone and are up more than 1,700 percent this year — has taken a toll on some large investors who had bet against the stock. The losses at Point72, which manages nearly $19 billion in assets, stem in part from the firm’s investment in Melvin Capital, a hedge fund that had a massive bet against GameStop.

As the shares rose, Melvin was saddled with sudden losses and had to accept $2.75 billion in rescue capital from two outside investors. One of the rescuers was Point72, which already had roughly $1 billion under management with Melvin, said two people with knowledge of the relationship, and added $750 million to help stabilize Melvin this week.

Because Melvin was investing money on Point72’s behalf, Point72’s results have also been hurt by the recent turmoil, said those people.

Point72’s losses are the first clear indication of the ripple of effect of Melvin’s recent troubles, which have been a cause of concern for both Wall Street and the baseball community. Stocks faced their worst performance since October on Wednesday in part because investors are worried that other large funds could be facing losses as well.

And late Tuesday night, Mr. Cohen faced questions on Twitter over the potential impact of the Melvin losses on the Mets, which he purchased for about $2.5 billion in November.

“Why would one have anything to do with the other,” Mr. Cohen replied in a post on Twitter.

A spokesman for Mr. Cohen said he was not available for comment.

Andrea Enria, the head of the European Central Bank’s bank supervision arm, said there were signs that commercial lenders were ignoring signs of a potential spike in problem loans.Credit…Armando Babani/EPA, via Shutterstock

The European Central Bank on Thursday effectively warned eurozone banks to clean up their acts, saying that many are complacent about losses they may suffer from a surge in problem loans caused by the pandemic.

The central bank, which has ultimate supervisory authority over commercial banks in the 19 countries that belong to the eurozone, also said that top managers at many lenders were not doing a good job of overseeing their operations and that many banks lacked a clear plan to address chronically weak profits.

No large European banks have failed since the pandemic hit. That is largely because after the financial crisis a decade ago, regulators forced lenders to reduce risk and increase their ability to absorb losses.

But in its annual report on the health of eurozone banks, the European Central Bank said that risks to banks remained high, especially as government support programs begin to run out.

Andrea Enria, the head of the European Central Bank’s bank supervision arm, said there was evidence that commercial banks are deliberately ignoring signs that problem loans could spike once emergency measures expire. He pointed to rules that allow companies and individuals to delay loan repayments.

Banks are required to set aside money to cover loans that are likely to default. But these provisions cut into profits and banks often try to keep these reserves as low as they can get away with. Mr. Enria said that provisions for problem loans in Europe were lower than in the United States and other countries, a sign that banks may be systematically underestimating risk.

“Asset quality deterioration remains our main concern for 2021,” Mr. Enria said at a news conference.

He also expressed concern that eurozone banks are loading up on leveraged loans, packages of high-risk credit to businesses that have invited comparison to the mortgage-backed securities that led to the 2008 financial crisis.

Without naming any bank, the European Central Bank criticized managers for “insufficient follow-up and oversight of business functions.” It also said banks were not doing enough to rectify the fact that most of them are barely profitable, if at all.

Mr. Enria urged banks to consider mergers as a way to address the overcrowded European banking market, and said that they need to do more to reduce costs.

“Staff cuts will be absolutely necessary,” he said.

Eric Bolling with Melania Trump. Mr. Bolling was hired by Sinclair TV in 2019.Credit…Ethan Miller/Getty Images

Eric Bolling, a former Fox News personality whose weekly talk show for the Sinclair Broadcast Group showcased his friendly relationship with former President Donald J. Trump, is leaving the broadcasting network, he said on Wednesday.

Mr. Bolling said that he planned to return to television shortly, but that he would wait to share details about his new job until after his Sinclair program, “America This Week,” ends on Saturday. He is also starting a podcast next month with the former Green Bay Packers quarterback Brett Favre.

Hired by Sinclair in 2019 to expand its current-affairs programming, Mr. Bolling was one of a handful of conservative-leaning hosts granted interviews with Mr. Trump during his tenure in the White House. His show aired on Sinclair stations in dozens of local markets.

Sinclair gained attention for mandating that its affiliates air segments from pro-Trump commentators, including a former Trump campaign aide, Boris Epshteyn. In October, Sinclair was forced to edit an episode in which Mr. Bolling spread misinformation about the coronavirus and questioned the utility of lockdowns and face masks.

“Eric has decided to pursue other professional opportunities,” Sinclair said in a statement on Wednesday. “We wish Eric the best in his future endeavors.”

Mr. Bolling was a co-host of “The Five” on Fox News. He left the network in 2017 after denying allegations that he had sent lewd messages to colleagues. He later became a prominent national advocate for curbing opioid abuse after the death of his son, who had taken a pill laced with fentanyl.

It’s called a short squeeze, and it involves investors betting on which way a stock will go — up or down. These bets are placed by buying stock options, and the options allow an investor to make money even if the stock itself loses value. If the stock goes up in value, the bets can become losers. Investors who bet against a stock are called “shorts.”

In the case of GameStop, the video game retailer many professional investors had written off, the shorts include at least two big hedge funds. Now a band of day traders, fueled in part by a message board on Reddit, are putting the squeeze on Wall Street.

The Times’s Matt Phillips explains what’s going on.

Peacock, Comcast’s ad-supported streaming service, grabbed over 33 million customers as of the end of last year, a 50 percent jump from September, the company reported in its fourth-quarter results Thursday.

The company overall saw a 2.4 percent drop in sales to $27.7 billion and a 29 percent plummet in adjusted profit to $2.6 billion as the pandemic continued to cut into its theatrical and theme parks businesses. Still, Comcast’s performance beat investor’s expectations. Brian Roberts, the chief executive, said he is “optimistic” the company will come back toward growth as vaccines are distributed throughout the world.

Comcast also announced it would raise its dividend payments to shareholders by 8 cents on an annualized basis to $1 per share and plans to repurchase shares later in the year. The stock rose more than 3 percent in premarket trading.

Comcast has recast itself as more of an internet and technology provider than a television service, and its focus on Peacock is part of that effort. The company’s quarterly performance has become a regular reminder of that ongoing transformation. Comcast’s traditional pay-TV business lost 248,000 customers in the period, but it added 538,000 broadband subscribers for a total of 30.6 million, a high. Its cable video customers now number only 19.8 million.

The company’s NBCUniversal division, which continues to undergo a massive reorganization, last week announced a deal with WWE to make Peacock its exclusive streaming provider, in effect buying out the WWE Network’s digital TV service. NBCUniversal has been bolstering Peacock’s sports lineup, adding the majority of its Premier League games to the platform. Comcast also plans to shut down its NBC Sports Cable network by the end of this year and shunt its programming over to Peacock and the USA Network.

But longer term, Peacock is meant to replace the lost advertising dollars from a shrinking pay-TV universe. That means it will need to be far larger and be available on digital players as well as other broadband systems such as Cox and Charter. Adding more sports and exclusive content would help add leverage to those negotiations.

Comcast’s NBC broadcast group saw a 12 percent drop in sales to $2.7 billion on weaker advertising, in part because of the loss of sports programming, while its studios division fell 8.3 percent to $1.4 billion. Advertising across its broadcast and cable networks fell 7.8 percent to $2.5 billion. Theme parks dropped 63 percent to $579 million.

The company still expects the Tokyo Olympics to take place this summer, a cash cow for its advertising business.

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After Fed’s Assembly, the Focus Will Be on Jerome Powell: Dwell Enterprise Updates

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Credit…Al Drago for The New York Times

The Federal Reserve meets in Washington on Wednesday, and while it is widely expected to leave interest rates near zero while continuing to buy about $120 billion in government-backed bonds each month, Chair Jerome H. Powell could stage an interesting news conference afterward.

Mr. Powell answered many of the urgent monetary policy questions of the day at an appearance on Jan. 14, making it clear that interest rates will rise “no time soon” and that the Fed will “let the world know” when it is starting to think about slowing down its mass Treasury and mortgage-debt bond buying.

“His goal will be to preserve the status quo — it’s too soon for the message to change,” Roberto Perli and Benson Durham at Cornerstone Macro wrote in a note previewing the meeting.

That could leave the door open for a suite of more thematic questions. The Fed’s policy statement comes out at 2 p.m., and the webcast question-and-answer session starts at 2:30.

Mr. Powell could be asked to give his assessment on whether a bubble is building in stocks, digital currency, house prices — everything, basically — and, if so, what the Fed can do about it. Low interest rates and bond-buying have the effect of pushing investors into riskier assets, and the Fed underlined in its revised policy framework last year that it keeps a wary eye on financial risks.

The Fed chair might also need to take on the question of inequality. As asset prices boom, the wealthy people who disproportionately own stocks are becoming paper millionaires, billionaires, multibillionaires and so on even as the working class struggles with high pandemic-era unemployment and cars continue to line up at food banks. Mr. Powell has typically pushed back on the idea that monetary policy — which also lowers unemployment and sets the stage for higher wages in the longer run — can be boiled down to having one simple effect on income and wealth distribution.

Finally, Mr. Powell might face queries about his own future. He was appointed chair by President Donald J. Trump, and his four-year term expires in early 2022. It is unclear whether President Biden will reappoint him or whether Mr. Powell will seek another term.

A Boeing 737 Max at Miami International Airport in December.Credit…Joe Raedle/Getty Images

Boeing lost more than $11.9 billion last year, its worst year ever, as it struggled to overcome the crisis surrounding its 737 Max jet as it also endured the disastrous slowdown in global aviation caused by the coronavirus pandemic.

The company’s bottom line suffered especially during the final three months of the year, during which Boeing reported a loss of more than $8.4 billion. In that quarter, the company recorded a $6.5 billion charge related to the development of the 777X, a wide-body plane that had been slated for delivery this year but the company now expects to arrive in 2023.

Over the course of the year, Boeing brought in more than $58 billion in revenue, which was down 24 percent from 2019.

In a letter to staff, Boeing’s president and chief executive, Dave Calhoun, described 2020 as “a year of profound societal and global disruption, which significantly impacted our industry.”

The financial results were announced on Wednesday morning, shortly after aviation regulators in Europe approved the 737 Max to fly again, joining counterparts in Brazil, Canada and the United States. The Federal Aviation Administration became the first regulator to allow the Max to return to service in November, ending a global ban that had been in place since March 2019, after 346 people were killed in two crashes involving the plane.

Five airlines have resumed Max service, racking up more than 2,700 flights, according to Boeing. In the United States, only American Airlines is flying the Max, though United Airlines is expected to start using the jet next month, followed in the second quarter by Southwest Airlines.

Boeing has started making deliveries and collecting payments on the Max again, a huge relief for its commercial airplane business, which rests heavily on the 737 line. Still, the steep decline in travel caused by the pandemic has hurt Boeing’s airline customers, muting hopes for a recovery this year.

A $10 billion company, thanks to a gamma squeeze, delta hedging and Reddit.Credit…Nam Y. Huh/Associated Press

Why is Wall Street obsessed with GameStop, the video game chain that until recently was known for middling performance? The company’s stock has soared to scarcely believable levels — its market capitalization is now more than $10 billion, and its shares briefly doubled in premarket trading on Wednesday — thanks to an army of small traders spurred on by a Reddit message board, the DealBook newsletter explains.

Traders on the Reddit message board, WallStreetBets, a community known for irreverent market discussions, made GameStock their cause du jour and rushed to buy out-of-the-money GameStop options, a bet on the company’s share price rising in the future. (A sample comment on the board: “PUT YOUR LIFTOFF DIAPERS ON ITS ABOUT TO START.”) Both Tesla’s Elon Musk and the billionaire tech investor Chamath Palihapitiya also egged on the crowd via Twitter.

The frenzy has forced market makers who sold the options to buy the underlying shares to hedge their risk. As more traders snap up options, the brokers have to buy up more shares. That squeeze is driving the astounding rise in the company’s stock price, which began the year at $19 and at the time of writing was around $200.

Gabe Plotkin, the hedge fund trader whose Melvin Capital was shorting GameStop — and who recently raised a $2.75 billion bailout from Citadel and his former boss, Steve Cohen, amid the short squeeze — confirmed to CNBC on Wednesday that he had exited his position. Though Mr. Plotkin’s other short bets appear to be suffering, possibly because they are being targeted by traders (Melvin and Mr. Plotkin are often pilloried on the message boards), he said that his firm had plenty of capital.

Officials at the Securities and Exchange Commission and elsewhere are closely watching internet chat rooms for signs of potential market manipulation, though they can do only so much without clear signs of fraud. If a big group of traders simply decides to buy options on a stock at the same time, out in the open, for the heck of it, proving malfeasance may be difficult.

The U.S. Federal Reserve in November last year.Credit…Stefani Reynolds for The New York Times

Top Federal Reserve officials downplayed the chance that they would use their power as bank overseers to actively discourage investment in carbon-heavy companies, setting out a boundary line in an evolving conversation about what role the central bank should play in dealing with the fallout from global warming.

“We would note that it has long been the policy of the Federal Reserve to not dictate to banks what lawful industries they can and cannot serve, as those business decisions should be made solely by each institution,” Jerome H. Powell, the Fed’s chair, and Randal K. Quarles, the vice chairman for supervision, wrote in a letter this month.

Their comments came in response to a letter sent by Representative Andy Barr, Republican of Kentucky, and several of his colleagues that raised concerns about the central bank’s recent attention to climate change.

Mr. Powell and Mr. Quarles said the Fed makes sure the institutions it oversees are well-prepared to handle risks they face, including climate-related risks. But they indicated that they were not rolling out climate stress tests or using their supervisory powers to pressure banks to meet climate-related goals — big concerns among Republicans.

“We have seen banks make politically motivated and public relations-focused decisions to limit credit availability to these industries,” the lawmakers said in their letter, specifically referencing coal, oil and gas. “It is possible that the introduction of climate change stress tests could perpetuate this trend, allowing regulated banks to cite negative impacts on their supervisory tests as an excuse to defund or divest from these crucial industries.”

The Fed said its research into climate financial risks was in the “early stages,” and noted that directly addressing climate change was not one of its congressional mandates. America’s central bank is behind its peers when in coming up with a framework for dealing with climate risks.

House Republicans, in December calling for the extension of the Paycheck Protection Program.Credit…Anna Moneymaker for The New York Times

The restarted Paycheck Protection Program allows hard-hit small businesses to get a second government-backed relief loan, but thousands of business owners who are trying to apply have been ensnared by what the Biden administration said are significant errors in the program’s loan records.

P.P.P. loans are guaranteed by the government but made by banks and other lenders. For months, lawmakers and government watchdogs — including the Small Business Administration’s inspector general — have raised alarms about signs of fraud and mistakes that allowed potentially ineligible borrowers to obtain billions of dollars from the aid program.

Those reviewing the program’s loan records, which were released in December after a court ordered they be made public, have also noted that they are rife with errors, like inaccurate loan amounts or loans that were canceled before being disbursed.

The S.B.A. said on Tuesday that it had found “anomalies,” which it described as “mostly data mismatches and eligibility concerns,” in 4.7 percent of the 5.2 million loans made through the program in its initial round of lending, which ended in August.

Those errors have complicated efforts by some borrowers to obtain second-round loans, which the agency began approving two weeks ago, using $284 billion in fresh funding provided by Congress last month to restart the relief program. The S.B.A. said it would provide lenders with additional guidance and resources for resolving troubled cases.

The problems came to light in part because of new fraud checks the agency imposed before it began approving applications for the new funding round.

The agency “is committed to making sure stringent steps are put in place on the front-end and compliance checks address issues more efficiently moving forward so we are ensuring fair and equitable access to small businesses in every community,” said Tami Perriello, the agency’s acting administrator. (President Biden’s nominee to lead the agency, Isabel Guzman, is awaiting her confirmation hearing.)

The S.B.A. said Tuesday that it had approved 400,000 loans, totaling $35 billion, in the new lending round.

Lenders said the new process has generally been working, with some glitches. Some banks have had high numbers of applications rejected because of formatting issues and other technical challenges in getting through the S.B.A.’s new automated vetting system, said Dan O’Malley, the chief executive of Numerated, a software company that is handling P.P.P. applications on behalf of more than 100 lenders.

Shelly Ross, the owner of Tales of The Kitty, a cat-sitting business in San Francisco, said she applied last week for a second loan, but was caught in a holding queue. She tried three other lenders, with results ranging from no response to cryptic replies telling her she did not qualify.

“I’m ready to bang my head against a wall,” she said. But others have had better luck: Ms. Ross said a friend of hers got a quick approval on her own loan application through PayPal.

Crowds outside a GameStop store last November, on Black Friday. The company’s share price hurtled higher after a tweet from Elon Musk.Credit…Go Nakamura for The New York Times

  • U.S. stock futures indicated indexes on Wall Street would open lower on Wednesday as a downbeat mood swept over equity markets before the Federal Reserve announces its latest policy decision.

  • The central bank is widely expected to keep interest rates at low levels and continue its large bond-buying program. But investors will be eager to hear what the Fed chair, Jerome Powell, might say about concerns asset bubbles are building in markets.

  • Microsoft’s shares rose 3.6 percent in premarket trading after the company said after markets closed Tuesday that profits were up 33 percent in the past quarter because of the increase in demand for its cloud services while so many people are working from home. Apple, Facebook and Tesla are among companies reporting on Wednesday.

  • GameStop’s shares continued to rocket higher, jumping 120 percent in premarket trading after Elon Musk tweeted “Gamestonk!!” and linked to Reddit’s “Wall Street Bets” forum, which has hyped up buying the stock. Shares in GameStop, a video game retailer, have risen from $19 at the start of the year to $148 on Tuesday.

  • Small-scale traders are now looking for other companies to promote, especially those that might have a large short position against them (a bet that the stock’s price will fall). Movie-theater chain AMC’s shares rose more than 125 percent in premarket trading. BlackBerry has also appeared on the forum and its shares are up 10 percent premarket after gaining 185 percent already this year.

  • The Stoxx Europe 600 index dropped 0.5 percent Wednesday, with indexes falling in most countries. Europe’s vaccine rollout is struggling to ramp up amid supply issues, raising concerns about when an economic recovery will return. Recent surveys has shown business confidence dropping in Germany and France, the eurozone’s two largest economies.

  • On Tuesday, the International Monetary Fund upgraded its outlook for the global economy this year but the recovery is expected to be uneven. The Washington-based institution downgraded its forecast for the eurozone because of the increase in coronavirus infections and lengthy lockdowns. It said the economy would grow 4.2 percent in 2021; three months ago it had predicted a 5.2 percent increase.

  • Shares in LVMH rose almost 2 percent in early trading after the luxury goods company’s earnings beat analysts’ expectations, particularly in the sales of its fashion and leather goods unit.

Richard Zaro started his sandwich shop in a hotel kitchen to save on expenses.Credit…Landon Nordeman for The New York Times

The hotel industry, where occupancy rates are still down 30 percent from a year ago, is getting in on the ghost kitchen trend.

Ghost kitchens, also called digital kitchens, are cooking facilities that produce food only for delivery or takeout. Demand for the concept is booming, Debra Kamin reports in The New York Times.

The pandemic has opened the business model to more entrepreneurs. To turn his chicken cutlet sandwich concept into a business, Richard Zaro started renting space in July at the Four Points by Sheraton Midtown near Times Square, paying $6,000 a month for a fully outfitted catering kitchen. Average restaurant start-up costs for brick-and-mortar locations, in comparison, can run from $200,000 to more than $1 million.

Within four months, he had generated enough revenue — and created a large enough base of loyal customers — to move to a stand-alone location. His new business, Cutlets, opened in a former Tender Greens restaurant near Gramercy Park on Dec. 1, and has plans to expand.

Mr. Zaro found his rented kitchen space through Use Kitch, an online commercial kitchen marketplace that likens itself to an Airbnb for the restaurant industry.

Testing from a base at a Times Square hotel was the ultimate risk reduction, Mr. Zaro said, adding that the hotel benefited, too: “It was nice for them to have incoming revenue.”

Categories
Business

Twitter Bars MyPillow C.E.O. Mike Lindell: Stay Enterprise Updates

Here’s what you need to know:

Recognition…Erin Scott / Reuters

Twitter said it had permanently banned Mike Lindell, the CEO of bedding company MyPillow and close ally of former President Donald J. Trump, from his service.

Monday night’s move followed numerous tweets from Mr Lindell promoting debunked conspiracy theories about election fraud.

Mr. Lindell’s Twitter account, which had nearly 413,000 followers, has been permanently banned “for repeated violations of our Civic Integrity Policy,” said Lauren Alexander, a Twitter spokeswoman, in an email.

Corporate America has been quick to try to tone down the allegations made by Mr. Lindell, a major Republican donor and one of the loudest voices supporting Mr. Trump’s claims of electoral fraud in the November 3rd election. Kohl’s and Bed Bath & Beyond removed MyPillow products from their stores last week.

Mr. Lindell is also facing legal action over his allegations of electoral fraud against Dominion Voting Systems, the company at the center of one of the more outlandish conspiracy theories about electoral fraud.

The suspension of his account is the latest in a series of high profile bans on Twitter as the company permanently banned Mr. Trump from service for fears it would use the platform to incite more violence like storming the Capitol this month.

Following the attack on the Capitol, Twitter announced it had updated its rules to more aggressively monitor false or misleading information about the presidential election. As part of this move, Twitter suspended the accounts of more than 70,000 people who promoted content related to QAnon, a pro-Trump fringe group that the FBI has identified as a domestic terrorist threat.

Ms. Yellen is the first woman to hold a top position in the Treasury in her 232-year history.Recognition…Leah Millis / Reuters

The Senate confirmed Janet L. Yellen as Treasury Secretary Monday and put her at the forefront of addressing the fallout from the pandemic while advocating for President Biden’s economic agenda.

Ms. Yellen, the former chairman of the Federal Reserve, was sustained by 84 votes to 15, with support from Republicans and Democrats. She is the first woman to hold the top job at Treasury in its 232-year history.

With the confirmation, she will now be in the middle of negotiating a potential $ 1.9 trillion economic aid package, which is the primary mission of Mr. Biden’s efforts to revitalize the economy. The size of the plan has already been questioned by some Democrats and Republicans.

Ms. Yellen was a clear advocate of continued government support to workers and businesses, and publicly warned that a lack of assistance to state and local governments could slow the recovery, much like it did after the great recession.

At her confirmation hearing and in written replies to lawmakers, Ms. Yellen reiterated Mr. Biden’s view that Congress must “act big” to keep the economy from stalling and defended the use of borrowed money to finance another aid package and families worse off.

“The auxiliary bill at the end of last year was just a deposit to get us through the next few months,” said Ms. Yellen. “We still have a long way to go before our economy fully recovers.”

Shoppers wait in front of a GameStop on Black Friday.  An online community of traders appears to be driving the store's share price higher.Recognition…Go Nakamura for the New York Times

Little ones win in an epic competition between Wall Street traders betting against stocks and legions of petty investors.

On Monday, shares of ailing video game retailer GameStop rose, adding to a recent rally that rose shares by more than 300 percent in January alone and is a blatant example of the growing power of small investors in certain financial markets.

Stocks of companies like GameStop are breaking away from the factors that traditionally go into evaluating a company’s valuation – like growth potential or earnings. Analysts believe the company will post a loss from continuing operations of $ 465 million in 2020, on top of the $ 795 million it lost in 2019.

What seems to be fueling this surge is an online community of traders who gather in places like Reddit’s “Wall Street Bets” forum and exaggerate individual trades. Lately they have made buying short-term call options on GameStop stock – an aggressive bet that the stock will go up – a preferred position.

Market analysts and scholars say that a rush of new money on such short-term call options can create a kind of feedback loop that drives up underlying stock prices, as brokerage firms selling the options have to buy stocks themselves in order to hedge the contracts.

In the case of GameStop, these small investors have faced a different group of speculators. The company’s struggles have also made it a preferred target for short sellers betting on a stock to fall by selling stocks they don’t actually own. Short sellers benefit when a stock has fallen and they can buy back the same stock at a lower price.

With GameStop stocks rising, these investors are obviously losing a lot of money. And their rush to get out of trading by buying stocks can also result in a price spike known as a short squeeze.

On Monday, Wall Street Bets’s small traders and messaging site Discord encouraged each other to hold onto their positions while the short sellers raced to the exits.

“Am I late to get on the GME missile?” Wrote a Wall Street Bets commentator just after 10am

“No, buy the dip,” answered another.

At Discord, the message was clear.

“GME ONLY UP,” wrote one commentator.

Budweiser's Covid-19 awareness advertisement features two health workers who have been vaccinated.Recognition…Budweiser, via Associated Press

Budweiser, the beer giant whose commercials featuring Clydesdale horses, croaking frogs, and victorious pups made him one of the most popular Super Bowl advertisers, is skipping this year for the first time in 37 years to focus on raising awareness the Covid-19 vaccine.

Budweiser, an Anheuser-Busch company, announced Monday that it would donate portions of its advertising budget this year to the Ad Council, a nonprofit marketing group at the forefront of a $ 50 million commercial blitz to combat skepticism about coronavirus Vaccines. Instead of often posting a zippy big game commercial as it did in the weeks leading up to the game on February 7th, the beer company published its 90-second online vaccination ad entitled “Bigger Picture”. (Anheuser-Busch will continue to have a prominent role throughout the game, with ads for some of his other beer brands.)

Other Super Bowl stalwarts, including Coca-Cola, Hyundai, and Pepsi, will also be absent from the screen. When the pandemic disrupted the sports industry, many companies were reluctant to pay CBS around $ 5.5 million for a 30-second slot during a game that some feared could be delayed or even canceled.

In the Budweiser Covid-19 vaccination advertisement, actress Rashida Jones urges viewers to “turn our strength into hope” while the tune of “Lean on Me” is shown as inspiring images of the pandemic. Ms. Jones, who recorded her narrative while isolated from other people in a Hollywood facility, said in an interview that “obviously people want to be entertained, they want to see funny commercials,” but “the most important thing is that we do this next prioritize phase. “

The Super Bowl advertising season, which typically extends beyond weeks of airing of teasers, celebrity revelations, YouTube debuts, and celebratory live events, is more subdued as companies struggle to find an appropriate tone after a year of marketing missteps to accept.

“You can’t pretend everything is okay,” Ms. Jones said. “People can feel when brands use a moment.”

Categories
World News

Covid-19 Information: Stay Updates – The New York Instances

Here’s what you need to know:

Credit…Jim Wilson/The New York Times

Moderna’s vaccine is effective against new variants of the coronavirus that have emerged in Britain and South Africa, the company announced on Monday. But it appears to be less protective against the variant discovered in South Africa, and so the company is developing a new form of the vaccine that could be used as a booster shot.

“We’re doing it today to be ahead of the curve should we need to,” Dr. Tal Zaks, Moderna’s chief medical officer, said in an interview. “I think of it as an insurance policy.”

He added, “I don’t know if we need it, and I hope we don’t.”

Moderna reported findings from a study that used blood samples from eight people who had received two doses of the vaccine, and two monkeys that had also been immunized.

The variant found in Britain had no effect on the levels of neutralizing antibodies — the type that can disable the virus — produced after vaccination. But with the form from South Africa, there was a sixfold reduction in those levels.

Even so, the company said, those antibodies “remain above levels that are expected to be protective.”

Moderna collaborated on the study with the Vaccine Research Center at the National Institute of Allergy and Infectious Diseases, part of the National Institutes of Health.

The results have not yet been published or peer-reviewed, but have been submitted to bioRxiv, which posts preliminary studies online.

The company’s action is part of a race to control a shape-shifting virus that has already created global havoc and now threatens to mutate in ways that will make it even harder to fight.

In other vaccine news:

  • The pandemic has inflicted the greatest labor crisis since the Great Depression, Guy Ryder, the head of the United Nations International Labour Organization, said on Monday. Mr. Ryder said the coronavirus has caused a loss of working hours equivalent to some 255 million jobs last year. There is still massive uncertainty about when the global economy will return to pre-pandemic levels of employment, but it won’t be in 2021, the agency said. Its analysis also pointed to the unevenness of the pandemic’s impact, with growth in the finance and I.T. sectors, underscoring the need for a targeted response to the crisis.

  • Australia on Monday approved the Pfizer-BioNTech vaccine for use among people 16 and older, the country’s first coronavirus vaccine approval. Vaccinations are expected to start late next month. The announcement came one year to the day after Australia reported its first coronavirus case.

  • After delays, Turkey received 6.5 million more doses of a Chinese-produced coronavirus vaccine Monday morning, the state-run news agency, Anadolu, reported. Turkey was expecting to receive at least 10 million doses of the vaccine in December, and 20 million more in January. But the batches were delayed and the number of doses remained below expectations, an apparent blow to China’s vaccine diplomacy. Turkey has given more than 1. 2 million inoculations, according to Health Ministry data, using the CoronaVac shot from the Chinese company Sinovac. Almost 2.5 million people in Turkey are infected with the coronavirus and more than 25,000 people have died, government data shows.

Livia Albeck-Ripka contributed reporting.

United States › United StatesOn Jan. 24 14-day change
New cases 129,527 –33%
New deaths 1,815 –5%
World › WorldOn Jan. 24 14-day change
New cases 449,163 –20%
New deaths 8,808 +8%

Where cases per capita are
highest

Customers waiting in line to order food for take out at a restaurant in Salinas, Calif., on Sunday.Credit…Joel Angel Juarez for The New York Times

California officials announced on Monday morning that they were lifting severe coronavirus restrictions on huge swaths of the state, home to tens of millions of people. The decision would allow restaurants in those areas to reopen for outdoor dining, and would give hair salons and other personal care businesses the green light to resume limited operations.

However, local officials can still opt to keep restrictions in place, based on conditions in individual communities.

“Seven weeks ago, our hospitals and frontline medical workers were stretched to their limits,” Dr. Mark Ghaly, the state’s secretary of health and human services, said in a statement. “But Californians heard the urgent message to stay home when possible, and our surge after the December holidays did not overwhelm the health care system to the degree we had feared.”

Effective immediately, state officials said, they were ending regional stay-at-home orders, which banned gatherings of any size and required residents to stay home except for essential work. The orders came into force when hospital intensive-care units in the region were projected to become dangerously full.

Such orders had been in effect for Southern California, a huge region encompassing Los Angeles, Orange County and San Diego, as well as for the San Joaquin Valley and the Bay Area. Counties in those regions will now return to a tiered system of rules tied to the prevalence of the virus in each county.

The move is a victory for restaurateurs, who have been pushing the governor to ease what they have said are arbitrary and unnecessary rules.

But it is also a sign that Gov. Gavin Newsom’s administration is struggling to keep a firm grip on a pandemic response that has been criticized as chaotic and piecemeal, undercutting what should be strong, clear public guidance.

The news came on the heels of a weekend of mixed signals from the state about its strategy to curb the rampant spread of the virus.

While California’s overall case numbers have been on the decline, hospitals in Southern California are still overwhelmed, and experts worry that new variants of the virus — including one that researchers recently found in more than half of test samples collected in Los Angeles — could threaten progress.

In the Bay Area, the amount of available intensive care unit capacity has risen to 23.4 percent, according to the state as of Sunday — well above the 15 percent threshold that triggered the stay-at-home order for the region. Yet the Sacramento area has just 11.9 percent intensive care unit capacity, and was allowed to exit the strict order more than a week ago.

Although The San Francisco Chronicle reported on Saturday that officials in the region were feeling hopeful that the order would be lifted soon, the state’s department of public health said on Sunday that the Bay Area wasn’t eligible to have restrictions loosened based on its projections.

Mr. Newsom has repeatedly said that the state’s reopening process would be guided by transparent data, but The Associated Press reported that Mr. Newsom’s administration has refused to disclose key data that officials are using to make decisions about restrictions.

And even after President Biden unveiled what experts have long said is a desperately needed national strategy for finally controlling the pandemic, there are still major hurdles in the vaccine rollout, which in California has contributed to continuing chaos, in which vaccine eligibility rules have been implemented differently county by county.

The state quietly rolled out a promised clearinghouse website to help people find vaccination appointments. But it’s still described as a pilot site.

The governor has been facing mounting political pressure from a recall effort. Experts have said that the vaccine rollout, as well as efforts to reopen, are key tests for his administration.

Credit…Tom Mihalek/Agence France-Presse — Getty Images

Merck announced on Monday that it was abandoning a pair of Covid-19 vaccines in clinical trials.

The news came as a disappointment at a time when the United States and other countries are struggling to accelerate their sluggish vaccination campaigns and new coronavirus variants threaten to bring surges over the next few months.

The two projects are the second and third vaccines to be abandoned in clinical trials. The University of Queensland in Australia abandoned its own effort in December. Sanofi and other vaccine makers have paused some projects after getting disappointing initial results but are now regrouping to move forward.

Merck was slower than other companies to get into the Covid-19 vaccine race. In June, it acquired the Austrian firm Themis Bioscience to develop a vaccine originally designed at Institut Pasteur, based on a weakened measles virus. Researchers began a Phase 1 trial in August. In a second effort, Merck partnered with IAVI, a nonprofit scientific organization that develops vaccines and treatments, on another vaccine. For that one, they used the same design that they successfully employed to make a vaccine for Ebola.

Merck and IAVI were awarded $38 million for their vaccine research, but neither of Merck’s projects earned the lavish support that Operation Warp Speed showered on other efforts from companies such as Moderna and Johnson & Johnson. In its announcement, Merck said that both vaccines looked safe in early clinical trials. But neither produced a strong response from the immune system. They decided that it was not worth going forward with large-scale trials that would demonstrate whether the vaccines protected people from Covid-19.

“We are grateful to our collaborators who worked with us on these vaccine candidates and to the volunteers in the trials,” Dr. Dean Y. Li, the president of Merck Research Laboratories, said in a statement.

Merck will instead focus its Covid-19 efforts on an experimental antiviral drug known as molnupiravir. Originally designed for influenza, it has shown promising effects in studies on animals and in early clinical trials. The trial is set to finish by May, although preliminary results could come out as early as March.

IAVI said it would continue searching for Covid-19 vaccines. “Our scientists will continue to evaluate other candidates to see if other routes of administration or changes to the construct could lead to improved immune response,” said Karie Youngdahl, senior director and head of global communications at IAVI.

Airport security staff members checked passengers entering Charles de Gaulle Airport in Roissy, outside Paris, on Monday.Credit…Yoan Valat/EPA, via Shutterstock

The European Commission, the executive arm of the European Union, recommended on Monday restricting nonessential travel in a bid to curb the spread of new more contagious variants of the coronavirus.

At the same time, the commission’s proposal aims to prevent blanket border closures, which would obstruct trade and the movement of cross-border workers. Traveling without restrictions would still be possible for family, work and health reasons, which are deemed essential.

“The situation in Europe with the new variants have led us to take difficult but necessary decisions,” Ursula von der Leyen, the president of the commission, wrote on Twitter. “We need to keep safe and discourage nonessential travel.”

The move came amid signs in Britain that Prime Minister Boris Johnson would announce an extension and tightening of lockdown rules in England. In the United States, President Biden has moved to restrict travel from Europe and South Africa over concerns about new variants. Also on Monday, Moderna announced that while its vaccine is effective against new variants, it appears to be less protective against the one that emerged in South Africa, raising further concern.

In the E.U. plan, countries and regions where the 14-day infection rate is more than 500 per 100,000 inhabitants would qualify as “dark red,” or high-risk zones, and moving between them should be limited to essential reasons, the commission said. At the same time, those coming in from outside the bloc, even for essential reasons, would have to undergo testing and quarantines. “The first recommendation is: don’t travel,” said Ylva Johansson, the bloc’s commissioner for home affairs.

The commission’s proposal is nonbinding and needs to be endorsed by national governments, who will discuss it Monday afternoon. It comes after last week’s meeting of the leaders of 27 European Union nations, who agreed in principle to selectively restrict nonessential travel, but did not decide on the details.

“There is currently a very high number of new infections across many member states,” said Didier Reynders, the bloc’s commissioner for justice. “There is an urgent need to reduce the risk of travel-related infections, to lessen the burden on overstretched health care systems.”

Freedom of movement is the cornerstone of the bloc, but travel restrictions remain the province of national governments and vary from country to country, creating a chaotic patchwork of measures. Belgium, for example, has announced a ban on nonessential travel coming into force this Wednesday, with fines for those who don’t comply.

Francisca Alves Xavier, 102, receiving China’s Sinovac vaccine in Brasília last week.Credit…Eraldo Peres/Associated Press

China’s coronavirus vaccines were supposed to deliver a geopolitical win that showcased the country’s scientific prowess and generosity. Instead, in some places, they have set off a backlash.

Officials in Brazil and Turkey have complained that Chinese companies have been slow to ship the doses and ingredients. Disclosures about the Chinese vaccines have been spotty. The few announcements that have trickled out suggest that China’s vaccines, while considered effective, cannot stop the virus as well as those developed by Pfizer and Moderna, the American drugmakers.

In the Philippines, some lawmakers have criticized the government’s decision to purchase a vaccine made by a Chinese company called Sinovac. Officials in Malaysia and Singapore, which ordered doses from Sinovac, have had to reassure their citizens that they would approve a vaccine only if it has been proven safe and effective.

At least 24 countries, most of them low and middle income, signed deals with the Chinese vaccine companies because they offered access at a time when richer nations had claimed most of the doses made by Pfizer and Moderna. But the delays in getting the Chinese vaccines and the fact that the vaccines are less effective mean that those countries may take longer to vanquish the virus.

Beijing officials who had hoped the vaccines would burnish China’s global reputation are now on the defensive. The state news media has started a misinformation campaign against the American vaccines and promoting the Chinese vaccines as a better alternative. They have also distributed online videos that have been shared by the anti-vaccine movement in the United States.

The vaccines are also meant to prove that China has become a scientific and diplomatic powerhouse. It remains on par with the United States in the number of vaccines approved for emergency use or in late-stage trials. Sinopharm, a state-owned vaccine maker, and Sinovac have said they can produce up to a combined two billion doses this year, making them essential to the global fight against the coronavirus.

Unlike the Pfizer and Moderna vaccines, their doses can be kept at refrigerated temperatures and are more easily transported, making them appealing to the developing world.

China’s campaign has been plagued with doubts, however. A YouGov survey this month of roughly 19,000 people in 17 countries and regions showed that most were distrustful of a Covid-19 vaccine made in China. The misinformation campaign surrounding Western vaccines could further undermine its image.

A mass coronavirus vaccination site had been set to launch this week at Citi Field in Queens.Credit…Ryan Christopher Jones for The New York Times

Mayor Bill de Blasio of New York City announced on Monday that the openings of planned mass coronavirus vaccination sites at Yankee Stadium and Citi Field would be postponed because of the low supply of doses available.

“We want to get those to be full blown, 24-hour operations,” Mr. de Blasio said at a news conference, “but we don’t have the vaccine.”

The site at Citi Field had been set to launch this week, while plans for the one in the Bronx were still being developed. Another site at the Empire Outlets on Staten Island was initially scheduled to open last week, but would also be postponed, the mayor said.

The city had a total of 19,032 first doses in inventory on Monday morning, Mr. de Blasio said, and expects to receive just under 108,000 doses this week. But he continued to warn that figure was not nearly enough to keep up with the pace at which New Yorkers are being inoculated: If the supply was greater, the mayor said New York City would be on pace to administer roughly 500,000 doses per week.

Instead, he said many inoculation appointments will continue to be canceled or rescheduled as they were last week.

Some public health experts have worried that the limited supply could undermine goals of state and city officials to prioritize communities hard hit by the virus — Black and Latino people and low-income New Yorkers — in the vaccine rollout.

The state has not released demographic information on the distribution, but Mr. de Blasio said on Monday that data would come “this week,” adding that “it’s part of making sure that we act to address the disparities that have pervaded the Covid experience.”

The mayor last week also sent a letter to President Biden requesting more doses, along with the “flexibility” to use second doses to increase the pace of vaccinations. He did not discuss any specific progress made on Monday, but appeared hopeful that an update could come soon.

“What is so clear now is the commitment of the Biden administration,” Mr. de Blasio said, “to finding every conceivable way to get us more vaccine quickly. We are waiting in the course of this week for more detailed information.”

But federal health officials and corporate executives agree that the immediate supply is unlikely to increase before April because of manufacturing constraints. Public health officials are also awaiting clinical trial results for the vaccine under development by Johnson & Johnson, which city officials said on Monday they hoped would also raise supply levels.

Still, the current vaccination effort has so far sown confusion and frustration across the country as other states similarly struggle with shortages.

And as small businesses across New York City continue to collapse during the pandemic, Mr. de Blasio said the city’s annual restaurant week started on Monday with a focus on takeout and delivery options.

“There’s a lot of things we need to keep doing to help our business in the meantime,” he said, “as they work to survive.”

Meghan Hayes, a teacher at John Hay Community Academy, teaching her class outside the school board president’s home earlier this month. Credit…Pat Nabong/Chicago Sun-Times, via Associated Press

With roughly 70,000 kindergarten through eighth grade students scheduled to return to public school classrooms in Chicago next week, the district and the teachers’ union remain locked in a battle over the reopening plan, with the union saying that a majority of its members voted to authorize a strike if the district seeks to force teachers back into buildings.

All staff working in kindergarten through eighth grade classrooms were originally supposed to report to buildings on Monday to prepare for students’ return next week. But late last week, the union asked its members to vote on a resolution calling on them to refuse to report in-person and to authorize a strike if the district locked them out of its electronic systems.

Over the weekend, the two sides jockeyed for leverage. The district sent a message to families and staff saying that it had agreed to a request from the union to postpone the date for staff to return to Wednesday. Shortly after, the union sent its own message denying that there had been any agreement and saying that its members had voted to continue working remotely indefinitely.

The district said that the union was making several requests that it disagreed with, including delaying reopening until all staff members had been able to receive at least one dose of the vaccine or until the citywide positivity rate fell below 3 percent. Over the last week, the citywide positivity rate has been 7.2 percent. The district has said it will begin vaccinating teachers in mid-February and that it hopes to vaccinate all employees in the coming months.

According to the district, the union was also requesting weekly surveillance testing of staff as well as regular testing of students in parts of the city with high positivity rates. Currently, the district is planning to test up to a quarter of staff each week and is not planning to do surveillance testing of students.

Prekindergarten students and some special education students returned to school buildings on Jan. 11, in the first wave of the district’s reopening. The district said on Friday that roughly 60 percent of the 5,352 students who were expected to attend in person actually did in the first week. Overall about a third of families in the district who have been given the option to have their students return in person have signed up to do so.

Chicago is not the only district where opposition from teachers’ unions is threatening reopening plans: Over the weekend, plans to reopen schools in Montclair, New Jersey, were postponed indefinitely after the superintendent said he did not have enough teachers to properly staff the schools.

President Andrés Manuel López Obrador of Mexico said he would continue to carry out his official duties.Credit…Marco Ugarte/Associated Press

Mexico’s president, Andrés Manuel López Obrador, said Sunday that he had contracted the coronavirus and was undergoing “medical treatment” for what he described as mild symptoms.

Mr. López Obrador, writing on Twitter, said he would continue to carry out his official duties, including holding a call with President Vladimir V. Putin of Russia that is set for Monday.

“As always, I am optimistic,” he said.

The Mexican leader has consistently played down the pandemic, questioning the value of wearing masks and refusing to wear one himself in most public appearances.

On Friday, he posted a photo of himself indoors, again without a mask, conducting a call with President Biden. He was accompanied by Marcelo Ebrard, the foreign minister, and Alfonso Romo, a former top aide — and neither was wearing a mask. And on Saturday, the president met with local business leaders in Monterrey.

Hours before disclosing that he had contracted the virus, Mr. López Obrador, who flies commercial on all official trips, sat in coach on a flight from San Luis Potosí to Mexico City, according to local media reports.

As late as June, Mr. López Obrador was still sounding dismissive. He said that having a clean conscience would help fight off the virus. “No lying, no stealing, no betraying, that helps a lot to not get coronavirus,” he told reporters.

And for months, the president has repeatedly insisted that the end of the pandemic’s devastation was just around the corner.

“The worst is ending,” he said this month, as deaths surged. “We are coming out of it.”

In the spring, The New York Times reported that the Mexican government had failed to record hundreds, possibly thousands, of deaths in Mexico City, dismissing officials who had tallied more than three times as many fatalities in the capital than the government had publicly acknowledged.

Then in December, federal officials, loath to damage the economy still further, reassured the public that Mexico City had not reached the level of contagion that would require a full lockdown. In fact, the government’s own numbers showed that the capital had surpassed that threshold, an analysis by The Times found.

Some public health experts said they were little surprised that Mr. López Obrador had become infected, given his preference for going mask free, even in situations where the risk of exposure was high.

“One even expected or assumed, because of his way of exposing himself to so many people and not wearing a mask, that he would have been infected earlier,” said Carlos Magis Rodríguez, professor of medicine at the National Autonomous University in Mexico. “In all the public appearances of López Obrador, except for when he went to visit Trump, we saw him without a face mask.”

He said there was reason for concern about the prognosis for Mr. López Obrador, who is 67 and had a heart attack in 2013. “He’s at greater risk than a young person,” Dr. Magis said.

Mr. López Obrador has told reporters that he will wait to get vaccinated with the rest of his age group, most likely in mid-March.

The news came as Mexico is confronting its worst moment since the pandemic began, with deaths hitting horrific highs. On Thursday, Mexico confirmed 1,803 new coronavirus deaths, surging past the previous record of more than 1,500 set days earlier.

And while the president is already being treated, many Mexicans are struggling to get medical care. The country’s hospitals are overrun, and close to 90 percent of beds in Mexico City, the epicenter of the national outbreak, are occupied.

Mexico has intentionally kept testing low throughout the pandemic, which has obscured the true extent of the virus’s reach across the country. But it is undeniable that Mr. López Obrador has presided over one of the worst outbreaks in the world.

To date, the country has recorded more than 1.7 million coronavirus infections and nearly 150,000 deaths, the fourth-highest global death toll.

Official numbers severely underestimate the true toll of the pandemic. As of December, the country had recorded 250,000 more deaths than expected, an excess mortality rate that suggests the pandemic has been far deadlier than official numbers suggest.

Kirk Semple and Elda Cantú contributed reporting.

Dr. Anthony S. Fauci with President Donald Trump during a White House coronavirus briefing in April.Credit…Doug Mills/The New York Times

An adviser to seven presidents and the nation’s top infectious disease expert for decades, Dr. Anthony S. Fauci has weathered many crises.

But in 2020, as one of the most familiar, trusted faces of the nation’s public health community, Dr. Fauci, 80, faced a year like no other when the coronavirus pandemic unfolded in the final months of the Trump administration amid an extremely divisive election season.

In an hourlong conversation with The New York Times over the weekend, Dr. Fauci described some of the difficulties, and the toll, of working with President Donald J. Trump.

The Chicago Teachers Union said on Sunday that its members had voted to defy an order to return to the classroom before they were vaccinated against the coronavirus.Credit…Anthony Vazquez/Chicago Sun-Times, via Associated Press

In his first 48 hours in office, President Biden sought to project an optimistic message about returning the nation’s many homebound students to classrooms. “We can teach our children in safe schools,” he vowed in his inaugural address.

The following day, Mr. Biden signed an executive order promising to throw the strength of the federal government behind an effort to “reopen school doors as quickly as possible.”

But with about half of American students still learning virtually as the pandemic nears its first anniversary, the president’s push is far from certain to succeed. His plan is rolling out just as local battles over reopening have, if anything, become more pitched in recent weeks.

Teachers are uncertain about when they will be vaccinated. With alarming case counts across the country and new variants of the coronavirus emerging, unions are fighting efforts to return their members to crowded hallways.

The Chicago Teachers Union told members to defy orders to return to the classroom on Monday and to begin working remotely. The teachers say the district has not done enough to keep students and teachers safe during the pandemic. Students are supposed to come back to classrooms on Feb. 1.

Given the seemingly intractable health and labor challenges, some district officials have begun to say out loud what was previously unthinkable: that schools may not be operating normally for the 2021-22 school year. And some labor leaders are seeking to tamp down the expectations Mr. Biden’s words have raised.

“We don’t know whether a vaccine stops transmissibility,” said Randi Weingarten, president of the American Federation of Teachers, the nation’s second-largest teachers union.

Some virus experts, however, have said there is reason to be optimistic on this question.

Ms. Weingarten said a key to returning teachers to classrooms in the coming months would be promises to allow those with health conditions, or whose family members have compromised immune systems, to continue to work remotely; the collection of centralized data on the number of coronavirus cases in specific schools; and assurances from districts that they would shut down schools when cases occur.

Fights over those very demands have slowed and complicated reopenings across the country.

Mr. Biden’s executive order directs federal agencies to create national school reopening guidelines, to support virus contact tracing in schools and to collect data measuring the impact of the pandemic on students. The White House is also pushing a stimulus package that would provide $130 billion to schools for costs such as virus testing, upgrading ventilation systems and hiring staff members.

Research has pointed to the potential to operate schools safely before teachers and students are vaccinated, as long as practices like mask wearing are adhered to, and especially when community transmission and hospitalization rates are controlled.

A parking lot of the State Farm Stadium in Glendale, Ariz., which has been turned into a mass vaccination site.Credit…Juan Arredondo for The New York Times

An 8-year-old girl in Missouri is getting an earful from frustrated Arizonans who are trying to get inoculated against Covid-19 and mistakenly calling her instead.

Sophia Garcia of Sullivan, Mo., who used to live in Arizona, has been receiving dozens of calls from people in the state on her hand-me-down phone, whose Phoenix number is just one digit different from the Arizona health department’s vaccine help line.

“Every five minutes my phone keeps ringing,” she told Phoenix’s CBS affiliate, KPHO/KTVK. Callers have been complaining about scheduling difficulties and asking how to book an appointment, her family said. In response, Sophia has recorded a voice mail message directing callers to the appropriate number.

Her story offers a glimpse of the struggles and at times desperation of people seeking vaccination in Arizona and elsewhere. People across the United States have complained of their second dose appointments being canceled after vaccination sites ran out of supplies. And there are concerns that President Biden’s goal of 100 million shots in 100 days may not be ambitious enough.

Arizona, which has the worst infection rate in the country, is speeding up vaccinations after a slow start, with the Department of Health Services announcing on Sunday that more than 400,000 doses had been administered. Over 61,000 people have received both doses, the health department said. A New York Times tracker monitoring the vaccine rollout in each state places Arizona in the top 20 for doses administered.

After earlier glitches and staff shortages, the state attributes the turnaround partly to round-the-clock use of the State Farm Stadium in Glendale, a suburb of Phoenix, as a site for inoculations in the past few weeks. “The success of our State Farm Stadium vaccination site has made it clear that Arizona can efficiently and effectively administer vaccine to large numbers,” Dr. Cara Christ, director of the Arizona Department of Health Services, said in a statement.

Another vaccination site at the Phoenix Municipal Stadium is set to open next week.

State officials said the federal government had denied a request for an additional 300,000 doses each week. “Now the federal government has to step up its game and provide additional vaccine to support Arizona’s proven momentum,” Dr. Christ said.

In the meantime, Arizonans who inadvertently call Sophia in Missouri will get this firm but encouraging message: “Hopefully, if you try carefully, you could get the right number.”

GLOBAL ROUNDUP

An official in the northeastern Chinese city of Tonghua, where residents are barred from leaving their homes amid a strict lockdown, apologized to residents who said they had not been receiving enough food.

Tonghua, an industrial city of about two million people in Jilin Province, went into lockdown on Jan. 20 after the number of recent cases grew to nearly 100. Since then the local outbreak has been largely brought under control, with just two new symptomatic cases reported on Saturday.

As China observes the one-year anniversary of the lockdown in Wuhan, the central city where the virus was first discovered, other parts of the country are confronting smaller outbreaks. The government has responded with mass testing and citywide lockdowns that at one point affected more than 28 million people, almost three times the size of the population that was initially locked down in Wuhan.

On Monday, China reported 124 new cases in the previous 24 hours, including 117 local cases and seven among travelers in quarantine after returning from overseas. That is an increase from 80 cases reported a day earlier, though still vastly lower than other large countries. Mainland China, which has a population of 1.4 billion people, has recorded a total of about 100,000 coronavirus cases and 4,635 deaths, according to a New York Times database.

In Tonghua, the tough restrictions on movement have led to widespread complaints, with residents taking to social media to vent and seek help. Jiang Haiyan, a deputy mayor, acknowledged the problems on Sunday, saying that a lack of personnel had hindered the distribution of supplies.

“At present, there are problems of untimely and inadequate distribution of household materials for citizens, which has caused great inconvenience to everyone’s lives,” Ms. Jiang said.

The city’s Communist Party committee and local government “express their sincere apologies to everyone,” she added.

The city had since recruited a large number of community workers and volunteers to ensure adequate supply distribution, Ms. Jiang said.

But on the social media accounts for The People’s Daily, the Communist Party’s main newspaper, some people continued to express dissatisfaction with the situation.

“Before the residents weren’t treated humanely, they didn’t tell us anything and in one night went from house to house sealing everything up,” read one popular reply. “Now grass-roots officials and volunteers are treated inhumanely, and in one night all the food must be distributed door to door.”

Lin Qiqing and Salman Masood contributed reporting.

In other developments around the world:

  • Australia on Monday approved the Pfizer-BioNTech coronavirus vaccine for use among people 16 and older, the country’s first vaccine approval. Vaccinations are expected to start late next month. The announcement came one year to the day after Australia reported its first coronavirus case.

  • Pakistan is likely to approve the Russian Sputnik V coronavirus vaccine for emergency use, officials said. It would be the third to get such approval, joining Oxford University’s AstraZeneca and the Chinese SinoPharm vaccines. Pakistan, which has an approximate population of 212 million, has yet to start its rollout. Dr. Faisal Sultan, the de facto health minister, said last week that one million dosages would be distributed in the first three months of 2021. Trials of the Chinese CanSino vaccine are currently being conducted in the country, and the results are expected in the first week of February, officials said.

  • Officials in New Zealand confirmed on Monday a case of the South African variant of the coronavirus in a returned traveler a week after she left hotel quarantine. Officials have said the 56-year-old, who had tested negative twice before being allowed to return home, was probably infected by a fellow returned traveler while in quarantine. People who were at the same hotel have been urged to self-isolate immediately. It is the first case New Zealand has recorded outside quarantine since November. The government in Australia responded on Monday by suspending its travel bubble with New Zealand for at least 72 hours, saying all travelers from the country must quarantine on arrival.

  • The presidential election in Portugal on Sunday was marked by record-low voter turnout amid a nationwide lockdown and the country’s highest one-day death toll from the coronavirus. Turnout was about 39 percent, according to the preliminary results, despite an easing of restrictions on movement and an increase in the number of polling stations. In the last presidential election in 2016, turnout was more than 48 percent. On Sunday, officials reported a record 275 coronavirus deaths, one day after reporting 15,333 cases, also a single-day record. Marcelo Rebelo de Sousa, Portugal’s center-right president, was re-elected to a second five-year term with about 61 percent of the vote.

VideoVideo player loadingVideo by City of New Orleans, courtesy of Crista RockCreditCredit…Crista Rock

With the snap of the snare drums, New Orleanians take joyous turns high-stepping and chicken strutting, dressed in the finery of their social clubs and krewes. The celebration, shown on a 30-second public service announcement, is one of numerous efforts around the country to persuade people to get inoculated against the coronavirus. But its homegrown approach, using neighborhood personas and invoking local Carnival culture, may make it particularly effective, say experts in vaccine hesitance and behavioral change.

“I’m getting the vaccine so we can have Mardi Gras, y’all!” shouts Jeremy Stevenson, a Monogram Hunter Mardi Gras Indian, also known as Second Chief Lil Pie, as he sways in a 12-foot tower of turquoise feathers and beading.

Other locals prance forth to offer their own reasons, concluding: “Sleeves Up, NOLA!”

“I teared up several times and also just laughed out loud with delight. The sense of community is contagious,” said Alison M. Buttenheim, the scientific director of the Center for Health Incentives and Behavioral Economics at the University of Pennsylvania. “Vaccination is framed as a collective action that everyone can contribute to in order to bring back things the community values and cherishes.”

Although national vaccine hesitation rates are falling, surveys show that antipathy to the new shots is still widespread among some demographic groups. But there has been little consensus around ways to build confidence in the shot.

In November, New Orleans put together a coalition of public health doctors, clergy, leaders from Black, Latino and Vietnamese communities, and heads of the city’s large social clubs. The group identified cultural icons that would appeal widely to residents.

Rather than focusing messaging on the miseries wrought by the pandemic, it decided to emphasize an aspirational and inviting tone, a core insight derived from behavioral change research.

“I’m getting my shot so I can visit my 92-year-old mom and we can eat in our favorite restaurants,” says Julie Nalibov of the Krewe of Red Beans.

The spot will be shown on local TV stations and saturate social media. Photographs will adorn citywide billboards.

“I hope state and local health departments around the country can get resources to develop more hyperlocal campaigns,” Dr. Buttenheim said. “Imagine similar spots from Philly, or Boise, or Hawaii, or the Cherokee Nation.”

Protesters clashed with the police during a demonstration against coronavirus restrictions in Eindhoven, the Netherlands, on Sunday.Credit…Rob Engelaar/Agence France-Presse — Getty Images

Prime Minister Mark Rutte of the Netherlands said on Monday that anyone involved in riots over the weekend protesting the country’s coronavirus measures had engaged in “criminal violence” and warned that perpetrators would be treated accordingly.

Hundreds of people were detained during unrest in Amsterdam, Eindhoven and at least eight other cities after the start of a 9 p.m. curfew on Saturday, the police said. Officers used tear gas, attack dogs and water cannons to disperse crowds in the southern city of Eindhoven, where shops were looted and cars set on fire. In Urk, a staunchly protestant fishing village young people burned down a Covid test facility.

“This has nothing to do with protest or fighting for freedom,” Mr. Rutte, told reporters on Monday. “This is criminal violence, and we will treat it as such.”

His caretaker government implemented harsh new lockdown measures last week, vetted by Parliament, to curb the spread of the coronavirus. Flights to Britain, South Africa and most of South America were halted on Saturday. It also implemented a nationwide curfew, the first since World War II.

The mayor of Eindhoven, John Jorritsma, was visibly upset when he spoke to reporters about the violence in the city. He called the rioters “scum of the earth” and said he feared the Netherlands, normally one of the quietest countries in the European Union, was “on a path of civil war.”

A spokesman for the Dutch police union said the group feared that the illegal protests and riots were just the start of the curfew-related unrest. “I hope it was a one-off, but I’m afraid it was a harbinger for the coming days and weeks,” the spokesman, Koen Simmers, said, according to the public broadcaster NOS. “We haven’t seen so much violence in 40 years,” he added.

The protesters also gathered last week in Amsterdam after calls on social media to “resist” the lockdown rules and the government’s policies overall. Mr. Rutte is one of the longest-serving European leaders. Elections in the Netherlands are scheduled for March.

Protests also erupted over the weekend in Denmark. Five people were arrested on Saturday during an anti-lockdown demonstration in Copenhagen, local news outlets reported. Around 1,000 protesters gathered to demonstrate against what they said were limitations of their freedoms, after a call for protest by a Facebook group. Protesters tied an effigy of Prime Minister Mette Frederiksen to a pole and burned it, Danish channel TV2 reported. A sign was hung around the effigy’s neck saying, “She must and should be killed.”

Outside a cafe in Kyiv, Ukraine, on Monday, the first day after lockdown restrictions were lifted.Credit…Gleb Garanich/Reuters

Ukraine reopened schools, restaurants and movie theaters on Monday after testing showed the coronavirus was spreading less rapidly after just one week of a strict lockdown.

The health minister, Maksym Stepanov, pointed to the improving statistics as a clear indication that a strict lockdown, even if brief, can tamp down numbers. The rate of new infections declined about a third after the first seven days of closures, he said.

The cumulative number of infections nationwide last week was just over 30,000, nearly 14,000 less than the week before, Mr. Stepanov said. “The statistics are relatively optimistic and point to an improvement in the situation,” he said, local media reported.

Mr. Stepanov also pointed to a decline in hospitalizations, which typically trail infections by several weeks, suggesting that the downward trend had begun before the lockdowns and that New Year celebrations had not shifted the dynamic.

President Volodymyr Zelensky quickly imposed lockdowns last spring before easing them over the summer. The country retained a system that can close businesses in cities or regions with flare-ups.

Though the government lifted some restrictions on Monday, not all businesses can open. Nightclubs and sports stadiums remain closed. Schools are not allowed convene large gatherings of students, such as for performances or schoolwide meetings.

Ukraine, which aspires to join the European Union but is not in the bloc, has struggled to find vaccines and may not be able to inoculate its population until well into the year, forcing it to rely on quarantines, lockdowns and other restrictions until then.

Google said it will make company buildings, parking lots and open spaces available to serve as temporary vaccination clinics in partnership with health care providers and public health officials.

In a blog post on Monday, Sundar Pichai, the chief executive of Google’s parent company, Alphabet, said the company will start by opening sites in Los Angeles, the San Francisco Bay Area and New York City, with plans to expand to other sites nationwide.

The move is part of a series of measures to help accelerate vaccination efforts. Google also said it plans to contribute $100 million in ad credits to health organizations to educate people about the vaccine and $50 million for groups working on fair access to the vaccine.

It will also include more information in search results and maps to help people find vaccination locations with details about who is eligible and whether appointments are necessary. Google said it will provide local distribution information in search results in the coming week so people can determine whether they are eligible to receive a vaccine.

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Business

China Overtakes U.S. as Prime Vacation spot for Overseas Funding: Dwell Updates

Here’s what you need to know:

Recognition…Bill O’Leary / The Washington Post, via Getty Images

Michael S. Barr, a law professor and former Obama administration official, is President Biden’s leading choice to control the currency, a powerful body that regulates banks.

As Vice Secretary of the Treasury under President Barack Obama, Mr. Barr helped shape the Dodd-Frank Financial Reform Bill, a comprehensive regulatory bill that puts financial firms under stricter government oversight, a résumé that appears to certify him as a reformer.

Progressives are less in love, however, writes Emily Flitter in the New York Times. Some have pointed to Mr Barr’s efforts to relax some of Dodd-Frank’s restrictions, such as the Volcker Rule, which prohibits banks from using customer funds to make their own bets in the markets, as evidence that it may be more business-friendly.

His recent connections in the financial world, including advising a trading group trying to sway lawmakers on behalf of fintech companies, were also examined.

Several progressive groups have expressed support for another candidate: Mehrsa Baradaran, a law professor who has studied the inequality of treatment black and poor people often receive from banks. A supporter of Ms. Baradaran even threatened a hunger strike if Mr. Barr wins the nomination.

The explosion in cryptocurrency and online banking has increased the stake in the regulatory role. Fintech firms are advocating bank charter, and the wider adoption of cryptocurrencies like Bitcoin will result in more government scrutiny.

The trade restrictions between China and the United States under the Trump administration, coupled with the coronavirus pandemic, have given China a surprising advantage.

China has surpassed the US for the first time as the leader in FDI, an important measure of a country’s economic health.

Foreign investment in the United States fell by almost half, or 49 percent, to $ 134 billion in 2020, the United Nations Conference on Trade and Development announced on Sunday.

The decline in the United States is mostly focused on total trade, financial services, and mergers and acquisitions, according to the study.

China, where the coronavirus outbreak was first detected, saw a modest 4 percent increase to $ 163 billion, led by investments in the country’s growing high-tech sector and in mergers and acquisitions. China, the most populous nation in the world, imposed strict lockdown and masking requirements, rules that appear to have helped contain the spread of the virus within its borders.

Foreign direct investment fell for most countries as they struggled to contain the virus. Investment in Europe was wiped out and global foreign investment fell by 42 percent overall.

Developed nations like the United States tend to be attractive targets for such investments because of their skilled workforce, open markets, and rigorously enforced regulations.

China’s manufacturing expertise and growing consumer base have attracted overseas companies like Apple for years, but its strict policies regarding foreign ownership of its businesses and sometimes unclear enforcement rules made such investments difficult.

However, the growing clout of consumers has been difficult for multinational companies to ignore. When foreign investors opened a business, Chinese citizens bought and created enormous wealth. The country is making a stuttering path from an economy driven by exports to one driven by its own consumers.

The United Nations group expects foreign direct investment to remain weak globally through 2021.

Recognition…To watch

The tax changes approved by Congress late in the year are now forcing the IRS to postpone the start of the tax return season, New York Times’ Ann Carrns reports.

Even so, according to the IRS, most taxpayers who receive a 2020 tax refund will get it within three weeks if they file electronically and have the money deposited directly into their bank account. The average refund over the past few years has been more than $ 2,500. Many families use refunds to pay bills or to use them as a kind of forced savings plan.

Typically, the Internal Revenue Service begins accepting and processing individual income tax returns in late January. However, the agency has postponed the start of filing tax returns for the 2020 tax year to February 12th.

The IRS Free File program is now ready for use if you want to prepare your own tax return. Free File, a partnership between the IRS and tax software company, is available to individuals with an adjusted gross income of $ 72,000 or less. The program offers free online preparation and filing of federal declarations. However, some vendors charge government returns fees. You can now complete your return and it will be submitted to the IRS starting February 12th.

This is going to be another challenging tax season for the Internal Revenue Service, which in recent years has struggled with reduced budgets that have forced it to get by with fewer workers and outdated computer systems. During the pandemic, it also had the extra work of distributing stimulus checks.

Debenhams, a long-time department store chain in the UK, began closing sales last month.Recognition…Oli Scarff / Agence France-Presse – Getty Images

British online fast fashion retailer Boohoo announced Monday that it would buy the Debenhams brand name and website for £ 55 million, or $ 75 million, a few weeks after the 242-year-old department store chain ceased operations after opening had administration in April.

The deal is the latest reflection of the seismic reorganization in the global retail hierarchy caused by the coronavirus pandemic. Strong companies with agile supply chains and e-commerce activities grow faster, while weaker – often older – competitors with large stationary footprints and more traditional models gradually fall away.

Asos, another online fast fashion retailer, confirmed Monday that it was in exclusive talks with administrators at Philip Green retail group Arcadia to buy the portfolio of their fashion brands, which include Topshop, Topman, Miss Selfridge and HIIT . Arcadia filed for bankruptcy protection late last year.

A final sale in 124 Debenhams stores began in December as administrators continued to search for offers for all or part of the company. Now, Boohoo, best known for his $ 5 bikinis and connections to reality TV stars, is going to buy the Debenhams intellectual property rights for cash – though none of his stores or inventory will be included. The company took the same approach when it acquired several other UK brands that were on the brink of bankruptcy, including Oasis and Karen Millen.

Debenhams was expected to restart on Boohoo’s web platform in early 2022.

“Our acquisition of the Debenhams brand is strategic as it is a huge step in accelerating our drive to lead not only in fashion e-commerce but also in new categories such as beauty, sports and homeware,” said Boohoos Chairman of the Board, Mahmud Kamani. “Our aim is to create the largest UK market.”

Neither Asos nor Boohoo are looking to buy stores, so the remaining 118 Debenhams department stores and more than 400 Arcadia-branded stores are likely to close permanently, putting tens of thousands of jobs at risk.

Boohoo, co-founded by Mr Kamani in Manchester in 2006, was subject to public scrutiny last year after investigations into working conditions at Leicester textile mills found that many workers were paid less than the minimum wage.

  • The S&P 500 futures fluctuated but indicated that the main Wall Street index would open slightly higher on Monday after positive sentiment in Asian markets stalled in European trading as new data saw a drop in business confidence showed.

  • Most of the European indices were lower. The Stoxx Europe 600 fell 0.2 percent, led by losses in financial and energy companies. The CAC 40 in France fell 0.5 percent, the DAX in Germany and the FTSE 100 in Great Britain by 0.3 percent. Hong Kong’s Hang Seng rose 2.4 percent to its highest level in two and a half years. Gains were driven by an 11 percent rise in Tencent shares after a company he supported announced an IPO

  • In Europe there is growing concern about the pace of vaccination. Drug manufacturers said the European Union would face a significant delay in delivery in the first few months of the year, and officials replied they would take legal action to fulfill their contracts.

  • In Germany, Europe’s largest economy, the most recent surveys showed a sharp decline in expectations of the economy. The Ifo survey on business sentiment fell to its lowest level in six months.

  • “With the current lockdown measures until mid-February and without any significant easing immediately afterwards, the short-term prospects for the German economy are anything but rosy,” wrote Carsten Brzeski, an economist at the Dutch bank ING, in a note.

  • The UK has seen a shake in retail and newer online brands have cleaned up the old guard: shares of Boohoo, the fast fashion online retailer, rose as much as 5.7 percent after it announced the Brand to buy from Debenhams, a two hundred year old department store chain that went bankrupt last year. Shops are likely to be closed.

  • Shares of ASOS, another online retailer, even surged 6.4 percent after it was confirmed that after the downtown collapse there was some talk of buying some of Arcadia’s most popular brands, including Topshop.

  • In other financial markets, the US dollar and the gold price have barely changed. Oil futures rose and West Texas Intermediate prices rose 0.8 percent to $ 52.66 a barrel.

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World News

Navalny Protests: Stay Updates as Russians Demand Opposition Chief’s Launch

Despite bitter cold and intimidation attempts, protests are taking place across Russia.

Thousands of people in Russia’s Far East and Siberia gathered on Saturday in support of jailed opposition leader Aleksei A. Navalny in what turned out to be the largest nationwide showdown in years between Russian authorities and critics of the Kremlin.

In the eastern regions of Russia, a country with eleven time zones, protests began hours before demonstrations in Moscow were due to begin. Soon after dawn in the capital, Saturday appeared to be the biggest day of protest in the country since at least 2017 – although it was not clear whether the contradiction would succeed in persuading the Kremlin to change course.

In the cities of Vladivostok on the Pacific and Irkutsk and Novosibirsk in Siberia, recordings of well over 1,000 people showed chants like “We are responsible here!”. and “We’re not going!”

In Yakutsk, the coldest city in the world, numerous demonstrators defy temperatures of minus 60 Fahrenheit in the icy fog. In Khabarovsk, the city on the Chinese border where protests against the Kremlin took place last summer, hundreds of people returning to the streets faced overwhelming numbers of riot police.

“I have never been a great believer in Navalny, and yet I understand very well that this is a very serious situation,” said Vitaliy Blazhevich, 57, a Russian university professor, in a telephone interview about why he chose Mr. Navalny in Khabarovsk .

“There is always hope that something will change,” said Blazhevich.

Protesters demand Navalny be released from prison, but the Kremlin is holding on.

Aleksei Navalny, a 44-year-old anti-corruption activist who is the most prominent domestic critic of President Vladimir V. Putin of Russia, was poisoned in Siberia in August with a military-grade nerve agent in what Western officials called an assassination attempt by the Russian state.

He was flown to Germany and recovered. And last Sunday after flying home to Moscow, he was arrested at passport control.

Russian authorities say Mr Navalny violated a suspended sentence he received six years ago and are trying to limit him to years in prison. After he was jailed on Monday for an initial 30-day sentence, his supporters called for protests, arguing that only street pressure could avert what they describe as an attempt by Mr Putin to get his favorite opponent out of the way to vacate.

These protests took place across Russia on Saturday, organized in part by Mr Navalny’s extensive network of local offices. Local officials did not approve the protests – citing the coronavirus pandemic, among other things – and threatened to arrest anyone who attended.

The video showed police officers fighting with protesters in Vladivostok and Khabarovsk, but there were no immediate reports of large-scale violence. OVD-Info, an activist group tracking arrests during protests, reported 174 arrests nationwide as of midday in Moscow – a number that would surely increase later in the day.

In the normally quiet town of Yuzhno-Sakhalinsk, a fisheries and energy center on an island north of Japan, hundreds of people took part in the protests on Saturday.

Some schools have postponed classes while one held a basketball tournament on Saturday to keep teenagers away from the protests, said Lyubov Barabashova, a city-based journalist.

The police did not prevent the demonstrators from gathering in front of the regional government headquarters, Ms. Barabashova said. When a police officer announced via megaphone that the rally was illegal, the demonstrators sang in response: “Putin is a thief! Freedom to Navalny! “

The Kremlin has weathered waves of protests in recent years, and there was no immediate indication that this time would be any different. There were growing signals that the Russian government intended to respond to the protests with a new wave of repression.

The US embassy in Moscow warned American citizens to stay away from the protests on Saturday – an announcement that the Channel One news anchor pointed out that the US had indeed organized them.

“This is very important: information on the location and time of the unauthorized events scheduled for tomorrow has been posted on the American embassy website,” said the Channel One host. “As they say, draw your own conclusions.”

The Russian authorities said they had opened criminal investigations against protest organizers. And on Friday, the main evening newscast on Russian state-controlled Channel One devoted about a third of the show to Mr. Navalny – a clear departure from the typical state news media practice of ignoring him.

Russia is trying to prevent young people from taking to the streets.

A ninth grader in the Russian city of Yekaterinburg asked his classmates this week why they didn’t like President Vladimir V. Putin.

According to their teacher Irina V. Skachkova, citing the imprisoned opposition leader Aleksei A. Navalny, they replied: “Putin has a palace that was built with stolen money, and Putin is a thief himself.”

Mr Navalny’s dramatic return to Russia from Germany on Sunday and his immediate arrest, followed by the release of a video documenting Putin’s alleged secret palace on the Black Sea, have captured many young Russians and prompted authorities to make an effort to keep them away from protests.

Some universities threatened to expel students if they were caught in the protests for the release of Mr Navalny, which are being organized in dozens of cities across Russia, even though local officials did not authorize them.

The Ministry of Education urged families to spend the weekend doing non-political activities such as “a walk in a park or a forest”.

Russia’s telecommunications regulator said it had ordered social networks to cut posts for Saturday’s protests and the country’s top investigative agency has opened a criminal investigation into alleged inciting minors to join.

In the days leading up to the protests on Saturday, Aleksei A. Navalny’s team published a comprehensive investigation describing a secret palace built for President Vladimir V. Putin on the Black Sea.

The report, released Tuesday, less than 24 hours after Mr Navalny was arrested, was the latest blow in the Russian opposition leader’s dramatic battle against Mr Putin.

The investigation – including floor plans, financial details, and interiors of a site that Mr Navalny said cost more than $ 1 billion – appeared to provide the most comprehensive record of any huge residence that the president allegedly kept for himself has built southern Russia’s green coast.

The Kremlin denied the findings of the report, which went online as a 113-minute YouTube video and illustrated text version, urging users to post pictures of Putin’s alleged luxury on Facebook and Instagram. The video has been viewed more than 65 million times on YouTube.

“They will steal more and more until they bankrupt the whole country,” says Navalny in the video, referring to Putin and his circle. “Russia sells huge amounts of oil, gas, metals, fertilizer and wood – but people’s incomes are falling and falling because Putin has his palace.”

Few people had heard of the nerve agent Novichok until 2018, when Western officials accused Russia of using him in the UK attempt on a former spy. It made headlines in September when Germany said the poison had made Russian dissident Aleksei A. Navalny sick.

But scientists, spies, and chemical weapons specialists have known and feared Novichok for decades. It is a powerful neurotoxin that was developed in the Soviet Union and Russia in the 1980s and 1990s and can be delivered as a liquid, powder, or aerosol. It is said to be more deadly than nerve substances better known in the West. like VX and Sarin.

The poison causes muscle spasms that can stop the heart, buildup of fluid in the lungs that can also be fatal, and can damage other organs and nerve cells. Russia has made several versions of novichok, and experts say it is unclear how many times they have been used, as the resulting deaths can seem like nothing more sinister than a heart attack.

Such could have been the case of Sergei V. Skripal, a former Russian spy who lives in Salisbury, England. When Mr Skripal was barely conscious in a park in March 2018, there was no obvious reason to suspect poisoning – other than that his daughter who was visiting him had the same symptoms.

British intelligence agencies identified the substance as novichok and accused Russia. The attack turned into a major international scandal that further shook relations between Moscow and the West. The British identified Russian agents who they said had flown to the UK, applied the poison on the door handle of Mr Skripal’s house and left the country, leaving a trail of videos and chemical evidence.

The government of President Vladimir V. Putin has consistently denied any involvement and has put forward a number of alternative theories. And just months before the Salisbury attack, Putin said Russia had destroyed all of its chemical weapons.

Ivan Nechepurenko and Richard Pérez-Peña contributed to the coverage.

Categories
Business

Massive Banks Replicate Nation’s Lopsided Financial Restoration: Stay Updates

Folgendes müssen Sie wissen:

Die größten Banken des Landes haben alle ihre Finanzergebnisse für das vergangene Jahr veröffentlicht, und die Daten spiegeln die seltsame wirtschaftliche Situation der Biden-Regierung wider. Teile der Wirtschaft boomt, andere stehen still und die Aussichten sind noch ungewiss.

Einerseits floriert das Kerngeschäft der Wall Street:

  • Das Handelsgeschäft von Goldman Sachs verzeichnete den höchsten Jahresumsatz seit zehn Jahren, was der Bank geholfen hat, ihren Gewinn im vierten Quartal mehr als zu verdoppeln.

  • JPMorgan Chase und Morgan Stanley meldeten nach einem großen Jahr für Anleiheemissionen, Börsengänge und M. & A ebenfalls große Sprünge in ihren Investmentbanking- und Handelseinheiten. Angebote.

Andere Banken mit großen Konsumentenkreditgeschäften erging es jedoch nicht so gut, da die Bank of America, Citigroup und Wells Fargo hinsichtlich des Gewinnwachstums hinterherhinken. Die niedrigen Zinssätze, die Unternehmen dazu veranlassten, Schulden aufzunehmen, haben den Zinsüberschuss der Banken für Konsumentenkredite beeinträchtigt, der für die meisten Kreditgeber in ihren jüngsten Ergebnissen gegenüber dem Vorjahr gesunken ist.

Nur wenige Bankchefs scheinen zu glauben, dass sich die auf die Wall Street ausgerichteten Unternehmen in diesem Jahr ebenfalls entwickeln werden, aber die Sorgen um die Main Street-Einheiten scheinen weniger akut als im letzten Jahr.

Im vierten Quartal gab JPMorgan Chase Reserven im Wert von fast 3 Milliarden US-Dollar frei, die es zum Schutz vor Kreditausfällen aufgebaut hatte, während die Bank of America, Citigroup und Wells Fargo im gleichen Zeitraum zusammen 2 Milliarden US-Dollar freisetzten.

Im Laufe des gesamten Jahres haben diese vier Banken ihre Rückstellungen für Kreditverluste immer noch um rund 50 Milliarden US-Dollar aufgestockt, ein Zeichen dafür, dass sie weiterhin vor einer möglichen Ausfallwelle geschützt sind. In der Zwischenzeit ist die Kreditnachfrage gering und die Einlagen häufen sich.

Was haben die Banken mit all dem Geld vor? “Wir haben so viel Kapital, dass wir es nicht verwenden können”, sagte Jamie Dimon von JPMorgan gegenüber Investoren. Der Bargeldstapel der Bank hat sich im vergangenen Jahr auf über 500 Milliarden US-Dollar verdoppelt.

Bei anderen Banken ist es ähnlich, und jetzt, da sie von den Aufsichtsbehörden für die Wiederaufnahme von Aktienrückkäufen freigegeben wurden, “werden wir aggressiv und konsequent zurückkaufen”, sagte James Gorman, CEO von Morgan Stanley.

Von FactSet befragte Analysten gehen davon aus, dass die sechs größten Banken in diesem Jahr Aktien im Wert von fast 70 Milliarden US-Dollar zurückkaufen werden, gegenüber 18 Milliarden US-Dollar im Vorjahr.

Anerkennung…Mladen Antonov / Agence France-Presse – Getty Images

Sie wissen, dass es schlecht ist, wenn James Bond immer noch nicht aus dem Haus kommen kann.

“No Time to Die”, der 25. Film in der Bond-Reihe, wurde am späten Donnerstag zum dritten Mal verschoben, das sicherste Zeichen dafür, dass Hollywood nicht glaubt, dass die Massen bereit sein werden, bald in die Kinos zurückzukehren. Laut Metro-Goldwyn-Mayer wird der 250-Millionen-Dollar-Film nun am 8. Oktober in die Kinos kommen.

Es war geplant, im vergangenen April zu debütieren. Als das Coronavirus weiter anstieg, wurde dieser Plan für ein Debüt im November aufgegeben. Zuletzt war der erwartete Blockbuster für eine Landung am 2. April festgelegt worden.

Die Studios, die besorgt waren, die Impfbemühungen in den USA voranzutreiben, haben bereits (wieder) große Filme verschoben. Universal und Amblin Entertainment zum Beispiel haben “Bios” mit Tom Hanks auf einer postapokalyptischen Erde vom 16. April auf den 13. August verschoben.

Aber der Rückzug von „No Time to Die“ könnte dazu führen, dass weitere Dominosteine ​​fallen. Es war der erste Megafilm, der für die Zeit nach der Impfung geplant war. Diese Auszeichnung geht jetzt an das Marvel-Prequel „Black Widow“ (7. Mai), gefolgt von der neuesten Ausgabe von Universal „Fast & Furious“ (28. Mai). Das Problem: Niemand ist besonders bemüht, den Markt zu testen, indem er zuerst geht – besonders nicht nach dem, was mit Christopher Nolans „Tenet“ passiert ist.

Warner Bros. hatte im September mit der Veröffentlichung von „Tenet“ versucht, den Kinobesuch anzukurbeln, obwohl viele Theater noch geschlossen waren und andere nur über eine begrenzte Kapazität verfügten. Der Film sammelte weltweit 363 Millionen US-Dollar, eine unter den gegebenen Umständen sehr respektable Summe, die Hollywood dennoch enttäuschte. (Mr. Nolans Filme sammeln normalerweise mehr als das Doppelte dieser Menge.)

In jüngerer Zeit hat „Wonder Woman 1984“ weltweit anämische 143 Millionen US-Dollar eingespielt, wobei die sofortige Online-Verfügbarkeit in den USA den Ticketverkauf unterbot und die Angst vor dem wiederauflebenden Virus untergrub.

Kurz nachdem MGM den neuen Termin für “No Time to Die” angekündigt hatte, mischte Sony Pictures seinen Zeitplan und brachte “Ghostbusters: Afterlife” vom 11. Juni auf den 11. November und “Morbius” mit Jared Leto als Marvel-Pseudovampir 21. Januar 2022, ab 8. Oktober, wo es mit einem bestimmten britischen Superspion konkurriert hätte.

Fannie Mae und Freddie Mac meldeten Hypothekenausfälle nach dem Hurrikan Harvey in Texas im Jahr 2017, ein Zeichen dafür, dass extremes Wetter ein Problem für den Immobilienmarkt darstellt.Anerkennung…Eric Thayer für die New York Times

Am Vorabend der Amtseinführung von Präsident Biden gab die Bundesanstalt für Wohnungswesen eine stille Ankündigung ab, die Bände über die Änderungen der Finanzregulierung spricht. Die Agentur, die Fannie Mae und Freddie Mac beaufsichtigt, bat um Beiträge zum Risikomanagement des Klimawandels und stellte fest, dass eine „wachsende Zahl von Forschungsarbeiten“ zur Bedrohung der Wirtschaft durch extremes Wetter durchgeführt wurde.

Das Timing sieht verdächtig aus, ist aber zufällig, sagten Vertreter der Agentur gegenüber DealBook. Es mag wie eine Kehrtwende der Agentur von Mark Calabria erscheinen, einem libertären Ökonomen, der von einem Präsidenten ernannt wurde, der die Klimawissenschaft entlassen hat. Aber der Umzug sollte einer neuen, grünen Regierung nicht gefallen, betonten sie. Extremwetter ist ein offensichtliches Problem für den Immobilienmarkt, wie Fannie und Freddie nach dem Hurrikan Harvey in Texas im Jahr 2017 mit Hypothekenausfällen feststellten. Herr Kalabrien hat seit langem ein Forschungs- und Datenteam aufgebaut, dem bald ein Umweltökonom angehören soll .

Der Wechsel im Weißen Haus könnte mächtige neue Partner bringen. Die Kandidatin für das Finanzministerium, Janet Yellen, sagte, sie werde “jemanden auf sehr hoher Ebene” ernennen, um einen Hub im Finanzministerium zu schaffen, der sich auf den Klimawandel und die Risiken des Finanzsystems konzentriert. Viele der anderen Nominierten von Herrn Biden verfügen über grüne Referenzen und bilden „das größte Team von Experten für Klimawandel, das jemals im Weißen Haus versammelt wurde“.

Der Schritt steht im Einklang mit einer grundlegenden Änderung der Einstellung der Finanzaufsichtsbehörden zum Risiko. sagte Mark Zandi, Moody’s Chefökonom. Die Commodity Futures Trading Commission und die Federal Reserve haben sich in jüngsten Berichten mit Klimarisiken befasst. Angesichts der Prioritäten der neuen Verwaltung können die Agenturen jetzt schnell auf Klimaschutzinitiativen reagieren.

“Wir haben einen dieser seltenen Momente der Hoffnung”, sagte Tim Mohin vom Start-up Persefoni für die Kohlenstoffbilanzierung, der über 30 Jahre lang gesehen hat, dass Klimarisiken von einem Randbegriff zum Mainstream übergehen und in der Regierung und bei Unternehmen wie Apple und China an Nachhaltigkeit arbeiten Intel. “Es gibt keinen Grund, langsam zu fahren.”

Die britische Dienstleistungsbranche, einschließlich des Tourismus, ging im Januar laut dem jüngsten Indexbericht der Einkaufsmanager von IHS Markit stark zurück.Anerkennung…Will Oliver / EPA, über Shutterstock

  • Die Aktien fielen am Freitag, und die Wall Street verzeichnete einen Rekordwert, da die Daten zeigten, dass sich die Wirtschaft in Europa aufgrund von Pandemiebeschränkungen abschwächt.

  • Der S & P 500 fiel im frühen Handel um rund ein halbes Prozent. In Europa fiel die Benchmark Stoxx Europe 600 um 1 Prozent, was zu einem zweiten wöchentlichen Rückgang in Folge führte, während der FTSE 100 in Großbritannien um 0,6 Prozent fiel. Die meisten Indizes in Asien gingen ebenfalls zurück.

  • Neue Daten zeigten eine anhaltende Verlangsamung der europäischen Volkswirtschaften. Laut den Einkaufsmanagerindizes von IHS Markit war die britische Dienstleistungsbranche im Januar stark rückläufig, während das deutsche verarbeitende Gewerbe und die französische Dienstleistungsbranche ebenfalls stärker schrumpften als von Ökonomen prognostiziert.

  • Die Anteile an Cineworld, der Muttergesellschaft von Regal Cinemas, der zweitgrößten Kinokette in den USA, fielen im Londoner Handel, nachdem das Erscheinungsdatum von „No Time to Die“, dem 25. Film in der James Bond-Reihe, verzögert wurde drittes Mal am späten Donnerstag. Die Aktien von AMC Entertainment, der größten US-amerikanischen Theaterkette, fielen im US-Handel um mehr als 3 Prozent.

  • Intel fiel um mehr als 4 Prozent, nachdem der neue Geschäftsführer Patrick Gelsinger am Donnerstag angekündigt hatte, dass das Unternehmen seine Chips weiterhin intern herstellen werde. Er sagte auch, er wolle, dass das Unternehmen seine Position als “unbestrittener Marktführer in der Prozesstechnologie” wiedererlangt. Einige Analysten haben vorgeschlagen, dass Intel sein Fertigungsgeschäft in einem stärkeren Wettbewerb ausgliedern sollte. Die Aktien von AMD, einem Wettbewerber, stiegen um mehr als 3 Prozent.

  • IBM ging um fast 10 Prozent zurück, nachdem das Unternehmen bekannt gegeben hatte, dass der Umsatz in allen Geschäftsbereichen, einschließlich Cloud-Software, gesunken ist.

  • Siemens, das große deutsche Fertigungs- und Maschinenbauunternehmen, legte um mehr als 5 Prozent zu, nachdem das Unternehmen dank der wirtschaftlichen Erholung in China ein besser als erwartetes Ergebnis erzielt hatte.

Ein Loon-Ballon über Neuseeland im Jahr 2013. Ziel des Projekts war es, unterversorgte Teile der Welt mit einem drahtlosen Mobilfunksignal zu versorgen.Anerkennung…John Shenk über die European Pressphoto Agency

Loon, eine bekannte Tochtergesellschaft von Googles Muttergesellschaft Alphabet, die Heißluftballons verwenden wollte, um die Mobilfunkverbindung in entlegene Teile der Welt zu bringen, wird geschlossen.

Fast ein Jahrzehnt nach Beginn des Projekts sagte Alphabet am Donnerstag, dass es Loon den Stecker gezogen habe, weil es keinen Weg gesehen habe, die Kosten für die Schaffung eines nachhaltigen Geschäfts zu senken, berichtet Daisuke Wakabayashi von der New York Times. Loon war eines der am meisten gehypten „Moonshot“ -Technologieprojekte, die aus Alphabets Forschungslabor X hervorgegangen sind.

Die Idee hinter Loon war es, Mobilfunkverbindungen in entfernte Teile der Welt zu bringen, in denen der Aufbau eines traditionellen Mobilfunknetzes zu schwierig und zu kostspielig wäre. Alphabet bewarb die Technologie als einen potenziell vielversprechenden Weg, um nicht nur den “nächsten Milliarden” Verbrauchern, sondern auch den “letzten Milliarden” Internet-Konnektivität zu bieten.

Google begann 2011 mit der Arbeit an Loon und begann 2013 mit einem öffentlichen Test. Loon wurde 2018 eine eigenständige Tochtergesellschaft, einige Jahre nachdem Google eine Holdinggesellschaft namens Alphabet geworden war. Im April 2019 akzeptierte das Unternehmen eine Investition von 125 Millionen US-Dollar von einer SoftBank-Einheit namens HAPSMobile, um den Einsatz von „Höhenfahrzeugen“ zur Bereitstellung von Internetverbindungen voranzutreiben.

Im vergangenen Jahr wurde der erste kommerzielle Einsatz der Technologie mit Telkom Kenia angekündigt, um eine 4G-LTE-Netzwerkverbindung zu einem fast 31.000 Quadratmeilen großen Gebiet in Zentral- und Westkenia, einschließlich der Hauptstadt Nairobi, bereitzustellen. Zuvor waren die Ballons nur in Notsituationen eingesetzt worden, beispielsweise nachdem der Hurrikan Maria das Mobilfunknetz von Puerto Rico ausgeschaltet hatte.

Laut einem Bericht von November in The Information hatte Loon jedoch langsam kein Geld mehr und sich an Alphabet gewandt, um sein Geschäft liquide zu halten, während er einen anderen Investor für das Projekt suchte.

Categories
World News

Covid-19 Information: Dwell Updates – The New York Occasions

Here’s what you need to know:

Credit…Hilary Swift for The New York Times

A day after President Biden reinstated American ties with the World Health Organization, Dr. Anthony S. Fauci told the organization that the United States was committed to working closely with other nations to implement a more effective global response to the pandemic.

“Given that a considerable amount of effort will be required by all of us,” Dr. Fauci, the nation’s leading infectious disease expert, said via video link during a meeting of the group’s executive board, “the United States stands ready to work in partnership and solidarity to support the international Covid-19 response, mitigate its impact on the world, strengthen our institutions, advance epidemic preparedness for the future, and improve the health and well-being of all people throughout the world.”

Dr. Fauci said the United States would re-engage at all levels with the W.H.O. and intended to join Covax, a program set up by the agency to distribute vaccines to poorer nations.

His comments, which he said came exactly one year after the United States recorded its first Covid-19 case, underscored the alacrity with which the new administration is reversing both the substance and tone of the Trump administration’s approach.

“This is a good day for the W.H.O. and a good day for global health,” the agency’s leader, Dr. Tedros Adhanom Ghebreyesus, said, thanking President Biden for honoring his pledge to resume W.H.O. membership and Dr. Fauci for his personal support to the body over many years as well as his leadership in America’s response to the pandemic.

On Thursday, Mr. Biden put forward national strategy that includes aggressive use of executive authority to protect workers, advance racial equity and ramp up the manufacturing of test kits, vaccines and supplies. The “National Strategy for the Covid-19 Response and Pandemic Preparedness” outlines the kind of muscular and highly coordinated federal response that Democrats have long demanded and that President Donald Trump rejected.

Since virtually the moment Mr. Biden was sworn into office, he announced a series of actions to try to blunt the pandemic, including restoring the National Security Council’s Directorate for Global Health Security and Biodefense, a group disbanded under Mr. Trump in 2018.

He is requiring social distancing and the wearing of masks by federal employees, contractors and others on federal property, and is starting a “100 days masking challenge” urging all Americans to wear masks and state and local officials to implement public measures to prevent the spread of the coronavirus.

His moves come in stark contrast to the response of President Trump, who announced the United States would pull out of the W.H.O. in May last year, accusing the organization of kowtowing to China. Mr. Trump had sought to blame China for not doing enough to stop the spread of the disease, and he accused Beijing of hiding the true scope of infections from the W.H.O., targeting the agency in the process.

A panel established by the organization said in a damning report that there was much blame to go around. It criticized the slow response of governments and public health organizations. Investigators, who are still working on their final report, said they could not understand why a W.H.O. committee waited until Jan. 30 to declare an international health emergency. (The Chinese government had lobbied other governments against declaring such an emergency.) The investigators also said that despite years of warnings that a pandemic as inevitable, the agency was slow to make changes.

On Thursday, addressing “my dear friend” Dr. Tedros, Dr. Fauci thanked the W.H.O. for its leadership of the global response to the pandemic. “Under trying circumstances,” he said, “this organization has rallied the scientific and research and development community to accelerate vaccines, therapies and diagnostics; conducted regular, streamed press briefings that authoritatively track global developments; provided millions of vital supplies from lab reagents to protective gear to health care workers in dozens of countries; and relentlessly worked with nations in their fight against Covid-19.”

The United States, he said, would fulfill its financial obligations to the W.H.O., halt the previous administration’s moves to draw down American staff seconded to it and saw technical collaboration at all levels as a fundamental part of its relationship with the agency.

Dr. Fauci also set out broader aims for increasing global pandemic preparedness, including developing an improved early warning and rapid response mechanism for dealing with biological threats, and strengthening pandemic supply chains.

“We will work with partners around the world to build a system that leaves us better prepared for this pandemic and for the next one,” he said.

Sheryl Gay Stolberg contributed reporting.

United States › United StatesOn Jan. 20 14-day change
New cases 184,754 –16%
New deaths 4,367 +14%
World › WorldOn Jan. 20 14-day change
New cases 693,073 –1%
New deaths 17,614 +23%

Where cases per capita are
highest

Credit…Miles Fortune for The New York Times

One year ago today, health officials told Americans about a traveler who had just come home from Wuhan, China, sought treatment at an urgent-care clinic north of Seattle after falling ill — and set off alarm bells.

The man had the first confirmed coronavirus case in the United States.

In announcing the news, the officials struck a tone at once reassuring and worrisome. They said they believed the risk to the public was low. But they also cautioned that more cases were likely to come.

And come they did: The nation has now recorded more than 24 million cases and 400,000 deaths.

It began slowly.

In the first five weeks, American officials reported about 45 known cases and no known deaths from the virus.

But in the past five weeks, the country recorded over 7.4 million cases and close to 100,000 deaths. On Wednesday alone, officials recorded at least 184,237 new cases and at least 4,357 deaths. In terms of deaths, it was the second-worst day of the pandemic.

It was also a day on which a new president took office after ousting an incumbent widely derided for his handling of the pandemic — and vowed to do better.

The first known case, of the traveler from Wuhan, took place in Snohomish County, Wash., and it led to an extensive effort to isolate the patient and monitor the contacts he had encountered since returning from China.

Other travelers also ended up testing positive, and genomic sequencing showed that a different branch of the virus took root independently on the East Coast of the United States.

Although the Seattle area became the epicenter of an early outbreak at the end of February, researchers are not sure if the man who returned to the Seattle area set it off.

Genomic sequencing suggested that the man, who is now 36, was part of a virus branch that spread across the region. But researchers looking at timing and genetic variations across the region believe the outbreak may have begun with another, unknown person.

Washington’s early outbreak led the state to record 37 of the nation’s first 50 coronavirus deaths. But the state has since fared far better than the nation as a whole. If the United States had maintained a death rate comparable to Washington’s, there would be some 220,000 fewer coronavirus deaths.

A vaccination in Atlanta.Credit…Nicole Craine for The New York Times

That Covid-19 vaccine appointment may not just be hard to get — it may not even be all that secure.

Thousands of people across the country learned that their appointments had been abruptly canceled in the last few days, after vaccine shipments to local health departments and other distributors fell short of what was expected.

The health department in Erie County, N.Y., which includes Buffalo, canceled seven days of appointments this week, affecting 8,010 people, saying the state had sent far fewer doses than the county ordered. All future appointments should be considered “tentative, and are subject to vaccine availability,” the department said in a statement on Wednesday.

“We made appointments based on our hope and expectation that we would be able to fill those,” said Kara Kane, a department spokeswoman. “There’s a lot of confusion, a lot of questions, a lot of concern.”

Dianne Bennett, 78, lost a first-dose appointment at the Erie County Medical Center because of the cancellations, as did her husband. They were told to try again later, but Ms. Bennett said they had no idea when another appointment would be available.

“It’s such a lottery,” she said. “I just think it’s outrageous.”

Similar issues have cropped up across the country, as demand far outpaces supply and vaccine providers struggle to predict how many doses will arrive.

At Beaufort Memorial Hospital in South Carolina, hospital officials canceled 6,000 scheduled appointments through March 30 after they were notified that thousands of vaccine doses they expected were not coming.

San Francisco’s public health department expects to run out of vaccine on Thursday, The Los Angeles Times reported, because the city’s allocation dropped sharply from a week ago and the state did not replace doses that had to be discarded.

Local health officials throughout California say they have trouble scheduling appointments because they are unsure how much vaccine they will receive from week to week, the paper said.

In New York City, 23,000 vaccination appointments scheduled for Thursday and Friday were postponed because of a shipping delay, Mayor Bill de Blasio said on Wednesday, a day after warning that the city’s supply would soon be exhausted.

“We already were feeling the stress of a shortage of vaccine,” the mayor said at a news conference. “Now the situation has been made even worse.”

Recent moves to open up eligibility have aggravated the situation.

After the state of Georgia announced that anyone 65 or older could get the vaccine, the 10-county Northwest Health District was swamped with more than 10,000 appointment requests in one weekend — far more than it could satisfy with the supply it had on hand. So it shut down its scheduling website, and told people to call their local health department to arrange an appointment instead, frustrating many people who thought they had already secured a slot.

“We’re having to schedule appointments at least a week out, based on anticipated delivery, but we don’t know what will show up on a daily basis,” said Logan Boss, the spokesman for the health district. “It’s difficult to explain that to the public.”

Global Roundup

A police cordon on a street near Renji Hospital following a suspected Covid-19 infection in Shanghai, China, on Thursday.Credit…China Daily, via Reuters

Three locally transmitted coronavirus cases were confirmed on Thursday in Shanghai, China’s largest city, as fears rose over another large-scale outbreak in the country where the virus was first detected.

The three cases, the first in the city in about two months, were connected to prominent hospitals in the city, China’s business capital. Two of the infected individuals worked at the hospitals, one at Fudan University Shanghai Cancer Center and the other at Renji Hospital. They lived in the same residential complex. The third person was a close contact.

The infections were found during routine nucleic tests for hospital employees. The positive results led to closures at the outpatient sections of both hospitals and a citywide campaign to test all hospital employees.

Shanghai is the latest Chinese city to experience a recent outbreak, the worst since the pandemic first emerged in late 2019.

Beijing, the capital, and the provinces of Hebei, Heilongjiang, Jilin, Shanxi and Shandong have all recently reported new infections. This week alone, China reported more than 400 local infections, a steep and sudden increase.

Beijing has implemented new rules restricting the number of passengers allowed on public transportation, and extended the quarantine period for travelers returning from overseas.

Schools have been closed and the authorities on Wednesday announced that travelers returning to rural areas for the Chinese New Year holiday, the largest annual human migration in the world, must test negative for the virus and quarantine at home for 14 days.

Ma Xiaowei, the National Health Commission minister, has blamed the recent outbreak on travelers returning from overseas and on workers handling imported food.

The authorities said on Wednesday that two cases recently found in Beijing were of the more contagious B.1.1.7 variant, first found in Britain.

Here are other developments from around the world:

  • Five people were killed in a fire on Thursday that roared through an unfinished plant at the Serum Institute of India, which is producing millions of doses of the AstraZeneca and Oxford University coronavirus vaccine. Adar Poonawalla, the chief executive of Serum, the world’s largest vaccine manufacturer, said in a tweet that the destruction would not disrupt production of the vaccine, labeled Covishield in India. Covishield and a locally developed vaccine were rolled out as part of India’s massive inoculation drive this week, and Serum has promised 200 million doses to Covax, an international health group that has negotiated vaccine purchases for less wealthy countries, as soon as the end of January.

  • A senior member of South Africa’s government, Jackson Mthembu, died on Thursday from complications related to Covid-19, the office of President Cyril Ramaphosa said. Mr. Mthembu, 62, was a minister in the office of the presidency and a prominent figure in the governing African National Congress, who led media briefings on the government’s Covid-19 response. “Minister Mthembu was an exemplary leader, an activist and lifelong champion of freedom and democracy,” Mr. Ramaphosa said in a statement. It was unclear whether Mr. Ramaphosa had come into recent contact with Mr. Mthembu, who said he had tested positive on Jan. 11. But a spokesman for Mr. Ramaphosa, Tyrone Seale, said that the president was not in quarantine and that much of the government’s work had been carried out remotely.

  • Glastonbury Festival, Britain’s largest music event, has been canceled for a second year because of the Covid-19 pandemic, the organizers said on Thursday. The summer music festival has in recent years seen headline performances from Adele, The Killers and Kanye West, and usually attracts around 200,000 attendees. With Britain now under its third lockdown, Glastonbury’s organizers Michael and Emily Eavis said in a statement that it had “become clear that we will simply not be able to make the festival happen this year.” Those who paid deposits for tickets last year would now have spaces reserved in 2022, they said, when “we are very confident that we can deliver something really special.”

President Biden signed several executive orders on Wednesday, including a mask mandate.Credit…Doug Mills/The New York Times

President Biden planned to use Thursday, his first full day in office, to go on the offensive against the coronavirus, with a national strategy that includes aggressive use of executive authority to protect workers, advance racial equity and ramp up the manufacturing of test kits, vaccines and supplies.

The “National Strategy for the Covid-19 Response and Pandemic Preparedness,” previewed Wednesday evening by Mr. Biden’s advisers, outlines the kind of muscular and highly coordinated federal response that Democrats have long demanded and that President Donald J. Trump rejected. Mr. Trump insisted that state governments take the lead.

Mr. Biden intends to make expansive use of his authority to sign a dozen executive orders or actions related to Covid-19 — including one requiring mask-wearing “in airports, on certain modes of public transportation, including many trains, airplanes, maritime vessels, and intercity buses,” according to a fact sheet issued by his administration.

With its nominees for top health positions not yet confirmed by Congress, the Biden team has asked Mr. Trump’s surgeon general, Dr. Jerome Adams, to stay on as an adviser and to help with the transition. But Mr. Biden’s advisers were not shy about taking aim at the former president, whose vaccine rollout has been the object of intense criticism.

Biden advisers said they were stunned by the vaccination plan — or the lack of one — that it inherited from the Trump administration, and said the Trump team failed to share crucial information about supplies and vaccine availability.

“What we’re inheriting is so much worse than we could have imagined,” said Jeff Zients, the new White House Covid-19 response coordinator, adding, “The cooperation or lack of cooperation from the Trump administration has been an impediment. We don’t have the visibility that we would hope to have into supply and allocations.”

The Biden team said it had identified 12 “immediate supply shortfalls” that were critical to the pandemic response, including N95 surgical masks and isolation gowns, as well as swabs, reagents and pipettes used in testing — deficiencies that have dogged the nation for nearly a year. Jen Psaki, the new White House press secretary, told reporters on Wednesday evening that Mr. Biden “absolutely remains committed” to invoking the Defense Production Act, a Korean War-era law, to bolster supplies.

Local officials have expressed hope that the Biden administration would step up vaccine production enough to make second doses available for an expanded pool of eligible people.

Production of the Moderna and Pfizer vaccines authorized in the U.S. are running flat, and it is not clear whether the administration could significantly expand the overall supply any time soon.

Though Mr. Biden has indicated his administration would release more doses as they became available and keep fewer in reserve, he said on Friday that he would not change the recommended timing for second doses: 21 days after the first dose for Pfizer’s vaccine, and 28 days for Moderna’s.

“We believe it’s critical that everyone should get two doses within the F.D.A.-recommended time frame,” Mr. Biden said while discussing his vaccine distribution plans.

Passengers wearing protective face masks in Berlin. Requirements on public transportation tightened this week.Credit…Stefanie Loos/Agence France-Presse — Getty Images

As European countries brace for a potential surge of coronavirus cases linked to the new variants, countries have reimposed strict lockdown measures, and some have made “medical” grade masks mandatory in some areas.

Starting this week in Germany, N95 or surgical-grade masks are compulsory for people on public transportation, in office spaces and in shops. Such masks are also set to become mandatory in public transport and in shops in Austria next week, and France could soon follow. The French authorities are considering whether they should implement a recommendation from the country’s health advisory council that people drop homemade masks, and wear surgical or highly protective fabric masks instead.

Chancellor Angela Merkel said concerns about the new variants had driven the decision on masks.

“We have to slow the spread of this variant. That means we cannot wait until the danger is palpable,” the chancellor told reporters on Thursday, in explaining the decision to further tighten restrictions. “There is still some time to ward off the danger posed by this virus. All of the measures that we have agreed to are preventive.”

Effectively, the German authorities are trying to buy time by slowing the spread of the new variant long enough for the weather to warm and for the number of people vaccinated to increase, Ms. Merkel said. Her government has been criticized for weeks for failing to acquire enough doses of the vaccine to inoculate everyone who wants one.

The chancellor pushed back against the charge on Thursday, saying that everyone in Germany would have the opportunity to be vaccinated “by the end of the summer,” or Sept. 21. “But I cannot guarantee how many people will get themselves vaccinated,” she added.

The more contagious variant discovered in Britain has been found in 60 countries, according to the World Health Organization, but how it spreads, and whether it has already contributed to countries’ surges, remains unclear. Other variants have been detected in South Africa and in Brazil, and while none is known to be more deadly or to cause more severe disease, the authorities in some European countries have scrambled to impose measures like new mask rules or tightened lockdowns to limit their spread.

In Germany, people now have to wear N95, FFP2 or FFP3 masks, or generic surgical ones — the disposable masks that are usually blue — in some public spaces. Cloth masks and other face coverings such, like face shields, are not considered sufficient and are no longer accepted in highly trafficked areas, including stores and public transportation.

The new rules imposed in Germany are tougher than guidelines from the World Health Organization, which recommends medical masks only for health care workers, people with Covid-19 symptoms and those over 60 years old or who have underlying conditions. Wearing what it calls a nonmedical mask both indoors and outdoors is enough for the general public, according to the organization.

There is widespread evidence that masks limit the risk of infection, but not all masks provide the same level of protection. A study that compared transmission rates in 16 countries and was published in The Lancet in June found that while face masks contributed to a large reduction in risk of infection, the risks were even lower when people wore a N95 mask or a similar model compared with disposable surgical masks.

N95 masks are more expensive, raising concerns that the new rules will be discriminatory for low-income families. The Austrian government has promised free masks for people on low incomes and those over 65, and Germany is making masks available to those who are vulnerable, or 60 and older.

In France, the recommendations from the country’s health advisory council are not compulsory, but the authorities could decide to make them so. At the beginning of the pandemic, French officials stumbled over recommendations on masks, and the country later faced a widespread shortage that threatened the safety of health care workers and pushed people to make their own masks. Wearing a mask in public spaces, whether indoors or outdoors, has been compulsory for months.

Neither Germany nor Britain, which in recent weeks has faced a resurgence of cases and its highest numbers of daily deaths since the beginning of the pandemic, require people to wear masks outdoors.

A Covid-19 patient receiving treatment on Wednesday at a hospital in Milton Keynes, England. Deaths in Britain are at their highest levels of the pandemic.Credit…Toby Melville/Reuters

When Britain’s tally of deaths from Covid-19 passed 1,000 last March, a senior health official said that it would be “a good result” to keep the eventual total below 20,000.

After two consecutive days of record death reports, the figure now stands at 93,290, the highest in Europe and the fifth highest worldwide. Speaking to reporters on Wednesday, when 1,820 deaths were reported, Prime Minister Boris Johnson described recent numbers as “appalling.”

Mr. Johnson also warned of “more to come,” as a wave of cases that began late last year, many of them from the more transmissible coronavirus variant, continues to push Britain to new extremes.

Britain has relied on national lockdown measures, implemented in early January after Mr. Johnson was forced to roll back plans for a Christmas easing of restrictions, to reduce the pressure on its National Health Service. It’s also seeking to vaccinate widely and rapidly, concentrating on first doses in a program that has so far reached 4.6 million people, about 7 percent of the population.

Though case figures have shown declines in recent days, the latest interim results from one of the country’s largest studies into coronavirus infections, released on Thursday, brought less encouraging news. Scientists said infections in England had “plateaued” at the highest levels their study had recorded so far.

“We’re not seeing the decline that we really need to see given the pressure on the N.H.S. from the current very high levels of the virus in the population,” Prof. Paul Elliott of Imperial College London, who leads the research program, told the BBC.

Looking at infections in England from Jan. 6 to 15, the report warned of a “worrying” potential uptick in cases, though it cautioned that the results do not yet reflect the impact of the latest lockdown.

“If prevalence continues at the high rate we are seeing then hospitals will continue to be put under immense pressure, and more and more lives will be lost,” Professor Elliott said in a summary of the report.

Laura Lima watching the inauguration at Martin Luther King, Jr. Community Hospital in South Los Angeles.Credit…Isadora Kosofsky for The New York Times

There is no shortage of screens in the intensive-care units treating Covid-19 patients, but at one I.C.U. in Los Angeles on Wednesday, some of the screens showed not blood pressure and oxygen levels but images of the 46th president of the United States being sworn in.

“I just wanted to see and listen,” said Laura Lima, a nurse watching the inauguration on an iPhone propped on her work station. “It’s important stuff.”

Ms. Lima works at Martin Luther King, Jr. Community Hospital in South Los Angeles, and as she watched President Biden address the nation, a monitor beeped. She put on an isolation gown and gloves and entered the room of one of her patients, a man in his early 60s on a ventilator whose intravenous line needed to be adjusted.

Ms. Lima took note of the new president’s statements about hastening the rollout of vaccines.

“I think this community should be prioritized,” she said.

The neighborhood around the hospital, filled with low-income workers who often have poor access to health care, has been one of the hardest hit in Southern California’s surge.

Mario Torres Hernandez, a 63-year-old being treated with oxygen for Covid-19, had his television tuned to Telemundo during Mr. Biden’s visit to Arlington cemetery. “I hope he does more for us,” he said.

But it was another busy day at the I.C.U., and so the vast majority of its staff members were not watching the proceedings in Washington. One respiratory therapist said he had forgotten the inauguration was happening.

Some did think it was a day of hope.

“I’m so tired of zipping black body bags,” another nurse, Amanda Hamilton, said as the ceremony continued. “It’s exciting we have a president who actually cares and might do something about it.”

Health workers tending to a Covid-19 patient in Port Elizabeth, South Africa, in November.Credit…Samantha Reinders for The New York Times

Confirmed coronavirus cases from new variants found first in Britain, then in South Africa, Brazil and the United States have people worried about whether vaccines can protect against altered versions of the virus. Experts said in interviews that so far vaccines are capable of providing that protection.

But two small new studies, posted online Tuesday night, suggest that some variants may pose unexpected challenges to the immune system, even in those who have been vaccinated — a development that most scientists had not anticipated seeing for months, even years.

The findings result from laboratory experiments with blood samples from groups of patients, not observations of the virus spreading in the real world. The studies have not yet been peer-reviewed.

But experts who reviewed the papers agreed that the findings raised two possibilities. People who had survived mild cases may still be vulnerable to infection from a new variant; and the vaccines may be less effective against the variants.

Existing vaccines will still prevent serious illness, and people should continue getting them, said Dr. Michel C. Nussenzweig, an immunologist at Rockefeller University in New York, who led one of the studies: “If your goal is to keep people out of the hospital, then this is going to work just fine.”

But the vaccines may not prevent people from becoming mild or asymptomatic infections with the variants, he said. “They may not even know that they were infected,” Dr. Nussenzweig added. If the infected can still transmit the virus to others who are not immunized, it will continue to claim lives.

The studies published Tuesday night show that the variant identified in South Africa is less susceptible to antibodies created by natural infection and by vaccines made by Pfizer-BioNTech and Moderna.

Neither the South African variant nor a similar mutant virus in Brazil has yet been detected in the United States. The more contagious variant that has blazed through Britain does not contain these mutations and seems to be susceptible to vaccines.

Workers preparing for the reopening of Bandaranaike International Airport in Colombo, Sri Lanka, on Wednesday.Credit…Chamila Karunarathne/EPA, via Shutterstock

Sri Lanka reopened its airports to foreign arrivals on Thursday for the first time in 10 months amid a surge in new coronavirus cases, including that of a minister photographed drinking a shaman’s tonic that some in the island nation believe protects against the disease.

Thousands of people defied Covid-19 restrictions in central Sri Lanka for a shot of the tonic touted by the holy man Dhammika Bandara as lifelong protection against the virus.

Mr. Bandara said the recipe for the tonic, which includes honey and nutmeg, came to him in a trance from the Hindu goddess Kali. TV networks that support the government of President Gotabaya Rajapaksa have given Mr. Bandara airtime to promote the tonic.

Sri Lanka’s health ministry is conducting clinical trials into its potential benefits, according to Chatura Kumaratunga, the commissioner of Ayurveda, an ancient form of alternative medicine rooted in the Indian subcontinent.

In the meantime several lawmakers have become ill even after drinking the tonic. “The minister who had the tonic had only one dose,” Mr. Bandara told The New York Times, adding that it had to be taken twice a day for two days to work.

Coronavirus cases in Sri Lanka have surged from about 3,300 in October to more than 55,000. At least one case of the more contagious variant of the virus first found in Britain has been reported.

Dr. Haritha Aluthge of the Government Medical Officers’ Association said the surge was partly a result of the throngs who visited the central district of Kegalle for Mr. Bandara’s tonic.

“There were no local cases in Kegalle before this incident,” he said.

But general complacency and greater movement across the island were also driving up numbers, he said.

After a trial run with a group of about 1,500 Ukrainian tourists last month, Sri Lanka decided to welcome back all foreign tourists, hoping for a much-needed boost to its tourism-dependent economy. Tourists, however, have to show negative PCR tests, are limited to 55 hotels across the country and must be accompanied by government officials for the first two weeks of their trips.

Teresa Bautista, a student at the High School for Environmental Studies in Manhattan, collecting goose dropping samples at Van Cortlandt Park in the Bronx.Credit…Christine Marizzi/BioBus

Over the next few months, New York area high school students will gather samples from the city’s birds as a part of the Virus Hunters program, hosted by the nonprofit science outreach organization BioBus. Their goal is to catalog the flu viruses that often lurk in urban fowl, some of which might have the potential to someday hop into humans.

The surveillance program, which was developed in partnership with virologists at the Icahn School of Medicine at Mount Sinai, is one of several outreach efforts that have emerged in recent years to equip young scientists with hands-on experience in outbreak preparedness — a quest that has only gained urgency since the new coronavirus started its tear across the globe.

For many months to come, Covid-19 will continue to shutter schools and thwart efforts to gather. The changes have forced educators and researchers to change their teaching tactics. But several groups have met the challenge head on, not merely weathering the pandemic’s inconveniences but transforming them into opportunities for scientific growth.

Flu viruses are fairly cosmopolitan pathogens that are capable of jumping into a wide range of animals, including birds, and changing their genetic material along the way. Only some of these viruses pose a possible threat to people, experts said. But which ones? Researchers won’t know unless they check.

Doses of the Moderna vaccine, which must be kept cold, had to be discarded in Ohio after SpecialtyRX found that it had not properly monitored or recorded storage temperatures.Credit…Jae C. Hong/Associated Press

A pharmacy services company responsible for vaccinating residents at eight Ohio nursing homes allowed 890 doses of the Moderna vaccine — more than half its supply — to become spoiled by failing to make sure they were kept cold enough, state officials said.

The episode is being investigated by Ohio’s state Board of Pharmacy, and the state Department of Health has cut the company off from any more allocations of vaccine.

Before the new year, the company, SpecialtyRx, was given 1,500 doses to vaccinate residents at the eight facilities. After administering a first round of shots, the company found that it had not properly monitored or recorded the temperatures in its refrigerators and freezers where the remaining doses were stored.

State investigators determined that the 890 stored doses were no longer viable, the Department of Health said in a statement. The nursing home residents are still awaiting their second shots, and the facilities will have to arrange with another provider to obtain them.

The Moderna vaccine can be stored for up to 30 days if it is kept between 36 and 46 degrees Fahrenheit. Officials with SpecialtyRx could not be immediately reached for comment.

Like many other states, Ohio has gotten off to a slow start with its vaccination program. About 456,100 Ohioans — less than 4 percent of the population — had received first doses as of Wednesday, according to The Cincinnati Enquirer.

Gov. Mike DeWine said at a news conference on Tuesday that most of the state’s frontline health care workers and nursing-home residents had received a dose. “We are trying to juggle a lot of things and do a lot of things with not enough vaccines,” Mr. DeWine said.

The state plans to open up eligibility next week to all residents 75 years and older, as well as to younger people with certain severe illnesses and disorders.

The number of new cases reported in Ohio has been declining over the past week, but death reports have remained high after jumping upward after Christmas.

Credit…via Sakal family

Patty Sakal, an American Sign Language interpreter who translated updates about the coronavirus for deaf Hawaiians, died on Friday of complications related to Covid-19. She was 62.

Ms. Sakal, who lived in Honolulu, died at Alvarado Hospital Medical Center in San Diego, where she had gone last month to visit one of her daughters, according to Ms. Sakal’s sister, Lorna Mouton Riff.

Ms. Sakal, who worked as an A.S.L. interpreter for nearly four decades in a variety of settings, had become a mainstay in coronavirus news briefings in Hawaii, working with both the former mayor of Honolulu, Kirk Caldwell, and the state’s governor, David Y. Ige, to interpret news for the deaf community.

In a statement, Isle Interpret, an organization of interpreters to which Ms. Sakal belonged, called Ms. Sakal “Hawaii interpreter ‘royalty.’”

This was in part because Ms. Sakal understood Hawaiian Sign Language, a version of American Sign Language developed by deaf elders to which she had been exposed while growing up.

“She was highly utilized and highly desired by the deaf in the community because they could understand her so well and she could understand them,” said Tamar Lani, the president of Isle Interpret.

In an interview with Hawaii News Now, Mr. Caldwell, whose second term as mayor of Honolulu ended this month, praised Ms. Sakal for “truly putting herself on the frontline.”

“Here it was, a pandemic and it was not safe to go, yet she went out and she helped do a job that was critical to people who needed this information,” Mr. Caldwell told Hawaii News Now. Neither he nor Mr. Ige could immediately be reached for comment on Wednesday.

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Weekly Jobless Claims Report Will Give Newest Indication of Restoration: Reside Updates

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Credit…Toby Melville/Reuters

The start of 2021 has been rocky for Britain. Its exit from the European Union unleashed a colossal amount of red tape that has left some industries desperate for help, and the country is under yet another lockdown because of a fast-spreading strain of the coronavirus.

But there has been a glimmer of hope. More than four million people in Britain have been partially vaccinated against the coronavirus, a promising pace of inoculation.

Investors looking to ride a wave of optimism about a vaccine rollout have turned to Britain’s stock market, which has posted a strong start to the year, jumping more than 6 percent in the first week.

Overall, in the first two and a half weeks of January, the FTSE 100, Britain’s benchmark stock index of large companies, gained 4.3 percent — outstripping the S&P 500 index, which rose 2.6 percent, and the Stoxx Europe 600 index, which was up 3 percent. Even when the gains are converted to U.S. dollars, the FTSE 100 still has a clear lead.

Beyond the vaccine rollout helping to ensure an economic rebound, another factor is drawing investors: the relative cheapness of British stocks.

Britain’s FTSE 100 index is benefiting from an investment strategy in which traders buy so-called value stocks. These are companies that are perceived to be trading below their true value because their business has been disrupted by a recession, especially in the financial and energy sectors, and the FTSE 100 has a large share of these stocks.

Analysts at Citigroup have ordained Britain’s stock market their “favorite” value trade.

“I would emphasize the very much unloved and horrible dreadful U.K. market might be worth a look this year,” Robert Buckland, a Citigroup equity strategist, said in a presentation last week. “We all know it’s been a place to avoid for many, many years.”

The British stock market has been a laggard for years.

Once converted into dollars, the annual returns of the FTSE 100 have been the worst of the three indexes for the past nine years.

Why are investors betting on a turnaround now? For one, many of them are ready for a bargain. The equity bull market has been dominated by shares of American tech companies that are expensive, which makes some investors nervous about how much they can keep rising. Cheap stocks in industries that tend to do well during economic boom times are offering an alternative.

And then there is Britain’s free-trade deal with the European Union. Some investors have put aside whether it’s a good or bad deal in its detail, in favor of relief that an agreement was reached in late December.

The deal “reduced that overhang people had of uncertainty,” said Caroline Simmons, the U.K. chief investment officer at UBS Global Wealth Management.

Waiting for coronavirus tests in San Bernardino, Calif. A surge in the virus and the slow rollout of vaccinations have set back recovery hopes.Credit…Alex Welsh for The New York Times

The new Biden administration will get its first dose of economic reality Thursday morning when the Labor Department reports the latest weekly data on initial jobless claims.

Last week, the government reported a surge in demand for unemployment benefits, with more than one million new claims, as pandemic-related restrictions and lockdowns took a fierce toll on employment.

The virus has hardly abated since then, with the death toll topping 400,000 in the United States, and few economists expect any significant letup in layoffs. Although job losses have been concentrated in service industries like restaurants and leisure and entertainment, the broader economy has also shown signs of a slowdown recently.

“I think it’s going to be another bad number, but some of what we saw last week was catch-up after the holidays,” said Diane Swonk, chief economist at the accounting firm Grant Thornton in Chicago. “I think we will be able to see Thursday how much was catch-up and how much was deteriorating economic conditions.”

The beginning of vaccinations in December provided optimism about a quick turnaround, but the slow rollout in many parts of the country has set back those hopes. On the other hand, the passage of a $900 billion relief package late last year and the prospect of more aid under the Biden administration have allayed fears of a double-dip recession.

An additional $300 a week in supplemental unemployment benefits may encourage more people to file for benefits, said Carl Tannenbaum, chief economist at Northern Trust in Chicago. The increased assistance was part of the new stimulus effort.

Over all, the best bet for the economy is more vaccinations, Mr. Tannenbaum said.

“There is no better economic stimulus than a successful vaccine rollout,” he said. “It will reduce the risk of human interaction and provide a basis on which different types of businesses can open more durably.”

Windmills made by Vestas on the Danish coastline. Shares in renewable energy companies have risen this week as President Biden has recommitted the United States to the Paris climate agreement. Credit…Charlotte de la Fuente for The New York Times

  • Stocks on Wall Street were set to open higher on Thursday after the S&P 500 index closed at a record high after President Biden was sworn in the previous day.

  • The benchmark U.S. index was heading for a 0.2 percent increase as investors await the latest data on weekly unemployment claims. It will give the new Biden administration its first signal of how the American labor market is responding to new fiscal stimulus as the pandemic rages on. Last week, the number of claims jumped, though some of that was attributed to a catch up in the data from the holiday period.

  • European stocks were mostly higher as traders anticipated more U.S. fiscal stimulus. The Stoxx Europe 600 index rose 0.4 percent, reaching an 11-month high. Most markets in Asia closed higher.

  • Renewable energy stocks extended gains this week after Mr. Biden recommitted the United States to the Paris climate agreement. Shares in Orsted and Vestas, two Danish wind energy companies, are up nearly 6 percent and 8 percent this week. Siemens Gamesa, a Spanish subsidiary of Siemens Energy that makes wind turbines, rose more than 3 percent on Thursday. Shares in First Solar, an American company, were up 2.8 percent in premarket trading.

  • Shares in the Canadian company TC Energy fell 1.2 percent on Wednesday, after it said it would stop work on the Keystone XL oil pipeline. Later in the day, Mr. Biden rescinded the company’s construction permit.

  • Oil prices declined on Thursday. Futures of West Texas Intermediate fell 0.6 percent to just under $53 a barrel.

  • The euro rose 0.3 percent against the U.S. dollar before the European Central Bank announces its latest policy decision, though traders were not expecting a change from the current stance of negative interest rates and asset buying.

  • The pound rose 0.6 percent against the U.S. dollar and was stronger against most major peers after the Bank of England governor struck a cautious tone about the use of negative interest rates, diminishing some expectations in the market that the tool could be used soon. The central bank governor, Andrew Bailey, said that he expected the British economy to experience a “pronounced recovery” as the vaccination program is rolled out.

To help the White House with its goal of vaccinating 100 million people in its first 100 days, Amazon offered to vaccinate a large share of its workers.Credit…Johannes Eisele/Agence France-Presse — Getty Images

On President Biden’s first day in office, the head of Amazon’s consumer business, Dave Clark, sent a letter to the White House with an offer to help achieve the goal of vaccinating 100 million people in the administration’s first 100 days. By way of assistance, the retailer offered to vaccinate a large share of its workers.

The e-commerce giant has made similar offers to state governments, including Tennessee and Washington, although Amazon was not among the companies Gov. Jay Inslee of Washington announced as partners in its vaccination plan this week.

Those earlier letters to governors were signed by Brian Huseman, who runs Amazon’s U.S. lobbying team, which has been seeking permission from the Centers for Disease Control and Prevention to vaccinate “essential” workers at the company’s warehouses, data centers and Whole Foods “at the earliest appropriate time.”

The company has hired a health care provider to help administer the vaccine to employees, it said in the letters.

This suggests that public-private partnerships to distribute vaccines may come with perks for the companies taking part, the DealBook newsletter notes, potentially giving companies leverage to push employees up the line in priorities set by states. Several states are struggling to roll out vaccines as fast as they’d like because of issues with funding, staffing and logistics. In his letter to Mr. Biden, Mr. Clark said that Amazon could help with “operations, information technology and communications capabilities,” though he didn’t specify what that would entail.

Already oil companies have found roughly 10 billion barrels of probable recoverable reserves of oil and gas off the coast of neighboring Guyana.Credit…Adriana Loureiro Fernandez for The New York Times

Suriname, Guyana and Brazil are the new areas of focus for oil companies, attracting more new investment than the Gulf of Mexico and other more established oil fields. They are helping to keep global oil prices relatively low, undermining efforts by Russia and its allies in the Organization of the Petroleum Exporting Countries, like Saudi Arabia, to manage global supply and push up prices.

The recent pickup in interest in Guyana and Suriname is somewhat surprising because their promise as oil producers has often come up empty, reports The New York Times’s Clifford Krauss. Companies drilled more than 100 unsuccessful wells there, mostly in shallow waters, from 1950 to 2014. But after rich fields were found in the deep waters off Brazil, Exxon Mobil and other companies returned to take another look. Exxon struck a gusher in Guyanese waters in 2015, opening the current flurry of exploration.

In Guyana, oil companies have found more than 10 billion barrels of probable reserves of accessible oil and gas offshore, according to IHS Markit, the energy consulting firm. Production began in 2019 and is ramping up quickly. Guyana already accounts for one of the top 50 oil basins worldwide, according to consultants.

Suriname has at least three billion to four billion barrels of reserves, energy experts said, or up to half the new oil and gas discovered around the world last year.

Oil companies say they can make money in Suriname with oil prices as low as $30 to $40 a barrel because of lower costs. That is roughly equivalent to the threshold in Guyana and well below today’s oil price. It is also below break-even levels in many places, including some U.S. shale fields, where costs usually add up to nearly $50 a barrel.

The European Central Bank left its stimulus measures intact Thursday, as expected, as it waited to see whether measures announced in December would be enough to limit economic damage from the pandemic.

Following a meeting of its governing council, the bank reiterated its intent to pump as much as 1.9 trillion newly created euros, or $2.3 trillion, into bond markets as part of a “pandemic emergency” program intended to keep market interest rates low.

The bond purchases will continue at least until March 2022 and longer if necessary, the bank said.

As expected, the central bank also said that it would maintain a program that effectively pays banks to lend money to businesses and consumers.

The European economy continues to suffer from the burden of extended lockdowns, but analysts had not expected the central bank to take further action Thursday after expanding programs intended to encourage banks to lend and hold down market interest rates.

Ramp service employees unload cargo from a United Airlines plane O’Hare International Airport in Chicago in December.Credit…Sebastian Hidalgo for The New York Times

United Airlines lost $1.9 billion in the fourth quarter, bringing its total losses for 2020 to just over $7 billion, its worst year since merging with Continental Airlines a decade ago. Despite that terrible loss, the airline said it expects 2021 to be a “transition year” as it prepares for a recovery from the coronavirus pandemic.

“The truth is that Covid-19 has changed United Airlines forever,” the company’s chief executive, Scott Kirby, said in a statement. “The passion, teamwork and perseverance that the United team showed in 2020 is exactly what will help us build a new United Airlines that’s better, stronger and more profitable than ever.”

The airline reported about $3.4 billion in operating revenue in the final three months of last year, down more than two-thirds from the same period in 2019. It ended the year with access to nearly $20 billion in cash or cash-equivalent funds, not including federal stimulus loans.

Delta Air Lines last week reported a $12.4 billion loss in 2020, capping what its chief executive called the “toughest year in Delta’s history.”

In anticipation of a recovery, United has resumed major maintenance and engine overhauls so that planes sidelined by weak demand will be ready as more people start flying again, it said.

But that recovery is unlikely to arrive for quite some time. United said it expects to bring in about a third as much operating revenue in the first quarter of this year as it did during the same three months in 2019. Most analysts believe the airline industry will not fully recover from the pandemic for several years.

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Business

Jack Ma Seems in Public After Difficult Beijing: Dwell Enterprise Updates

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Jack Ma has shot action scenes with great martial artists, sang duets with pop stars and has appeared at corporate rallies as a glam rocker and as a masked Michael Jackson impersonator. He’s not a wallflower.

The speculation was rife after the prominent entrepreneur and co-founder of the Alibaba Group disappeared from the public eye late last year. He had criticized the Chinese regulators for their overly cautious stance on the country’s financial system, and the authorities took action against his business empire shortly thereafter. He then began to skip previously planned appearances, raising questions about his fate in China and the global news media.

Mr Ma now appears to be trying to calm the speculation.

On Wednesday he appeared in public for the first time since the end of October. He spoke at a livestream event honoring educators in China’s village schools. He didn’t address his problems, but said he would spend more time in philanthropic endeavors.

“During that time, my colleagues and I learned and thought,” he said, according to a transcript of his comments on the local news media. “We will throw ourselves more resolutely into the philanthropy of education.”

Mr. Ma, a former English teacher, said it was the responsibility of business people of his generation to work towards shared prosperity by revitalizing rural areas and developing village education. His speech was in line with his recent efforts to move away from Alibaba’s day-to-day activities and focus more on philanthropy, although he continues to have significant influence on his business empire.

His remarks were covered extensively in the state-run Chinese news media, which at least indicated that Beijing’s censorship machine approved of his remarks. His appearance made it easier for some investors, who gained around 9 percent in Alibaba’s Hong Kong-traded stocks in afternoon trading.

Mr. Ma, who led Alibaba from its founding in 1999 to its rise as one of the largest and most valuable technology companies in the world, has long been cautious of the Chinese government. Like many entrepreneurs in the country, he has forged ties with the Beijing Office to avoid regulatory issues.

However, the rise of Alibaba’s sister company Ant Group brought it increasingly into conflict with China’s state-dominated financial system. The Ant Group, which was once a subsidiary of Alibaba and provides services such as electronic payments and credit, now plays a huge role in the financial lives of many Chinese people. It had planned an IPO in Shanghai and Hong Kong late last year, which was widely expected to be the largest fundraiser of its kind.

In October, at a public event, Mr. Ma accused Chinese state-run banks of acting like “pawn shops” and the country’s financial regulators to limit innovation through risk obsession.

About a week later, the government stopped the Ant Group’s IPO and later ordered it to change its business practices. Then an antitrust investigation began against Alibaba.

In the midst of the official setback, Mr. Ma began to withdraw from previously planned appearances, including serving as a judge on a talent show he launched on the theme of African entrepreneurs. This sparked speculation, especially after severe penalties were imposed on other entrepreneurs who questioned the Chinese office.

Janet Yellen appears before the Senate Finance Committee Tuesday. Recognition…Anna Moneymaker for the New York Times

Republicans on Tuesday announced their opposition to President-elect Joseph R. Biden Jr.’s economic plans and urged Janet L. Yellen, his Treasury candidate, to defend a $ 1.9 trillion stimulus proposal that the more direct payments to individuals would allow unemployment benefits and money for states and cities.

The Republican opposition on the Senate Finance Committee during the confirmation hearing of Ms. Yellen underscored the challenge the future Biden administration will face in trying to get its proposal through Congress as it has one in the Senate and House of Representatives has tight control.

“We’re looking at another loss of spending,” said Senator Patrick J. Toomey, Republican of Pennsylvania. “The only principle of organization that I can apparently understand is to spend as much money as possible, seemingly to spend it.”

Mr Toomey questioned Mr Biden’s plans to send more money to states and cities, a move Republicans opposed last year and which has been removed from the last round of stimulus talks to raise the $ 900 billion Dollar help win package. He also expressed concern about Mr. Biden’s proposed tax hikes and his request to raise the minimum wage to $ 15.

South Carolina Republican Senator Tim Scott took up Mr Biden’s call to raise the $ 7.25 minimum wage, arguing to Ms. Yellen that doing so would harm small businesses while they are vulnerable and result in more job losses.

Other Republicans complained that Biden’s economic plan was fiscally irresponsible given the country’s growing debt burden and the federal budget deficit that exceeded $ 3 trillion last year. Louisiana Republican Senator Bill Cassidy said Mr. Biden’s plan was not targeted enough and that it was not an efficient use of federal resources to provide additional direct payments of $ 1,400 to some people who have lost jobs.

Ms. Yellen dismissed her arguments point by point, arguing that doing too little to stimulate the economy would be more expensive in the long run. She said economic research has shown minimal job losses from raising the minimum wage, citing studies by neighboring states when one imposes an increase and the other does not.

She also argued that unemployment benefits, supplemented by an additional $ 400 per week under Mr. Biden’s plan, are not enough to address families’ financial troubles and that the $ 1,400 stimulus tests are important in situations where a person, generally a woman, is present, has left a job to look after children who are out of school.

“There are many families who face exceptional financial burdens that are not covered by unemployment benefits,” she said.

Ms. Yellen has given some assurances to Republicans who fear the Democrats will repeal the entire 2017 tax bill that cut taxes on individuals and businesses. She said that while Mr Biden would like to make changes to the law, including increasing the corporate tax rate, such measures are not an immediate priority.

“The focus right now is on providing relief and helping families keep a roof over their heads and food on the table, not on collecting taxes,” she said.

The revitalized paycheck protection program is off to a smoother and slower start than last spring, when desperate borrowers inundated banks with loan applications and overwhelmed government computer systems.

The program largely opened on Tuesday when the Small Business Administration, which manages the aid program, accepted applications from all lenders. The agency allowed a small group of lenders and small banks to submit their applications last week.

In the first week of the program, the agency approved around 60,000 applications from nearly 3,000 lenders, it said on Tuesday. These requests totaled $ 5 billion, consuming approximately 2 percent of the $ 284 billion the program makes available.

These numbers don’t include loan applications sent to the agency on Tuesday. This was the first day most lenders were allowed to submit loan applications. New fraud checks and other safeguards mean that most applications will take at least a day to get approval.

The program is open to both first-time and recurring borrowers: the hardest-hit small businesses, which have seen sales declined by at least 25 percent since the pandemic began, are eligible for a second loan.

Lenders said they are preparing for significant demand, particularly second-round loans. John Asbury, the executive director of Atlantic Union Bank in Richmond, Virginia, said he expected at least 60 percent of his bank’s 11,000 borrowers to return for another loan.

Finance officials have announced that funding for the program will be enough to meet all requests. Mr. Asbury hopes that’s true.

“We just don’t know how much rush we’re going to get,” he said. “We get a lot of calls.”

Mike Lindell, the executive director of MyPillow, with President Trump at a White House briefing in March.Recognition…Al Drago for the New York Times

Bed Bath & Beyond and Kohl’s said they would be dropping MyPillow products amid backlash to comments from Mike Lindell, the executive director of the bedding company, who promoted debunked conspiracy theories related to the election on social media.

Kohl’s and Bed Bath & Beyond acted after people put pressure on them on social media, according to an interview posted on a pro-Trump website called the Right Side Broadcasting Network on Monday. Mr Lindell, who said he spoke to Bed Bath & Beyond minutes before the interview, claimed, without citing any evidence, that the criticism came from fake reports.

Bed Bath & Beyond said Tuesday that its decision was based on the performance of MyPillow. “We have streamlined our range to discontinue a number of underperforming items and brands,” a representative said in a statement. A Kohl’s spokeswoman said “customer demand for MyPillow has declined” and that the chain had no plans to purchase future inventory after closing its offer.

Mr. Lindell, whose company is a major advertiser on Fox News, has become a prominent supporter of President Trump. He attracted a wave of attention last week after a photo of partially visible notes he carried into the White House showed a mention of the Insurrection Act. MyPillow also offered a “FightforTrump” discount code on the day of the Capitol Riots. On social media, groups like Sleeping Giants, formed to stifle advertising dollars for Breitbart News, have asked vendors for their support for MyPillow products.

Mr. Lindell railed against Sleeping Giants in the interview.

“These people don’t understand, they are scared,” said Mr. Lindell of Bed Bath & Beyond and Kohl’s. “They were good partners. In fact, I told them, come back whenever you want. “