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US Surpasses 400,000 Deaths: Stay Covid-19 Updates

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Credit…Victor J. Blue for The New York Times

More than 400,000 people in the United States who had the coronavirus have died, according to data compiled by The New York Times on Tuesday, as the anniversary of the country’s first known death in the pandemic approaches.

The pace at which Americans have been dying accelerated through the fall and into the winter, exploding to record levels in January. During some weeks this month, the average deaths per day exceeded 3,300, more than the number of people killed in the Sept. 11 terrorist attacks. Tuesday’s harrowing milestone came a day after the United States surpassed 24 million total cases.

The single deadliest day of the pandemic so far was Jan. 12, when more than 4,400 deaths were reported. Unlike in the early days of the outbreak in the United States, which was centered in a handful of big, mostly Northeastern cities, this surge is widespread. As of Monday, Arizona, California, South Carolina, New York and Oklahoma had reported the most new cases per capita over the previous week. Much of the latest surge has been attributed to people gathering over the holidays, from Thanksgiving to New Year’s Eve.

The length of time it has taken to log each 100,000 deaths has decreased dramatically since the country’s first known Covid-19 death, which occurred in Santa Clara County, Calif., on Feb. 6, 2020. The first 100,000 U.S. deaths were confirmed by May 27; it then took four months for the nation to log another 100,000 deaths; the next, about three months; the latest, just five weeks.

Public health experts do not expect mortality rates to peak until the end of the month. By the end of February, the death toll might hit 500,000, a number that would have seemed unthinkable a year ago. Dr. Anthony S. Fauci, the country’s top infectious disease expert, estimated last March that up to 240,000 Americans might lose their lives, an enormous figure that still fell far short of reality.

The United States has had more total virus-related deaths than any other country in the world. In total, New York alone has recorded more than 40,000 known

deaths. In all, more than two million people have died with the virus worldwide, a number that is almost certainly an undercount.

The blame for the enormous loss of American life, many experts say, lies in a failure of leadership by President Trump, whose administration politicized the use of masks and left states to implement a patchwork of inconsistent measures that did not bring the virus under control.

“It wasn’t that he was just inept,” said Jeffrey Shaman, a Columbia University professor of environmental health sciences who has modeled the virus’s spread. “He made something that could have very easily turned into a point of patriotism, pride and national unity — protecting your neighbors, protecting your loved ones, protecting your community — into a divisive issue, as is his wont, and it cost people’s lives.”

By comparison, Vietnam, a nation of 97 million people, has confirmed just 35 virus-related deaths, Dr. Shaman added.

President-elect Joseph R. Biden Jr., who is set to be inaugurated on Wednesday, has called for an aggressive national strategy to beat the virus, including ramping up the availability of Covid-19 vaccines, though he has not committed to a federal mask mandate.

“You have my word that we will manage the hell out of this operation,” Mr. Biden said on Friday, noting the disproportionate deadly outcomes of the virus for Black, Latino and Indigenous Americans. “Our administration will lead with science and scientists.”

With the virus rampaging everywhere for so many months, hospitals have been stretched. In rural areas, doctors have at times been unable to transfer gravely ill patients to larger medical centers for more sophisticated treatment.

As of Monday, the seven-day average of cases across the United States was 200,000 a day, though it has started to decline from recent weeks. Hospitalizations also have finally begun to level off and on Sunday reached their lowest level since Jan. 2. In the Midwest, hit by its worst surge in the fall, case numbers have fallen sharply in recent weeks, but that progress seems to be slowing.

However, new variants of the virus, some of which make it more transmissible, could soon spread throughout and threaten to make infections rise again.

“There’s no clear end in sight anytime in the near future,” said Ira M. Longini Jr., a biostatistics professor at the University of Florida.

The variants have made it even more urgent to administer the coronavirus vaccines developed at record speed that brought so much hope to people when they started to become available last month.

But at the slow rate that shots are being administered — about 10.6 million people had received at least the first dose as of Friday — Dr. Shaman warned, it could take more months than expected to reach enough of a critical mass of vaccinated people for the inoculations to make a dent in the pandemic.

United States › United StatesOn Jan. 18 14-day change
New cases 142,587 –7%
New deaths 1,441 +21%
World › WorldOn Jan. 18 14-day change
New cases 521,538 +5%
New deaths 9,940 +21%

Where cases per capita are
highest

Students waited outside Sleepy Hollow Middle and High School before they took the SAT in Sleepy Hollow, N.Y., in September.Credit…Hilary Swift for The New York Times

The College Board, which administers the SAT college entrance examination and has seen its business battered by the coronavirus pandemic, said Tuesday that it will drop the optional essay section from the SAT and stop administering subject-matter tests in the United States.

“The pandemic accelerated a process already underway at the College Board to simplify our work and reduce demands on students,” the organization said in a statement, adding that it would also continue to develop a version of the SAT test that could be administered digitally — something it tried and failed to do quickly with an at-home version last year after the pandemic shut down testing centers.

The board gave no time frame for when a digital version of the SAT, which would be administered at testing centers by live proctors, might be introduced, but said it would provide more information in April.

The changes to the SAT come as more and more colleges are dropping the requirement that students take the test, as well as its competitor the ACT, a trend driven in part by concerns about equity that received a boost during the pandemic.

Critics of the College Board said the decision was almost certainly driven by financial considerations. The SAT has in the past represented a substantial portion of the College Board’s more than $1 billion in annual revenue.

“The SAT and the subject exams are dying products on their last breaths, and I’m sure the costs of administering them are substantial,” Jon Boeckenstedt, the vice provost of enrollment management at Oregon State University, said in an email.

At the same, he said, the College Board was likely to try to use the elimination of the subject tests to try to convince elite high schools to offer more Advanced Placement courses, whose tests the College Board also administers, as a way to burnish their students’ transcripts. But because A.P. tests have to be taken at the end of a student’s junior year or earlier for their scores to be considered in admissions decisions, more focus on A.P. scores in the admissions process would likely only increase pressure on students.

“Overall, it’s good for College Board, and probably not so good for students,” Mr. Boeckenstedt said. “In other words, par for the course.”

Indeed, in its announcement, the board said that A.P. courses provided students “rich and varied opportunities to showcase their knowledge and skills” and that the “expanded reach of A.P. and its widespread availability for low-income students and students of color” made the subject tests no longer necessary.

David Coleman, the chief executive officer of the College Board, said the organization’s goal was not to get more students to take A.P. courses and tests, but to eliminate redundant exams, thereby reducing the burden on high school students applying to college.

“Anything that can reduce unnecessary anxiety and get out of the way is of huge value to us,” he said.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, receiving his first dose of the coronavirus vaccine at the National Institutes of Health, in Bethesda, M.D., last month.Credit…Pool photo by Patrick Semansky

Dr. Anthony S. Fauci, the government’s top infectious disease expert, received his second dose of Moderna’s coronavirus vaccine on Tuesday morning at the National Institutes of Health’s vaccination center, a Department of Health and Human Services spokeswoman confirmed, drawing him closer to full protection against Covid-19.

Joining Dr. Fauci were Alex M. Azar II, the health and human services secretary, and Dr. Francis Collins, the N.I.H. director, who also received their second shots. Scientists are still working to determine how long protection from Moderna’s second dose — which follows the first after 28 days — will last. In a recent study, the company found that volunteers were still making high levels of antibodies three months after the second dose. But it is unknown what levels are needed to maintain immunity.

Dr. Fauci’s second dose came at a time when the country is struggling — with a limited supply — to get every available dose of Moderna’s and Pfizer’s vaccines into the arms of health workers and older Americans. Scientists at N.I.H. and Moderna are now analyzing data to see if they can double the supply of the vaccine by cutting doses in half.

Dr. Fauci and other government scientists have repeatedly emphasized the importance of the second dose as a way to achieve long-term immunity. At an event sponsored by the Harvard Business Review on Tuesday afternoon, he reiterated that, but said protection that people might get from a first dose is insufficient for providing fuller immunity.

He also struck an optimistic note, saying that the U.S. may have enough protection against the virus to achieve “some form of normality” by the fall. To get there, he warned that the country would need to adhere much more closely to public health measures and to successfully implement a vaccine program that can reach the vast majority of Americans.

Tuesday functioned as something of a wind-down for the Trump administration’s top health officials who will leave their roles on Wednesday, when President-elect Joseph R. Biden Jr. is sworn in. Mr. Azar delivered a final “state of the department” address in the morning, listing what he viewed as the administration’s accomplishments in funding and developing vaccines and tests for the virus, and thanking the department’s employees for working long hours and weekends during the pandemic.

On Tuesday afternoon, Vice President Mike Pence was scheduled to oversee his final meeting with the White House coronavirus task force, which Mr. Azar and Dr. Fauci are members of. Dr. Fauci will cross over into the next administration as the chief medical adviser to Mr. Biden.

As of Friday, about 10.6 million people in the United States had received at least one dose of a Covid-19 vaccine, and about 1.6 million people had been fully vaccinated, according to the Centers for Disease Control and Prevention. That is far short of the goal set by federal officials to give at least 20 million people their first shots before the end of 2020.

A field of flags from U.S. states planted on the National Mall on Monday to represent the thousands of Americans who would normally attend the inauguration.Credit…Todd Heisler/The New York Times

With the United States reaching a once-unthinkable coronavirus pandemic death toll of 400,000 people on Tuesday, the eve of his inauguration as president, Joseph R. Biden Jr. is assuming the role of mourner in chief and projecting an air of command of the issue that has vexed the Trump administration for the past year.

The president-elect will arrive in the nation’s capital Tuesday evening for a somber inauguration-eve ceremony at the Lincoln Memorial, where 400 lights will be illuminated along the perimeter of the reflecting pool. Each is meant to represent approximately 1,000 Americans who have died during the pandemic.

On Monday night, as President Trump ordered an end to the ban on travelers from Europe and Brazil that had been aimed at stopping the spread of the coronavirus to the United States, Mr. Biden’s aides said he would rescind the move when he takes office on Wednesday, before it was scheduled to go into effect.

Mr. Trump’s order was issued at a time of heightened anxiety over the coronavirus and what Mr. Biden has warned will be a “dark winter.” The country has experienced a post-holidays surge in cases that has overwhelmed some hospitals and led to record numbers of deaths. The national vaccination rollout has been slow and chaotic. And a more contagious virus variant is spreading, while others are being discovered.

Mr. Biden has declared getting control of the pandemic the central issue of his administration, and has been highly critical of how his predecessor handled the worst public health crisis in more than 100 years.

Mr. Trump, in a proclamation, said that the travel restrictions, which apply to noncitizens trying to come to the United States, would no longer be needed on Jan. 26, once the Centers for Disease Control and Prevention start requiring proof of a negative virus test before boarding for all passengers from abroad.

The proclamation appeared to be an effort to help the airline and hospitality industries.

Mr. Trump wrote that Alex M. Azar II, the secretary of health and human services, had recommended ending the restrictions for most parts of Europe and Brazil, while maintaining them for Iran and China, which Mr. Trump said had not been cooperative.

Jennifer Psaki, who will be Mr. Biden’s White House press secretary, said the new administration would not allow the directives to take effect.

“With the pandemic worsening, and more contagious variants emerging around the world, this is not the time to be lifting restrictions on international travel,” she tweeted.

In Washington, the Tuesday night event at the Lincoln Memorial will kick off “a national moment of unity” at 5:30 p.m. Eastern that will include similar commemorations at the Empire State Building in New York, the Space Needle in Seattle and other landmarks, with events also planned for Mr. Biden’s hometowns, Scranton, Pa., and Wilmington, Del.

The inaugural committee’s chief executive, Tony Allen, the president of Delaware State University, said in a statement that the inauguration “represents the beginning of a new national journey — one that renews its commitment to honor its fallen and rise toward greater heights in their honor.”

Michael D. Shear and Glenn Thrush contributed reporting.

A longstanding teacher shortage in the United States has been exacerbated by the pandemic.Credit…Ruth Fremson/The New York Times

Across the United States, state education and district officials say the pandemic has intensified a longstanding teacher shortage to crisis levels.

As spikes in cases and exposures have forced more teachers to stay home, the shortage is among the main reasons that schools or whole districts have had to halt in-person instruction, often for weeks.

“It’s just such a ripple effect,” said Laura Penman, the superintendent of Eminence Community Schools, a tiny district in rural Indiana. The district had to briefly close its only elementary school in November because an infected educator had come into contact with several colleagues.

Desperate to stanch staffing shortfalls, districts are increasing pay for substitutes and even advertising for temporary positions on local billboards. Some states and districts have suspended college course requirements, or permitted abbreviated online training, for emergency substitute teachers.

Although stopgap solutions may be necessary during the pandemic, education experts say they could diminish the quality of in-person learning, further disrupting education for a generation of children.

Public school systems in the United States have been grappling with a shortage of full-time teachers for years. There is reduced education funding in many states, and one study before the pandemic reported that schools nationwide needed more than 100,000 additional full-time licensed teachers, particularly in science and special education. The coronavirus is vastly exacerbating that shortfall, experts say, by prompting many teachers to quit or retire early.

Education researchers said the pandemic teaching shortage was likely to intensify learning disparities, especially in high-poverty schools where experienced substitutes often chose not to work.

“It’s a disaster. Those kids who have already got the worst of Covid and its consequences are the ones who are going to face a larger lack of sufficient, and sufficiently qualified, teachers,” said Emma Garcia, an education economist at the Economic Policy Institute in Washington. “It’s going to have negative consequences immediately and it’s going to take them longer to be able to catch up.”

A CVS pharmacist preparing a Covid-19 vaccination for residents of a nursing home in Harlem on Friday. Nearly a third of nursing home workers in New York State have declined to be vaccinated.Credit…Yuki Iwamura/Associated Press

The number of nursing home workers in New York State who have declined the coronavirus vaccine rivals the number who have been inoculated, raising concerns about vaccine hesitancy among those who are in contact with some of the individuals at highest risk of a severe infection.

As of Monday, about 37 percent of the more than 130,000 people working in “skilled nursing” facilities in the state have been vaccinated, according to the governor’s office.

But 32 percent of the workers have declined to be vaccinated.

In some parts of the state, staff members who have declined outnumber those who have been vaccinated. On Long Island, 46 percent declined while 34 percent have been vaccinated.

Officials cautioned that the vaccination process for long-term-care facilities was still in its early stages — the first of three inoculation phases concluded on Sunday, and many workers have not had the chance to get vaccinated. They said they hoped the proportion of staff members declining would decrease as they saw their colleagues getting vaccinated safely.

Gov. Andrew M. Cuomo said at a news conference on Monday that the state had earmarked 225,000 doses for residents and workers in long-term care facilities and that 105,000 had been used. Of the 120,000 unused doses, 15,000 will be reserved for residents and 40,000 for staff members; the remainder will be reallocated to the main vaccination program, Gareth Rhodes, a top aide to Mr. Cuomo, said Tuesday.

The vaccination rate among residents was higher: 67 percent have been inoculated, while 16 percent have declined. Workers and residents who are medically able to get the vaccine but had previously declined will still be able to get a shot if they decide to.

The state health department has done online events and other educational outreach with nursing homes, largely to address vaccine hesitancy.

Many of the workers are lower-income and people of color, communities that tend to have higher rates of vaccine hesitancy. In a speech on Monday marking Martin Luther King’s Birthday, Mr. Cuomo said he understood their distrust, citing the decades-long Tuskegee experiment in which government researchers withheld treatment from Black men infected with syphilis.

“No one can ameliorate or justify the victimization and discrimination the Black community has endured,” Mr. Cuomo said.

But, he said, “We have had New York’s doctors, the best on the planet, review the vaccine, and they vouch for it. I will take it as soon as I am eligible.”

People in the United States have been dying of Covid-19 at the highest rate of the pandemic. The new milestone of 400,000 deaths, reached on Tuesday, is the equivalent of wiping out a city the size of Oakland, Calif. It is on the order of Sept. 11 deaths more than a hundred times over. At that scale, the human brain compensates with a defense that political psychologists call “psychic numbing.”

On one single day in a monthlong period during which the United States lost more people to Covid-19 than in any other during the pandemic, Stacey Williams, a beloved youth football coach and father of five in Florida, was among more than 2,000 Americans with the virus to die.

Along with Mr. Williams, Jose H. Garcia, 59, the longtime chief of the Roma Police Department in the South Texas border region who was known to friends and family as Beto, died of Covid-19 complications. So did Nelson Prentice Bowsher II of Washington, D.C., 80, an affordable-housing advocate whose family’s feed mill business was a fixture of South Bend, Ind., through the 1960s.

Credit… 

Combing through hundreds of local obituaries, county records and interviews with families, New York Times reporters were able to piece together a tapestry of some of the lives lost on that day, Jan. 4.

Sherri Rasmussen, 51, of Lancaster, Ohio, was one. She is survived by a daughter who said she will always remember the day her mother gave her purse to a woman who complimented it in a CVS store, saying, “I want to pay it forward.”

And then there was Pedro Ramirez, 47, who loved his Puerto Rican homeland, salsa dancing and restoring Volkswagen bugs. Days before, he told his wife, Shawna Rodriguez, about the vaccine and how people like him, with chronic medical issues, would be getting it soon.

“I told him I loved him and how sorry I was that he had to be in the hospital by himself,” said Ms. Ramirez, 52, who works in a bridal salon in Macon, Ga.

The surge in deaths reflects how much faster Americans have spread the virus to one another since late September, when the number of cases identified daily had fallen to below 40,000. Since early in the pandemic, deaths have closely tracked cases, with about 1.5 percent of cases ending in death three to four weeks later.

A dose of the Pfizer-BioNTech vaccine being prepared at the Michener Institute in Toronto earlier this month.Credit…Frank Gunn/The Canadian Press, via Associated Press

Canada will not receive any vaccine shipments from Pfizer next week, but that should not affect the government’s plan to administer six million doses of the Pfizer and Moderna vaccines by the end of March, officials said Tuesday.

Last Friday, Pfizer said it would be temporarily limiting shipments of the vaccine it developed with BioNTech to Canada and European countries while it revamped a plant in Belgium to increase production. The announcement triggered outrage among health officials across the European Union and added to concerns over the sluggish pace of immunizations. (The United States is not affected by the change; doses for its domestic market are manufactured in Kalamazoo, Mich.)

Maj. Gen. Dany Fortin, the Canadian military officer in charge of vaccine distribution, told reporters that while the change had relatively little effect on Canada this week, the company will not send any vaccine during the final week of January. Previously he had said that shipments during that period would only be cut in half. Shipments of the vaccine made by Moderna to Canada are not affected.

Anita Anand, Canada’s minister in charge of procurement, said that subsequent shipments of the Pfizer-BioNTech vaccine will be increased, and that the changes will not affect the government’s plan to administer six million doses of the two vaccines over the next two months.

Some Canadian news outlets had suggested that Europe would see its shipments return to normal more quickly than Canada, based on statements from Pfizer. But Ms. Anand said that she spoke with the company over the weekend and it “assured me and Canada of equitable treatment.”

Doug Ford, the premier of Ontario, urged Prime Minister Justin Trudeau on Tuesday to pressure Albert Bourla, the chief executive of Pfizer, to increase Canada’s allotment.

“I’d be on that phone call every single day,” Mr. Ford told a news conference.

Officials in Delaware are offering a variety of incentives to encourage prisoners to consent to being vaccinated. The James T. Vaughn Correctional Center is in Smyrna, Del.Credit…Suchat Pederson/The News Journal, via Associated Press

Officials at U.S. prisons and jails are running into widespread unwillingness among prisoners to consent to be vaccinated. To combat it, some are turning to offering incentives like free snack bags, extra visiting time and even a little time off sentences.

Incarcerated people are at much greater risk from Covid-19 than the general public: Studies have shown that they are four times as likely to become infected, and twice as likely to die. But many say they are wary both of the vaccines and of the prison medical staff members who administer them.

A recent survey at a jail in Billerica, Mass., found that only 40 percent of the inmates would volunteer for a vaccination, even though there had been more than 130 infections at the jail.

Many prison systems around the nation have yet to receive any vaccine doses or offer them to prisoners. Those that have tend to provide little or no educational material about the vaccines, inmates say.

At the Allenwood federal prison complex in Pennsylvania, inmates said medical workers arrived without any prior notice on Jan. 6, carrying clipboards and pushing carts containing vaccine doses.

“They didn’t give us any information beyond, basically, ‘Hey, this is safe, and you don’t have any worries taking it,’” said Domingo Ramirez, who is incarcerated there.

At the same prison, Andres Azner said that more than half of the inmates in his unit had refused vaccination when it was offered, including him.

“They didn’t give me enough time to think about it,” he said. “They didn’t give me enough information to make a solid, sound, prudent decision. They kind of just tried to force it upon me. And, no, no, I’m not taking it.”

The Bureau of Prisons did not respond to a request for comment.

The Delaware state prison system is trying to overcome the skepticism with incentives to receive the shot, and the North Carolina system is considering doing the same.

Delaware is offering credits that shorten sentences by a few days, as well as a 30-minute video visit with loved ones and either a free commissary snack bag or a “special meal.”

The idea is not unprecedented. In November, Kansas state prisons began offering inmates $5 to get a flu shot. The prisons have not yet received coronavirus vaccines to offer to prisoners, and officials declined to say whether the same policy would apply when they do.

Lauren Brinkley-Rubinstein, a professor at the University of North Carolina School of Medicine, said that a “very dark history of experimentation on prisoners” was responsible for fostering mistrust — and that certain incentives, involving expanded visitation privileges, were ethically questionable.

Brant Addison, an inmate at the Wake Correctional Center in North Carolina, described a string of sleepless nights as he weighed whether to receive the vaccine. Mr. Addison, who is African-American, cited the infamous Tuskegee syphilis study, and said that two of his relatives who are nurses shared his concerns.

He said he might feel safer receiving the vaccine after more people have taken it, including those outside prison walls.

“I have such a short time left, just a few months,” he said, referring to his sentence. “And I want to be able to walk out of here with a sound mind and body.”

Denise Saylor, right, taking a selfie as Lara Comstack gave her the Modern vaccine at the Callen-Lorde Community Health Center in Manhattan this month.Credit…James Estrin/The New York Times

New York City expects to exhaust its supply of coronavirus vaccine on Thursday, and will then have to cancel inoculation appointments at many city inoculation sites, according to Mayor Bill de Blasio.

“We will literally have nothing left to give as of Friday,” Mr. de Blasio said at a news conference Tuesday.

New York City received 53,000 doses this week, the mayor said, and had a total of 116,000 doses in inventory Tuesday morning. But Mr. de Blasio said that was not nearly enough to keep up with the pace at which New Yorkers are being inoculated. The mayor, who raised concerns last week about a coronavirus vaccine shortage after an initially sluggish rollout, said the city is not currently scheduled to receive any more doses until next Tuesday.

Mr. de Blasio and Gov. Andrew M. Cuomo have urged the federal government to send more vaccine to New York, now that the state’s eligibility pool has been expanded to include anyone 65 or older.

Statewide, more than 835,000 people have received the first of the two doses of a vaccine — both federally authorized vaccines are two-dose vaccines — and nearly 84,000 have received the second dose, Mr. Cuomo said in a statement on Tuesday. Even so, pressure is mounting to speed up vaccinations as hospitalizations across the state surpassed state 9,000, according to Mr. Cuomo on Tuesday, for the first time since early May.

The supply issue threatens the success of the mass vaccination sites the city has been setting up in each of the five boroughs, Mr. de Blasio said. Sites at CitiField, the Mets’ home stadium in Queens, and at the Empire Outlets shopping center in Staten Island are scheduled to open next week. “This is not the way it should be,” the mayor said. “We have the ability to vaccinate a huge number of people. We need the vaccine to go with it.”

The city’s vaccination program has run into several obstacles since eligibility was expanded. Buggy websites and complex sign-up systems have made it difficult for many New Yorkers to schedule appointments. Mr. de Blasio said the city expects to have vaccinated 500,000 people by the end of Wednesday. The city had previously set a goal of one million doses by the end of January.

Gov. Andrew M. Cuomo of New York, unveiling a budget proposal, said the state was facing a $15 billion shortfall.Credit…Pool photo by Hans Pennink

Gov. Andrew M. Cuomo on Tuesday warned that New York State was facing an enormous $15 billion deficit as he unveiled a 2022 budget proposal laden with urgency and uncertainty caused by the coronavirus pandemic.

The governor pleaded with leaders in Washington to deliver $15 billion in emergency relief, but the precariousness of the situation led Mr. Cuomo to lay out two different budget possibilities: one assuming a federal aid package of $6 billion, and another with the full $15 billion.

If the federal government provided a $6 billion aid package, which the governor called the “worst-case” scenario, Mr. Cuomo said the state would be unable to fill its budget gap, resulting in cuts of about $2 billion in school funding, $600 million in Medicaid funding and $900 million in across-the-board reductions.

There are other question marks, primarily a lack of clarity about how much money the state would have on hand because of diminished tax revenues.

“This budget is really the economic reconciliation of the Covid crisis, the cost of the Covid crisis,” Mr. Cuomo said during a virtual address from the State Capitol’s Red Room in Albany. “This year, it’s going to be about reconciling the responsibility of the battle and completing the battle.”

In crafting a budget for the next fiscal year, which begins April 1, state officials face similar challenges as last year, when the pandemic devastated the economy and upended one of the nation’s largest budgets.

But the political climate in Washington is certainly different: Senator Chuck Schumer, who will take over as majority leader in Washington this week, has promised “better days ahead out of Washington for New York,” though he has stopped short of promising a complete bailout.

Last week, Mr. Schumer announced that the city and state would receive $2 billion in emergency funding related to expenses incurred as part of the coronavirus response.

The incoming Biden administration is promising $350 billion in direct aid to states and local municipalities, as part of a $1.9 trillion Covid response plan. Even so, Mr. Cuomo has maintained that without a substantial infusion of cash from Washington, the state would need to resort to a mix of tax increases, spending cuts and borrowing.

“We don’t know what level of aid we will get,” Mr. Cuomo said on Tuesday, adding, “New Yorkers deserve and demand fairness.”

Skylar Mack, the 18-year-old Georgia college student who was sentenced to two months in prison for violating coronavirus restrictions in the Cayman Islands, was released on Friday after a month behind bars.Credit…ABC News

Skylar Mack, the American college student who was released from a prison in the Cayman Islands last week for violating coronavirus restrictions, said in an interview that she “deserved it.”

In a segment that aired on ABC’s “Good Morning America” on Tuesday, Ms. Mack, 18, apologized for breaking the rules and said that any anger toward her was justified, adding that if she had gotten someone sick, she would not have been able to live with herself.

She was released on Friday after spending more than a month behind bars.

“I deserved it,” she said. “I was like, ‘You know what, I made this mistake, and it sucks, you know, but you did it to yourself.’”

After finishing the semester at Mercer University in Georgia in late November, Ms. Mack flew to the Cayman Islands to watch her boyfriend, Vanjae Ramgeet, 24, compete in the islands’ Jet Ski racing national championship.

She arrived on a Friday and tested negative for the coronavirus. While the British territory’s laws required her to remain in her hotel room for 14 days, on Sunday, the day of the championship, she slipped the electronic monitoring bracelet from her wrist. She went to the beach and cheered on Mr. Ramgeet as he won first place.

In mid-December, a Cayman Islands court sentenced Ms. Mack and Mr. Ramgeet to four months in prison. After an outcry that the punishment was too harsh, a panel of judges reduced the sentence to two months. Her release after a little more than half that time was in line with what her lawyer expected. Mr. Ramgeet was also released on Friday, according to Ms. Mack’s family.

Thousands of others around the world have been similarly punished for breaching quarantine restrictions. Extensive travel restrictions have failed to stop the virus from spreading, with some people viewing themselves as above the rules.

Global roundup

The government district in Berlin this month. Chancellor Angela Merkel was meeting with state governors on Tuesday about new lockdown rules.Credit…Lena Mucha for The New York Times

As German authorities prepare stricter lockdown measures, some German states are planning guarded mandatory quarantine centers for the very few who repeatedly disobey quarantine rules, according to an investigation by Die Welt am Sonntag, a national Sunday paper.

States like Schleswig-Holstein in the north, Brandenburg around Berlin and Baden–Württemberg in the southwest are preparing such mandatory quarantine sites in hospitals, refugee centers and a youth detention center.

“Pandemic control lives or dies with public acceptance,” Sönke Schulz, a regional leader in Schleswig-Holstein, told Kieler Nachrichten, a local daily. “This would suffer if noncompliance remained without consequence.”

However, since there are very few known cases of people who repeatedly flout quarantine and isolation rules and fines — which are imposed because someone either has Covid, has had close and prolonged contact with an infected person or has come back from a high-risk foreign country — the states are only planning for a few sites.

On Tuesday Chancellor Angela Merkel and governors are meeting to agree on new and extended lockdown rules. As of Monday, the seven-day average number of cases was 16,886, according to a New York Times database, slightly higher than when the national lockdown began at the beginning of November. Starting in mid-December, politicians strengthened the lockdown, closing most nonessential shops and most schools.

But even as numbers start to decline slowly, the German authorities are worried about a more transmissible variant of the virus that is thought to be responsible for a spike in infections in Britain.

Among the other developments around the world:

  • Rwanda announced restrictions on movement and businesses in the capital, Kigali, on Monday, as coronavirus cases continued to surge across the country. The authorities closed all places of worship, shut down public transportation, banned travel between the capital and other parts of the country, and ordered all workers other than those providing essential services to work from home. Farming can continue, and businesses selling food, medicine, fuel or cleaning products may operate but must close by 6 p.m. Funeral gatherings are permitted but cannot exceed 15 people. Foreign tourists will continue to be allowed to enter and travel around the country during the two-week lockdown, but they must present a negative P.C.R. test on arrival and departure. Rwanda has reported 11,259 coronavirus cases and 146 deaths so far, and the rate of positive test results has risen sharply since mid-November, reaching 7.7 percent on Tuesday.

  • A survey about coronavirus infections in Britain from the Office for National Statistics estimates that one in eight people in England — about 5.4 million people over the age of 16 — had antibodies against the virus in December, suggesting they were infected in the past. The report suggests about one in 10 people across Britain had such antibodies. Excess deaths were at the highest level since last May, the analysis found, and in England the Covid-19 mortality rate in the most deprived areas last month was more than twice that in the least deprived.

  • Officials in Hong Kong said on Tuesday that current social distancing measures, which include a ban on dine-in service after 6 p.m., would be extended for at least another week, a day after the number of new coronavirus cases returned to the triple digits for the first time this year. They also said they would bar entry to travelers who had spent more than two hours in Ireland or Brazil in the past 21 days — the same rule as applied to Britain and South Africa, where two more transmissible variants of the virus were first detected.

  • Starting Jan. 26, everyone flying to New Zealand will have to show proof before departure that they have tested negative for the virus, the government said on Tuesday, unless they are coming from Australia, Antarctica or most Pacific islands. Two weeks of quarantine continues to be mandatory for all travelers to New Zealand, which last recorded a locally transmitted case in November. Last week, the country began requiring predeparture tests for passengers from the United States and Britain.

  • Japan’s southernmost prefecture, Okinawa, declared a state of emergency after a spike in cases, Reuters reported. Okinawa Governor Denny Tamaki said emergency measures include asking restaurants and bars to close by 8 p.m. and residents to refrain from non-urgent outings after 8 p.m. The emergency is scheduled to last until Feb. 7. The prefecture confirmed 113 cases on Tuesday, its third-highest daily tally on record, the public broadcaster NHK reported. Shizuoka prefecture, home to Mount Fuji, also declared “an emergency alert” of its own on Tuesday after it found cases of a more contagious coronavirus variant, Kyodo News reported.

  • Britain’s health secretary, Matt Hancock, said on Tuesday that he would isolate at home for the next six days after a notification from the National Health Service coronavirus app told him he had been in close contact with someone who tested positive. Mr. Hancock, a key figure in country’s virus response, appeared in a televised coronavirus briefing Monday evening and tested positive himself in March.

  • Scotland’s lockdown will be extended to mid-February and its schools and kindergartens will remain closed until then, First Minister Nicola Sturgeon said on Tuesday. Early in January, people were asked to stay at home for all but essential purposes, and most students returned to remote learning, as the country tried to clamp down on the more transmissible British variant of the coronavirus. The restrictions were originally set to expire at the end of the month, but Ms. Sturgeon said on Tuesday that the country’s case numbers were still high and that staying locked down was vital to protect the National Health Service from becoming overwhelmed.

People wait in line to receive the Sputnik V coronavirus vaccine at the State Department Store GUM in Moscow.Credit…Sergey Ponomarev for The New York Times

The Russian government is considering issuing coronavirus health certificates that could ease travel and commerce for people who have been vaccinated or who have antibodies from surviving the disease, while sharply limiting the liberties of others — an idea that has also been floated in the European Union and by private companies.

Proponents say that such documents, often called Covid passports, could ease airline travel and hasten the reopening of theaters, cruise lines and other settings where people congregate.

Opponents fear a dystopic system that would limit the rights of people who have been careful to avoid infection and are unable or unwilling to be vaccinated. Russia has a grim history rooted in the Soviet era of controlling citizens’ movements, through a residency permit system that was never fully abolished.

Internationally, airlines have already tested electronic certificates showing negative test results for passengers. Those systems could be expanded to show the status of those with some immunity.

The head of the Russian Parliament’s committee on public health, Dmitri Morozov, said on Tuesday that a Covid passport was “very important and needed.”

Collecting people’s Covid health status in a government system, he said, could also provide important data for public health officials. “This is great, this is the new world,” he said. Mr. Morozov did not specify what kinds of information a Covid passport would display.

A regional governor in Russia, Radi Khabirov, proposed on Monday that Covid passport holders receive discounts at stores, as an incentive for people to obtain the certificate.

President Vladimir V. Putin’s spokesman, Dmitri S. Peskov, said on Tuesday that the government is considering issuing Covid passports, perhaps in digital form, but that Russia wanted to coordinate with other countries to agree on standards for them.

Stella Kyriakides, the European Union’s health commissioner, speaking during a plenary session on E.U. global strategy on coronavirus vaccinations at the E.U. parliament in Brussels on Tuesday.Credit…Pool photo by John Thys

The European Union’s executive arm on Tuesday set ambitious Covid-19 vaccination goals for its 450 million citizens, after a sluggish start to its inoculation efforts.

The European Commission said that the bloc’s 27 member states should aim to have at least 80 percent of their citizens over the age of 80, as well as at least 80 percent of their health care workers, vaccinated by March, and at least 70 percent of the whole population vaccinated by this summer.

“We are racing against time, but not against each other,” said Stella Kyriakides, the bloc’s health commissioner. “And we’re all racing together as one team.”

The commission’s call comes as E.U. countries face a resurgence of coronavirus cases, turbocharged by emerging new variants, as well as the grim reality of prolonged lockdowns. E.U. leaders are due to meet by teleconference on Thursday to endorse the Commission’s proposals.

The commission also urged the bloc’s national governments to update their testing strategies, which remain the competence of member states, and urged them to genome sequence more positive coronavirus test results: 10 percent of them, up from the current rate of below 1 percent. Genome sequencing helps quickly identify new variants, while also keeping track of the progress of known ones.

“If we do not act now with determination, we might not be able to contain the risk of a potentially harsh third wave,” warned Ms. Kyriakides. “The numbers are already worrying across the E.U., and hospitals are under a lot of pressure. We cannot be complacent.”

In order to salvage border-free travel across the bloc, the commission also opened the debate over using so-called vaccination certificates, which could permit easier travel for people who’ve been vaccinated. The concept has been advocated by Greece and other smaller states, which heavily depend on tourism, but opposed by several larger E.U. countries such as France.

The bloc intends to determine a common approach by the end of January. For the moment, the commission recommended that all nonessential travel be strongly discouraged. Traveling restrictions, as well as testing and quarantine rules, are currently the prerogative of national governments, and have resulted in a patchwork of chaotic measures across the continent.

Andrew Yang announced that he was running for mayor last week in Manhattan’s Morningside Park.Credit…James Estrin/The New York Times

Less than a week after his vigorous launch into the New York City mayor’s race, Andrew Yang said on Tuesday that he was halting in-person events and quarantining because a campaign staffer had tested positive for the coronavirus.

Mr. Yang, the former presidential candidate, had been seemingly everywhere in recent days, meeting with elected officials across the city and riding the subway and bus to campaign events. His whirlwind appearances were in sharp contrast to the mostly virtual campaigns that his rivals have been conducting.

Now Mr. Yang will enter quarantine for at least eight days, his campaign said in a statement.

“This morning, we learned that a member of the campaign staff received a positive result on a rapid Covid test,” the statement said. “Since that time, Andrew has tested negative and is not experiencing any symptoms.”

On Monday, Mr. Yang attended an event at the Rev. Al Sharpton’s headquarters in Harlem to commemorate Martin Luther King Jr.’s Birthday. He spoke without a mask before a large crowd that included many of the other mayoral candidates.

Categories
Business

What to Watch in Janet Yellen’s Affirmation Listening to: Stay Enterprise Updates

Folgendes müssen Sie wissen:

Anerkennung…Kriston Jae Bethel für die New York Times

Janet Yellen, die zur nächsten Finanzministerin ernannt wurde, wird den Gesetzgebern am Dienstag mitteilen, dass die Vereinigten Staaten ein robustes Konjunkturprogramm benötigen, um die von der Pandemie betroffene Wirtschaft wieder in Schwung zu bringen, und dass es jetzt nicht an der Zeit ist, sich über die zunehmende Verschuldung der Nation Sorgen zu machen Belastung.

“Angesichts der Zinssätze auf historischen Tiefstständen können wir derzeit am klügsten handeln”, wird Frau Yellen laut einer Kopie ihrer Eröffnungsrede vor dem Finanzausschuss des Senats, die von der New York Times geprüft wurde, sagen.

Frau Yellen ist eine von wenigen Kandidaten des gewählten Präsidenten Joseph R. Biden Jr., die am Tag vor der Amtseinführung von Herrn Biden vor die Senatoren gehen werden. Ihre Anhörung zur Bestätigung ist für 10 Uhr Ost geplant.

Das Bestätigungsverfahren für Frau Yellen, eine erfahrene Ökonomin und Zentralbankerin, die von 2014 bis 2018 als Vorsitzende der Federal Reserve fungierte, wird voraussichtlich relativ reibungslos verlaufen.

“Dies ist die schlimmste Wirtschaftskrise seit 100 Jahren, und niemand ist besser qualifiziert als der designierte Sekretär Yellen, um eine wirtschaftliche Erholung zu leiten”, sagte Senator Ron Wyden aus Oregon, der Vorsitzender des Finanzausschusses wird, wenn die Demokraten die Kontrolle über den Senat übernehmen.

Und Senator Charles E. Grassley aus Iowa, derzeit republikanischer Vorsitzender des Finanzausschusses, hat positiv über Frau Yellen gesprochen, seit Herr Biden sie für den Job ausgewählt hat.

Frau Yellen, die durch eine Abstimmung im Senat von 56 zu 26 als Fed-Vorsitzende bestätigt wurde, wird wahrscheinlich vor Fragen zu den wirtschaftlichen Beziehungen Amerikas zu China, ihrer Position zur Sanktionspolitik in Bezug auf den Iran und ihren Gedanken zur Steuerpolitik stehen.

Während die Unterstützung bei der Gestaltung und Überwachung der wirtschaftlichen Hilfsmaßnahmen der Biden-Regierung zunächst ihre oberste Priorität sein wird, wird Frau Yellen auch die weitreichende Regulierungsmacht der Regierung über Banken und den Finanzsektor steuern. Bei der Anhörung wird sie unter Druck stehen, Demokraten und fortschrittlichen Gruppen zu zeigen, dass sie bereit ist, das zu beenden, was sie als Verwöhnung der Wall Street durch Steven Mnuchin, den scheidenden Finanzminister, ansehen.

Viele Politiker sind aufgrund der historisch niedrigen Zinssätze weniger besorgt über die Kreditaufnahme der Regierung.Anerkennung…Erin Schaff / Die New York Times

In der Vergangenheit tendierten die Gesetzgeber dazu, die Treue zur Vollbeschäftigung zu predigen – die niedrigste Arbeitslosenquote, die eine Volkswirtschaft aufrechterhalten kann, ohne eine hohe Inflation oder andere Instabilitäten zu schüren -, während sie die steuerliche und finanzielle Unterstützung zurückzogen, bevor sie dieses Ziel erreichten, da sie befürchteten, dass ein geduldigerer Ansatz dazu führen würde Preisspitzen und andere Probleme.

Diese Schüchternheit scheint diesmal weniger wahrscheinlich zu sein, berichtet Jeanna Smialek von der New York Times.

Der gewählte Präsident Joseph R. Biden wird sein Amt antreten, da die Demokraten das Haus und den Senat kontrollieren, und zu einer Zeit, in der sich viele Politiker aufgrund der historisch niedrigen Kreditkosten weniger Sorgen darüber machen, dass die Regierung Schulden aufnimmt.

Und die Federal Reserve, die nachweislich die Zinsen erhöht, wenn die Arbeitslosigkeit sinkt und der Kongress mehr ausgibt als Steuern einbringt, hat sich diesmal zu mehr Geduld verpflichtet.

Mitte bis Ende der 1960er Jahre konzentrierten sich die Fed-Beamten stark auf die Jagd nach Vollbeschäftigung. Als sie testeten, wie weit sie den Arbeitsmarkt vorantreiben konnten, versuchten sie nicht, die Inflation abzuwehren, da sie sich einschlich, und sahen höhere Preise als Kompromiss für eine geringere Arbeitslosigkeit. Als Amerika Anfang der 1970er Jahre seine letzten Schritte vom Goldstandard abbrach und ein Ölpreisschock eintraf, nahmen die Preisgewinne zu – und es bedurfte einer massiven Straffung des Geldgürtels durch die Fed und jahrelanger ernsthafter wirtschaftlicher Schmerzen, um sie zu zähmen.

Es gibt Gründe zu der Annahme, dass diese Zeit anders ist. Die Inflation ist seit Jahrzehnten niedrig und bleibt weltweit begrenzt. Der Zusammenhang zwischen Arbeitslosigkeit und Löhnen sowie Löhnen und Preisen war schwächer als in den vergangenen Jahrzehnten. Von Japan bis Europa besteht das Problem der Ära in schwachen Preisgewinnen, die die Volkswirtschaften in Stagnationszyklen festhalten, indem sie den Spielraum für Zinssenkungen in schwierigen Zeiten und nicht in einer übermäßig schnellen Inflation untergraben.

Anerkennung…Paige Vickers

Im Zentrum einer Kartellklage, die im vergangenen Monat von 10 Generalstaatsanwälten eingereicht wurde, steht ein Vertrag, den Google laut Gerichtsdokumenten auf Facebook ausgeweitet hat, um Partner in der digitalen Werbefläche zu werden.

Einzelheiten der Vereinbarung, die auf Dokumenten beruhten, die die Generalstaatsanwaltschaft von Texas als Teil der Klage in mehreren Staaten aufgedeckt hatte, wurden in der im letzten Monat beim Bundesgericht in Texas eingereichten Beschwerde redigiert. Sie wurden jedoch nicht in einem Entwurf der von der New York Times geprüften Beschwerde versteckt, berichten Daisuke Wakabayashi und Tiffany Hsu.

Führungskräfte von sechs der mehr als 20 Partner einer Allianz für digitale Werbung, die alle unter der Bedingung der Anonymität sprachen, um eine Gefährdung ihrer Geschäftsbeziehungen mit Google zu vermeiden, erklärten gegenüber The Times, dass ihre Vereinbarungen mit Google nicht viele der gleichen großzügigen Bedingungen enthielten wie diese Facebook erhielt und dass der Suchriese Facebook einen bedeutenden Vorteil gegenüber dem Rest von ihnen gegeben hatte.

  • Die vielleicht schwerwiegendste Behauptung im Beschwerdeentwurf war, dass die beiden Unternehmen festgelegt hatten, dass Facebook einen festen Prozentsatz der Auktionen gewinnen würde, auf die es bietet. “Unbekannt für andere Marktteilnehmer, egal wie hoch andere bieten könnten, haben die Parteien vereinbart, dass der Hammer mehrmals zu Gunsten von Facebook fallen wird”, heißt es in dem Beschwerdeentwurf. Eine Google-Sprecherin sagte, Facebook müsse das höchste Gebot abgeben, um eine Auktion zu gewinnen, genau wie seine anderen Börsen- und Werbenetzwerkpartner.

  • Laut Gerichtsdokumenten hatte Facebook 300 Millisekunden Zeit, um für Anzeigen zu bieten, die über das Google-Netzwerk verkauft wurden. Die Führungskräfte der anderen Partner von Google gaben jedoch an, dass sie normalerweise nur 160 Millisekunden oder weniger zum Bieten hatten.

  • Laut Gerichtsdokumenten durfte Facebook direkte Abrechnungsbeziehungen zu den Websites herstellen, auf denen Anzeigen geschaltet wurden. Für die meisten anderen Partner kontrollierte Google die Preisinformationen, stellte effektiv eine Mauer auf und verbarg, wie viele Websites mit Gewinngeboten letztendlich erhalten, sagten die Führungskräfte anderer Unternehmen.

  • Google erklärte sich damit einverstanden, Facebook dabei zu helfen, besser zu verstehen, wer die Anzeigen erhalten würde, indem das Unternehmen 80 Prozent der mobilen Nutzer und 60 Prozent der Webnutzer identifizieren konnte. Aber mehrere andere Partner sagten, sie hätten wenig Hilfe, um zu verstehen, wem Anzeigen gezeigt wurden.

Costco verkauft einen von Babe Ruth signierten Baseball auf seiner Website für 64.000 US-Dollar.Anerkennung…Costco

Wenn Sie auf dem Markt für Sportmemorabilien sind, sollten Sie sich an Costco wenden. Ja, Costco.

Der nur für Mitglieder bestimmte Großhändler, der für seine Schnäppchen bei Lebensmitteln und Reinigungsmitteln bekannt ist, verkauft einen von Babe Ruth signierten Baseball auf seiner Website für 64.000 US-Dollar.

Costco beschreibt es als “einen der schönsten signierten Babe Ruth Home Run-Spezialbälle, die jemals der Öffentlichkeit zugänglich gemacht wurden, und ist insgesamt einer der schönsten signierten Babe Ruth-Bälle, die es gibt.” Costco listete einen weiteren Ball auf, der im Mai vom Sultan von Swat für 30.000 US-Dollar unterzeichnet wurde.

Das Konzept scheint eine Abkehr von der Marke Costco zu sein und bietet Kunden günstige Grundnahrungsmittel. Nicht so, sagte Andrew Lipsman, Analyst bei der Forschungsfirma eMarketer.

“Es ist für Costco nicht völlig untypisch, High-Ticket-Artikel zu verkaufen”, sagte er und bemerkte, dass das Unternehmen Möbel und Verlobungsringe verkauft hat, manchmal für Hunderttausende von Dollar. “Ich habe das Gefühl, dass dies eine Art Experiment mit High-Ticket-Artikeln ist und sieht, was sich verkaufen wird.”

Herr Lipsman fügte hinzu, dass dies ein Zeichen dafür sein könnte, dass sich das Unternehmen auf einen wachsenden Markt ausrichtet. “Sport-Erinnerungsstücke sind im letzten Jahr in die Höhe geschossen”, sagte er.

In der Tat erreichte der PWCC 500, ein Index der Top 500-Sammelkarten, im Juni ein Rekordhoch und ist weiter gestiegen. Experten führen dies auf die Kaufkraft von Babyboomern, den Markteintritt von Millennials und das zunehmende Interesse von Ausländern zurück, berichtete das Wall Street Journal.

Costco lehnte es ab, zu diesem Artikel einen Kommentar abzugeben.

Baseball-Sammlerstücke erzielen oft die höchsten Preise. Ein Ruth-Trikot wurde 2019 bei einer Auktion für 5,67 Millionen US-Dollar verkauft.

Neben 27 weiteren Artikeln im Bereich „Sportmemorabilien“ auf seiner Website verkauft Costco auch eine von Ty Cobb signierte Fledermaus. Die Fledermaus, die Costco als “extrem selten und sehr wertvoll” beschreibt, trägt die Aufschrift “Mit freundlichen Grüßen” und datiert “14.03.49”. Der Preis liegt bei 160.000 US-Dollar.

Beide Verkäufe enden am 31. Januar.

Eine Seite aus dem Darlehensantrag des Paycheck Protection Program im Mai.Anerkennung…Lucas Jackson / Reuters

Die losen Regeln des Paycheck Protection Program ermöglichten es praktisch jedem kleinen Unternehmen oder Unternehmen in Amerika, sich für ein staatlich unterstütztes Hilfsdarlehen zu qualifizieren. Bürger und Aktivistengruppen haben Tausende von Empfängern kritisiert, die sie für unwürdig hielten, darunter wohlhabende Anwälte, Politiker und politische Lobbyisten, börsennotierte Unternehmen und Unternehmen, die von der Regierung untersucht werden.

Jetzt macht eine Interessenvertretung, die Online-Fehlinformationen bekämpft, auf eine Gruppe von Kreditempfängern aufmerksam, die sie beunruhigt: Anti-Impfstoff-Aktivisten.

Sechs Organisationen, die die Sicherheit von Impfstoffen in Frage gestellt und behauptet haben, Wissenschaftler hätten falsche Anrufe erhalten, erhielten nach Angaben der Small Business Administration, die das Programm verwaltet, insgesamt mehr als 1,1 Millionen US-Dollar. (Die Daten wurden letzten Monat aufgrund eines Gerichtsbeschlusses als Reaktion auf eine Klage der New York Times und anderer Nachrichtenorganisationen veröffentlicht.)

Die Gruppen, die die Darlehen erhalten haben, sind Children’s Health Defense, gegründet von Robert F. Kennedy Jr.; das Netzwerk für informierte Zustimmungsmaßnahmen; das Nationale Impfstoffinformationszentrum; Mercola.com Health Resources und Mercola Consulting Services, beide verbunden mit dem bekannten Impfstoffskeptiker Joseph Mercola; und das Tenpenny Integrative Medical Center, eine Arztpraxis von Dr. Sherri Tenpenny, einer Ärztin und Autorin, die sich gegen Impfstoffe ausspricht.

Die Kredite, die von Banken vergeben und von der Regierung unterstützt wurden, reichten von 72.500 USD an Dr. Tenpennys medizinisches Zentrum bis zu 335.000 USD an Mercola.com. Sie scheinen nicht gegen die Vorschriften der Small Business Administration zu verstoßen: PPP-Kredite standen allen kleinen Unternehmen oder gemeinnützigen Organisationen (im Allgemeinen mit 500 oder weniger Arbeitnehmern) zur Verfügung, die bescheinigen wollten, dass „die derzeitige wirtschaftliche Unsicherheit diese Kreditanfrage erforderlich macht“, um ihre fortgeführten Aktivitäten zu unterstützen .

Das Center for Countering Digital Hate, eine in London ansässige Interessenvertretung, deckte die Kredite auf und alarmierte die Washington Post, die erstmals darüber berichtete. Imran Ahmed, der Geschäftsführer der Gruppe, nannte es „Bananen“, dass solche Gruppen Anspruch auf steuerfinanzierte Hilfsgelder hatten.

“Hier gibt es eine Anomalie”, sagte Herr Ahmed. “Die PPP wurde benötigt, um den wirtschaftlichen Schock von Covid zu bewältigen, und die Anti-Vaxxer hemmen unsere Fähigkeit, Covid zu besiegen und darüber hinwegzukommen, grundlegend.”

Barbara Loe Fisher, die Präsidentin des Nationalen Impfstoffinformationszentrums in Sterling, Virginia, sagte per E-Mail, dass ihre Gruppe den Kredit beantragt habe, „als sich herausstellte, dass Sperren und soziale Distanzierungsbeschränkungen die Arbeitsplatzsicherheit einiger unserer Mitarbeiter direkt bedrohten und gefährdete die weitere Vermietung unseres Hauptsitzes in Virginia. “ Die Gruppe nutzte das Darlehen, um alle 21 Arbeiter zu behalten, sagte sie.

Frau Fisher bestritt die Vorstellung, dass ihre Gruppe gegen Impfstoffe ist. Die Organisation “gibt keine Empfehlungen zur Verwendung von Impfstoffen ab und ermutigt alle, sich umfassend über die Risiken und Komplikationen von Infektionskrankheiten und Impfstoffen zu informieren”, sagte sie.

Das Paycheck Protection Program verteilte von April bis August 523 Milliarden US-Dollar an mehr als fünf Millionen kleine Unternehmen, um ihnen dabei zu helfen, die durch die Coronavirus-Pandemie verursachten Stillstände und anderen wirtschaftlichen Schocks zu ertragen. Solange die Empfänger das meiste Geld verwenden, um ihre Arbeitnehmer zu bezahlen und andere Regeln einzuhalten, können die Kredite von der US-Regierung vollständig vergeben und zurückgezahlt werden.

Categories
Business

US Inventory Market and Financial system Tracker: Reside Updates

Here’s what you need to know:

Credit…Ruth Fremson/The New York Times

Consumer spending fell for the third-consecutive month in December, confirming what many economists had predicted would be a disappointing holiday season for many retailers.

Retail sales fell 0.7 percent last month, the Commerce Department said on Friday, as the economic recovery showed signs of stalling, stimulus money ran dry and virus cases surged across the country, prompting shoppers to avoid stores.

The decline also likely reflects how retailers’ strategies of offering holiday deals early this fall spread out the holiday shopping season across months, and may have dampened sales closer to Christmas.

The drop was widespread across many categories, including electronics, building supplies and food and beverage stores, which had been areas of strong spending last spring and summer. Spending at restaurants in December was also down amid a rise in new cases and new closures.

The Commerce Department also revised its November sales data, showing a decline of 1.4 percent, larger than the 1.1 percent drop it had previously reported.

The three months of weak consumer spending, which comprises 70 percent of the U.S. economy, adds new urgency to the $1.9 trillion economic rescue package that the incoming Biden administration proposed this week, which increase direct payments to individuals by $1,400.

JPMorgan Chase reported earnings of just over $12 billion, although the increase was attributed mostly to the newly freed funds.Credit…Justin Lane/EPA, via Shutterstock

Optimism is taking hold among the country’s largest banks. With vaccines beginning to be administered to the most vulnerable Americans and a new round of economic stimulus on the way, banks on Friday revealed that they had begun to pare back the enormous reserves they had socked away in case of an economic disaster.

“Thank God for the vaccine, folks” JPmorgan’s chief executive, Jamie Dimon, said on a call with reporters on Friday.

JPMorgan Chase, the largest U.S. bank, ended 2020 on a strong note, releasing $2.9 billion from an emergency pool of money, which helped push its profit 42 percent higher in the fourth quarter.

Citigroup and Wells Fargo also reported loosening their rainy-day funds.

Citigroup said on Friday that it had released nearly $1.5 billion, but it was not enough to raise its quarterly earnings above what it earned in the same period in 2019. The bank reported a profit of $4.6 billion on revenue of $16.5 billion. Both its revenue and its earnings were lower than they were a year earlier.

And Wells Fargo released $757 million from its reserve pool, but it said the change was driven by the sale of its student loan business rather than any reassessment of its economic outlook. The bank earned $3 billion in the fourth quarter, just slightly more than it did in the same quarter in 2019, even though its revenue fell to nearly $18 billion from $19.8 billion.

JPMorgan revealed its reserve release in a report on its fourth-quarter financial results on Friday, when it reported earnings of just over $12 billion, although the increase, from the same period last year, was attributed mostly to the newly freed funds. The bank’s revenue was 3 percent higher, at $30 billion, compared with the same quarter a year earlier.

Regular recalculations of how much money the bank would need in the event of a disaster had led to the release, Mr. Dimon said in a statement accompanying the bank’s results, but he added that there was still plenty more saved up in case a downturn occurred.

“While positive vaccine and stimulus developments contributed to these reserve releases this quarter, our credit reserves of over $30 billion continue to reflect significant near-term economic uncertainty and will allow us to withstand an economic environment far worse than the current base forecasts by most economists,” he said.

The results showed that JPMorgan’s retail customers have been buying houses and cars. Mortgages and auto loans rose 20 percent compared with a year earlier. The bank’s profit from stock trading jumped 32 percent, while earnings from trading in bonds, currencies, commodities and other products rose 15 percent from the same period a year earlier.

Citi’s earnings were hit by reduced activity by its credit card users around the world. Deposits grew in its global bank by 19 percent, but the amount it earned from card usage declined, sending overall revenue 14 percent lower. On Wall Street, Citi bested its performance a year earlier. Stock trading earnings rose 57 percent, while earnings from trading in bonds and other products increased 7 percent.

Wells Fargo’s chief executive, Charles W. Scharf, said the bank’s results, which showed significant expenses that cut into its ability to earn profits, reflected its efforts to move on from its past abusive practices. The bank has had to revamp how it monitors its operations to identify illegal or harmful activities, and has plowed significant sums into the overhaul.

“We are making progress,” Mr. Scharf said in a statement accompanying the financial results. He noted that the improved economic outlook offered an additional source of hope.

“With a more consistent, broad-based recovery, and as we continue to press forward with our agenda, we expect you will see that this franchise is capable of much more,” Mr. Scharf said.

PepsiCo joined companies that have suspended all political donations after the attack on the Capitol.Credit…Joshua Bright for The New York Times

PepsiCo announced on Thursday that it was suspending all donations from its corporate political action committee, adding to the list of dozens of companies that have come out with some sort of halt on political giving since last week’s violence at the Capitol.

“The peaceful transfer of power is a keystone of the American democratic process, and we categorically denounce the violence last week that attempted to disrupt this process,” a representative said. “In light of these events, we are suspending all political contributions while conducting a full review to ensure they align with our company’s values and our shared vision going forward.”

Pepsi’s PAC spent $140,000 this election cycle, according to the Center for Responsive Politics.

In pausing all donations, Pepsi is not going as far as companies like Walmart and Marriott, which halted donations specifically to the 147 Republicans in Congress who objected to certifying the presidential election result. It joins companies like rival Coca-Cola, along with the energy giant BP and the consulting firm EY, formerly Ernst & Young, in halting donations across the board.

The brokerage firm Charles Schwab said this week that it was shutting down its PAC, citing the divisive political environment.

“I’ve never seen the corporate PAC world react to something this uniformly and strongly,” said Kenneth Gross, a partner at the law firm Skadden who focuses on campaign finance law.

“I think there’s a sense of, ‘Let’s not overreact — but we need to do something,’” he said.

Credit…J. Scott Applewhite/Associated Press

A lawmaker in Washington is asking big banks and other financial services companies to stop processing financial transactions for people and organizations that participated in last week’s attack on the United States Capitol.

Representative Emanuel Cleaver, a Missouri Democrat who serves on the House Financial Services Committee and is chairman of its subcommittee on national security, announced on Thursday that he had written to a trade group, the Electronic Transaction Association, to request the freeze. He also asked the group, which represents companies like Visa, JPMorgan Chase and Square, to immediately stop doing business with anyone who based fund-raising campaigns off the Jan. 6 attack.

“Far-right, white-nationalist and associated domestic terror organizations pose an imminent threat to the national security of the United States and our financial system,” Mr. Cleaver wrote in a letter on Tuesday to the group’s leaders.

“Every effort should be made to identify all terror suspects involved in the attack, prevent the facilitation of further criminal activity, and to disrupt their illicit networks.”

Mr. Cleaver said that several groups, including the Proud Boys, the Boogaloo Bois and the Sons of Liberty, which had been documented as participants in the attack, had already been cut off from many mainstream fund-raising platforms, but were still using “intermediary organizations with questionable terms of service” that might in turn be doing banking and payments business with mainstream companies. He asked that the association’s members assess their “formal and informal relationships” with the groups and work to cut them off He also asked that the group respond to his request by Friday.

“We received the chairman’s letter and are preparing our response on how the payments industry is addressing illegal activity that occurred last week,” Scott Talbott, a lobbyist for the group, said in an email on Thursday.

IBM’s recommendations for government policy changes were released in response to the violence at the Capitol last week.Credit…Rick Wilking/Reuters

IBM announced a series of recommendations for government policy changes on Friday in response to last week’s riot at the Capitol. They include clearer guidance around presidential transitions, stricter rules on financial disclosures for office holders and more.

The tech giant’s advocacy is noteworthy because these issues aren’t related directly to its business and they’re not backed by a company political action committee. IBM has forbidden corporate political donations for more than a century.

“What companies should be thinking about is policy reforms, not PAC checks,” Christopher Padilla, IBM’s vice president of government and regulatory affairs, wrote on the company’s policy blog. “Rather than just suspending PAC contributions as a signal-sending exercise, what makes more sense for us, since we don’t do political contributions, is to try to reform government in a way that will prevent some of this stuff from happening in the future,” he told the DealBook newsletter.

Despite eschewing direct donations, IBM is an active lobbyist and hasn’t shied from hiring people with political ties, including most recently Gary Cohn, President Trump’s former economic adviser, as vice chairman. “IBM looks for people who bring experience and qualifications and doesn’t really look at what their political background is,” Mr. Padilla said.

Employees and shareholders expect companies to be “responsible players, Mr. Padilla said, “and that’s what we’re trying to do.” IBM employees had pressed the company to speak out following the violence in the Capitol, much like they did after George Floyd’s killing last year. Following Mr. Floyd’s death, the company called for changes to police policy and said it would get out of the facial recognition business.

Britain’s economy declined in November, the earliest signal that the country might be heading for its second round of contraction within months — a double-dip recession — because of the severity of the second wave of the pandemic and the restrictions that have been imposed on businesses and the population.

Gross domestic product dropped 2.6 percent in November, when a second lockdown was imposed across England, after six consecutive months of economic growth, according to the Office for National Statistics.

That said, the impact of this second lockdown was much less economically severe than the closures last spring, when the economy fell by more than 18 percent. The difference this time was, in part, because the restrictions were looser and more businesses had adapted: schools remained open, more people could go to their workplaces and many retail and hospitality businesses had added delivery and pickup services. The construction and manufacturing sectors of the economy were the only ones that grew in November, but the overall decline was smaller than most economists had forecast.

Still, the economic recovery that many thought would come once vaccinations began has been postponed, at least until the spring. Much of Britain is under a third lockdown (longer and stricter than the second), as a more contagious variant of the virus has strained the health care system, and economists are forecasting the economy to contract in the first quarter of 2021.

Trade disruptions created by Britain’s exit from the European Union’s single market and customs union, including delays, lost business, and the halting of some services, is also expected to weigh on the economy in the first few months of the year.

“We should expect the economy to get worse before it gets better,” Rishi Sunak, the chancellor of the Exchequer, said in Parliament on Monday. The next day, Andrew Bailey, the governor of the central bank, said the economy was facing its “darkest hour” and that it was in “a very difficult period.”

A Disneyland parking lot was used as a vaccination site on Wednesday. The resort has been closed for 10 months because of the pandemic.Credit…Mario Tama/Getty Images

Disneyland, which has been closed for 10 months because of California’s strict approach to coronavirus safety, alerted annual passholders that it was ending the popular program, which it started offering to hard-core customers in the 1980s.

The Walt Disney Company said it would begin issuing prorated refunds in the coming days. Annual passes to Disneyland were most recently $419 to $1,449, depending on access and perks.

Disney declined to say how many people were enrolled. The Orange County Register estimated in 2018 that Disneyland sold “hundreds of thousands” annual passes a year.

In part, the program is ending because Disney expects pent-up demand — from passholders and day guests alike — to far outstrip capacity when the attractions eventually reopen. Walt Disney World in Florida returned in July and has been running at 35 percent capacity since the fall.

In a letter to passholders, Ken Potrock, president of the Disneyland Resort, cited uncertainty about the duration of the pandemic and “expected restrictions around the reopening of our theme parks.”

“We plan to use this time while we remain closed to develop new membership offerings,” he said. He gave no update on when Disneyland might reopen.

Disneyland typically attracts more than 18 million visitors per year; an adjacent Disney theme park in Anaheim, Calif., draws 10 million. Total revenue in 2019 stood at roughly $3.8 billion, according to analysts.

  • Stocks drifted lower on Friday, as the initial enthusiasm about President-elect Joseph R. Biden Jr.’s $1.9 trillion spending plan to address the impact of the pandemic gave way to some second thoughts about the cost of all that borrowing.

  • Still, as has been the case all week, the moves were relatively small. The S&P 500 fell less than half a percent in early trading.

  • Mr. Biden said Thursday night that his plan would address the “real pain overwhelming the real economy,” with money to quicken the rollout of the coronavirus vaccine, help for state and local governments to address budget shortfalls, more generous jobless benefits and direct payments of $1,400 to individuals.

  • As virus cases keep climbing in many parts of the world, anticipation of Mr. Biden’s spending plans have helped keep stock benchmarks in the United States close to record levels.

  • Those gains have come even as fresh data shows the economic damage being done by the pandemic. On Thursday, it was that more than one million people in the United States filed for unemployment benefits last week. On Friday, the Commerce Department said retail sales fell for a third-straight month in December, despite the holiday shopping season.

  • But investors are also looking closely at the enormous amount of borrowing that will be necessary to finance Mr. Biden’s proposal. Already, Treasury bonds have sunk in value, and their yields risen. As yields inch up, borrowing costs will rise. That has also raised concerns about tax increases to help underwrite Mr. Biden’s proposal.

  • The benchmark Stoxx Europe 600 was 0.6 percent lower on Friday, and the FTSE 100 in Britain lost 0.7 percent.

  • Oil prices stumbled, with Brent crude, the international benchmark, falling 1.6 percent, and West Texas Intermediate down 1.4 percent.

Fannie Mae and Freddie Mac effectively guarantee roughly half of all mortgages in the United States against default.Credit…Steven Senne/Associated Press

The Treasury Department said it would allow Fannie Mae and Freddie Mac, the two government-controlled mortgage finance firms, to retain more of their profits to guard against future risks in the housing market.

The plan is part of an effort to enable Fannie and Freddie to leave government control — although neither the Treasury nor the Federal Housing Finance Agency, which regulates both firms, expect that to happen anytime soon.

Both firms have been in a government conservatorship since September 2008, when Treasury officials in the Bush administration had to step in with a $187 billion bailout in the early days of the financial crisis. Today, they effectively guarantee roughly half of all mortgages in the United States against default, which helps keep a lid on the interest rate for a traditional 30-year mortgage.

The Treasury and the F.H.F.A. said in a joint statement that the conservatorship was not meant to be indefinite and that federal officials had developed a “blueprint” for privatizing the firms. That blueprint foresees Fannie and Freddie both being able to sell stock to raise capital at some later date.

But the conservatorship, which has already spanned parts of three presidencies, will now be overseen by the Biden administration. That means a new Treasury secretary, and it may soon mean a new F.H.F.A. director.

Mark Calabria, who took over the agency in 2019, has long favored a plan to end the conservatorship. But a case pending before the Supreme Court could allow the president to replace him without waiting for Mr. Calabria’s five-year term to expire.

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Business

World Enterprise Information: Dwell Market Updates

Here’s what you need to know:

Credit…Bryan Denton for The New York Times

New claims for state unemployment benefits sharply increased last week as the resurgent coronavirus pandemic continued to batter the economy.

A total of 1.15 million workers filed initial claims for state unemployment benefits during the first full week of the new year, the Labor Department said. Another 284,000 claims were filed for Pandemic Unemployment Assistance, an emergency federal program for 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 965,000.

Economists had been bracing for a fresh wave of claims as the virus batters the service industry. The government reported last week that the economy shed 140,000 jobs in December, the first drop in employment since last spring’s steep losses, with restaurants, bars and hotels recording steep losses.

“We know that the pandemic is worsening, and with the jobs report last Friday, we can see that we’re in a deep economic hole and digging in the wrong direction,” said Daniel Zhao, senior economist with the career site Glassdoor.

The labor market has rebounded somewhat since the initial coronavirus wave in the spring. But of the 22 million jobs that disappeared, nearly 10 million remain lost.

“Compared to then, we are doing better,” said AnnElizabeth Konkel, an economist at the career site Indeed, referring to the spring. “But compared to the pre-Covid era, we still have so far to go.”

Still, economists and analysts see better times ahead. As more people are vaccinated, cases will begin to fall, which will ease restrictions on businesses and could lead to a resurgence in consumer activity, helping to revive the service industry.

Perhaps more immediately, President-elect Joseph R. Biden Jr. has pledged to put forward a stimulus package that would provide relief to individuals, small businesses, students, schools and local governments.

“It is a sad byproduct of the current political climate that some now resort to using questionable tactics and misleading claims to attack companies like ours,” Charles Schwab said in a statement on Wednesday.Credit…Steve Dykes/Getty Images

Charles Schwab will shut down its political action committee, perhaps the most significant move among companies rethinking their political donations after last week’s violence in the Capitol.

Schwab said it found the current “hyperpartisan” environment too complex to navigate without risk of distraction. “We believe a clear and apolitical position is in the best interest of our clients, employees, stockholders and the communities in which we operate,” the company said on Wednesday.

The company’s PAC will no longer take contributions from employees or make financial contributions to lawmakers. It will donate the leftover funds to Boys & Girls Clubs of America and to historically Black colleges and universities, organizations that Charles Schwab has supported in the past.

The Lincoln Project, a group of anti-Trump conservatives, had featured Charles Schwab in a recent campaign highlighting companies that donated to President Trump or to Republicans in Congress who voted against certifying President-elect Joseph R. Biden Jr.’s victory.

“It is a sad byproduct of the current political climate that some now resort to using questionable tactics and misleading claims to attack companies like ours,” the statement said, an apparent reference to the campaign. “It is unfair to knowingly blur the lines between the actions of a publicly held corporation and those of individuals who work or have worked for the company.”

The company’s billionaire chairman, Charles R. Schwab, has personally given millions to pro-Trump and Republican groups, far more than the company’s PAC. “Every individual in our firm has a right to their own, individual political beliefs and we respect that right,” the company said in its statement.

After the riot at the Capitol, a number of companies, including Goldman Sachs and JPMorgan Chase, paused corporate giving. Others, such as Walmart and Marriott, have said they will halt donations only to the 147 Republicans in Congress who objected to certifying the presidential election result. In a survey of 40 C.E.O.s from major corporations at a meeting on Wednesday held by Yale’s Jeffrey Sonnenfeld yesterday, nearly 60 percent said that companies shouldn’t stop all political donations.

Charles Schwab said in its statement that it was confident its “voice will still be heard in Washington” even without a PAC, noting that it is a “major employer in a dozen metropolitan centers.” Other companies that do not have a PAC, like IBM, have said they do not think a lack of one puts them at a political disadvantage.

Luca de Meo, the chief executive of Renault, said the carmaker would go from “simply surviving the storm to putting the company in better shape than it has ever been before.”Credit…Benoit Tessier/Reuters

The French carmaker Renault, saying it does not expect auto sales to bounce back quickly from the pandemic, announced a plan on Thursday to survive and make money while selling fewer cars and shifting emphasis to electric vehicles.

The plan presented by Luca de Meo, who took over as Renault’s chief executive in July, is a sharp departure from the strategy pursued by Carlos Ghosn, the former chief executive of Renault’s alliance with Japanese automakers Nissan and Mitsubishi.

Mr. de Meo implicitly criticized Mr. Ghosn during an online briefing for journalists and analysts on Thursday, saying that Renault had “too many layers, too many silos, too many shared responsibilities. All that mattered were size and volumes.”

Under the new plan, Renault will cut production capacity, reduce the number of models it offers and simplify manufacturing by increasing the number of parts shared among vehicles. For example, all gasoline vehicles will use the same basic engine.

Mr. de Meo said his aim was to avoid job cuts beyond those already planned. The French government is a big shareholder in the company, and has resisted job cuts in the past.

“We are also here to protect the work of people,” Mr. de Meo told reporters during a conference call. “We have so many opportunities to get rid of other costs.”

During a brutal period for the auto industry, Renault was among the hardest hit. The company said Tuesday that sales fell more than 20 percent in 2020, to less than three million vehicles.

“We are not betting on a strong recovery,” Clotilde Delbos, the Renault chief financial officer, said during the presentation. “Cost reduction will be the strongest lever for our improvement.”

Electric cars are among Renault’s few bright spots. Sales of the Zoe, a two-door battery powered hatchback, doubled in 2020 despite the pandemic. The Zoe displaced the Tesla Model 3 as the best-selling electric car in Europe. However, at around 20,000 euros after subsidies, or $24,000, the Zoe costs half as much as the Model 3 and is likely to be less profitable.

Mr. de Meo mentioned Renault’s troubled but essential alliance with Japanese carmakers Nissan and Mitsubishi only in passing. But at the end of the video presentation, Makoto Uchida, the chief executive of Nissan, made an appearance to say that he endorsed the Renault plan.

“I’m happy to see Renault back on the path to profitability,” Mr. Uchida said.

  • Wall Street was poised for a small gain on Thursday and shares in Europe were modestly higher as investors anticipated President-elect Joseph R. Biden Jr.’s announcement of a multitrillion-dollar spending plan to counter the coronavirus’s impact on the U.S. economy.

  • Mr. Biden’s plan is expected to have an initial focus on expanding the country’s vaccination program and virus testing capacity, Jim Tankersley reports.

  • Mr. Biden is to provide details in a speech Thursday evening in Delaware, hours after the latest tally of weekly unemployment claims showed a sharp rise in newly unemployed workers in the United States. Hiring remains dreadful in the U.S. economy, with employers recording a net loss of 140,000 jobs in December. Last spring, as the pandemic arrived in the United States, 22 million jobs disappeared. Nearly 10 million remain lost.

  • European markets were gaining, with the benchmark Stoxx Europe 600 up 0.5 percent in late-morning trading. The CAC 40 in France was 0.3 percent higher and the DAX in Germany gained 0.5 percent.

  • The latest data from China shows a humming economy. Exports rose 18 percent in December from a year earlier, reflecting global demand for work-from-home devices. Imports also increased, 6.5 percent from a year earlier, a sign of a strengthening consumer economy inside the country.

  • China will probably be the only major economy to have grown in 2020. Germany’s economy, usually regarded as Europe’s strongest, reported a 5 percent contraction in 2020.

Hong Kong police officers carrying a flag in July to warn protesters about actions that violate the new national security law.Credit…Lam Yik Fei for The New York Times

Hong Kong Broadband Network said in a statement on Thursday that it had taken steps to block access to a website that featured the personal information of police officers, the first full website censorship under Hong Kong’s expansive national security law.

The site, which featured personal information about the police and pro-establishment figures in the Chinese city, first faced partial blocks in Hong Kong on Jan. 6. A technical analysis by The New York Times showed the territory’s internet service providers appeared to be interfering with access to the site.

Hong Kong Broadband, one of the city’s largest internet service providers, said it cut access to the site on Jan. 13 “in compliance with the requirement issued under the national security law.”

In the past, Hong Kong’s government had a separate process, which included issuing court orders, to go after content deemed illegal online. But the purge of the website happened without any warning or official legal notification, according to Naomi Chan, the 18-year-old high-school student who created the site.

The disruption raises the prospect that Hong Kong, long a bastion of internet freedom on the border with China’s closely censored internet, could fall under the shadow of the mainland’s Great Firewall, which blocks foreign internet sites like Google and Facebook.

Since the national security law was put in place over the summer, the police have turned to harsh digital investigative tactics reminiscent of those used by security forces in China, including hanging cameras outside the doors of politicians and forcing arrestees to give them access to smartphones.

The law was prompted by sometimes violent antigovernment protests in 2019, which alarmed Communist Party leaders in Beijing. The Chinese government has since used the law to tighten its grip on the former British colony, which operates under its own laws and has long enjoyed some degree of autonomy, including freedom of speech.

A mock-up from the Commons Project of what a digital vaccine credential might look like.

Airlines, workplaces and sports stadiums may soon require people to show their coronavirus vaccination status on their smartphones before they can enter.

A coalition of leading technology companies, health organizations and nonprofit groups — including Microsoft, Oracle, Salesforce, Cerner, Epic Systems and the Mayo Clinic — announced on Thursday morning that they were developing technology standards to enable consumers to obtain and share their immunization records through health passport apps.

“For some period of time, most all of us are going to have to demonstrate either negative Covid-19 testing or an up-to-date vaccination status to go about the normal routines of our lives,” said Dr. Brad Perkins, the chief medical officer at the Commons Project Foundation, a nonprofit organization in Geneva that is a member of the vaccine credential initiative.

That will happen, Dr. Perkins added, “whether it’s getting on an airplane and going to a different country, whether it’s going to work, to school, to the grocery store, to live concerts or sporting events.”

Vaccine passport apps could fill a significant need for airlines, employers and other businesses.

In the United States, the federal government has developed paper cards that remind people who receive coronavirus vaccinations of their vaccine manufacturer, batch number and date of inoculation. But there is no federal system that consumers can use to get easy access to their immunization records online and establish their vaccination status for work or travel.

A few airlines, including United Airlines and JetBlue, are already trying out Common Pass, a health passport app from the Commons Project. The app enables passengers to retrieve their coronavirus test results from their health providers and then gives them a confirmation code allowing them to board certain international flights. The vaccination credentialing system would work similarly.

Most applicants for Paycheck Protection Program loans can borrow up to 2.5 times their monthly payroll. Some lodging and food services businesses can borrow 3.5 times their payroll.Credit…Mohamed Sadek for The New York Times

After giving small lenders a head start, the Paycheck Protection Program will open for all applicants on Tuesday, the Treasury Department said on Wednesday.

The stimulus package passed last month included $284 billion in funding to restart the small-business relief effort, which made $523 billion in loans last year to 5.2 million recipients. The new funding will be available both to first-time applicants and to some returning borrowers.

Borrowers seeking a second loan will need to demonstrate a 25 percent drop in gross receipts between comparable quarters in 2019 and 2020. Second loans will also be limited to companies with 300 or fewer workers, and the amounts will be capped at $2 million.

First- and second-time applicants can borrow up to 2.5 times their monthly payroll. (Those in the lodging and food service business who are seeking a second loan can borrow 3.5 times their payroll, a concession to the devastation those industries have faced.) The loans — which are made by banks but backed by the federal government — can be forgiven if borrowers spend least 60 percent of the money paying workers and use the rest on other allowable expenses.

Starting Tuesday, loans will be available from thousands of lenders, including national banks like Bank of America, JPMorgan Chase and Wells Fargo; most regional banks; and financial technology companies like PayPal.

Some smaller lenders have already gotten started. Community Development Financial Institutions, Minority Depository Institutions and Certified Development Companies — specially designated lenders that focus on underserved populations, including Black- and minority-owned businesses — were allowed to start taking loan applications this week. And on Friday, lenders with $1 billion or less in assets will be allowed to start submitting applications.

The Small Business Administration, which manages the program, has not said how many applications it has already received. Unlike the first round, when the agency approved loans instantaneously, approvals will now take at least a day because of new fraud safeguards the agency has adopted.

Brian Brooks, who warned that requiring customers to wear masks during the pandemic could lead to more bank robberies, is stepping down as the country’s top bank regulator, according to an announcement on Wednesday.

Mr. Brooks has served as acting comptroller of the currency since late May. As of Thursday night, Blake Paulson, a career employee of the Office of the Comptroller of the Currency, will take over.

“It has been an honor to serve the United States as acting comptroller,” Mr. Brooks said in a statement. “I am extremely proud of what we have accomplished.”

In the months after he took over the agency following the departure of Joseph Otting, Mr. Brooks rushed to enact a number of changes, including one that would prohibit banks from cutting off credit to the fossil fuel industry and another establishing guidelines for how banks could measure their activities in low-income and minority neighborhoods as required under an anti-redlining law.

Until recently, Mr. Brooks was in line for his job to be made permanent. Despite having already lost the 2020 election, President Trump said on Nov. 17 that he intended to nominate Mr. Brooks to become the comptroller for a five-year term.

But the chances for Mr. Brooks to be confirmed during the lame-duck period of Mr. Trump’s presidency were low, and the Georgia runoff elections have given Democrats control of both chambers of Congress.

Advisers to President-elect Joseph R. Biden Jr. had already begun vetting candidates to replace him after Mr. Biden takes over next week.

Erna Solberg, the prime minister of Norway, on a tour of New York Harbor in 2019 to discuss Equinor’s wind farm project for New York State. This week Equinor and BP were chosen for two more wind projects.Credit…Gabriela Bhaskar for The New York Times

Gov. Andrew M. Cuomo of New York has picked two European giants, Norway’s Equinor and BP, to supply the state with clean electricity from wind turbines planted on two large tracts in the Atlantic.

Offshore wind developers are attracted to the East Coast of the United States because of the availability of shallow water sites suitable for wind farms and the proximity of major electric power consuming centers like New York and Boston.

Until recently, offshore wind was largely a European industry but it has gained interest elsewhere as larger turbines and other innovations have brought down costs.

The deal will bring investment of nearly $9 billion, according to a news release from the state government. One of the sites is 20 miles off the south shore of Long Island, and the other is about the same distance south of Nantucket. The projects are expected to produce power late in this decade.

Equinor had already reached a $3 billion offshore power deal with New York in 2019. That wind farm plus the two just announced will have generating capacity sufficient to power 1.8 million homes.

For European oil companies like Equinor, the former Statoil, offshore wind projects provide opportunities to invest billions of dollars to advance their agenda of shifting away from oil and gas toward cleaner energy. Equinor moved early to acquire rights to ocean acreage off the United States and last year agreed to sell a 50 percent stake in its U.S. business to BP for $1.1 billion.

Equinor, other companies and the state will invest $644 million in a port in South Brooklyn and other facilities for constructing and servicing the wind farms, according to the news release.

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Business

Inventory Markets Stay Calm, Regardless of Turmoil Elsewhere: Reside Updates

Recognition…Hunter Kerhart for the New York Times

Hoping to catch up with the growing demand for fast delivery of goods amid the pandemic, airports are building new hubs for air freight companies.

Since the pandemic began almost a year ago, 15,000 fewer people are arriving and departing from the Cincinnati / Northern Kentucky International Airport, known as CVG, every day. However, the four runways carry a record amount of air cargo – almost 4,000 tons per day. Keith Schneider writes for the New York Times that a new construction project will become the center of Amazon Air’s national air transport network.

The new facility, which is located on 640 hectares along the southern border of the airport, is due to open in the fall. It will offer a 798,000 square meter sorting center, a seven-story parking structure and acres of freshly poured concrete for 20 aircraft.

The new building is a signal of Amazon’s influence as the largest online retailer and its commitment to fast delivery. Both have helped create a wave of air cargo construction at airports across the United States.

  • FedEx, the world’s largest air freight company, has just opened a 50-acre project at Ontario International Airport in Southern California.

  • Ted Stevens Anchorage International Airport, the second largest air cargo airport in the US after Memphis International Airport, is planning new facilities for cargo and parcel handling and sorting worth US $ 500 million.

  • Chicago Rockford International is building a 90,000 square foot cargo facility. As soon as the airport opens in spring, it will start another 100,000 square meter freight project for DB Schenker, Emery Air and Senator International.

“Freight traffic is now driving new demand in airports,” said Rex J. Edwards, industry analyst and vice president of Campbell-Hill Aviation Group, a consulting firm in Northern Virginia. “That’s the development of business now.”

Recognition…Nicholas Albrecht for the New York Times

Of the existing 18.5 million Bitcoin, around 20 percent – currently valued at around $ 140 billion – appear to be in lost or otherwise stranded wallets, according to cryptocurrency data company Chainalysis. Wallet Recovery Services, a company that helps find lost digital keys, said it received 70 requests a day from people seeking help recovering their wealth, three times as many as a month ago.

The unusual nature of cryptocurrency has left many people locked out of their Bitcoin fortune due to lost or forgotten keys. They had to watch helplessly as the price rose and fell sharply and could not benefit from their digital wealth.

Bitcoin owners locked out of their wallets speak of endless days and nights of frustration as they tried to gain access to their wealth. Many have owned the coins since Bitcoin’s inception a decade ago when no one trusted that the tokens would be worth anything.

The dilemma is a stark reminder of Bitcoin’s unusual technological foundations that set it apart from ordinary money and give it some of its most vaunted – and riskiest – properties. With traditional bank accounts and online wallets, banks like Wells Fargo and other financial firms like PayPal can provide users with the passwords for their accounts or reset lost passwords.

Bitcoin doesn’t have a company that provides or stores passwords. However, the structure of this system did not take into account how difficult it is for people to remember and secure their passwords.

“Even sophisticated investors have been unable to manage private keys at all,” said Diogo Monica, co-founder of a start-up called Anchorage, which helps companies manage the security of cryptocurrencies. Mr Monica founded the company in 2017 after helping a hedge fund regain access to one of their Bitcoin wallets.

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World News

Covid-19 Vaccine, Instances Reside Updates: The Newest International Information

Here’s what you need to know:

Credit…Christopher Occhicone for The New York Times

The Trump administration, in a major policy shift aimed at accelerating lagging distribution of the coronavirus vaccine, announced on Tuesday that it would release all available doses and instructed states to immediately begin vaccinating every American 65 and older, as well as tens of millions of adults with health conditions that put them at higher risk of dying from the virus.

The announcement, by Health Secretary Alex M. Azar II and other top federal health officials, came amid continuing complaints about the pace of the vaccine rollout. Mr. Azar warned that states will lose their allocations if they don’t use up doses quickly, and that starting in two weeks, how many each state receives will be based on the size of its population of people 65 and older.

Precisely how that will work is unclear; in two weeks, President-elect Joseph R. Biden Jr. will already have been sworn in as president. Mr. Azar said the incoming Biden administration would be briefed on the changes, though he added that Americans “operate with one government at a time, and this is the approach that we believe best fulfills the mission.”

The new distribution plan, first reported Tuesday morning by Axios, is a reversal for the administration, which had been holding back roughly half of its vaccine supply — millions of vials — to guarantee that second doses would be available. Mr. Azar said the administration always expected to make the shift when it was confident in the supply chain. Both vaccines authorized in the United States so far require two doses: 21 days apart for the one developed by Pfizer and BioNTech, and 28 days apart for the one from Moderna.

“This next phase reflects the urgency of the situation we face,” he said.

Just days ago, Mr. Azar and officials from Operation Warp Speed, the administration’s fast-track vaccine initiative, criticized aides to Mr. Biden for announcing a similar plan. Mr. Azar said at the time that releasing nearly all of the doses, as the Biden team proposed, would jeopardize the “system that manages the flow, to maximize the number of first doses, but knowing there will be a second dose available.”

He called any proposed changes an “untenable position.”

Health officials also recommend that the vaccines be given to all adults with pre-existing conditions that make them more likely to develop serious illness from the virus, such as diabetes, chronic lung or heart disease, high blood pressure and cancer. Before the change, the vaccines were largely being distributed to people in the highest-risk categories, including frontline health care workers and older people in nursing homes.

In addition to the eligibility changes, health officials are also adding more community centers and pharmacies to the list of places where people can be vaccinated.

Mr. Azar’s new directive threatens to create more confusion in states that had already articulated different plans for who should receive the vaccine next. As of Monday, about 9 million people have received at least one dose of a Covid-19 vaccine, according to the Centers for Disease Control and Prevention, far short of the federal government’s original goals. At least 151,000 people in the United States have been fully vaccinated, as of Jan. 8, according to a New York Times survey of all 50 states. More than 375,000 people have died related to the virus and in recent days, the number of daily deaths in the country has topped 4,000.

Instead of holding back vaccine doses all existing doses will be now sent to states to provide initial inoculations. Second doses are to be provided by new waves of manufacturing.

The idea of using existing vaccine supplies for first doses has raised objections from some health workers and researchers, who worry that frontloading shots will raise the risk that second injections will be delayed. Clinical studies testing the vaccines showed the shots were effective when administered in two-dose regimens on a strict schedule. And while some protection appears to kick in after the first shot, experts remain unsure of the extent of that protection, or how long it might last without the second dose to boost its effects.

But others have vocally advocated for explicit dose delays, arguing that more widely distributing the partial protection afforded by a single shot will save more lives in the meantime.

The new recommendations come after some states have already begun vaccinating people 65 and older, leading to long lines and confusion over how to get a shot. Health experts and officials have faced difficult choices as they decided which groups would be prioritized in the vaccine rollout. While the elderly have died of the virus at the highest rates, essential workers have borne the greatest risk of infection, and the category includes many poor people and people of color, who have suffered disproportionately high rates of infection and death.

Despite the bumpy rollout, Gov. Ron DeSantis of Florida, who prioritized people 65 and older from the start, said he believed making all older people eligible was always the right thing to do.

The initial guidelines “would have allowed a 20-year-old healthy worker to get a vaccine before a 74-year-old grandmother,” he said on Tuesday at a news conference in the sprawling retirement community of The Villages. “That does not recognize how this virus has affected elderly people.”

In New York, which began vaccinating people 75 and older and more essential workers this week, Gov. Andrew M. Cuomo said that the state will accept the new federal guidance to prioritize those 65 and older, though he criticized the administration for not clearly defining who should be considered “immunocompromised.”

The new guidance will make more than 7 million New Yorkers eligible for the vaccine, Mr. Cuomo said, though the state only receives 300,000 doses a week.

“The federal government didn’t give us an additional allocation,” he said. “At 300,000 per week, how do you effectively serve 7 million people, all of whom are now eligible, without any priority?”

New Yorkers 65 and older are immediately able to schedule appointments on the state’s website, according to Melissa DeRosa, a top Cuomo aide, who added that the state was working with the C.D.C. on who is considered immunocompromised.

New guidelines released on Monday by the Centers for Disease Control and Prevention now note that while people should get their second shots “as close to the recommended 3-week or 1-month interval as possible,” there is “no maximum interval between the first and second doses for either vaccine.”

The update perplexed experts, who said that while other, previously licensed vaccines that involve multiple doses can be administered months or even years apart, no evidence yet exists to clearly support this strategy for Covid-19. “They will need to back this up with data,” said Marion Pepper, an immunologist at the University of Washington.

Dr. Leana Wen, an emergency physician at the George Washington School of Public Health, echoed the call for an explanation. With skepticism of vaccines already hindering the rollout of some shots, “the last thing we want to do is give the impression that there are shortcuts being taken in the approval process.”

Health officials in Britain are now allowing intervals between the first and second doses of Pfizer’s vaccines of up to 12 weeks. Last week, the World Health Organization said the injections could be given up to six weeks apart. The agency’s Strategic Advisory Group of Experts on Immunization “considers the administration of both doses within 21 to 28 days to be necessary for optimal protection,” said Saad Omer, a vaccine expert at Yale University who helped draft the WHO’s position on the matter.

In response to queries about dose delays, representatives from Pfizer and Moderna have repeatedly pointed to the company’s clinical trials, which tested dosing regimens of two shots, separated by 21 days for Pfizer, and 28 days for Moderna.

“Two doses of the vaccine are required to provide the maximum protection against the disease, a vaccine efficacy of 95 percent,” Steven Danehy, a spokesman for Pfizer, said earlier this month. “There are no data to demonstrate that protection after the first dose is sustained after 21 days.”

United States › United StatesOn Jan. 11 14-day change
New cases 222,902 +37%
New deaths 2,048 +48%
World › WorldOn Jan. 11 14-day change
New cases 625,815 +32%
New deaths 10,307 +28%

Where cases per capita are
highest

A coronavirus testing site in a shopping center parking lot in southern Los Angeles last week.Credit…Philip Cheung for The New York Times

California is trying to speed up its vaccination efforts, which have lagged amid the state’s struggle with a weekslong deluge of coronavirus cases that has led to some of the most dire consequences in the country.

Emergency rooms have had to shut their doors to ambulances for hours at a time. Nearly one in 10 people has tested positive for the virus in Los Angeles County, the nation’s most populous. And a surge of hospitalizations has caused problems for the oxygen delivery and supply system used by medical facilities.

Over the past week, an average of 480 people daily have died of Covid-19 in the state, according to a New York Times database.

Gov. Gavin Newsom said on Monday that California would employ an “all-hands-on-deck approach” to ramp up vaccinations.

The approach includes transforming Dodger Stadium from one of the nation’s biggest and most visible Covid-19 testing sites into a mass vaccination center. Petco Park, where the San Diego Padres play, and the state fairgrounds in Sacramento are also being set up as vaccination sites, the governor said.

The Orange County board of supervisors said on Monday that the county’s first of five planned “super” vaccination sites would open this week at the Disneyland Resort in Anaheim, which has been closed for much of the pandemic. Vaccinations will be available by appointment to everyone in “Phase 1a,” which includes frontline health care workers, paramedics, dentists and pharmacists.

Los Angeles County opened vaccine eligibility to a wider group of health care workers on Monday, allowing workers in facilities like primary care clinics, Covid-19 testing centers, laboratories, pharmacies and dental offices, as well as those who work with people who are homeless, to be vaccinated.

Previously, workers in hospitals and long-term-care facilities were prioritized. But as The Los Angeles Times reported, large numbers of health care workers in Los Angeles and Riverside Counties were declining to be inoculated.

And relatively few people in California have gotten vaccine doses, compared with other places: Only 2 percent of the state’s population has received a vaccine, according to a New York Times database; 782,638 doses out of the more than 2.8 million that the state has received have been administered.

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Newsom Broadens Who Can Administer Vaccines

Gov. Gavin Newsom of California described an “all-hands-on-deck approach” that will allow a wider range of health care workers, including pharmacists and dentists, to administer the coronavirus vaccine.

We are sending an urgent call across the spectrum, our health care partners, our legislative partners, as well as labor and business partners up and down the state, this notion of an all-hands-on-deck approach to accelerate the equitable and safe distribution of vaccines. Again, we’re not losing sight of the issue of equity. We’re not losing sight of the imperative to prioritize the most vulnerable and the most essential. So that’s why we talk about our special efforts to vaccinate the vaccinators as part of an all hands on deck — the slide that represents the number of categories of individuals and groups that can currently vaccinate. And you can see the myriad of different registered nurses, physician assistants and the like. But we recognize more folks need to have that ability. And that’s why you recall a week or so ago, we talked about our efforts on pharmacists and pharm techs. We’re seeing more and more paramedics partnering with the counties. Local health officers are encouraging this and we are very supportive of EMTs as this local option for additional vaccinators to help administer these vaccines faster.

Video player loadingGov. Gavin Newsom of California described an “all-hands-on-deck approach” that will allow a wider range of health care workers, including pharmacists and dentists, to administer the coronavirus vaccine.CreditCredit…Alex Welsh for The New York Times

Dr. Mark Ghaly, California’s secretary of health and human services, said at a news conference on Monday that the state was working to distribute vaccines to those who need them and want them — without allowing wealthy people to cut the line.

Mr. Newsom said the state was allowing a broader range of workers to administer vaccines, including pharmacists and dentists, and was rolling out a public awareness campaign in 18 languages.

“People have said, ‘Well, what about sending in the National Guard?’” he said of the groups administering vaccines. “Well, we have the National Guard out there.”

He also said there were urgent efforts to “vaccinate the vaccinators.”

Representative Brad Schneider, Democrat of Illinois, speaking in Washington last year.Credit…Samuel Corum/Getty Images

Three Democratic members of Congress have tested positive for the coronavirus, and say they believe their infections are linked to their time spent in a secure location with colleagues who did not wear masks during last week’s siege of the U.S. Capitol.

Representative Brad Schneider, Democrat of Illinois, said he received a positive test result Tuesday morning after driving home to Illinois, and that he did not have symptoms. Like Representatives Bonnie Watson Coleman of New Jersey and Pramila Jayapal of Washington, two Democrats who had announced positive tests on Monday, he directly blamed a group of House Republicans who refused to wear masks while sheltering in a secure location during the Capitol siege.

“Today, I am now in strict isolation, worried that I have risked my wife’s health and angry at the selfishness and arrogance of the anti-maskers who put their own contempt and disregard for decency ahead of the health and safety of their colleagues and our staff,” Mr. Schneider said.

He called for lawmakers who ignore public health guidance to be sanctioned “and immediately removed from the House floor by the Sergeant-at-arms for their reckless endangerment of their colleagues.”

Capitol Hill has long struggled to contain the spread of the virus, and within hours of the beginning of the 117th Congress on Jan. 3, lawmakers began announcing positive test results.

Now lawmakers, aides, police officers and reporters who fled to secure locations during the siege have been warned that they might have been exposed to the virus while sheltering from the mob.

On Sunday, Representative Chuck Fleischmann, Republican of Tennessee, who was also in protective isolation at the Capitol during the siege, said that he had tested positive for the virus after being exposed to his roommate, Representative Gus Bilirakis of Florida, also a Republican.

Mr. Fleischmann told the local news station WRCB that he was notified Wednesday that Mr. Bilirakis had tested positive, but did not receive the notification amid the riot. He said he did not know how many other lawmakers he had come in contact with.

Democrats, already frustrated by resistance from their Republican colleagues to wearing masks, accused maskless Republicans in the secure House location of reckless indifference.

“It angers me when they refuse to adhere to the directions about keeping their masks on,” Ms. Watson Coleman said in an interview. “It comes off to me as arrogance and defiance. And you can be both, but not at the expense of someone else.”

Ms. Jayapal said on Twitter that she had tested positive “after being locked down in a secured room at the Capitol where several Republicans not only cruelly refused to wear a mask but recklessly mocked colleagues and staff who offered them one.”

Ms. Jayapal, who said she had begun quarantining immediately after the siege on the Capitol, also said that any member of Congress who did not wear a mask should be removed from the floor by the sergeant-at-arms and fined.

“This is not a joke,” she said in a statement. “Our lives and our livelihoods are at risk, and anyone who refuses to wear a mask should be fully held accountable for endangering our lives because of their selfish idiocy.”

Dustin Johnson teeing off the 17th tee during round two at the Masters golf tournament in Augusta, Ga., in November.Credit…Doug Mills/The New York Times

This year’s Masters tournament in April will be attended by a limited number of spectators, the Augusta National Golf Club announced Tuesday. The club, which prohibited fans from the event two months ago, did not specify how many fans would be allowed in 2021, adding that spectators would be permitted if “it can be done safely.”

The 2020 Masters was postponed from its usual April date to November because of the coronavirus pandemic and was contested with protocols that included virus testing before the event for all players, caddies, club members, staff and other personnel, including a reduced number of media members.

Fred Ridley, the club chairman, said in a statement issued Tuesday that similar health standards would be instituted for this year’s tournament, which is scheduled to be contested from April 8 to 11. The club, based in Augusta, Ga., made the announcement as the state reported 16 new coronavirus deaths and 7,957 new cases on Jan. 11. Over the past week, there has been an average of 9,604 cases per day, an increase of 55 percent from the average two weeks earlier.

“Following the successful conduct of the Masters Tournament last November with only essential personnel, we are confident in our ability to responsibly invite a limited number of patrons to Augusta National in April,” Ridley said. “As with the November Masters, we will implement practices and policies that will protect the health and safety of everyone in attendance.”

The Augusta National statement said the club was in the process of communicating with all ticket holders and that refunds will be issued to those patrons not selected to attend.

Commuters at Shinjuku station in Tokyo last week.Credit…Noriko Hayashi for The New York Times

Another new coronavirus variant has been detected in four people who traveled to Japan from Brazil.

Japan’s health ministry said that the people who arrived this month at Tokyo’s Haneda Airport had tested positive for the coronavirus and that it was a separate variant with similarities to those detected in Britain and South Africa. It is also distinct from another variant recently identified in Brazil, according to experts who have analyzed the data.

Makoto Shimoaraiso, an official with Japan’s Cabinet Secretariat and Office for Covid-19 Preparedness and Response, said on Tuesday that the country was consulting with the World Health Organization.

It is not unusual for viruses to accumulate mutations or for new variants to emerge. But scientists are calling for greater surveillance of variants, particularly after those from Britain and South Africa proved to be more contagious.

Mr. Shimoaraiso said epidemiologists were not sure whether the variant identified in Japan was more infectious or likely to cause more severe illness.

According to Japan’s health ministry, one of the passengers infected with the new variant, a man in his 40s, was admitted to a hospital after having breathing difficulties. Of the other cases, a woman in her 30s and a teenage boy are experiencing sore throats and fever, and a teenage girl is asymptomatic.

London last week. A coronavirus variant that emerged in Britain has been found in about 50 countries.Credit…Andrew Testa for The New York Times

In recent weeks, scientists have raised concerns about a coronavirus variant first detected in December in South Africa, noting that this version of the virus may spread more quickly than its cousins, and perhaps be harder to quash with current vaccines.

Their worries are compounded by skyrocketing Covid-19 cases in the United States and another highly infectious new variant that is driving a surge in Britain.

Scientists still have a lot to learn about these variants, but experts are concerned enough to warn people to be extra-vigilant in masking and social distancing. Here’s what you need to know:

  • The British variant has been found in about 50 countries, including the United States, where dozens of cases have been identified. The South African variant has spread to about 10 countries but has yet to be detected in the United States.

  • Both variants carry genetic changes in the virus’s spike protein — the molecule used to unlock and enter human cells — that could make it easier to establish an infection. Researchers estimate that the British variant is about 50 percent more transmissible than its predecessors. Julian Tang, a virologist at the University of Leicester, said that researchers didn’t yet have a good estimate for how much more contagious the South African variant is.

  • There is no evidence that any of the new variants are more deadly on their own, but an uptick in the spread of any virus creates ripple effects as more people become infected and ill. That can strain already overstretched health care systems and undoubtedly lead to more deaths.

  • It is unlikely that either variant will completely evade the protective effects of the new Covid vaccines. A recent study, not yet published in a scientific journal, found that the Pfizer-BioNTech vaccine is still effective against a virus carrying a mutation common to both new variants.

    The South African variant does carry genetic changes that could make vaccines less effective: One mutation appears to make it harder for antibodies produced by the immune system to recognize the coronavirus, which means they may be less effective at stopping the variant. But it is “important to note that doesn’t mean vaccines won’t be functionally protective,” said Angela Rasmussen, a virologist affiliated with Georgetown University.

    Vaccines use multifaceted immune responses, and while some antibodies may be confused by the variant, others probably won’t be. In addition, antibodies are only one sliver of the complex cavalry of immune cells and molecules that battle infectious invaders.

    Also, if the virus accumulates more genetic changes, many of the authorized vaccines, including Pfizer’s and Moderna’s, can be adjusted fairly quickly.

Transportation emissions dropped sharply in 2020 as millions of people stopped driving to work and lockdowns were in place.Credit…Lucy Nicholson/Reuters

America’s greenhouse gas emissions from energy and industry plummeted more than 10 percent last year, reaching their lowest levels in at least three decades as the pandemic slammed the brakes on the nation’s economy, according to an estimate published Tuesday by the Rhodium Group.

The steep drop was the result of extraordinary circumstances, however, and experts say the United States still faces enormous challenges in getting its planet-warming pollution under control.

“The most significant reductions last year were around transportation, which remains heavily dependent on fossil fuels,” said Kate Larsen, a director at Rhodium Group, a research and consulting firm. “But as vaccines become more prevalent, and depending on how quickly people feel comfortable enough to drive and fly again, we’d expect emissions to rebound unless there are major policy changes put in place.”

Transportation, the nation’s largest source of greenhouse gases, saw a 14.7 percent decline in emissions in 2020 as millions of people stopped driving to work and airlines canceled flights. Although travel started picking up again in the second half of the year as states relaxed lockdowns, Americans drove 15 percent fewer miles last year than in 2019.

Over all, the fall in emissions nationwide was the largest one-year decline since at least World War II, the Rhodium Group said. It put the United States within striking distance of one of the major goals of the Paris climate agreement, a global pact by nearly 200 governments to address climate change.

As part of that agreement, President Barack Obama had pledged that U.S. emissions would fall 17 percent below 2005 levels by last year. President Trump withdrew the country from the Paris accord, and before last year, it appeared that the United States would miss the emissions target. But America’s industrial emissions are now roughly 21.5 percent below 2005 levels.

Scientists say that even a big one-year drop is not enough to stop climate change. Until humanity’s emissions are essentially zeroed out and nations are no longer adding greenhouse gases to the atmosphere, the planet will continue to heat up. As if to underscore that warning, European researchers announced last week that 2020 was probably tied with 2016 as the hottest year on record.

Global roundup

Coronavirus testing at a clinic outside Kuala Lumpur, Malaysia, on Monday.Credit…Fazry Ismail/EPA, via Shutterstock

Malaysia’s king declared a national state of emergency on Tuesday to stem a surge in coronavirus cases, suspending Parliament, closing nonessential businesses and locking down several states and territories, including the largest city, Kuala Lumpur.

The emergency declaration could last until Aug. 1, and some critics said the main beneficiary would be the prime minister, Muhyiddin Yassin, the head of an unelected government who for months has barely maintained his hold on power.

Mr. Muhyiddin, who asked the king to issue the declaration, went on television to assert that the emergency measure was necessary to contain the virus — and that it was not about extending his political career.

“Let me assure you, the civilian government will continue to function,” he said. “The emergency proclaimed by the king is not a military coup.”

Mr. Muhyiddin promised to hold a general election after the virus was brought under control.

Malaysia was mostly successful in containing the virus for much of last year, but the number of infections began rising in October and reached a daily peak of more than 3,000 new cases on Thursday. The surge was caused in part by an election campaign in the state of Sabah and by an outbreak among migrant workers. The government reported a total of more than 141,000 cases and 559 deaths as of Tuesday.

Mr. Muhyiddin came to power in March after the previous government collapsed. He formed a new coalition and the king appointed him prime minister without a parliamentary vote. Opponents have since questioned whether he has the support of a majority of Parliament’s 222 members.

Now, the king’s declaration means that no parliamentary vote or general election can be held for more than six months, as long as the virus persists.

James Chin, professor of Asian studies at the University of Tasmania, said the declaration gave Mr. Muhyiddin extraordinary powers, including the authority to pass laws that override existing ones and to use the military for police work.

“Politically he will benefit the most from this Covid emergency,” he said. “This will give him what he wants without any scrutiny from Parliament.”

Other global developments:

  • Taiwan on Tuesday reported two locally transmitted coronavirus infections: a doctor and a nurse at a hospital in the northern part of the island that treats coronavirus patients. They are Taiwan’s first locally transmitted cases since Dec. 22, when it reported the first such case since April.

  • The European Union’s top drug regulator said it would assess the coronavirus vaccine developed by AstraZeneca and Oxford University “under an accelerated timeline,” after receiving an application for emergency authorization of the drug.

  • The leader of the German state of Bavaria has urged health care workers to do their “civic duty” by getting vaccinated, and called on the government to consider making coronavirus vaccinations for medical personnel mandatory in some cases. And about half of the staff at Charité, Germany’s largest research hospital, has refused to receive vaccine shots, according to Dr. Andrej Trampuz, a department head at the facility.

  • Because of high infection numbers, Berlin residents will be restricted from traveling more than about 9 miles outside the city, under new rules agreed to by German lawmakers. The distance of travel within Berlin is not being limited.

  • A couple who were out walking on Saturday night in Sherbrooke, Quebec, told the police that they were in compliance with a new overnight curfew because the wife was walking her crawling husband on a leash like a dog, CTV News reported. People walking their dogs are excluded from the province’s curfew, which is in effect from 8 p.m. to 5 a.m., as are essential workers and those seeking medical care. The pair were fined 1,500 Canadian dollars each. The province’s leader, François Legault, said on Monday that 740 people were fined over the weekend for violating the curfew, the first of its kind in Canada.

Dr. Rochelle P. Walensky is President-elect Joseph R. Biden Jr.’s nominee to lead the Centers for Disease Control and Prevention.Credit…Hilary Swift for The New York Times

Dr. Rochelle P. Walensky, chief of the infectious diseases division at Massachusetts General Hospital and a professor at Harvard, has been nominated by President-elect Joseph R. Biden Jr. to be director of the Centers for Disease Control and Prevention. In a column for The New York Times Opinion section, excerpted here, she writes about her plans for the agency.

On Jan. 20, I will begin leading the C.D.C., which was founded in 1946 to meet precisely the kinds of challenges posed by this pandemic. I agreed to serve as C.D.C. director because I believe in the agency’s mission and commitment to knowledge, statistics and guidance. I will do so by leading with facts, science and integrity — and being accountable for them, as the C.D.C. has done since its founding 75 years ago.

I acknowledge that our team of scientists will have to work very hard to restore public trust in the C.D.C., at home and abroad, because it has been undermined over the last year. In that time, numerous reports stated that White House officials interfered with official guidance issued by the C.D.C.

As chief of the infectious diseases division at Massachusetts General Hospital, I and many others found these reports to be extremely disturbing. The C.D.C.’s science — the gold standard for the nation’s public health — has been tarnished. Hospitals, doctors, state health officials and others rely on the guidance of the C.D.C., not just for Covid-19 policies around quarantine, isolation, testing and vaccination, but also for staying healthy while traveling, strategies to prevent obesity, information on food safety and more.

Restoring the public’s trust in the C.D.C. is crucial. Hospitals and health care providers are beyond tired, beyond stretched. I know because I have stood among them, on the front lines of the Covid-19 response in Massachusetts. We also face the need for the largest public health operation in a century, vaccinating the population — twice — to protect ourselves and each other from a surging pandemic. Because the impact of Covid-19 does not fall equally on everyone, we must redouble our efforts to reach every corner of the U.S. population.

The research and guidance provided by the civil servants at the C.D.C. should continue regardless of what political party is in power. Novel scientific breakthroughs do not follow four-year terms. As I start my new duties, I will tell the president, Congress and the public what we know when we know it, and I will do so even when the news is bleak, or when the information may not be what those in the administration want to hear.

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Gorillas Test Positive for Coronavirus at San Diego Zoo

Officials at the zoo’s Safari Park said that several gorillas had tested positive for the virus and that they believed an asymptomatic staff member infected the animals.

They’re doing OK, they’re experiencing some mild symptoms. And we continue to observe them. But they’re drinking, they’re eating and they’re interacting with one another. So we suspect that the gorillas got this virus from an asymptomatic team member. And that’s despite all of the precautions that we take. We follow C.D.C. guidelines. We follow San Diego County health guidelines. The team wears P.P.E. around all of our wildlife. And so even with all those precautions, we still have an exposure that we think happened with that team member. This virus has been very, very tricky. We’ve done everything we can to respond to it and make sure that we’re taking all the precautions and following all the guidelines that we can. But as we see it evolving everywhere around the world right now, we know that it is, it is, it’s evolving. It’s changing. And the best that we can do for humans and wildlife is just to ensure that we stay up to date on any protocols, that we remain nimble so that we can respond accordingly and make sure that we’re doing the very best we can to protect both our team, our guests and wildlife.

Video player loadingOfficials at the zoo’s Safari Park said that several gorillas had tested positive for the virus and that they believed an asymptomatic staff member infected the animals.CreditCredit…Ken Bohn/San Diego Zoo Global/Via Reuters

Several gorillas at the San Diego Zoo Safari Park have tested positive for the coronavirus, becoming what federal officials say are the first known apes in the United States to be infected.

Zoo officials said on Monday that they believed the gorillas were infected by an asymptomatic staff member who had been following safety recommendations, including wearing personal protective equipment when near animals.

Veterinarians are closely monitoring the troop, which is made up of eight western lowland gorillas. The infected animals are expected to make a full recovery, officials said.

“Aside from some congestion and coughing, the gorillas are doing well,” Lisa Peterson, the Safari Park’s executive director, said in a statement.

Three animals are exhibiting symptoms, officials said. And because gorillas live together in troops, “we have to assume,” the zoo said, “that all members of the family group have been exposed.”

The total number of western lowland gorillas, which can be found in central Africa, has declined more than 60 percent over the past two decades, according to the World Wildlife Fund.

Zoo officials learned that at least two gorillas had been infected with the coronavirus after the animals were observed on Wednesday “coughing and showing other mild symptoms,” the zoo said in the statement.

The zoo’s Safari Park has been closed since Dec. 6 amid a lockdown, and the primate habitat where the gorillas are housed poses “no public health risk,” officials said. Last year, as the pandemic spread across the country, the zoo installed additional barriers to ensure that more than six feet of space separated visitors from “susceptible species,” officials said.

The gorillas are among the latest animals in the country to become infected with the coronavirus. In April, the first case of human-to-cat transmission was detected in a tiger at the Bronx Zoo in New York City. In August, minks on two farms in Utah tested positive. In December, a coronavirus infection in a snow leopard was detected at the Louisville Zoo in Kentucky.

VideoVideo player loadingMayor Bill de Blasio of New York City announced on Tuesday that CitiField, the Mets’ home stadium in Queens, will be a “24/7 mega-vaccination site” starting the week of Jan. 25.CreditCredit…Ryan Christopher Jones for The New York Times

Mayor Bill de Blasio of New York City announced on Tuesday that CitiField, the Mets’ home stadium in Queens, will be a mass vaccination site starting the week of Jan. 25. The site will operate around the clock, seven days a week, with the capacity to vaccinate 5,000 to 7,000 people a day, Mr. de Blasio said. The location is ideal, the mayor said, because it is right next to a subway and railroad station and has plenty of parking.

“It’s going to be big, and it’s going to be a game changer,” Mr. de Blasio said at a news conference on Tuesday.

Large sports venues across the country have been used as sites for mass coronavirus testing, and more recently for vaccination, including the home stadiums of the Los Angeles Dodgers and San Diego Padres baseball teams, the Arizona Cardinals of the N.F.L. and the San Antonio Spurs of the N.B.A. Testing and vaccination efforts at Hard Rock Stadium in Miami were temporarily suspended on Monday to allow the college football championship game between Alabama and Ohio State to be played there.

The pool of people eligible for the vaccine in New York has recently expanded to include teachers and a range of other essential workers, as well as any resident who is 65 or older. At first, the vaccine was limited to frontline health care workers and nursing home residents.

The CitiField location is part of New York City’s initiative to establish mass inoculation sites in each of the city’s five boroughs. Vaccination centers opened in Brooklyn and the Bronx this week; locations in Manhattan and Staten Island have not yet been announced.

More than 26,000 vaccine doses were administered in the city on Monday, according to Mr. de Blasio, who is trying step up the pace of inoculations. The mayor has said his goal is to have one million doses administered by the end of January.

Mr. Cuomo, a third-term Democrat, said on Tuesday that the state intended to set up a series of rapid testing sites in areas where restrictions have closed indoor dining and arts events, and closed offices. Some of these sites would be located in vacant retail spaces or shuttered businesses, he said, promising hundreds of “pop-up” testing sites.

At the same time, Mr. Cuomo wants to reopen office buildings — a major element of New York City’s economy, both for their tenants and developers — saying he had received assurances from their owners that they could ramp up testing for workers. “Bringing workers back safely will boost ridership on our mass transit, bring customers back to restaurants and stores, and return life to our streets,” he said.

A coronavirus testing site in Los Angeles on Monday. The United States was one of the poorest-performing countries in a study of responses to the pandemic.Credit…Alex Welsh for The New York Times

How well a country has responded to Covid-19 is not explained by the country’s economic power or scientific capacity, but by how its people relate to one another and their government, according to preliminary findings of a research study.

“Countries with traditions of acting in concert against social problems, and countries with histories of deference to public authorities, fared better on compliance than countries lacking either or both,” the researchers wrote.

Investigators compared characteristics of 23 countries on six continents, considering outcomes related to disease burden, economic impact and disparities. In the United States, rated as one of the poorest-performing countries, “the virus ‘exploited’ pre-existing weaknesses” in public health, the economy and politics.

Before the pandemic, numerous reports and congressional testimony “recognized vulnerabilities that became apparent during Covid-19,” another study found, including threats of viruses emerging from animals, economic disruption, inadequate stockpiles and vulnerability to global supply shortages. For that study, researchers compiled more than 1,200 pre-pandemic records in an expanding online library that was introduced on Tuesday — Health Security Net — in the hopes that it will “inform future planning and response efforts.”

Another team, studying five countries in Africa, found that national leaders there had quickly recognized the threat from the virus and imposed measures to limit its importation and spread. “That managed to at least curtail the outbreak,” said Wilmot James, a Columbia University research scholar who was one of the study’s principal investigators, “but the impacts on the economies were quite devastating.”

The Africa Centers for Disease Control and Prevention, a four-year-old institution modeled in part on its U.S. counterpart, was unique in providing technical assistance for an entire continent.

The research reports were released Tuesday in conjunction with a two-day symposium, the Futures Forum on Preparedness, supported by Schmidt Futures and the Social Science Research Council.

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Business

Banks Halt Political Donations After Professional-Trump Mob Storms Capitol: Reside Updates

Here’s what you need to know:

Credit…Justin Lane/EPA, via Shutterstock

Big businesses often donate to both political parties and say that their support is tied to narrow issues of specific interest to their industries. That became increasingly fraught last week, after a pro-Trump mob stormed the Capitol and some Republican lawmakers tried to overturn Joseph R. Biden Jr.’s win in the presidential election.

A flurry of companies have since reviewed political giving via their corporate political action committees, according to the DealBook newsletter.

Some big banks are pausing all political donations:

  • Goldman Sachs is freezing donations through its PAC and will conduct “a thorough assessment of how people acted during this period,” a spokesman, Jake Siewert, told DealBook.

  • JPMorgan Chase is halting donations through its PAC for six months. “There will be plenty of time for campaigning later,” said Peter Scher, the bank’s head of corporate responsibility.

  • Citigroup is postponing all campaign contributions for a quarter. “We want you to be assured that we will not support candidates who do not respect the rule of law,” Candi Wolff, the bank’s head of government affairs, wrote in an internal memo.

Other banks, including Bank of America and Wells Fargo, said they would review their corporate contribution strategy.

Some companies are pausing donations to specific politicians. Marriott said it would pause donations from its PAC “to those who voted against certification of the election,” a spokeswoman told DealBook. She did not say how long the break would last or how the bank would decide when to resume.

Blue Cross Blue Shield, Boston Scientific and Commerce Bancshares are taking a similar, targeted approach to donation freezes. The newsletter Popular Information is tracking the responses of these and other companies that donated to lawmakers who challenged the election result.

The suspensions coincide with the first quarter after a presidential election, which is typically light on fund-raising anyway. Efforts by some companies to pause PAC donations to all lawmakers — those who voted to uphold the election as well as those who sought to overturn it — are raising eyebrows. And companies can still give to “dark money” groups that don’t disclose their donors but often raise far more money than corporate PACs.

In other fallout, the P.G.A. of America said it would no longer hold its signature championship at the Trump National Golf Club in Bedminster, N.J.; the social app Parler, popular among conservatives as an alternative to Twitter, went dark this morning after Amazon cut it off from computing services; the payment processor Stripe banned the Trump campaign from using its services; YouTube blocked Steve Bannon’s podcast channel; and the debate continues over tech giants’ influence over public speech.

Banks are expecting heavy demand for the new round of loans, as the virus continues to surge and restrictions on activity are reintroduced.Credit…Mohamed Sadek for The New York Times

The Paycheck Protection Program reopens this week, and underserved borrowers — including women-led businesses and those run by Black, Latino and Asian owners and other minorities — will be first in line to tap the new funds, The New York Times’s Stacy Cowley reports.

Starting Monday, a group of specially designated institutions known as community lenders, which specialize in working with Black- and minority-owned small businesses, will begin accepting applications for new loans. The government said larger financial institutions and banks would begin processing loans “shortly.”

Giving community lenders a head start is intended to address complaints that the aid was not distributed equitably the last time around. Here are more details about the new program.

  • Borrowers were previously limited to just one loan, but the new funding will be available to both first-time and returning borrowers. Businesses will be eligible for a second loan if they suffered a sales drop of 25 percent or more in at least one quarter of 2020, compared with the previous year.

  • Second loans will be restricted to businesses with no more than 300 employees; initial loans are available to larger companies, generally those with up to 500 workers.

  • The Small Business Administration, which manages the program, said it would begin accepting applications on Monday from community lenders seeking loans for first-time borrowers. On Wednesday, those lenders will be able to submit applications from people seeking second-round loans.

  • The S.B.A. will no longer approve loan applications instantaneously, a move that previously allowed some borrowers to receive their loan funds just hours after they applied. Now approvals will generally take at least one day.

Twitter locked President Trump’s account on Friday after he posted tweets calling his supporters “patriots” and saying he would not attend the presidential inauguration.Credit…Twitter

In the hours and days after a mob of President Trump’s loyalists stormed the Capitol, the nation’s biggest tech companies began to shut down accounts that helped incite the rampage. In the days and weeks before the attack, President Trump had used his Twitter feed and Facebook page to spread the lie that he had won the November election. It was that falsehood that helped drive the mob from to the Capitol last Wednesday after a speech by the president.

Facebook said the risks were too great to allow the president’s posts. Twitter followed suit. The focus shifted to Parler, a favorite app for right-wing figures. Citing posts on Parler that encouraged violence and crime, Apple and Google removed the app from their app stores. Then Amazon told Parler it would stop hosting it.

For Big Tech, the events of the past week raised tricky questions about politics, free speech and radicalization of people online.

How Parler, a Chosen App of Trump Fans, Became a Test of Free Speech

The app has renewed a debate about who holds power over online speech after the tech giants yanked their support for it and left it fighting for survival. Parler was set to go dark on Monday.

Stripped of Twitter, Trump Faces a New Challenge: How to Command Attention

The president became a celebrity through television, but Twitter had given him a singular outlet for expressing himself as he is, unfiltered by the norms of the office.

Amazon, Apple and Google Cut Off Parler, an App That Drew Trump Supporters

The companies pulled support for the “free speech” social network, all but killing the service just as many conservatives are seeking alternatives to Facebook and Twitter.

Twitter Permanently Bans Trump, Capping Online Revolt

The president’s preferred megaphone cited “the risk of further incitement of violence.” It acted after Facebook, Snapchat, Twitch and other platforms placed limits on him.

Facebook Bars Trump Through End of His Term

Mark Zuckerberg, Facebook’s chief executive, said the risks of Mr. Trump using the service were too great, even as Twitter lifted its lock on the president’s account.

In Pulling Trump’s Megaphone, Twitter Shows Where Power Now Lies

The ability of a handful of people to control our public discourse has never been more obvious, our columnist writes.

World Wrestling Entertainment event in Riyadh in 2019. George Barrios and Michelle Wilson, who spent more than a decade at WWE, announced the formation of a new investment firm.Credit…Fayez Nureldine/Agence France-Presse — Getty Images

George Barrios and Michelle Wilson — the former co-presidents of World Wrestling Entertainment who abruptly left the company a year ago — are announcing a new project: Isos Capital Management, an investment firm focused on media, entertainment and sports. The DealBook newsletter was the first to report the new venture.

Mr. Barrios and Ms. Wilson are veterans of the sports and entertainment business, including more than a decade at WWE. “We feel really proud of everything that was accomplished during our tenure, so we’re excited about the next chapter with Isos,” Ms. Wilson said. After WWE, they both considered several opportunities — including chief executive roles — but decided instead to continue working together.

The new fund will look at companies at all stages of development, with a focus on new technologies that keep fans and subscribers engaged. “There are spaces — whether it’s video gaming, e-sports, sports betting — that will drive fan engagement, and that digital transformation will really become the vehicle to make that happen,” Ms. Wilson said. She and Mr. Barrios declined to comment on other details about the fund.

As money has poured into the industry and deal-making has picked up, the fund’s founders believe their experience and contacts set them apart; at WWE, they led the company’s aggressive international push and signed content deals with USA Network and Fox Sports, among others. The company’s media division has helped counteract declining performance in its live performance unit in recent years.

“Capital is important, but it’s fungible,” Mr. Barrios said. “What Michelle and I bring is expertise, credibility and a global network.”

  • Stocks on Wall Street and in Europe fell on Monday, a day of consolidation after the markets began the year with a rally to record highs.

  • The S&P 500 fell more than half a percent in early trading, while the Stoxx Europe 600 index dipped by percent and the FTSE 100 in Britain by 0.5 percent.

  • Twitter tumbled more than 11 percent, after the social media company on Friday permanently banned President Trump, who had more than 88 million followers, citing “the risk of further incitement of violence.”

  • Boeing fell close to 3 percent following Saturday’s crash in Indonesia of a 737-500 series passenger carrying 62 people. The Sriwijaya Air flight fell into the Java Sea shortly after takeoff from Jakarta.

  • Last week, U.S. stock markets pushed higher after Democrats won two Senate seats in Georgia, clinching control of the upper house of Congress, increasing investors’ expectations of more fiscal spending. The markets continued rising even after a pro-Trump mob stormed the Capitol on Wednesday. Democrats, pointing to Mr. Trump’s inciting of the mob, have taken steps to remove Mr. Trump from the presidency.

  • Bitcoin fell to about $35,000 on Monday, down 17 percent from a record high of $41,962 reached on Friday. The cryptocurrency has surged substantially in recent weeks; just a month ago its price was below $20,000.

  • “Bitcoin’s parabolic rise is unsustainable in the near term,” Scott Minerd, the global chief investment Officer of Guggenheim Partners, an investment company, wrote on Twitter. “Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.”

Nothing has stopped the stock market’s momentum over the last year: not the pandemic, not record unemployment and not the Capitol riot.

But don’t take that as a sign that the market is envisioning a calm and prosperous six months ahead, writes The New York Times’s Jeff Sommer. Instead, the rally simply reflects the greed of bullish investors. Here’s what’s fueling the high hopes:

  • Interest rates remain extraordinarily low, and the Federal Reserve and other central banks have said they are determined to keep short-term rates low. When rates are low, stocks and other risky assets are comparatively attractive.

  • The pandemic is the main cause of global economic troubles and it will eventually end. With vaccinations underway, Wall Street hopes that growth in most regions and sectors will surge later this year, along with rising corporate profits.

  • With Democrats sweeping the two contested Senate seats in Georgia, the chances of at least some further economic stimulus have increased. President-elect Joseph R. Biden Jr. will most likely be able to deliver more aid to people in need and to local governments, which is expected to increase economic growth.

  • Truly sweeping legislative changes will be difficult, if not impossible, given the Democratic Party’s razor-thin margin in the Senate and reduced majority in the House. Some increased spending is likely, but this slim grip on power implies that big tax increases on wealthy investors and rich corporations may not happen soon.

  • The election may have delivered something close to a Goldilocks alignment for the stock market. Mr. Biden’s cabinet picks so far suggest that he will govern as a centrist, and the market historically has fared well under Democratic presidents who do not have sweeping control of Congress. The possibility that the Biden administration will usher in a more efficient and inclusive government, with more spending and only moderate changes otherwise, is seen as a sweet outcome for stocks.

Categories
Business

Inventory Markets Rise Amid Hopes for Fiscal Stimulus: Stay Updates

Here’s what you need to know:

The already sputtering economic rebound went into reverse in December, as employers laid off workers amid rising coronavirus cases and waning government aid.

U.S. employers cut 140,000 jobs in December, the Labor Department said Friday. It was the first net decline in payrolls since last spring’s mass layoffs, and though the December loss was nowhere near that scale, it represented a discouraging reversal for the once-promising recovery. The U.S. economy still has about 10 million fewer jobs than before the pandemic began.

The December losses were heavily concentrated in leisure and hospitality businesses, which have been hit especially hard by the pandemic. The industry cut nearly half a million jobs in December, while sectors less exposed to the pandemic continued to add workers.

The unemployment rate was unchanged at 6.7 percent, down sharply from its high of nearly 15 percent in April but still close to double the 3.5 percent rate in the same month a year earlier.

“We’re losing ground again,” said Diane Swonk, chief economist at the accounting firm Grant Thornton. “Most notably, this is still very much a low-wage recession, and the losses were where we first saw them when the pandemic hit.”

Unemployment rate

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

Hiring has slowed every month since June, and the economy lost more than nine million jobs in 2020 as a whole, the first calendar-year decline since 2010 and the worst on a percentage basis since the aftermath of World War II.

Congress last month passed a $900 billion relief package that will provide temporary support to households and businesses and could give a boost to the broader economy. And in the longer run, the arrival of coronavirus vaccines should allow the return of activity that has been suppressed by the pandemic.

But the vaccine and the aid came too late to prevent a sharp slowdown in growth.

“We did have a pullback in the economy,” said Michelle Meyer, head of U.S. economics at Bank of America. “If stimulus was passed earlier, maybe that could have been avoided.”

When the economy shut down last spring, many workers thought they would be out of a job for a few weeks, maybe a couple of months.

Nine months later, many still aren’t back on the job.

The Labor Department’s monthly jobs report on Friday showed that nearly four million Americans had been out of work for more than six months, economists’ standard threshold for long-term unemployment. That was up by 27,000 from November, and roughly quadruple the number before the pandemic began.

Those figures almost certainly understate the scope of the problem. People who aren’t looking for work, whether because they don’t believe jobs are available or because they are caring for children or other family members, aren’t counted as unemployed.

The number of people who have been unemployed long-term is still rising

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

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

When the data was collected in mid-December, many of the long-term jobless faced a frightening deadline: Federal programs that extended unemployment benefits beyond their standard six-month limit were set to expire at the end of the year. The aid package later passed by Congress and signed by President Trump extended the programs, but by less than three months.

Long-term joblessness was a defining feature of the last recession a decade ago, when millions eventually gave up looking for work, in some cases permanently. If that pattern repeats, it could have long-term consequences, particularly for people with disabilities, criminal records or other characteristics that make it hard to find jobs even in the best of times.

“These are the kinds of workers who are really only recruited and called upon in a very tight labor market, and it may take us a long time to get back there,” said Julia Pollak, a labor economist with the hiring site ZipRecruiter. “That is the worry, that there are these groups of people who will drop out now and who will only really find good opportunities again after a sustained and lengthy expansion.”

State and local governments continued to cut payroll employment in December, a sign that a crucial sector was bleeding jobs nine months into the pandemic.

Those governments account for about 13 percent of employment in the United States, which makes their trajectory extremely important to the nation’s labor market outlook. Because most are required to balance their budgets, lower income or higher expenses can lead to big job cuts.

State and local employers shed 51,000 workers in December compared with the prior month. As of last month, they reported 1.4 million fewer jobs than in February, the month before the pandemic job losses started.

The big employment cuts come despite revenue losses that appear milder than many analysts had expected at the pandemic’s outset. Louise Sheiner at the Brookings Institution estimated in a recent post that states would miss $350 billion in revenue over three years. Meanwhile, by her estimation, they received about $280 billion in direct and indirect federal aid in a March relief package, and about $120 billion more — largely indirectly — with the most recent fiscal package.

But expenses have shot up as the states try to deal with the public health crisis, which could leave budgets under strain even as federal aid helps to overcome revenue shortfalls. And the economic hit from the virus has not been evenly spread — some places are struggling more acutely.

From an employment standpoint, it’s also important that states were finalizing budgets when worse outcomes were expected, and may have cut back as a result, Ms. Sheiner wrote.

“What we’re seeing is that it’s different state to state,” Jerome H. Powell, the Fed chair, said at a news conference in December. But he pointed out that many employees had been cut from state payrolls, at least temporarily. “We’re watching carefully to understand why that many people have been let go and what really are the sources,” he said.

Wall Street continued its rally on Friday, fueled by bets on robust fiscal stimulus coming from a Democratic-led government in Washington, despite fresh evidence that the United States economy is backsliding as the pandemic surges.

The S&P 500 rose less than half a percent in early trading, after reaching a record on Thursday. The Stoxx Europe 600 was 0.6 percent higher, and the FTSE 100 in Britain dipped slightly. In Asia, the Nikkei 225 in Japan closed with a gain of 2.4 percent, climbing to a level it last hit in 1990.

Though Washington continues to reverberate after a pro-Trump mob overran the Capitol building on Wednesday, the investing world is instead focused on the wave of spending that could come as Democrats assume leadership of the White House and both houses of Congress.

Investors also seemed to look past the Labor Department’s report on December payrolls, which showed U.S. employers cut 140,000 jobs last month, the first drop since last spring. The weak report bolsters the argument that more economic stimulus is needed.

Analysts at Goldman Sachs said they expected $750 billion in additional spending in the first three months of the year, while their counterparts at Morgan Stanley are forecasting as much as $1 trillion in spending.

At the same time, few on Wall Street seem to think Democrats will prioritize tax increases, which had previously been seen as a potential risk of a Democratic sweep. The result is almost an ideal scenario for a range of investments geared to the short-term outlook for economic growth.

That’s been most evident in the so-called cyclical areas of the stock market, which include industrial, material and financial shares. Small-capitalization stocks, closely tied to the outlook for shorter-term American economic growth, are also rallying, as are companies that will profit from President-elect Joseph R. Biden Jr.’s pledges to spend heavily on infrastructure and alternative energy.

“Now you have the potential for more stimulus, even possibly an infrastructure spend,” said Kristina Hooper, chief global market strategist at the investment management firm Invesco on Thursday. “So, I think the stock market is enthused right now. And that enthusiasm is pretty strong.”

Gains continued in other financial markets too. Oil prices continued their rally, with Brent crude climbing 1.6 percent, to $55.25 a barrel, and West Texas Intermediate rallying to above $51 a barrel.

The yield on the benchmark 10-year Treasury note also continued to rise, reaching 1.09 percent on Thursday. The rise in yields most likely reflects expectations that the Treasury will be issuing large amounts of debt to finance renewed government spending.

Credit…Mohamed Sadek for The New York Times

Several states say they are moving quickly to restore federal unemployment benefits that lapsed last month when President Trump delayed signing a second round of federal pandemic relief.

A handful, including New York, Texas, Maryland and California, say they have started sending out the weekly $300 supplement that was part of the legislation, while others like Ohio say they are awaiting more guidance from the U.S. Labor Department.

Michele Evermore, a senior policy analyst at the National Employment Law Project, said that “at least half of the states should have something up by next week.”

Congress approved 11 weeks of additional benefits, and the entire amount will ultimately be delivered to eligible workers even if payments are initially delayed.

“Any claims for the first week will be backdated,” said James Bernsen, deputy director of communications at the Texas Workforce Commission.

In addition to a $300-a-week supplement for those receiving unemployment benefits, the $900 billion emergency relief package renews two other jobless programs created last March as part of the CARES Act.

One, Pandemic Unemployment Assistance, covers freelancers, part-time hires, seasonal workers and others who do not normally qualify for state unemployment benefits. A second, Pandemic Emergency Unemployment Compensation, extends benefits for workers who have exhausted their state allotment.

This latest round also offers additional assistance for people who cobble together their income by combining a salaried job with freelance gigs. The new program, called Mixed Earner Unemployment Compensation, provides a $100 weekly payment to such workers in addition to their Pandemic Unemployment Assistance benefits.

Credit…Odd Andersen/Agence France-Presse — Getty Images

  • Boeing agreed to pay more than $2.5 billion in a legal settlement with the Justice Department stemming from the 737 Max debacle, the government said on Thursday. The agreement resolves a criminal charge that Boeing conspired to defraud the Federal Aviation Administration, which regulates the company and evaluates its planes. With less than two weeks left in the Trump administration, the agreement takes the question of how a Biden Justice Department would view a settlement off the table. President Trump had repeatedly discussed the importance of Boeing to the economy, even going so far last year to say he favored a bailout for the company.

  • Elon Musk, the chief executive of Tesla and SpaceX, is now the richest person in the world. An increase in Tesla’s share price on Thursday pushed Mr. Musk past Jeff Bezos, the founder of Amazon, on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. Mr. Musk’s net worth was $195 billion by the end of trading on Thursday, $10 billion more than that of Mr. Bezos’s. Mr. Musk’s wealth has increased by more than $150 billion over the past 12 months, thanks to a rally in Tesla’s share price, which surged 743 percent in 2020. The carmaker’s shares rose nearly 8 percent on Thursday.

  • Wayfair, the furniture and home goods e-commerce business, said on Thursday that all of its U.S. employees would be paid at least $15 an hour. The increase, which took effect on Sunday, applies to full-time, part-time and seasonal employees. More than 40 percent of Wayfair’s hourly workers across its U.S. supply chain and customer service operations received a pay bump.

  • The Tiffany-LVMH saga has finally come to a well-polished, multifaceted end. LVMH, the French conglomerate, completed its acquisition of the American jewelry brand on Thursday, and it was out with the old and in with the new — executives, anyway. After a brief transition period, gone will be Reed Krakoff, Tiffany’s chief artistic officer. Also leaving will be Daniella Vitale, the chief brand officer. In their place comes Alexandre Arnault, who will become executive vice president, product and communications.

Categories
Business

Fb Extends Trump Ban ‘at Least’ By Finish of Time period: Stay Updates

Here’s what you need to know:

Credit…Erin Schaff/The New York Times

Facebook will block President Trump on its platforms, including Instagram, at least until the end of his term, chief executive Mark Zuckerberg said in a post on Thursday.

“The shocking events of the last 24 hours clearly demonstrate that President Donald Trump intends to use his remaining time in office to undermine the peaceful and lawful transition of power to his elected successor, Joe Biden,” Mr. Zuckerberg wrote.

“We believe the risks of allowing the president to continue to use our service during this period are simply too great. Therefore, we are extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks until the peaceful transition of power is complete.”

United States › United StatesOn Jan. 6 14-day change
New cases 255,728 +8%
New deaths 3,964 Flat
World › WorldOn Jan. 6 14-day change
New cases 785,681 +1%
New deaths 14,266 –5%

Where cases per capita are
highest

By: Ella Koeze·Source: Refinitiv

Stocks rose again on Thursday, after having maintained gains on Wednesday even as chaos erupted in Washington as a pro-Trump mob overran the Capitol building, as investors kept their focus on the prospects for increased federal spending by the incoming government.

The S&P 500 rose more than 1 percent in early trading, after a 0.6 percent gain on Wednesday. Shares in Europe and Asia were also mostly higher, oil prices and government bond yields edged higher.

The gains on Thursday reflect Wall Street’s eagerness to look past violence in Washington and to the impact of a government unified under Democratic leadership, analysts said. The rally began on Tuesday after it became apparent that Democrats would effectively control the Senate, after winning a pair of runoff votes in Georgia, and be able to more forcefully push forward with President-elect Joseph R. Biden Jr.’s plans to bolster the economy with government spending.

“As disturbing as these events were, markets were largely unfazed, which, we hope, points to this being an aberration,” equity analysts at J.P. Morgan wrote to clients on Thursday. “The longer-term cue for markets and policy comes from the result of the two Georgia senate runoffs, which both went to Democrats and thus enlivened the ‘blue wave.’”

After the order in the Capitol was restored, the Senate and House of Representatives voted early Thursday to certify Mr. Biden as winner of the 2020 presidential election.

Investors are also banking on the rollout of coronavirus vaccines to eventually energize business activity that has been dormant during the pandemic, and, as they have for months, also looked past fresh evidence of the economic catastrophe unfolding. On Thursday, the Labor Department reported that 922,000 workers filed new state claims for unemployment benefits last week, while another 161,000 new claims were filed under a federal program.

Treasury bond yields continued to rise, lifted by expectations that additional fiscal spending in Washington will generate more bond issues, reaching as high as 1.06 percent on 10-year notes. The yield climbed above 1 percent this week for the first time since March.

Economists at Goldman Sachs said they expected Democrats to pass $750 billion in fiscal stimulus in the first quarter of the year. The U.S. investment bank also raised its forecast for economic growth this year to 6.4 percent from 5.9 percent.

Oil was holding on to an 11-month high, after Saudi Arabia announced on Tuesday it would cut oil production. The U.S. crude benchmark, West Texas Intermediate, hit $51.28 a barrel before slipping a bit, while Brent crude reached $54.90.

The Royal Divinity Food Bank in Birmingham, Ala., says it has been feeding hundreds more families each month since the pandemic began. The job market has improved, but millions remain unemployed.Credit…Audra Melton for The New York Times

New claims for unemployment benefits remained high last week, the government reported on Thursday, the latest evidence that the pandemic-racked economy still has a lot of lost ground to make up heading into a new year.

A total of 922,000 workers filed initial claims for state benefits during the final week of 2020, the Labor Department said, while another 161,000 new claims were filed under a federal pandemic jobless program. Neither figure is seasonally adjusted. On a seasonally adjusted basis, new state claims totaled 787,000.

The labor market has improved since the coronavirus pandemic broke out and closed down the economy. But of the more than 22 million jobs that disappeared in the spring, 10 million remain lost.

With a recently enacted $900 billion relief package that includes an extension of federal unemployment benefits, most of the unemployed can at least look forward to more financial help.

Still, “this winter is going to be very difficult,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics. “We’re seeing overall economic momentum is slowing, and that feeds through to the labor market.”

“Employers are very cautious about rehiring at the same time they have had to increase layoffs,” Ms. Bostjancic said, “but the resurgence of the virus is really the main culprit here.”

A fuller picture of December employment will come Friday when the Labor Department releases its monthly jobs report, and most analysts are expecting minor payroll gains — or even the first net loss since April.

As for Thursday’s report, there was a sharp increase in claims for extended state benefits — payments to the long-term unemployed whose regular benefits have run out. But new claims under the federal Pandemic Unemployment Assistance program fell, most likely reflecting the exhaustion of benefits before Congress acted.

Some fuzziness surrounding the count could be related to the difficulty of seasonally adjusting the numbers over the holidays, said Ernie Tedeschi, the head of fiscal analysis at Evercore ISI. The unadjusted number for new state claims was up by 77,000 from the previous week, while the seasonally adjusted number scarcely budged.

But longer-term trends, Mr. Tedeschi noted, are more meaningful than any week-to-week changes.

Even with the arrival of vaccines, “employers are still cautious related to their work force strategy,” said Amy Glaser of the staffing firm Adecco USA.Credit…Bryan Anselm for The New York Times

While the availability of vaccines will speed the economy’s return to normal, employers remain wary about hiring, job recruiters say.

Job postings and hiring typically fall off at the end of December, and the trend after the latest holiday season has been more pronounced than usual. “Right now, employers are still cautious related to their work force strategy,” said Amy Glaser, senior vice president at the staffing firm Adecco USA.

The rebound has been bumpy, and employers have responded in kind, retaining flexibility to increase or reduce their staffing through the use of temporary workers, Ms. Glaser said. That could mean more people are cycling through jobs.

Julia Pollak, a labor economist at the online job site ZipRecruiter, has seen the same caution.

“Employers are being apprehensive, and job seekers are not yet flocking back to the market in droves, either,” Ms. Pollak said. “The virus is still spreading, hospitalizations have hit a new record, and there is a pullback in demand for certain services. A lot of stay-at-home orders and restrictions are causing a further decline.”

Some industries have managed to thrive. A key measure of manufacturing, for instance, rose this week to its highest level since 2018. Construction spending and employment have grown along with a surge in home buying. Staffing agencies say they have seen hiring in the automotive business and financial services. The demand for warehouse and delivery workers also remains strong.

One of the biggest trends has been the increase in customer service workers and call center representatives operating from home, Ms. Glaser of Adecco said. Those jobs require greater digital literacy than in the past, she said, because individuals must be able to set up their computers and solve problems themselves.

“There is no tech person sitting down the hallway,” she said.

Farley's East in Oakland, Calif., was able to stay open with help from the Paycheck Protection Program. Small businesses are waiting for details about the next round of lending aid.Credit…Nathan Frandino/Reuters

The federal government released updated rules for lenders just before midnight on Wednesday for the next round of Paycheck Protection Program lending, but it did not set a date for when it expects to begin taking applications.

Lenders anticipate the program could restart as soon as next week. Last month’s stimulus package included $284 billion for new loans through the small-business relief program, which ended in August after distributing $523 billion to more than five million businesses. In this next round, the hardest-hit business — those whose sales have dropped at least 25 percent from before the pandemic — can qualify for a second loan. First-time borrowers will also be eligible for loans.

The Small Business Administration, which runs the program, plans to give small lenders a head start. In its first two days, the program will accept loan applications only from community lenders like Community Development Financial Institutions, which specialize in working with low-income borrowers and in areas underserved by larger lenders.

For second loans of more than $150,000, applicants will need to provide their lender with records proving their sales have declined. Lenders will need to do a “good faith review” of those documents, but will be allowed to rely on borrowers’ certifications that their claims are accurate — a win for lenders, which are concerned about being held liable for fraudulent claims.

For smaller loans, borrowers will not need to provide their sales records as part of their application, but the S.B.A. can request them later.

The S.B.A. is scrambling to release a variety of relief measures included in last month’s stimulus bill, including a $15 billion grant program for music clubs, theaters and other live-events venues. The agency has not yet released any details on that program, and it will not start until after President-elect Joseph R. Biden Jr. takes office.

When Jamie Dimon, the chief executive of JPMorgan Chase, issued a statement condemning the violence in Washington on Wednesday, he urged “our elected leaders” to call for an end to it. He did not directly mention President Trump.

Nor did the Charles Scharf, the chief executive of Wells Fargo (“The behavior in Washington, D.C., today is unacceptable”) or the chief executives of Goldman Sachs, Bank of America or Citigroup. Business leaders and organizations often instead referred to “leaders” or called for “the peaceful transition of power” to President-elect Joseph R. Biden Jr.

Business leaders have rarely criticized Mr. Trump directly. When he announced, shortly before he was inaugurated, that Stephen K. Bannon would be his chief strategist in the White House, Democrats on the congressional committees that oversee the finance industry asked industry leaders to publicly oppose the appointment. The lawmakers called Mr. Bannon a “bigot beloved by white supremacists” and said the business leaders had “a moral obligation to speak out.”

None did.

After Mr. Trump took office, chief executives found themselves in the uncomfortable position of deciding whether to take part in so-called business advisory councils, common forums for business leaders to influence the policy of a new president, even as he was rolling out policies many saw as hateful. Several such councils disbanded after Mr. Trump declined in 2017 to condemn violence by white supremacists in Charlottesville, Va., and said there were “very fine people” and “blame” on “both sides.”

With the president’s increasing efforts to subvert the election, organizations have grown bolder. On Monday, for example, 170 business leaders signed their names to a statement, organized by the business advocacy organization Partnership for New York City, urging Congress to certify the result of the presidential election, though some prominent members were missing.

On Wednesday, as a mob stormed the Capitol, organizations not known for vocal statements seemed to no longer worry about the political ramifications of speaking up against Mr. Trump.

The research group High Frequency Economics suspended regular publication of its research notes for the first time since the Sept. 11, 2001, attacks and sent a note to its clients: “We at High Frequency Economics are disgusted by the role of the president of the United States in inciting this riot, and we are saddened that he cannot find the character to stand up in front of the mob he has created, quell the violence and send everyone home.”

And the Business Roundtable, a group of chief executives, including Mr. Dimon, from some of the nation’s largest companies, was direct as to the cause of the violence.

“The chaos unfolding in the nation’s capital is the result of unlawful efforts to overturn the legitimate results of a democratic election,” the group said. “The country deserves better. Business Roundtable calls on the president and all relevant officials to put an end to the chaos and to facilitate the peaceful transition of power.”

Commercial space for rent in New York City. Stay-at-home orders and other restrictions have left millions without work as businesses close.Credit…Mohamed Sadek for The New York Times

Several states say they are moving quickly to restore federal unemployment benefits that lapsed last month when President Trump delayed signing a second round of federal pandemic relief.

A handful, including New York, Texas, Maryland and California, say they have started sending out the weekly $300 supplement that was part of the legislation, while others like Ohio say they are awaiting more guidance from the U.S. Labor Department.

Michele Evermore, a senior policy analyst at the National Employment Law Project, said that “at least half of the states should have something up by next week.”

Congress approved 11 weeks of additional benefits, and the entire amount will ultimately be delivered to eligible workers even if payments are initially delayed.

“Any claims for the first week will be backdated,” said James Bernsen, deputy director of communications at the Texas Workforce Commission.

In addition to a $300-a-week supplement for those receiving unemployment benefits, the $900 billion emergency relief package renews two other jobless programs created last March as part of the CARES Act.

One, Pandemic Unemployment Assistance, covers freelancers, part-time hires, seasonal workers and others who do not normally qualify for state unemployment benefits. A second, Pandemic Emergency Unemployment Compensation, extends benefits for workers who have exhausted their state allotment.

This latest round also offers additional assistance for people who cobble together their income by combining a salaried job with freelance gigs. The new program, called Mixed Earner Unemployment Compensation, provides a $100 weekly payment to such workers in addition to their Pandemic Unemployment Assistance benefits.

President-elect Joseph R. Biden Jr. on Wednesday.Credit…Doug Mills/The New York Times

  • President-elect Joseph R. Biden Jr. set aside plans to deliver a speech on the economy on Wednesday afternoon, instead calling for an end to violent protests in Washington and calling on President Trump to stop what he called an “insurrection.” Mr. Biden’s speech was expected to emphasize several of his economic priorities, including reiterating calls for another round of financial aid to help people, businesses and state and local governments weather ongoing economic pain from the virus. The president-elect is still expected to deliver economic remarks in the coming days, a transition spokesman said.

  • Federal Reserve officials were warily eyeing a surge in coronavirus cases at their Dec. 15-16 meeting, but they hoped that vaccine breakthroughs might set the stage for a strong economic rebound in 2021. “With the pandemic worsening across the country, the expansion was expected to slow even further in coming months,” according to minutes from the gathering of the Federal Open Market Committee, released Wednesday. “Nevertheless, the positive vaccine news” was “viewed as favorable for the medium-term economic outlook.”

  • The Labor Department on Wednesday released the final version of a rule that could classify millions of workers in industries like construction, cleaning and the gig economy as contractors rather than employees, another step under the Trump administration toward endorsing the business practices of companies like Uber and Lyft.

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Business

Stay Enterprise Updates – The New York Instances

Here’s what you need to know:

For the past two months, Wall Street’s investors have found comfort in the idea that the government was heading for gridlock, with Democrats controlling the White House and Republicans in the majority at the Senate.

It’s a view that highlights Wall Street’s preference for the low-tax, low-regulation policies championed by the Republican Party. President-elect Joseph R. Biden Jr. is expected to push for more spending on infrastructure and more support for the economy, but without the Senate’s backing, he wouldn’t be able to reverse the Trump tax cuts have been a boon to corporate profits or enact major laws that increase regulation.

That consensus helped bolster stocks late last year, adding to the rally that lifted the S&P 500 to a record.

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But there’s one more threshold to cross before investors can be sure of that outcome.

On Tuesday, two Democratic Senate candidates — Jon Ossoff and the Rev. Raphael Warnock — are challenging two Republican incumbent senators — David Perdue and Kelly Loeffler — in a runoff. If both Democrats win, the party will take control of the upper chamber of Congress. (Democrats already have control of the House of Representatives.)

In recent days, analysts and traders have fixated on polling data and prediction markets that show a growing chance that the race could be closer than expected.

That Democrats could in fact win was one factor behind Monday’s 1.5 percent drop in the S&P 500, the index’s steepest daily decline since the days before the election.

At the same time, the economic crisis caused by the pandemic has scrambled the usual political calculus for investors.

On Wall Street, it’s generally agreed upon that Democratic control of the Senate could lead to a large amount of deficit spending in the early days of the Biden administration, a potential boon to the still-struggling American economy.

“A unified Democratic government will have broad leeway on fiscal policy, and in the current economic environment, unified Democratic government will mean more stimulus,” economists with Mizuho Securities wrote in a note to clients on Monday.

And there are parts of the economy that definitely stand to gain from the Biden agenda, such as alternative energy, infrastructure and some parts of the health care industry. On the other hand, businesses such as military contractors and larger pharmaceutical companies are expected to fare better if Republican keep control of the Senate.

How else might Wall Street find an upside in a Democratic victory? One answer comes from the rationalizations that investors offered before the November election, when polls (incorrectly as it turns out) indicated that Democrats would clobber Republicans up and down the ballot in a so-called Blue Wave.

Back then, analysts offered the view that even if Mr. Biden had the backing of both houses of Congress, tax increases wouldn’t be his first priority anyway.

So even if Tuesday’s election gives investors a reason to worry, they might also get over it quickly.

A China Telecom office in Shanghai in November.Credit…Alex Plavevski/EPA, via Shutterstock

The New York Stock Exchange said late on Monday that it had reversed a decision to delist China’s three major state-run telecommunications companies.

The Big Board said it took the step after consulting with the U.S. Treasury Department.

Last week, the exchange said it would stop the trading of shares in China Unicom, China Telecom and China Mobile by Jan. 11 in response to a Trump administration executive order that blocked Americans from investing in companies tied to the Chinese military.

The statement did not give a reason for the decision, though it appeared that the executive order may not require the exchange to delist the companies. The exchange said that its regulatory department would continue to evaluate the applicability of the order to the telecommunications companies.

The delisting would have had little practical impact on the companies, which also have shares listed in Hong Kong and are state-owned. Still, the disappearance from the American exchange had hefty symbolic value for worsening economic ties between China and the United States.

A quiet Westminster Bridge in London on Wednesday. Prime Minister Boris Johnson on Tuesday announced England’s third national lockdown. Credit…Neil Hall/EPA, via Shutterstock

  • European stocks dipped lower on Tuesday morning, unwinding some of their recent gains a day after the S&P 500 index suffered its steepest drop in more than two months.

  • Futures indicated stocks on Wall Street would open lower when trading begins. Two Senate runoff elections in Georgia underway on Tuesday will determine which political party controls the Senate — and how successful President-elect Joseph R Biden Jr. will be getting his agenda through Congress.

  • The Stoxx Europe 600 index was down 0.4 percent after gaining 0.7 percent on Monday. The CAC 40 in France declined 0.7 percent and the DAX in Germany fell 0.7 percent. The FTSE 100 in Britain slipped 0.1 percent, despite gains by energy companies like Royal Dutch Shell, which rose 2.1 percent.

  • Oil prices gained after an OPEC Plus meeting was suspended on Monday evening without an agreement on whether the oil-producing nations should continue curbs on production; the group will resume later on Tuesday. The growing number of restrictions on businesses and social life around the world in recent days have weakened the outlook for energy demand.

  • Shares in the FTSE 250, a British index with more domestic stocks, rose 0.5 percent on Tuesday even as the country was put under strict stay-at-home orders, most schools were closed and nonessential businesses were shuttered. For England, it is the third national lockdown.

  • For traders, the lockdown was widely expected given the sharp rise in coronavirus infections, said Susannah Streeter, an analyst at Hargreaves Lansdown.

  • “Many companies had glimpsed light at the end of the tunnel but now that tunnel appears much longer,” she said, adding that the entire first half of 2021 will be challenging as the expectations of a double-dip recession in Britain have grown.

  • The British government said an additional 4.6 billion pounds ($6.3 billion) in grants would be made available to businesses that have been forced to close.

  • “While fresh movement restrictions could delay the anticipated economic rebound, developed economies continue to receive ample fiscal and monetary support, which should help them bounce back swiftly once vaccines become widely available,” analysts at UBS wrote in a note. “We continue to like German and U.K. stocks for their catch-up potential.”

President-elect Joseph R. Biden Jr. boarded his plane at the New Castle County Airport in Wilmington, Del., on Monday. Republicans plan to attempt to disrupt certification of Mr. Biden’s electoral votes on Wednesday.Credit…Doug Mills/The New York Times

Chief executives and other leaders from many of America’s largest businesses on Monday urged Congress to certify the electoral vote on Wednesday to confirm Joseph R. Biden Jr.’s presidential victory.

“Attempts to thwart or delay this process run counter to the essential tenets of our democracy,” they said in a statement. Included in the list of 170 signers were Laurence D. Fink of BlackRock, Logan Green and John Zimmer of Lyft, Brad Smith of Microsoft, Albert Bourla of Pfizer, and James Zelter of Apollo Global Management.

Over the weekend, President Trump called Georgia’s Republican secretary of state in an effort to subvert the election results. On the call, which was recorded, the president pressured the official to “find” enough votes to overturn Mr. Biden’s victory. The president’s demand raised questions about whether he violated election fraud statutes, lawyers said, though a charge is unlikely. President-elect Biden won the Electoral College, 306 to 232, and the popular vote was 81.2 million for Mr. Biden to Mr. Trump’s 74.2 million.

Members of the president’s party are divided over whether to accept that he lost the election: While top Republicans, such as Mitch McConnell, the Senate majority leader, have pushed back on a futile attempt in Congress to reject the results, about a dozen senators and senators-elect have lined up behind President Trump’s bid to hold on to power.

The urging from business leaders came on a volatile day for financial markets and just a day before runoff elections in Georgia, which will determine whether Republicans or Democrats control the Senate. Coronavirus cases are surging, and vaccinations are taking more time than hoped.

Business leaders took issue with Washington’s new divide at a moment of grave uncertainty.

“Our duly elected leaders deserve the respect and bipartisan support of all Americans at a moment when we are dealing with the worst health and economic crises in modern history,” the business leaders wrote. “There should be no further delay in the orderly transfer of power.”

The statement, which was organized by Partnership for New York City, a business advocacy organization, came on the same day that Thomas J. Donohue, the head of the U.S. Chamber of Commerce, issued a statement urging certification of the vote.

“Efforts by some members of Congress to disregard certified election results in an effort to change the election outcome or to try a make a long-term political point undermines our democracy and the rule of law and will only result in further division across our nation,” Mr. Donohue wrote.

“The United States of America faces enormous challenges that not only require an orderly transition of administrations, but the focus of the incoming Biden administration and the new Congress, and cooperation across party lines,” he continued. “We urge Congress to fulfill its responsibility in counting the electoral votes, the Trump administration to facilitate an orderly transition for the incoming Biden administration, and all of our elected officials to devote their energies to combating the pandemic and supporting our economic recovery.”

Quibi, founded by Jeffrey Katzenberg, struggled as soon as it became available in April.Credit…Etienne Laurent/EPA, via Shutterstock

  • Quibi, the much-hyped short-form video platform, is in talks to sell its content to Roku, the streaming device maker with a streaming app of its own. The deal is close to completion, said one person with knowledge of the discussions, who was not authorized to speak publicly. Quibi and Roku declined to comment. Quibi was a quixotic attempt to capitalize on the streaming boom. Its shows, chopped into installments no longer than 10 minutes, were meant to be watched on smartphones. But it announced it would close just six months after it launched.

  • Haven, the joint venture of Amazon, Berkshire Hathaway and JPMorgan Chase that was formed three years ago to explore new ways to deliver health care to the companies’ employees, is disbanding, according to a statement posted on its website. It will cease its operations at the end of February. Haven aimed to improve how people gain access to health care by pulling together the know-how and scale of three of the largest employers in America. Its formation sent shock waves through the markets. But two people familiar with the collaboration said logistical hurdles had made it harder than expected to come up with new ideas that made sense for all three companies.

  • Chief executives and other leaders from many of America’s largest businesses on Monday urged Congress to certify the electoral vote on Wednesday to confirm Joseph R. Biden Jr.’s presidential victory. “Attempts to thwart or delay this process run counter to the essential tenets of our democracy,” the 170 leaders said in a statement. The statement, which was organized by Partnership for New York City, a business advocacy organization, came on the same day that Thomas J. Donohue, the head of the U.S. Chamber of Commerce, issued a statement urging certification of the vote.

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In the West, few issues carry the political charge of water. Access to it can make or break both cities and rural communities. It can decide the fate of every part of the economy, from almond orchards to ski resorts to semiconductor factories. And with the worst drought in 1,500 years parching the region, water anxiety is increasing.

In the last few years, a new force has emerged: From the Western Slope of the Rockies to Southern California, a proliferation of private investors have descended on isolated communities, scouring the driest terrain in the United States to buy coveted water rights.

Rechanneling water from rural areas to thirsty growth spots like the suburbs of Phoenix has long been handled by municipal water managers and utilities, but investors adept at sniffing out undervalued assets sense an opportunity, Ben Ryder Howe reports in The New York Times.

To proponents of open markets, water is underpriced and consequently overused. In theory, a market-based approach discourages wasteful low-value water uses, especially in agriculture, which consumes more than 70 percent of the water in the Southwest, and creates incentives for private enterprise to become involved. Investors and the environment may benefit, but water will almost certainly be more expensive.

“They’re making water a commodity,” said Regina Cobb, an Arizona assemblywoman. “That’s not what water is meant to be.”

As investor interest mounts, leaders of Southwestern states are gathering this month to decide the future of the Colorado River. The negotiations have the potential to redefine rules that for the last century have governed one of the most valuable economic resources in the United States.