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Covid-19 and Vaccine Information: Dwell International Updates

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Credit…Atul Loke for The New York Times

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

U.S. vaccinations ›

Where states are reporting vaccines given

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

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

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

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

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

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

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

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

Correction: April 26, 2021

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

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

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

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

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

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

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

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

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

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

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

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E.U. Sues AstraZeneca

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

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

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

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

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

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

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

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

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

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

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

GLOBAL ROUNDUP

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

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

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

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

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

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

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

In other updates from around the world:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“It is up,” Ms. Reinbold responds.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Credit…Romain Maurice/Getty Images for Haute Living

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

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

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

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

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

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

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

Kitty Bennett contributed research.

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

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

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

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

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

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

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Second Cryptocurrency Platform in Turkey Shuts Down: Dwell Updates

Here’s what you need to know:

Credit…Chris Mcgrath/Getty Images

Turkish authorities arrested four employees of a cryptocurrency trading platform on suspicion of fraud after customer accounts were frozen, authorities said, the second collapse of a digital currency firm in Turkey within a week.

The collapse of Vebitcoin, one of dozens of cryptocurrency trading platforms that have sprung up in Turkey in recent years, came after the Thodex trading platform shut down last week, more than 60 of its employees were arrested, and its chief executive left the country.

Vebitcoin was a relatively small operation and the losses from it are unlikely to be big, said Turan Sert, who advises BlockchainIST, a cryptocurrency research center affiliated with Bahcesehir University in Istanbul.

Ilker Bas, the chief executive of Vebitcoin, told police after his arrest that the platform has 90,000 registered users and had a trading volume of 600 million lira to 800 million lira, or $72 million to $96 million, per month, the private news agency Demiroren reported. Customer losses are probably much smaller, because the same assets are typically traded repeatedly during the course of a month.

“Due to the recent developments in the crypto money industry, our transactions have become much more intense than expected,” Vebitcoin said on its website. “We have decided to cease our activities in order to fulfill all regulations and claims.”

Cryptocurrency trading is little regulated in Turkey, and the number of platforms has proliferated because of the relatively low cost of setting up. Off-the-shelf trading software costs around $100,000, said Mr. Sert, who also advises Paribu, one of the largest cryptocurrency trading platforms.

Mr. Sert estimated that there were more than 90 platforms, mostly “very small mom-and-pop shops.”

The phenomenon is by no means limited to Turkey. Cryptocurrencies like Bitcoin or Dogecoin have attracted the attention of serious investors and become a hot topic on Wall Street. Coinbase, a U.S.-based cryptocurrency trading platform, sold shares to the public for the first time this month and is valued by the stock market at $58 billion. Regulators in the United States and other countries have struggled to keep up with the fast growth of digital money.

The Turkish Central Bank barred the use of cryptocurrencies for purchases this month, citing their riskiness and popularity with criminals, and signaled that more regulation of the sector is coming. The prospect of greater scrutiny could be prompting some platforms to shut down, Mr. Sert said.

Customers of Thodex may have lost $2 billion, a lawyer for the firm’s clients said last week, but Mr. Sert said that figure probably referred to the site’s trading volume and greatly overstated the potential losses. Many platforms exaggerate their trading volume to attract customers, he said.

The total losses to cryptocurrency investors, while devastating to some individuals, are not large enough to push Turkey’s already shaky economy into crisis, Mr. Sert said.

“I don’t think this will create any instability in the system,” he said.

The gap between executive compensation and average worker pay has been growing for decades. Chief executives of big companies now make, on average, 320 times as much as their typical worker, according to the Economic Policy Institute. In 1989, that ratio was 61 to 1.

The pandemic compounded these disparities, as hundreds of companies awarded their leaders pay packages worth significantly more than most Americans will make in their entire lives, David Gelles reports for The New York Times.

In the course of his reporting, corporate public relations teams employed various tactics to justify their bosses’ big paydays:

  • A Hilton spokesman stressed that the figure in its latest proxy filing did not represent take-home pay for Chris Nassetta, because the company restructured several stock awards. “Said directly, Chris did not take home $55.9 million in 2020,” the spokesman said. “Chris’s actual pay was closer to $20.1 million.” Hilton lost $720 million last year.

  • Boeing wanted to make clear how much money Dave Calhoun “voluntarily elected to forgo to support the company through the Covid-19 pandemic” — some $3.6 million, according to a spokesman. Nonetheless, Mr. Calhoun was awarded $21.1 million last year, while Boeing lost $12 billion.

  • Starbucks, which awarded Kevin Johnson $14.7 million, was among many companies making the case that their chief executive was essential to future success. “Continuity in Kevin’s role is particularly vital to Starbucks at this time,” said Mary Dillon, a member of the compensation committee. The company made a $930 million profit in its latest fiscal year, down three-quarters from the previous year.

Technical glitches marred the Small Business Association’s first attempt at accepting applications for the grant program.Credit…Zack Wittman for The New York Times

Music club operators, theater owners and others in the live-event market have been waiting nearly four months for a $16 billion federal grant fund for their industry to start taking applications. Their hopes were briefly raised two weeks ago when the program’s application website opened, then dashed as a technical malfunction prevented the site from accepting any applications.

Now, the Small Business Administration, the federal agency that runs the program, plans to try again on Monday at noon — but only after one last round of confusion and frustration.

Late Thursday, the agency announced that it would reopen its application system for the Shuttered Venue Operators Grant on Saturday. After heavy pushback from angry applicants — especially Jewish business owners who do not use electronics on Saturdays in observation of the Sabbath — the agency changed course Friday night and rescheduled the reopening for Monday.

“We understand the challenges a weekend opening would bring, and to ensure the greatest number of businesses can apply for these funds, we decided to reschedule,” the agency said in a statement. “We remain committed to delivering economic aid to this hard-hit sector quickly and efficiently.”

The money will be awarded on a first-come-first-served basis and is widely expected to run out fast. That means many applicants will feel pressure to submit paperwork as soon as the application system opens — even if it is at an inconvenient time.

Applicants were generally relieved by the shift to Monday, but annoyed by the whiplash.

“It’s been a mess on so many levels. I feel like they’re torturing us,” said Dani Zoldan, the owner of Stand Up NY, a comedy club in Manhattan. Mr. Zoldan is Jewish and had been vocal on Twitter about the obstacles of a Saturday start.

The National Independent Venue Association, an industry group that lobbied for the relief fund, said it endorsed the decision to postpone the start.

“While we’re all anxious to apply as soon as possible, we support the S.B.A.’s decision to reopen the portal Monday and encourage a fair and equitable process for all,” said Audrey Fix Schaefer, a spokeswoman for the group. “The S.B.A. has responded to our desperate need and we’re grateful for that.”

The Small Business Administration is also preparing to open a second grant program, the Restaurant Revitalization Fund, which is a $28.6 billion support fund for bars, restaurants and food trucks. That program is planning a seven-day test to help the agency avoid the kind of technical problems that plagued the venue program.

A Meituan delivery worker in Shanghai. Last year the firm made more than 27 million food-delivery transactions per day.Credit…Aly Song/Reuters

China’s fast-moving campaign to rein in its internet giants is continuing apace with an antitrust investigation into Meituan, a leading food-delivery app.

The investigation, which the country’s market regulator announced with a terse, one-line statement on Monday, focuses on reports that the company blocked restaurants and other merchants on its platform from selling on rival food-delivery sites.

Earlier this month, the regulator imposed a record $2.8 billion fine on the e-commerce titan Alibaba for exclusivity requirements of this sort. In a statement on Chinese social media, Meituan said that it would cooperate with the authorities and that its operations were continuing as usual.

Meituan is a powerhouse in China. It made more than 27 million food-delivery transactions a day last year and reported around $18 billion in revenue, making it larger than Uber by sales. Meituan’s main rival in takeout delivery in China is Ele.me, a service owned by Alibaba.

Alibaba has been an early major target in China’s efforts to curb what officials describe as unfair competitive practices in the internet industry. But Beijing has made clear that it will be keeping a much closer eye on all of the sector’s biggest and richest companies.

Meituan was one of 34 Chinese internet firms that were summoned to meet with the antitrust authority this month. The following day, the regulator began publishing on its website statements from the companies, Meituan included, in which they vowed to obey laws and regulations.

Bodies awaiting cremation on Friday in East Delhi.Credit…Atul Loke for The New York Times

NEW DELHI — With a devastating second wave of Covid-19 sweeping across India and lifesaving supplemental oxygen in short supply, India’s government on Sunday said it had ordered Facebook, Instagram and Twitter to take down dozens of social media posts critical of its handling of the pandemic.

The order was aimed at roughly 100 posts that included critiques from opposition politicians and calls for Narendra Modi, India’s prime minister, to resign. The government said that the posts could incite panic, used images out of context and could hinder its response to the pandemic.

The companies complied with the requests for now, in part by making the posts invisible to those using the sites inside India. In the past, the companies have reposted some content after determining that it didn’t break the law.

The takedown orders come as India’s public health crisis spirals into a political one, and set the stage for a widening struggle between American social media platforms and Mr. Modi’s government over who decides what can be said online.

On Monday, the country reported almost 353,000 new infections and 2,812 deaths, marking the fifth consecutive day it set a world record in daily infection statistics, though experts warn that the true numbers are probably much higher. The country now accounts for almost half of all new cases globally. Its health system appears to be teetering. Hospitals across the country have scrambled to get enough oxygen for patients.

In New Delhi, the capital, hospitals this weekend turned away patients after running out of oxygen and beds. Last week, at least 22 patients were killed in a hospital in the city of Nashik, after a leak cut off their oxygen supplies.

Online photos of bodies on plywood hospital beds and the countless fires of overworked crematories have gone viral. Desperate patients and their families have pleaded online for help from the government, horrifying an international audience.

Mr. Modi has been under attack for ignoring the advice of experts about the risks of loosening restrictions, after he held large political rallies with little regard for social distancing. Some of the content now offline in India highlighted that contradiction, using lurid images to contrast Mr. Modi’s rallies with the flames of funeral pyres.

People waiting to get vaccinated in New Orleans this month.Credit…Emily Kask for The New York Times

More than five million Americans, or nearly 8 percent of those who got a first shot of the Pfizer or Moderna vaccines, have missed their second doses, according to the most recent data from the Centers for Disease Control and Prevention. That is more than double the rate among people who got inoculated in the first several weeks of the nationwide vaccination campaign.

Even as the country wrestles with the problem of millions of people who are wary about getting vaccinated at all, local health officials are confronting a new challenge of ensuring that those who do get inoculated are doing so fully, Rebecca Robbins reports for The New York Times.

The reasons that people are missing their second shots vary. In interviews, some said they feared the side effects, including flulike symptoms, which were more common and stronger after the second dose. Others said they felt that they were sufficiently protected with a single shot.

Those attitudes were expected, but another hurdle has been surprisingly prevalent. A number of vaccine providers have canceled second-dose appointments because they ran out of supply or didn’t have the right brand in stock.

Walgreens, one of the biggest vaccine providers, sent some people who got a first shot of the Pfizer or Moderna vaccine to get their second doses at pharmacies that had only the other vaccine on hand.

Several Walgreens customers said in interviews that they scrambled, in some cases with help from pharmacy staff members, to find somewhere to get the correct second dose. Others, presumably, simply gave up.

A makeshift ward for Covid-19 patients in Delhi. The rollout of vaccinations has been uneven around the world, allowing the disease to run rampant in some countries.Credit…Atul Loke for The New York Times

  • U.S. stocks were expected to fall on Monday with oil prices amid a surge in coronavirus cases, led by the outbreak in India. More the one billion vaccinations have been administered globally, but the uneven rollout has allowed the virus to continue spreading rapidly in some countries. And so, the daily average number of cases globally has reached a new high.

  • Futures on West Texas Intermediate, the U.S. crude benchmark, fell 1.8 percent to $61 a barrel. The S&P 500 index was set to open 0.3 percent lower when trading begins, after falling 0.3 percent last week.

  • European stocks are mixed and the benchmark Stoxx Europe 600 index was little changed.

  • Still, stocks remained close to recent record highs, and on Monday, yields on U.S. Treasury bonds rose. The yield on 10-year notes climbed 3 basis points to 1.59 percent. Later this week, the Federal Reserve will announce its latest monetary policy decisions, but forecasters aren’t expecting a change. Policymakers have promised to telegraph any pull back in monetary stimulus well in advance.

  • Late last week, stocks on Wall Street rebounded from the news that the Biden administration was considering raising taxes on the wealthy, including nearly doubling the capital gains tax.

  • “With a lot of good news already priced into markets, stocks could be vulnerable to negative surprises, whether from growth disappointments, higher inflation, or policy missteps,” strategists at UBS Global Wealth Management wrote in a note.

Categories
Entertainment

Assessment: The Brooklyn Academy Dips a Toe Again in With Dwell Skating

It was strange enough to see a performance in person. Try to be in a park at dusk and sit on the same stage as the performers: a sheet of ice. The public’s ice rink section was covered, but despite the mild April night, a fresh breeze was still blowing around your ankles.

On Tuesday, the Brooklyn Academy of Music presented their first live performance in more than a year with Le Patin Libre (“Free Skate” in French), a contemporary Montreal skating company. The performance at the lakeside LeFrak Center in Prospect Park even brought out Mayor Bill de Blasio, who said in a pre-performance speech, “When the cultural community comes back, all things are possible.”

That’s probably because culture is usually one of the last things to come back, but well – it’s been a long year. It was nice to see bodies moving in space. And skating is something bigger than a blade and a body: it’s the idea to fly, to fly, to resist gravity. By nature, skating is an uplifting act and art.

Due to its personal rarity, this show, a mixture of skating and dancing, had a lot to offer – maybe too much. Not every show is going to deliver transcendence, although after so much time performing live there is an expectation, good or bad; “Influences” weren’t particularly bad, but hardly euphoric.

As for the performance itself? It was fine up to a point – this ensemble, founded in 2005 by Alexandre Hamel and other skaters, has set itself the goal of making skating more inclusive and celebrating aspects that are unrelated to scoring competitions do have. (Even so, the crowd was happiest to applaud the tricks.) I love skating, especially when it’s otherworldly and hypnotic; But the Le Patin Libre program was full of starts and stops. The electronic score sometimes sounded like a thin drum machine.

“Influences” was the title of the program as well as a work from 2014 that filled the second half of the evening, often in an obvious way to examine the subject of the individual vis-à-vis the group. Vignettes focused on bullying, or the playful tension between rivals. This stand-alone work had a quality that was both expansive and predictable, as the skaters took turns at certain moments. Taylor Dilley gives his skating a sense of weight and control in the martial arts as he curled up in deep, low turns and hooked one leg behind the other. Samory Ba, tall and lanky, possessed an elegant, unmanned daring.

All performers, including Pascale Jodoin and Jasmin Boivin – the composer and musical director of the group – are credited with the choreography, some of which could have been better served by a stronger point of view. This company is big at gliding, and that’s powerful: that’s what figure skating is all about. Yet even when skating phrases reflected the intricate footwork of the dance in an interesting way, the choreography repeated itself.

And all night there were moments of stomping and knocking with skaters treating the ice like a dance floor. it doesn’t always look as innovative as it needs to feel. In a way, the short introductory pieces – no titles were given – were more succinct in how they showed the tight quality of the group. Exciting moments of bird watching, in which skaters move like a flock of birds or a school of fish, showed the momentum: deep edges, river and that gliding again.

In the last brief piece of work, Jodoin, the only woman and one of the directors of the group, led the others in a back and forth pattern that snaked gently across the expanse of ice. Eventually their space narrowed as the skaters – their arms swayed, their blades moving briskly – wound in and out of a narrow figure eight. The lights dimmed as their blades continued to scratch; Now in silhouette, the skaters rode their bodies with a powerful, muscular ease. It was nice to see, but somehow even better to feel: even though they were wearing masks, you could feel that these bodies were breathing as one.

Free skating

Until April 11th at the LeFrak Center in Lakeside, Prospect Park, Brooklyn; bam.org/influences.

Categories
Business

Housing Market in Frenzy Like No Different Since 2008 Disaster: Reside Updates

Here’s what you need to know:

Credit…Ted Shaffrey/Associated Press

The median sale price of an existing home in the United States was $329,100 in March, up 17.2 percent from a year earlier, when a 3 to 5 percent annual increase is considered healthy, according to a report from the National Association of Realtors, a trade group.

Nationwide, housing inventory was at 1.07 million units at the end of March, just above its record low of 1.03 million the prior month and down 28.2 percent from a year earlier, the group said on Thursday.

Sales of new single-family houses soared the highest level since 2006 in March, the Census Bureau reported on Friday, to a seasonally adjusted annual rate of 1.021 million, up 21 percent from February. The typical new home sold for $330,800, down from its recent peak of $365,300 in December.

Existing homes typically sold in 18 days, a record speed. Normally, 60 days is typical, Lawrence Yun, the group’s chief economist, told Stefanos Chen of The New York Times.

When the housing market peaks will depend largely on where you live and how the pandemic continues to reorder buyer priorities, but it will hinge on two trends: rising mortgage rates and incredibly tight inventory in some markets, which will likely keep demand strong through the rest of 2021, even as price growth moderates, several analysts said.

In Manhattan, where commercial real estate was battered and home buyers fanned outward to surrounding suburbs in search of affordability and more space, the sales market fell off at the beginning of the pandemic but appears to have turned the corner.

“The rate at which homes are selling nationally is not sustainable, but in New York, the uptick is just getting started,” said Nancy Wu, an economist for StreetEasy, a listing website.

In the week ending April 11, there were 783 new signed contracts citywide, the highest since the company began tracking weekly pending sales in 2019, when the peak was 491 contracts, she said.

Technical glitches marred the beginning of the first day of submitting applications for the grant program.Credit…Zack Wittman for The New York Times

Music club operators, theater owners and others in the live-event market have been waiting nearly four months for a $16 billion federal grant fund for their industry to start taking applications. Their hopes were briefly raised two weeks ago, when the program’s application website opened — then dashed as a technical malfunction prevented the site from accepting any applications.

Now, the Small Business Administration, the agency that runs the program, plans to try again on Saturday.

The agency’s announcement late Thursday night of its timing for restarting the program was immediately met with a deluge of criticism. “People have weekend plans, need child care, have to pay overtime for weekends. This is SO inconsiderate,” one typical reply tweet said.

Because the money will be awarded on a first-come, first-serve basis — and is widely expected to run out fast — many applicants feel pressured to submit their paperwork as soon as the application system opens.

That will be a particular obstacle for Jewish business owners who observe the Sabbath, which prohibits them from using electronics on Saturdays before sundown. “I’m in shock,” said Dani Zoldan, the owner of Stand Up NY, a comedy club in Manhattan. “There are many Sabbath observers in the performing arts industry. How did they not think through this decision before making this announcement?”

Mr. Zoldan, who is Jewish, hopes the agency will reconsider its decision. He said he would wait until after sunset to submit his application. “It’s been a mess on so many levels. I feel like they’re torturing us,” he said.

The Small Business Administration has not yet said what time on Saturday it plans to open its application portal. The agency said it would provide further details on Friday.

Preparations for the Academy Awards last year, when viewership was down 20 percent from 2019. It is expected to be even lower this year.Credit…Josh Haner/The New York Times

ABC has sold out its advertising inventory for the pandemic-delayed Academy Awards on Sunday, with companies like Google, General Motors, Rolex and Verizon spending an estimated $2 million for each 30-second spot, according to media buyers — only a slight decline from last year’s pricing even though the television audience is expected to be sharply smaller.

Rita Ferro, president of Disney Advertising Sales, which sells ads on Disney-owned ABC, announced the sellout. She declined to comment on pricing or say how much revenue Disney will generate from the telecast. Last year, the Oscars pulled in about $129 million across 56 ads, according to Kantar Media, a research firm. (A red-carpet preshow attracted $16.3 million across 42 ads.)

Additional revenue comes from “integrations” and other sponsorships. For the first time, for instance, ABC will have a sponsor for closed-captioning (Google). The upshot: ABC’s revenue for the telecast is estimated to have declined only 3 to 5 percent from last year — a tiny drop compared with the expected 50 to 60 percent decline in viewing.

The ceremony is “one of those big cultural moments,” Andrew McKechnie, Verizon’s chief creative officer, said of the company’s decision to buy ad space. “The broadcast this year will be a bit different,” he acknowledged, “but the event will still be an impactful one and an important one for us to show up in.”

Last year, about 23.6 million people watched “Parasite” win the Academy Award for best picture, according to Nielsen data. That was a 20 percent drop from the previous year and a record low. On Sunday, nine million to 12 million people are expected to tune in.

Audiences have been turning away from awards telecasts for years, but ratings have nose-dived during the pandemic. Without live audiences, the shows have been drained of their energy. Big studios have also postponed major movies, leaving this year’s awards scene to downbeat art films.

ABC does not guarantee an audience size to Oscar advertisers, thus removing any potential for so-called make-goods — additional commercial time at a later date — if ratings tumble.

ABC has been able to keep ad rates high in part because of the fragmentation of television viewing. Oscars night is a shadow of its former self — it attracted 57 million viewers in 1998 — but still pulls in one of the largest audiences on broadcast television, certainly for a nonsports telecast. New advertisers this year include Apartments.com and Freshpet dog and cat food. Expedia and Adidas have bought commercial time to introduce new campaigns.

“We’re very pleased with where we are,” Ms. Ferro said, citing “the quantity, the caliber and the diversity of the advertisers in the show.”

Soccer fans protested on Tuesday after the formation of a so-called Super League was announced.Credit…Adrian Dennis/Agence France-Presse — Getty Images

JPMorgan Chase apologized on Friday for its role in arranging billions of dollars in financing for a breakaway European soccer league, admitting in a statement that it had “misjudged” how the project would be viewed by fans.

JPMorgan Chase had pledged about $4 billion to underwrite the new league, but the American investment bank did not end up issuing it or losing any money: The league collapsed only 48 hours after it was announced, after more than half of its 12 founding clubs changed their minds and announced they would not take part, Tariq Panja and and Andrew Das for The New York Times.

Like the 12 clubs involved in the breakaway group — which included European giants like Real Madrid and Barcelona, Manchester United and Liverpool, Juventus and A.C. Milan — JPMorgan had come under intense criticism from fans and others merely for participating in the plan.

Designed as a 20-team league with 15 permanent members, the Super League would have severely cut in to the revenues of dozens of national leagues, imperiled the finances and values of the hundreds of European clubs who were left out, and upended the structures that have underpinned European soccer for a century — all while funneling billions to a few elite teams.

In a corporate statement rare for its contrition and self-criticism, JPMorgan admitted it had been a mistake to finance the proposal without considering its effects on others.

“We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future,” a company spokesman said. “We will learn from this.”

But in an interview with Bloomberg TV, the bank’s co-president, Daniel E. Pinto, also sought to distance JPMorgan from the blowback that is still buffeting the clubs.

“We arranged a loan for a client,” Pinto said. “It’s not our place to decide what is the optimal way for football to operate in Europe and the U.K.”

“Companies are reading the writing on the wall,” said Thomas DiNapoli, New York State’s comptroller and trustee for the state’s public pension fund. Credit…Nathaniel Brooks for The New York Times

The riot at the Capitol in January prompted a reckoning on corporate political donations that will be a prominent feature of proxy season, with many shareholder proposals demanding greater disclosure of company spending. And shareholders already seem to be meeting with more success than in previous years, the DealBook newsletter reports.

“Companies are reading the writing on the wall,” said Thomas P. DiNapoli, New York State’s comptroller and trustee for the state’s public pension fund. “Political and social polarization are bad for their business, and they need to decide if political donations are worth the risk.”

“Time will tell if their increased attention to these issues is lip service or if it represents a sincere change in corporate culture,” Mr. DiNapoli said. “At a minimum, investors need disclosure of this spending.”

New York’s public pension fund is the third-largest in the United States, and since 2010, it has filed more than 155 shareholder proposals on political spending, winning more than 40 adoptions or agreements, including from Bank of America, Delta Air Lines and PepsiCo. Three of five resolutions it has advanced this year have already been withdrawn, with the companies agreeing to make changes without putting them to a vote. That’s a 60 percent hit rate, and companies that wouldn’t engage before are now at least responsive, a spokesman for the fund said.

The fund got CMS Energy, a Michigan public utility, to agree to be more transparent about political spending, DealBook is first to report; First Energy, an Ohio utility, and the multinational brewer Molson Coors also agreed to more disclosure.

“Companies are now expected to have core values — almost personalities,” said Bruce Freed, the president of the Center for Political Accountability, a nonprofit organization that teams up with shareholders on proposals. Recent agreements, like the ones brokered by Mr. DiNapoli, are a “strong indication” that corporations are feeling “real pressure,” he said. Nine of 30 companies (including those noted above) have agreed this year to provide more disclosure on political donations. Last year, eight of 40 companies facing similar proposals agreed to act instead of putting the question to shareholders in a vote.

The Capitol riot “raised the stakes,” Mr. Freed said, and the pressure on companies has not relented since.

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

U.S. stocks climbed on Friday, rebounding from a drop on Thursday that had followed reports that the Biden administration was considering nearly doubling capital gains taxes and other taxes on the rich to fund child care and education projects.

Friday’s gains came as investors heard more good news about the American economy, with readings on the manufacturing and services sectors showing growth, and home sales data indicating that sales are at their highest level since 2006.

Most European stock indexes were lower. The Stoxx Europe 600 index was down 0.2 percent even as data showed an improvement in manufacturing and services industries across the eurozone.

The S&P 500 climbed 1 percent, recouping its drop from Thursday. The Nasdaq composite climbed more than 1 percent.

  • Bitcoin slid nearly 9 percent on Friday, continuing its drop from a record hit earlier this month. The cryptocurrency topped out above $63,000 per coin in mid-April, and was trading at around $49,800 on Friday morning — a drop of more than 20 percent.

  • Coinbase, the cryptocurrency exchange, was down as much as 2 percent in early trading before it rebounded to climb about 2 percent on Friday.

  • The bill for Britain’s pandemic response is starting to become clear: In the 12 months through March, government borrowing was 303.1 billion pounds (about $421 billion), up from £57 billion the previous year, according to an estimate by the Office for National Statistics. It’s the most since records began in 1947. And at 14.5 percent of G.D.P., it’s the highest since the end of World War II.

  • As tax receipts fell, the government spent hundreds of billions of pounds on emergency support programs, including furlough. But the borrowing estimate is still smaller than previously forecast by the Office for Budget Responsibility, an independent fiscal watchdog.

  • Retail sales in Britain rose 4.9 percent in March, far outpacing economists’ forecasts for a 2 percent increase, separate data showed, while the manufacturing and services industry also picked up further in April.

A bitcoin ATM in an Istanbul shopping mall. Many Turks have turned to cryptocurrencies as a hedge against inflation.Credit…Chris Mcgrath/Getty Images

A cryptocurrency exchange in Turkey suspended operations this week amid accusations of fraud, freezing an estimated $2 billion in investors’ money, and authorities said they were seeking the company’s founder.

Turkish authorities raided offices in Istanbul associated with Thodex, a cryptocurrency trading platform, on Friday morning and arrested more than 60 people, the private news agency Demiroren reported.

Thodex’s 27-year-old founder, Faruk Fatih Ozer, left Turkey for Albania on Tuesday, Turkish authorities said, who added that they were seeking his extradition.

The cryptocurrency firm has nearly 400,000 active users whose accounts were nominally worth a total of $2 billion, according to Oguz Evren Kilic, a lawyer in Ankara who is representing Thodex investors. If their money has gone missing, the losses would add another element of instability to Turkey’s already shaky economy.

Living standards in Turkey suffer from double-digit inflation and a wobbly currency. Though cryptocurrencies are inherently risky, many Turks have turned to them as a way to protect their savings as the Turkish lira lost more than one-quarter of its value against the dollar in the last year.

Last week, Turkey’s central bank banned the use of cryptocurrencies for purchases, citing the “significant risks” involved.

Thodex had promoted itself with ads that featured female Turkish celebrities dressed in bright red outfits and draped over a highly polished black automobile.

“For sure the economic situation has an affect on this,” Mr. Kilic, the lawyer, said in an interview. “In such times of crisis, people want to diminish the loss of value of the assets they have.”

The sagging lira has raised the cost of imported goods and fueled inflation, leading to a steady erosion in living standards. In March, the annual rate of inflation was 16 percent, according to official figures, which many economists say understate the true rate.

In a statement on Thodex’s website, Mr. Ozer, the firm’s founder, insisted he had left the country merely to consult with foreign investors and would return. He said the accusations were a “smear campaign” and blamed the shutdown of the trading platform on a cyberattack.

Thodex “has not victimized anyone,” he said, adding that only about 30,000 accounts “have a suspicious situation.”

Mr. Kilic noted that none of Thodex’s customers could gain access to their accounts. “If you cannot access the account, then you are a victim,” he said.

On Twitter, people reacted to a statement from Thodex with crying face emojis. “There are people who trust and invest everything in you,” one user wrote.

Volkswagen’s new electric ID.4. The company is investing $80 billion to develop E.V.s.Credit…Bryan Derballa for The New York Times

As many as 100 new electric vehicle models are coming to showrooms by 2025 as automakers insist we’re “this close” to an E.V. tipping point.

But outside of Tesla, the American record for sales of an electric vehicles is the mere 30,200 Leafs that Nissan sold in 2014. A single gasoline sport utility vehicle, the Toyota RAV4, finds well over 400,000 annual buyers, compared with roughly 250,000 sales last year for all E.V.s combined — 200,000 of which were Teslas, Lawrence Ulrich reports for The New York Times.

Globally, Volkswagen is poised to pass Tesla as the world’s biggest electric vehicle seller as early as next year, according to Deutsche Bank, with Europe and China its key markets. In the United States, where the brand remains an underdog, VW and other legacy automakers are concentrating fire on the sales fortress of compact S.U.V.s.

The latest electric-S.U.V. hopefuls to reach showrooms are the VW ID.4, Ford Mustang Mach-E and Volvo XC40 Recharge. The Nissan Ariya, BMW iX and Cadillac Lyriq are set to arrive between late 2021 and next March.

Categories
World News

Covid-19 Dwell Updates: Vaccines, Variants and Instances

Here’s what you need to know:

Credit…Joao Silva/The New York Times

South Africa will resume the use of the Johnson & Johnson vaccine to inoculate health care workers next week, offering some relief to the country that has suffered a series of blows to its vaccination efforts in recent months, according to South African authorities.

The country suspended an early-access Johnson & Johnson vaccination program last week after health officials in the United States put a pause on the vaccine amid concerns of rare blood clots that emerged in a handful of people who received it.

South Africa’s decision to move forward again was the second green light this week for Johnson & Johnson. On Tuesday, the European Union drug regulator also recommended resuming the rollout of the company’s vaccine.

Now, many eyes are on Washington, where a federal advisory panel is scheduled to meet Friday to discuss whether to lift the pause in the United States.

The blood clots that led to the Johnson & Johnson suspensions were all reported in the United States. In South Africa, officials confirmed Thursday that no cases of clots have been reported among the roughly 290,000 health care workers who have received the vaccine so far.

“The temporary suspension in South Africa was in line with government’s commitment to ensure comprehensive measures are undertaken regarding vaccine rollout,” Khumbudzo Ntshavheni, a cabinet minister, told reporters on Thursday.

Health experts welcomed the resumption of the vaccine campaign in South Africa, which has recorded more coronavirus cases than any other country on the continent and has suffered serious setbacks in its attempt to combat the virus in recent months.

In February, health officials scrapped plans to use the AstraZeneca vaccine after it proved ineffective against a variant of the virus now dominant in South Africa. The decision came a week after a million doses of the vaccine arrived in the country and amid a devastating second wave of virus cases.

Though the Johnson & Johnson vaccine has not yet been approved for general use in South Africa, it has been used as part of a research study offering early access to the vaccine to the country’s 1.2 million health care workers.

South African health officials are gearing up to extend vaccinations to the general public starting in May. In a first step to launching a national rollout, the country last week opened its vaccine registration to people over 60 years old, who will be among the first to be inoculated.

That plan depends on tens of millions of doses of the Pfizer-BioNTech vaccine, which requires two doses and will be used in major cities. The single-shot Johnson & Johnson vaccine, which is easier to store and better for hard-to-reach populations, will be used in the country’s rural areas.

United States › United StatesOn Apr. 21 14-day change
New cases 64,853 –4%
New deaths 879 –1%
World › WorldOn Apr. 21 14-day change
New cases 952,928 +23%
New deaths 17,951 +14%

U.S. vaccinations ›

Where states are reporting vaccines given

People waiting in line to register for a vaccination in Brooklyn earlier this month.Credit…Spencer Platt/Getty Images

Federal health officials appear to be leaning toward lifting their recommended pause on the use of Johnson & Johnson’s coronavirus vaccine after finding only a limited number of additional cases of a rare blood clotting disorder among recipients.

Instead, the Food and Drug Administration is likely to attach a warning to the vaccine’s label to inform health practitioners — and the public — about the exceedingly uncommon, but dangerous possible side effect.

Federal health officials are waiting to act until they hear from a committee of outside experts who advise the C.D.C. The committee is scheduled to meet on Friday to discuss whether to recommend lifting, extending or modifying the pause that was initiated on April 13.

“We know that it’s not a good thing to leave the pause going for any longer than it absolutely has to go for,” Dr. Peter Marks, the Food and Drug Administration’s top vaccine regulator, said Thursday, adding that a protracted pause could contribute to greater vaccine hesitancy. “Once, essentially, the adequate discussion has occurred, we’re prepared to move as quickly as we possibly can.”

When top federal health officials abruptly decided early last week to recommend a temporary halt in the use of the shot, six women had been reported to have suffered from the disorder, a combination of clots in the brain that led to bleeding and low platelets, components of the blood that normally help to heal wounds.

That was fewer than one in a million recipients of Johnson & Johnson’s shot in the United States. But officials worried that more cases were hidden or could develop shortly as the new vaccine rolled out.

That fear has not materialized.

Dr. Marks and Dr. Janet Woodcock, the F.D.A.’s acting commissioner, said the clotting disorder appeared to be nearly as rare as they hoped it would be when they recommended the pause.

“We’ve now received more cases, but it isn’t an avalanche,” Dr. Woodcock said “We’re not seeing a big surge, which is a great relief.”

Even if the C.D.C.’s advisory committee decides Friday that the benefits of Johnson & Johnson’s single-dose vaccine outweigh its risks, the company will still face manufacturing hurdles at a Baltimore plant that regulators have refused so far to certify. That plant was supposed to deliver the bulk of the nearly 100 million doses the firm had promised to have ready by the end of May.

But it would mean a temporary surge of about 10 million shots that were effectively put on hold when the pause was announced.

A man who died of complications from the coronavirus was being cremated in Mumbai on Wednesday.Credit…Atul Loke for The New York Times

India’s rapidly worsening coronavirus outbreak is now expanding on a scale beyond any previously measured in more than a year of the pandemic: The health ministry reported more than 310,000 new infections on Thursday, the most recorded in any country on a single day.

India’s total eclipsed the previous one-day high of 300,669 recorded coronavirus cases, set in the United States on Jan. 8, according to a New York Times database, though differences in testing levels from country to country, and a widespread lack of tests early in the pandemic, make comparisons difficult.

Over the past two months, the outbreak in India has exploded, with reports of superspreader gatherings, oxygen shortages and ambulances lined up outside hospitals because there were no ventilators for new patients.

As cases worldwide reach weekly records, a substantial proportion of the new infections are coming in India, a sobering reminder that the pandemic is far from over, even as infections decline and vaccinations speed ahead in the United States and other wealthy parts of the world. India has surpassed 15.6 million total reported infections so far, second-most after the United States.

The death toll has also begun to climb precipitously.

On Thursday, the Indian government recorded 2,104 deaths, and an average of more than 1,600 people have died of the virus every day for the past week. That is less than the tolls at the worst points of the pandemic in the United States or Brazil, but it is a steep increase from just two months ago, when fewer than 100 people in India were dying daily.

There are signs that the country’s health system, patchy even before the pandemic, is collapsing under the strain. On Tuesday, at least 22 people died in an accident in the central city of Nashik when a leak in a hospital’s main oxygen tank cut the flow of oxygen to Covid-19 patients.

The picture is staggeringly different from early February, when India was recording an average of just 11,000 cases a day, and domestic drug companies were pumping out millions of vaccine doses. More than 132 million Indians have received at least one dose, but supplies are running low and experts warn that the country is unlikely to meet its goal of inoculating 300 million people by the summer.

Critics say Prime Minister Narendra Modi, who imposed a harsh nationwide lockdown in March 2020 in the early stages of the pandemic, failed to prepare for a second wave or to warn Indians to remain vigilant against the virus, especially as more infectious variants began to spread.

Mr. Modi’s Hindu nationalist government has also allowed a massive Hindu festival to take place, drawing millions of pilgrims to the banks of the Ganges River, and his party has held packed political rallies in several states.

“India’s rapid slide into this unprecedented crisis is a direct result of complacency and lack of preparation by the government,” Ramanan Laxminarayan, the director of the Center for Disease Dynamics, Economics and Policy in Washington, wrote in The New York Times on Tuesday.

The hardest-hit region is Maharashtra, a populous western state that includes the financial hub of Mumbai. On Wednesday, the state’s top leader ordered government offices to operate at 15 percent capacity and imposed new restrictions on weddings and private transportation to slow the spread of the virus.

This week, Britain’s prime minister, Boris Johnson, and Japan’s prime minister, Yoshihide Suga, called off plans to visit India. On Thursday, the Australian prime minister, Scott Morrison, said that direct flights from India would be reduced by about 30 percent, and that Australians would be allowed to travel to India only in “very urgent circumstances.” Canada also suspended all direct flights from India and Pakistan starting Thursday night for 30 days.

People relaxed in the Place des Vosges in central Paris on Saturday. Prime Minister Jean Castex said that France will relax many of its coronavirus restrictions in May. Credit…Dmitry Kostyukov for The New York Times

The French government outlined plans on Thursday to gradually reopen the country starting in early May, stoking hopes that life might finally return to something close to normal after more than a year of on-and-off pandemic restrictions.

Prime Minister Jean Castex said at a news conference that primary school students would be allowed to return to classrooms on Monday, followed by middle and high school students the following week. Travel restrictions will be lifted on May 3.

Depending on how things are going at that point, Mr. Castex said, retail stores, outdoor dining, and certain cultural and sporting activities could start to reopen in mid-May.

The pandemic situation appears to be improving in France, with the daily average number of new cases falling to about 32,000 from 42,000 the week before. Hospitalizations seem to have plateaued at nearly 6,000.

“The peak of the third wave seems to be behind us,” Mr. Castex said.

The government is hoping to alleviate the deep sense of pandemic fatigue that has taken root in France. When the country went into its third lockdown at the start of April, once again closing schools and “nonessential” retail stores, the move was met with anger and some pointed protests.

Hundreds of lingerie shops across France, closed under the lockdown order, have been mailing panties to Mr. Castex since the beginning of the week, as part of a campaign called “Action Culottée,” meaning “cheeky action,” which was coordinated on Facebook.

The country’s vaccination campaign, which stumbled for months, has gathered speed recently, and is now administering about 2.5 million doses a week. More than 13 million people have received at least one dose so far, and the country aims to raise the figure to 20 million — 30 percent of the population — by mid-May. Even so, France lags far behind countries like the United States, Britain and Israel in its vaccination efforts.

To limit the spread of highly transmissible virus variants, Mr. Castex said, France will tighten testing and quarantine requirements for travelers arriving from five countries — Brazil, Chile, Argentina, South Africa and India — where the variants are circulating widely.

The Atlantic City boardwalk last July.Credit…Michelle Gustafson for The New York Times

With summer on the horizon, states are beginning to rethink social-distancing measures.

In Rhode Island, Gov. Dan McKee said that starting May 7, the state will stop requiring masks outside, and social gatherings can increase to 25 people indoors and 75 people outdoors. By May 28, the state will lift capacity limits on businesses and houses of worship; the bar areas of restaurants will be able to open; and dance floors can once again be filled.

“It’s a good day for everyone here in the Ocean State,” Mr. McKee said at a news conference Thursday. “It’s a little early to put a ‘Mission Accomplished’ sign up but we’re getting ready to order that sign.”

Mr. McKee attributed the reopening plans to the state’s vaccination rate — 48 percent of residents have received at least one shot and 33 percent are fully vaccinated, according to a New York Times database. But masks will still be required indoors.

Rhode Island is not alone.

On Monday, Gov. Ned Lamont of Connecticut announced that his state would phase out all pandemic restrictions, except the indoor mask mandate, by May 19. And in New Jersey, Gov. Phil Murphy said Wednesday that he would announce “a pretty significant amount of guidance” for summer activities next week.

“We don’t want to lurch, in other words go forward and then have to pull something back,” Mr. Murphy said at his weekly news conference. “And we don’t want to start that now. But we also owe people our best guesses for what it’s going to look like for graduation, summer, the beaches and what not.”

As more people get vaccinated and the outdoors become more appealing with spring weather and sunshine, one question persists: Do we still need to wear masks outside? Science shows that the risk of viral transmission outside is very low. The Times’ Well columnist, Tara Parker-Pope, suggests making sure your activity meets two out of the following three conditions: outdoors, distanced and masked.

Global Roundup

Police officers stood guard in Berlin as Germans demonstrated against coronavirus measures on Wednesday.Credit…Christian Mang/Reuters

BERLIN — State lawmakers in Germany approved a new version of a law on Thursday boosting the federal government’s power to enforce uniform coronavirus lockdown rules. New restrictions are expected in most districts soon after the president signs the bill into law, which could be as early as Thursday afternoon.

The law, which Chancellor Angela Merkel’s cabinet passed last week, is a response to a disjointed virus response by state governments, which previously had the ultimate say in carrying out restrictions. For months, experts have called for a lockdown to control Germany’s surging third wave of coronavirus infections.

Under the law passed by the federal council of states on Thursday, the rules would apply uniformly across the country but would depend on the rate of infection in each district, leading to more severe lockdowns in highly affected areas. There would be a curfew from 10 p.m. to 5 a.m. in districts with more than 100 new infections per 100,000 people in a week. Restaurants would remain closed, and nonessential stores would require an appointment and a negative test result in districts with more than 150 new infections per 100,000 people. Schools would close if 165 new infections per 100,000 were registered.

Germany is currently measuring 161 infections per 100,000 in a week, according to the health authorities, which also counted 29,518 new infections on Wednesday.

As many as 8,000 people, including right-wing extremists and coronavirus deniers, took to the streets in Berlin to protest the measures on Wednesday. Several lawsuits against it have already been announced.

Germany has recorded more than 80,000 deaths so far.

In other developments across the world:

  • Japan’s auto industry group canceled the biennial Tokyo Motor Show, scheduled for the fall, because of rising coronavirus cases, the Kyodo News agency reported. It was the first cancellation in the 67-year history of the event, which drew around 1.3 million people in 2019. Akio Toyoda, the chairman of the industry group and president of Toyota Motor Corp., said at a news conference that “it seems difficult to offer main programs in a safe environment.” The cancellation came as Japan reported 5,291 new infections, the highest daily total in three months. And it raised more questions about plans for the Tokyo Olympics, which organizers have insisted will begin in July even as officials plan to impose emergency measures in Tokyo and other municipalities.

  • The European Union will not order an extra 100 million vaccines from AstraZeneca foreseen in its contract, a European Commission spokesman said Thursday, underscoring the soured relationship between the pharmaceutical company and the bloc of 27 countries. The bloc could have added 100 million doses of vaccines to its existing order of 300 million from AstraZeneca but the time to do so has passed, Stefan de Keersmaecker, the spokesman, said. The European Union is embroiled in a dispute with the British-Swedish company over its inability to deliver expected doses, which has set the bloc’s vaccination efforts back significantly. They have been in a legal arbitration process for weeks, and the bloc is considering suing.

Megan Fairchild practicing in her parent’s home in Utah.Credit…Kim Raff for The New York Times

At the beginning of the pandemic, one of Megan Fairchild’s former dance teachers gave her some advice: Now would be a really great time to get pregnant. Ms. Fairchild, a principal at New York City Ballet, was aghast.

“I was like, that’s a ridiculous idea and the last thing on my mind right now,” she said. “This is going to last a couple months, and I don’t want to not be there when we get back.”

But when it became clear that her kind of live performance, dancing for thousands at Lincoln Center, would not be resuming anytime soon, the decision to have another child came to her in three words when she was meditating: Do it now.

For much of the pandemic year, Ms. Fairchild, 36, was pregnant with twins. On April 10, she gave birth to two girls.

She’s not the only one to have taken advantage of the theatrical shutdown. The dance world is experiencing a full-blown baby boom.

Federal regulators have found many shortcomings at a plant of Emergent BioSolutions in Baltimore.Credit…Saul Loeb/Agence France-Presse — Getty Images

WASHINGTON — Federal regulators have found serious flaws at the Baltimore plant that had to throw out up to 15 million possibly contaminated doses of Johnson & Johnson’s coronavirus vaccine, casting doubt on further production in the United States of a vaccine that the government once viewed as essential in fighting the pandemic.

The regulators for the Food and Drug Administration said that the company manufacturing the vaccine, Emergent BioSolutions, may have contaminated additional doses at the plant. They said the company failed to fully investigate the contamination, while also finding fault with the plant’s disinfection practices, size and design, handling of raw materials and training of workers.

The F.D.A. has not yet certified the plant, in Baltimore’s Bayview neighborhood, and no doses made there have gone to the public. All the Johnson & Johnson shots that have been administered in the United States have come from overseas.

The report amounted to a harsh rebuke of Emergent, which had long played down setbacks at the factory, and added to problems for Johnson & Johnson, whose vaccine had been seen as a game changer because it requires only one shot, can be produced in mass volume and is easily stored.

The inspection began after routine checks showed that Emergent workers had contaminated at least part of a batch of 13 million to 15 million doses of the Johnson & Johnson vaccine with the harmless virus that is used to make the AstraZeneca shot, which is not yet authorized in the United States.

The F.D.A. findings, based on an inspection that ended on Tuesday, underscore questions raised in reports by The New York Times about why Emergent did not fix problems earlier and why federal officials who oversee its lucrative contracts did not demand better performance.

In statements on Wednesday, the F.D.A., Emergent and Johnson & Johnson all said they were working to resolve the problems at the factory. There was no indication of how long that would take.

Nepal’s dethroned king, Gyanendra Shah, center, at Golden Temple in Amritsar, India, last year.Credit…Sameer Sehgal/Hindustan Times, via Getty Images

KATHMANDU, Nepal — At the beginning of this month, Nepal’s dethroned king, Gyanendra Shah, and his wife, Komal, traveled to northern India for the Kumbh Mela, a Hindu pilgrimage where millions seek a dip in the Ganges River to absolve themselves of their sins.

Gyanendra bathed in the river, and for 10 days, he and his aides mingled in crowds and met ascetics, Hindu leaders and other dignitaries. On April 18, he and Komal flew home to Nepal, where supporters welcomed them at the airport and formed a procession to escort them home, chanting pro-Hindu and pro-monarchy slogans along the way.

Three days later, the couple tested positive for the coronavirus. Now they are in quarantine at their residence in Kathmandu, the capital, while health officials in Nepal try to trace anyone who was in contact with them.

“Both king and queen have isolated themselves from other family members,” said Phani Raj Pathak, an aide to Gyanendra, who was dethroned when Nepal became a republic in 2008 and ended a two-century-old Hindu monarchy. The former ruler, who is in his 70s, retains support among some Hindus in Nepal as well as among critics of the elected government.

The infections have cast a harsh spotlight on the Kumbh Mela, where millions of Hindu pilgrims have gathered for weeks, shoulder to shoulder and often maskless, even as highly infectious variants of the coronavirus surge across South Asia. On Thursday, India reported more than 312,000 new infections, the highest daily total in any country since the pandemic began.

The Indian government has defended the gathering as safe, even as news media report thousands of infections among participants. Organizers say that attendees are required to wear masks and show proof of a negative coronavirus test, but they acknowledge that given the size of the event, many could have flouted the rules.

Now there are fears that the Kumbh Mela will cause the virus to explode in Nepal, which shares a porous border with India.

“The majority of people weren’t wearing face masks,” said Yogini Saritanandi, a pilgrim who returned to Nepal. She said she had seen “nothing other than a sea of humans on the bank of the Ganges.”

She said the authorities in the northern city of Haridwar, where the Kumbh Mela is being observed this year, began to slightly restrict entry after a few ascetics were reportedly infected and after India’s prime minister, Narendra Modi, urged organizers to observe social distancing. But it appeared to be too late.

“People got Covid one after another,” said Ms. Saritanandi, 43. “When I saw this, I thought of my 10-year-old son, and I cut my visit short to return to Nepal earlier.”

As Indian states impose new lockdowns, tens of thousands of Nepali migrant workers have returned from India without undergoing coronavirus tests. After reporting no new infections for much of January, Nepal is now averaging more than 1,100 cases a day, according to a New York Times database.

The government has closed schools and colleges in urban areas and tried to speed up vaccinations, with more than 1.7 million people having received at least one shot. But the inoculation drive was slowed after India restricted exports of vaccines to fight the outbreak at home, leaving Nepal to rely on a donation of shots from China.

A man used a self-administered coronavirus test kit in Durham, N.C., in February.Credit…Pete Kiehart for The New York Times

The health effects of Covid-19 not only can stretch for months, but also appear to increase the risk of death and chronic medical conditions even in people who were never sick enough with Covid to be hospitalized, according to a new study published Thursday in the journal Nature.

Researchers looked at medical records of more than 73,000 people across the United States who were infected with the coronavirus between March and November 2020 and did not require hospitalization. In the period from one to six months after becoming infected, those patients were 20 percent more likely to need outpatient medical care, and 60 percent more likely to die, than people who had not contracted the coronavirus.

The Covid survivors experienced a vast array of long-term medical problems that they had never had before — not just lung issues from the respiratory effects of the virus, but symptoms that could affect virtually any organ system or part of the body, from neurological to cardiovascular to gastrointestinal. They were also at greater risk of mental health problems, including anxiety and sleep disorders.

Some of the patients’ post-Covid medical issues — like diabetes, kidney disease and some heart problems — could become chronic conditions that would require treatment for the rest of their lives.

Most of the nearly 32 million people who have contracted the coronavirus in the United States have not needed hospitalization, so the findings may have wide implications. But the study sample and the control group they were compared with may not be very representative of the general public: They were Veterans Health System patients, overwhelmingly men with a median age over 60.

A pregnant woman receiving the Pfizer vaccine in Schwenksville, Pa., in February.Credit…Hannah Beier/Reuters

In an early analysis of coronavirus vaccine safety data, researchers at the Centers for Disease Control and Prevention have found no evidence that the Pfizer-BioNTech or Moderna vaccines pose serious risks during pregnancy.

The findings are preliminary and cover just the first 11 weeks of the U.S. vaccination program. But the study, which included self-reported data on more than 35,000 people who received one of the vaccines during or shortly before pregnancy, is the largest yet on the safety of the coronavirus vaccines in pregnant people.

During the clinical trials of the vaccines, pregnant women were excluded. That left patients, doctors and experts unsure whether the shots were safe to administer during pregnancy.

“There’s a lot of anxiety about whether it’s safe and whether it would work and what to expect as far as side effects,” said Dr. Stephanie Gaw, a maternal-fetal medicine specialist at the University of California, San Francisco.

The new data, Dr. Gaw said, demonstrate that “a lot of pregnant people are getting the vaccine, there isn’t a significant increase in adverse pregnancy effects at this point, and that side effect profiles are very similar to nonpregnant people.”

“I think that’s all very reassuring,” she said, “and I think it will really help providers and public health officials more strongly recommend getting the vaccine in pregnancy.”

Covid-19 poses serious risks during pregnancy. Pregnant women who develop symptoms of the disease are more likely to become seriously ill, and more likely to die, than nonpregnant women with symptoms.

Because of those risks, the C.D.C. has recommended that coronavirus vaccines be made available to pregnant women, though it also suggests that they consult with their doctors when making a decision about vaccination.

The new study, which was published on Wednesday in The New England Journal of Medicine, is based largely on self-reported data from V-safe, the C.D.C.’s coronavirus vaccine safety monitoring system. Participants in the program use a smartphone app to complete regular surveys about their health, and any side effects they might be experiencing, after receiving a Covid-19 vaccine.

The researchers analyzed the side effects reported by V-safe participants who received either the Pfizer or Moderna vaccine between Dec. 14, 2020, and Feb. 28, 2021. They focused on 35,691 participants who said that they had been pregnant when they received the vaccine or became pregnant shortly thereafter.

After vaccination, pregnant participants reported the same general pattern of side effects that nonpregnant ones did, the researchers found: pain at the injection site, fatigue, headaches and muscle pain.

Women who were pregnant were slightly more likely to report injection site pain than women who were not, but less likely to report the other side effects. They were also slightly more likely to report nausea or vomiting after the second dose.

Pregnant V-safe participants were also given an opportunity to enroll in a special registry that tracked pregnancy and infant outcomes.

By the end of February, 827 of those enrolled in the pregnancy registry had completed their pregnancies, 86 percent of which resulted in a live birth. Rates of miscarriage, prematurity, low birth weight and birth defects were consistent with those reported in pregnant women before the pandemic, the researchers report.

“This study is of critical importance to pregnant individuals,” Dr. Michal Elovitz, a maternal-fetal medicine specialist at the University of Pennsylvania, said in an email. “It is very reassuring that there were no reported acute events in pregnant individuals” over the course of the study, she said.

But the report has several limitations and much more research is needed, experts said. Enrollment in the surveillance programs is voluntary and the data are self-reported.

In addition, because the study period encompassed just the first few months of the U.S. vaccination campaign, the vast majority of those enrolled in the pregnancy registry were health care workers. And there is not yet any data on pregnancy outcomes from people who were vaccinated during the first trimester of pregnancy.

“I think we can feel more confident about recommending the vaccine in pregnancy, and especially with pregnant people that are at risk of Covid,” Dr. Gaw said. “But we do need to wait for more data for complete pregnancy outcomes from vaccines early in pregnancy.”

Jackie Robinson Day at Dodger Stadium earlier this month.Credit…Kirby Lee/USA Today Sports, via Reuters

Fully vaccinated baseball fans will be granted their own section at the Los Angeles Dodgers game this weekend against the San Diego Padres.

The set-aside seats, reported by The Los Angeles Times, are part of the many incentives being offered — from doughnuts to beer — to encourage people to get vaccinated against Covid-19. The Miami Heat and the San Francisco Giants have introduced similar sections at their stadiums.

To prove they are fully vaccinated, fans will have to show government-issued I.D. and documentation like a vaccination card, according to the Dodgers’ website. Everyone 16 years and older will have to show proof that at least two weeks have passed since they were fully vaccinated. Fans younger than 16 will be required to show proof of a negative coronavirus test taken within 72 hours before admission.

Face masks will still be required, but social distancing will not. The team said spectators in the sections for the fully vaccinated will be seated directly next to each other.

The game Saturday won’t mark the first time fans have entered Dodger Stadium since the pandemic began. The team’s home opener on April 9 was attended by fans — just not all that many of them. Attendance was capped at around 11,000, about 20 percent of capacity.

In the past week, there has been an average of more than 2,300 daily coronavirus cases in the state, and Los Angeles County has seen an average of 435 daily cases — a 20 percent drop over the past two weeks, according to a New York Times database.

As of Wednesday, more than 40 percent of Californians had received at least one dose of the vaccine, and more than 20 percent had been fully vaccinated.

On April 15, Gov. Gavin Newsom loosened some restrictions in the state, permitting limited outdoor gatherings and live events, depending on a region’s Covid-19 risk level.

A 5K run organized by New York Road Runners in October.Credit…John Minchillo/Associated Press

New York Road Runners, the club that puts on the New York City Marathon, has announced the return of its first regularly scheduled race since the beginning of the pandemic.

On Thursday, the club said that it would hold the annual New York Mini 10K on June 12. The 10-kilometer, women-only race has been held annually since 1972, with the exception of last year.

“This is our first real table setting,” said Kerin Hempel, the organization’s interim chief executive. “It’s starting to feel like ‘OK, we’re back, we’re coming back.’”

This will not be the first race the club has held since the onset of the pandemic.

The organization has held a series of “return to racing” events as pilots starting last fall, allowing very small fields to run with safety protocols in place. Among other measures, the races had temperature checks, staggered starts and different corralling of runners.

Those events, Ms. Hempel said, have given N.Y.R.R. the confidence to move ahead with its first regularly scheduled race since March 2020.

The Mini 10K field will be smaller than in past years, with a cap of 1,200 runners. The race will also have safety protocols, such as requiring runners to mask up at the start and finish. (They will be strongly encouraged to wear masks during the race, too.)

It will be the first time N.Y.R.R. has welcomed elite athletes since the 2019 New York City Marathon, with 25 elite athletes expected at the starting line. The 2019 Mini 10K champion, Sara Hall, will return to defend her title.

The announcement comes as runners look ahead — with cautious optimism — to the return of major road races. Ms. Hempel anticipated the question on the minds of many: What does this mean for the New York City Marathon?

“We’ve been saying the marathon is going to happen,” she said. “It’s more about what it’s going to look like, and how many people we can accommodate on the course.”

Categories
Business

Jobless Claims Fall, Providing Recent Proof of a Restoration: Dwell Updates

Here’s what you need to know:

Credit…Karsten Moran for The New York Times

New claims for unemployment benefits fell last week to the lowest level of the pandemic, the government reported on Thursday, offering fresh evidence of the labor market’s recovery.

A total of 566,000 workers filed first-time claims for state benefits during the week that ended April 17, the Labor Department said, a decrease of 57,000 from the previous week’s revised figure. In addition, 133,000 new claims were filed for Pandemic Unemployment Assistance, a federal program that covers freelancers, part-timers and others who do not qualify for state benefits.

Neither figure is seasonally adjusted.

“The bigger story — even though we’re going to see volatility week to week — is that the labor market continues to heal and labor demand is coming back quite strongly in line with robust growth,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics.

Warmer weather, more extensive coronavirus vaccination efforts and a stream of government assistance that has enabled consumer spending have all contributed to recent gains.

Encumbrances remain. The labor market is weighed down by continuing anxiety about coronavirus infections and the demands of child care when regular school schedules have been disrupted.

According to the Census Bureau’s weekly Household Pulse Survey, more than four million people who were unemployed in March said they were not working because they were afraid of catching Covid-19.

“It’s important to keep in mind that the trend is going in the right direction,” said Heidi Shierholz, director of policy at the left-leaning Economic Policy Institute, “but we’re still at crisis levels of unemployment claims.”

The weekly level of new claims is still near historical highs recorded before the pandemic. And there are roughly 8.4 million fewer jobs than there were in early 2020.

The long-term unemployed face particular hurdles. A new report from the California Policy Lab, a research institute based at the University of California, said some states were prematurely ending extended unemployment insurance because of the way they count claims.

Southwest Airlines earned $116 million in the first quarter after its first annual loss in half a century last year.Credit…Lucy Nicholson/Reuters

The worst appears to be over for airlines. Now, it’s just a matter of waiting for the summer travel frenzy to begin.

American Airlines and Southwest Airlines on Thursday were the last two major U.S. airlines to report financial results for the first three months of the year. American lost nearly $1.3 billion, while Southwest earned $116 million, a welcome profit after weathering its first annual loss in half a century last year.

“While the pandemic is not over, we believe the worst is behind us, in terms of the severity of the negative impact on travel demand,” Gary Kelly, Southwest’s chairman, said in a statement. “Vaccinations are on the rise, and Covid-19 hospitalizations in the United States are down significantly from their peak in January 2021. As a result, we are experiencing steady weekly improvements in domestic leisure bookings, which began in mid-February 2021.”

That sentiment is shared across the industry.

“With the momentum underway from the first quarter, we see signs of continued recovery in demand,” Doug Parker, American’s chief executive, said in a statement on Thursday. His counterpart at United Airlines issued a similarly hopeful statement this week, despite posting a loss of $1.4 billion. Last week, Delta Air Lines reported a $1.2 billion loss.

The industry has been buoyed by federal support, receiving $54 billion in grants to pay workers over the past year and another $25 billion in loans. Mr. Kelly of Southwest credited that support for the airline’s slight profit, saying that the airline would have lost $1 billion in the first quarter without it.

Southwest was also buoyed by its limited exposure to corporate and international travel, which have been slow to rebound and are lucrative parts of the business for American, Delta and United. Leisure travel within the United States, which all of the airlines serve, is almost fully recovered.

Air travel started to recover meaningfully in early March, with Transportation Security Administration data showing a steady rise in the number of people screened at airport security checkpoints relative to the same period in 2019. That surge has subsided somewhat since earlier this month, with screenings down about 42 percent over the past week compared with 2019.

Southwest said demand for travel continues to improve with summer fast approaching and customers once again feeling comfortable making travel plans further out. The airline estimates that it has about 35 percent of expected bookings in place for June and 20 percent for July.

Thomas Gottstein, the chief executive of Credit Suisse, described the loss as “unacceptable.” If not for the collapse of Archegos, the bank said it would have made a pretax profit of 3.6 billion francs.Credit…Ennio Leanza/Keystone, via Associated Press

Credit Suisse said on Thursday that it suffered a loss in the first quarter stemming from loans it made to the collapsed investment fund Archegos Capital Management, a debacle that has prompted Switzerland’s financial regulator to investigate whether the bank was doing a poor job monitoring the riskiness of its investments.

The loss of 252 million Swiss francs, about $275 million, from January through March, came after a loss of 4.4 billion francs from Archegos that wiped out a big increase in revenue. Credit Suisse also said on Thursday that it had sold bonds to investors to raise $2 billion to shore up its capital.

The bank expects additional losses from Archegos of about $655 million as it finishes winding down its exposure to the firm, Thomas Gottstein, the chief executive of Credit Suisse, said during a conference call with reporters Thursday.

The bank, based in Zurich, has suffered a series of calamities this year that have severely damaged its reputation and finances. Swiss regulators are also investigating a spying scandal and Credit Suisse’s sale of $10 billion in funds packaged by Greensill Capital. The funds were based on financing provided to companies, many of which had low credit ratings or were not rated at all. Greensill collapsed in March, and its ties to former Prime Minister David Cameron of Britain have caused a political scandal.

Mr. Gottstein promised Thursday that Credit Suisse would overhaul its systems for tracking risk to avoid future disasters. Several top executives have already left the bank as part of a management shake-up, including Lara Warner, the chief risk and compliance officer.

Credit Suisse also plans to pare back the size of a unit that serves hedge fund clients and was involved in the Archegos losses. Mr. Gottstein declined to say whether the debacle would lead to major changes at Credit Suisse’s investment bank, which has a large presence in New York.

But he suggested that Credit Suisse would not retreat from investment banking. “The underlying results show that the strategy is working,” he told reporters. “I wouldn’t say that because we had two disappointing incidents we should throw the whole strategy overboard.”

If not for the Archegos loss, Credit Suisse would have made a pretax profit of 3.6 billion francs, the bank said. Revenue for the quarter rose 30 percent to 7.6 billion francs as Credit Suisse raked in fees from lively trading on stock and bond markets.

The bank is certain to face intense official scrutiny in months to come. The Swiss regulator, known as Finma, said it would “investigate in particular possible shortcomings in risk management” at Credit Suisse. Finma also said that it would “continue to exchange information with the competent authorities in the U.K. and the U.S.A.”

Mr. Gottstein acknowledged Thursday that the bank had received inquiries from regulators in the United States and Britain, but did not give details.

He declined to confirm a report in the The Wall Street Journal that Credit Suisse’s exposure to Archegos had reached more than $20 billion before the fund collapsed in late March. Mr. Gottstein conceded that Credit Suisse was one of the banks most exposed to Archegos.

The quarterly loss, which Mr. Gottstein described as “unacceptable,” compared with a profit of 1.3 billion francs in the first quarter of 2020.

Christine Lagarde, the president of the European Central Bank, which said it would continue buying government and corporate bonds to prevent “a tightening of financing conditions.”Credit…Daniel Roland/Agence France-Presse — Getty Images

The European Central Bank on Thursday maintained a stimulus program intended to counteract the economic effects of the pandemic, as expected, while promising to make sure that eurozone businesses and consumers have an ample supply of credit.

Following a monetary policy meeting, the bank’s Governing Council said in a statement that it would continue buying government and corporate bonds to prevent “a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic.”

At its last meeting, in March, the bank stepped up the pace of the bond purchases, a form of printing money that helps keep market interest rates low. The bank has also been funneling money directly to commercial banks at negative interest rates, provided they lend the money to customers.

The central bank said Thursday that it had seen “a high takeup” of the money, which is essentially free to lenders.

An AirTag, which Apple introduced this week as an attachment that helps owners find lost items, and which Tile says is a copy of its trackers.Credit…Apple, via Reuters

Tile said Apple boxed out its products and then copied them. Spotify said Apple blocked it from telling customers that they could find cheaper prices outside its iPhone app. And Match Group testified that it now paid nearly $500 million a year to Apple and Google in app store fees, the dating company’s single largest expense.

That testimony came Wednesday at a Senate hearing on Apple’s and Google’s control over their app stores, held by the Judiciary subcommittee on antitrust. The hearing was the latest example of the growing scrutiny of Big Tech and the increasing agreement among Democrats, Republicans and smaller companies that the world’s biggest tech companies have become too powerful.

At the hearing, representatives from Apple and Google defended their companies’ practices, saying that they don’t copy competitors, that few apps pay their commissions and that they charge the commissions to fund the security of their app stores.

Both Democratic and Republican senators were skeptical of those explanations. “Google and Apple are here to defend the patently indefensible,” said Senator Richard Blumenthal, a Democrat from Connecticut. “If you presented this fact pattern in a law school antitrust exam, the students would laugh the professor out of the classroom, because it is such an obvious violation of our antitrust laws.”

Apple and Google have long had a stranglehold on the business of mobile apps. But that position, which has earned them hundreds of billions of dollars, has increasingly led to regulatory, legal and public-relations headaches.

Federal and state lawmakers are holding hearings and considering legislation to weaken the companies’ app-store controls. The Justice Department is investigating the issue. And in a trial next month, Apple is set to face off against Epic Games, the Fortnite maker, which is suing Apple for forcing it to use Apple’s payment system in its iPhone app.

Jared Sine, the chief legal officer at Match Group, said on Wednesday that Google had called his company the previous night when his planned testimony became public. He said Google wondered why his testimony appeared to be tougher than what Match had said on a recent earnings call.

Mr. Blumenthal called that intimidation, and Senator Amy Klobuchar, the Minnesota Democrat who is the subcommittee’s chairwoman, suggested that the senators would investigate.

Wilson White, a government affairs official at Google, said that Match was an important partner and that Google would never aim to intimidate the company.

“There are many, many ways they could hurt our business,” Mr. Sine said. “We’re all afraid, is the reality, Senator. We’re fortunate you’re listening to us today.”

“Well,” Ms. Klobuchar replied, “I hope the Justice Department is, too.”

Gary Gensler will have ample chances to put his imprint on the Securities and Exchange Commission as its new chairman.Credit…Kayana Szymczak for The New York Times

The market may already be dictating some of the agenda for Gary Gensler, who started as chairman of the Securities and Exchange Commission on Saturday.

Mr. Gensler already has a lot on his plate, Matthew Goldstein reports for The New York Times:

  • One of the first things he will probably have to weigh in on is whether to assert more control over the red-hot market for special purpose acquisition companies, or SPACs, those speculative businesses that have raised well over $100 billion from investors.

  • He must also decide whether the S.E.C. should do more to protect small investors, who have recently become a major force in the stock markets.

  • Then there’s Archegos Capital Management, the $10 billion fund whose implosion last month spotlighted the loosely regulated world of family offices.

“Gensler is going to be confronted with a range of enforcement issues, and he is going to have to determine what his priorities are,” said Daniel Hawke, a former chief of the S.E.C.’s market abuse unit and now a partner with the law firm Arnold & Porter.

Dennis Kelleher, chief executive of Better Markets, a nonprofit organization, said he expected Mr. Gensler to focus on reforming the rules around corporate disclosures — including seeking more transparency from companies and big investors on their risks from climate change and contributions to it, as well as diversity on company boards — because it affected much of his agenda.

“Disclosure writ large will be a common thread through all the issues,” Mr. Kelleher said. “The S.E.C. is fundamentally a disclosure agency, and through better disclosure, you are supposed to be able to empower investors and enable enforcement.”

Arrival says its microfactories should produce vans that cost a lot less than other electric models and even today’s diesel vehicles.Credit…Andrew Testa for The New York Times

Arrival, a small electric vehicle company, is creating highly automated “microfactories” where its delivery vans and buses will be assembled by multitasking robots, breaking from the approach pioneered by Henry Ford and used by most of the world’s automakers.

The advantage, according to Arrival, is that its microfactories will cost about $50 million rather than the $1 billion or more required to build a traditional factory, Neal E. Boudette reports for The New York Times.

“The assembly line approach is very capital-intensive, and you have to get to very high production levels to make any margin,” said Avinash Rugoobur, Arrival’s president and a former General Motors executive. “The microfactory allows us to build vehicles profitably at really any volume.”

The company is also replacing most steel parts used in vehicles with components made from advanced composites, a mix of polypropylene, a polymer used to make plastics, and fiberglass. These parts are to be held together by structural adhesives instead of metal welds.

The use of composites, which can be produced in any color, would eliminate three of the most expensive parts of an auto plant — the paint shop, the giant printing presses that stamp out fenders and other parts, and the robots that weld metal parts into larger underbody components. Each typically costs several hundred million dollars.

The company, which is based in London and is setting up factories in England and the United States, says this method should yield vans that cost a lot less than other electric models and even today’s standard, diesel-powered vehicles.

A wind farm off Blackpool, England, operated by Orsted. Shares in renewable energy companies rose Thursday as nations made commitments to reduce greenhouse gas emissions.Credit…Phil Noble/Reuters

Shares in renewable energy companies rose as President Biden’s two-day climate summit began on Thursday, designated as Earth Day. Mr. Biden is expected to announce that the United States will intend to cut greenhouse gas emissions nearly in half by the end of the decade.

Ahead of the virtual summit with dozens of world leaders, Britain has also sped up its own climate change targets. On Tuesday, it set a new target of cutting emissions by nearly 80 percent by 2035, compared with 1990 levels. On Wednesday, the European Union agreed to a new target to reduce net emissions at least 55 percent by the end of the decade.

“As governments around the world look to kick-start their recoveries as well as reach climate goals, green spending has become one avenue for doing so,” strategists at UBS Global Wealth Management wrote in a note. “We think the sustainable investment universe will continue to expand rapidly.”

Shares in Orsted, a Danish wind energy company, rose 3.4 percent on Thursday, ending a eight-day streak of losses. Shares in Siemens Gamesa Renewable Energy jumped nearly 6 percent. First Solar shares rose in premarket trading, extending a gain of 5.4 percent from Wednesday. The iShares Global Clean Energy exchange-traded fund, which has $5.6 billion in assets, rose 2 percent on Wednesday and kept climbing in premarket trading.

  • U.S. stock futures were little changed. The Stoxx Europe 600 index rose 0.5 percent.

  • Credit Suisse shares plunged 6 percent on Thursday after the Swiss bank said it suffered a loss in the first quarter after billions of francs were lost because of loans made to investment fund Archegos Capital Management

  • The euro rose 0.2 percent against the dollar before the European Central Bank announces its latest monetary policy decisions. Economists are not expecting a change after the bank ramped up the pace of its bond buying program at its previous meeting in March.

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World News

Putin, Navalny Protests Information: Dwell Updates

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VideoPresident Vladimir V. Putin of Russia said in an address on Wednesday that the country’s response would be “asymmetrical, quick and tough” against nations that threatened its security interests.CreditCredit…Photo by Alexander Nemenov/Agence France-Presse — Getty Images

President Vladimir V. Putin of Russia on Wednesday delivered an annual address replete with threats against the West but, despite intense tensions with Ukraine, stopped short of announcing new military or foreign policy moves.

Russia’s response will be “asymmetric, fast and tough” if it is forced to defend its interests, Mr. Putin said, pointing to what he claimed were Western efforts at regime change in neighboring Belarus as another threat to Russia’s security.

He pledged that Russia “wants to have good relations with all participants of international society,” even as he noted that Russia’s modernized nuclear weapons systems were at the ready.

“The organizers of any provocations threatening the fundamental interests of our security will regret their deeds more than they have regretted anything in a long time,” Mr. Putin told a hall of governors and members of Parliament. “I hope no one gets the idea to cross the so-called red line with Russia — and we will be the ones to decide where it runs in every concrete case.”

Mr. Putin’s speech had been widely anticipated, with about 100,000 Russian troops massed on Ukraine’s border and Ukraine’s president warning openly of the possibility of war. Some analysts had speculated that Mr. Putin might use his annual state of the nation address to announce a pretext for sending troops into Ukraine.

But that possible outcome did not come to pass, even as Russia’s enormous military presence near Ukraine’s borders showed no sign of receding. Mr. Putin also made no reference to the jailed opposition leader Aleksei A. Navalny, whose supporters were holding protests across the country on Wednesday.

Instead, Mr. Putin spent most of his speech on domestic issues, acknowledging Russians’ discontent with the hardships of the pandemic. He outlined programs to subsidize summer camp for children, smooth the system for child-support payments to single mothers and move more social services online.

Still, it was too early to tell whether Mr. Putin, 68, was pulling back from the brink. Now in his third decade in power, he appears more convinced than ever of his special, historic role as the father of a reborn Russian nation, fighting at home and abroad against a craven, hypocritical, morally decaying West.

“This sense of superiority mixed with arrogance gives him a feeling of power, and this is dangerous,” said Tatiana Stanovaya, a Russian analyst who has studied Mr. Putin for years. “When you think you are more powerful and more wise than everyone else around you, you think you have a certain historical mandate for more wide-ranging action.”

Mr. Putin has made moves in recent weeks that, even by his standards, signal an escalation in his conflict with those he perceives as enemies, foreign and domestic. Russian prosecutors last week filed suit to outlaw Mr. Navalny’s organization, a step that could result in the most intense wave of political repression in post-Soviet Russia. And in Russia’s southwest, Mr. Putin has built up a military force, the Kremlin has indicated, that could be prepared to move into neighboring Ukraine.

In Washington, the Biden administration reacted mildly to Mr. Putin’s tough words.

“We don’t take anything President Putin says personally,” Jen Psaki, the White House press secretary, said when asked for a response. “We have tough skin.”

Asked if the sharpened rhetoric from Mr. Putin would affect the prospects for a possible meeting with President Biden later this year, Ms. Psaki said discussions were ongoing. “Obviously,” she said, “it requires all parties having an agreement that we’re going to have a meeting and we issued that invitation.”

VideoVideo player loadingPresident Volodymyr Zelensky of Ukraine warned of a possible war with Russia in an address to citizens on Tuesday evening. He directed comments to President Vladimir V. Putin and called for international support.CreditCredit…Ukrainian Presidential Press Service, via Agence France-Presse — Getty Images

President Volodymyr Zelensky of Ukraine addressed his nation on Tuesday evening, warning citizens of the possibility of war. He addressed President Vladimir V. Putin of Russia directly, urging him to step back from the brink and proposing that the two meet.

The unusual videotaped appearance by Mr. Zelensky — a former comedian elected in 2019 on a promise to end the conflict in eastern Ukraine — was the clearest signal yet that Ukraine is girding for the possibility of a full-fledged war with Russia. Moscow’s buildup of troops on the Ukrainian border, he said, had created “all the preconditions for escalation.”

“Does Ukraine want war? No. Is it ready for it? Yes,” Mr. Zelensky said. “Our principle is simple: Ukraine does not start a war first, but Ukraine always stands to the last man.”

It appeared to be no coincidence that Mr. Zelensky’s address came on the eve of Mr. Putin’s annual state of the nation address on Wednesday. At the end of his video, Mr. Zelensky switched from Ukrainian to Russian, speaking to Mr. Putin directly. He pushed back at Mr. Putin’s contention that Russian forces would be used in Ukraine only if the Russian-speaking population in the east was threatened, and proposed a summit in the war-torn eastern region known as Donbas.

“It is impossible to bring peace on a tank,” Mr. Zelensky said.

“I am ready,” he continued, “to invite you to meet anywhere in the Ukrainian Donbas where there is war.”

There was no immediate response from the Kremlin to Mr. Zelensky’s invitation.

A rally in support of Aleksei A. Navalny in Vladivostok on Wednesday.Credit…Pavel Korolyov/Agence France-Presse — Getty Images

Protesters in Vladivostok, a major port on the eastern tip of Russia, had no need to hear President Vladimir V. Putin’s annual keynote address on Wednesday, filled with promises of a better future for Russians. They knew what they see as the main issues facing the country would not get mentioned.

“Freedom to political prisoners,” they chanted as they marched through the city center, according to videos posted on social media. “Freedom to Navalny!” they screamed, referring to Aleksei A. Navalny, the Kremlin critic, who is now on a hunger strike in a Russian prison. “Down with the Czar!” they chanted. The police warned protesters through loudspeakers that they could be arrested. “We will not stay silent,” was their response.

Mr. Putin was still speaking when people started gathering on main squares in the country’s Far East — where protests started before rallies extended across the vast nation of 11 time zones.

By the time Mr. Putin had finished, eight people were already detained in the remote city of Magadan, according to Vesma, a local news website. About 40 people came out to protest in Petropavlovsk-Kamchatsky, the capital of the Kamchatka region, with no arrests reported.

In Irkutsk, a major city further west toward Moscow, hundreds of people marched through the city chanting “Freedom to Navalny!” and “Irkutsk, come out!” The police in Irkutsk detained 11 people.

By later in the day, at least 1,226 people had been detained across the country, according to OVD-Info, a rights group that tracks arrests.

About 10,000 people were arrested nationwide in two days of pro-Navalny rallies in January, according to the same group, suggesting that Wednesday’s turnout was lighter.

In Moscow near the Kremlin, several thousand protesters turned out in the gathering dusk. They included Mr. Navalny’s wife, Yulia Navalnaya, who was greeted with chants of “Yulia!”

The Moscow police used loudspeakers warning the protesters to disperse, but there was no sign of heavy-handed tactics to crush the demonstrations. By the end of the day the OVD-Info group said only 23 arrests had been reported in Russia’s capital.

Вот как выглядит шествие в Иркутске сверху (и на фоне красивых деревянных домов в центре города)

Видео: Зоя Кузнецова pic.twitter.com/CJYpQggBUx

— Дождь (@tvrain) April 21, 2021

The last wave of protests were sparked by Mr. Navalny’s return to Russia in January from Germany, where he had been treated after being poisoned with a military-grade nerve agent. Since Mr. Navalny’s return, the Russian government has undertaken an aggressive crackdown on dissent, raising the risks for anyone sympathetic to the protest movement.

Dozens of opposition activists were arrested in 20 cities across Russia ahead of the Wednesday rallies. Some of the activists were beaten and sentenced to administrative arrests, according to OVD Info. Many were members of Mr. Navalny’s political organization, but some were arrested simply for having shared social media posts about the rallies.

Among those detained were two prominent associates of Mr. Navalny: his spokeswoman, Kira Yarmysh; and Lyubov Sobol.

In recent weeks, the Russian authorities have conducted raids on Mr. Navalny’s offices across the country, looking for leaflets and other materials calling for protests. Those items would presumably be used in the Kremlin’s drive to have his organization labeled “extremist,” which would expose its members to potentially lengthy prison terms.

In Kurgan, a city in central Russia, an unidentified person sneaked into Mr. Navalny’s office on Monday morning and destroyed a radiator, flooding the premises.

Under various pretexts, the authorities in cities across Russia blocked central squares and streets. In Yekaterinburg, they rescheduled a Victory Day parade rehearsal to ensure that it overlapped with a scheduled protest. In Kostroma, the central square was closed down, ostensibly for pest control measures.

In universities across the country, students were ordered to sit for unscheduled tests and other gatherings with mandatory attendance, TV Rain, an independent news station reported on Tuesday.

The authorities in Moscow denied Mr. Navalny’s allies a permit for the rally they have planned for Wednesday evening, citing coronavirus concerns. The Prosecutor General’s office warned parents that they would be subject to fines and arrest if their underage children are detained at a rally.

More than 450,000 people nationwide registered online to declare their intent to take part in demonstrations against Mr. Navalny’s incarceration and treatment in prison. More than 100,000 people did so in Moscow, and more than 50,000 in St. Petersburg.

Correction: April 21, 2021

An earlier version of this item misstated Irkutsk’s location relative to the Kamchatka region of Russia. It is further west toward Moscow, not further east. 

Aleksei A. Navalny, left, at a court hearing in February. Credit…Yuri Kochetkov/EPA, via Shutterstock

Russia is moving ahead with efforts to outlaw the organization led by the opposition figure Aleksei A. Navalny, a step that could result in the most intense wave of political repression in the post-Soviet era. But supporters of the jailed opposition leader say they are determined to take to the streets.

Opponents of President Vladimir V. Putin have called for protests across Russia on Wednesday in support of Mr. Navalny, whose allies say he is on a hunger strike and near death in a Russian prison. The police were expected to intervene forcefully to break up the protests, which started in the country’s Far East even before Mr. Putin had finished delivering his state of the nation speech.

Mr. Putin has rarely mentioned Mr. Navalny by name and did not do so in his speech. He did not refer to him in any way.

Mr. Navalny is insisting that he be allowed to be seen by doctors of his choosing. A lawyer who visited him, Vadim Kobzev, said on Tuesday that Mr. Navalny’s arms were punctured and bruised after three nurses had unsuccessfully tried six times to hook him up to an intravenous drip.

“If you saw me now, you would laugh,” Mr. Navalny said in a letter that his team posted to social media. “A skeleton walking, swaying, in its cell.”

United Nations human rights investigators added their voices Wednesday to the demand that Mr. Navalny receive better medical treatment. Independent experts appointed by the world body’s Human Rights Council in Geneva said in a statement that they believed “Mr. Navalny’s life is in serious danger,” and called on the Russian authorities to allow his “urgent medical evacuation from Russia.”

The Kremlin depicts Mr. Navalny as an agent of American influence, and Russian prosecutors filed a lawsuit on Friday to declare his organization “extremist” and illegal.

The extremism designation, which a Moscow court will consider in a secret trial starting next week, would effectively force Russia’s most potent opposition movement underground and could result in yearslong prison terms for pro-Navalny activists.

The White House has warned the Russian government that it “will be held accountable” if Mr. Navalny dies in prison. Western officials — and Mr. Navalny’s supporters and allies — reject the idea that he is acting on another country’s behalf.

But in the Kremlin’s logic, Mr. Navalny is a threat to Russian statehood, doing the West’s bidding by undermining Mr. Putin. It is Mr. Putin who is keeping Russia stable by maintaining a balance between competing factions in Russia’s ruling elite, said Dmitri Trenin, the director of the Carnegie Moscow Center.

“If Putin leaves, a battle between different groups breaks out, and Russia withdraws into itself, has no time for the rest of the world and no longer gets in anyone’s way,” Mr. Trenin said. “The West is, of course, using Navalny, and will use him to create problems for Putin and, in the longer term, help Putin become history in one way or another.”

Protesters in Moscow on Wednesday.Credit…Sergey Ponomarev for The New York Times

Several thousand protesters crowded the broad sidewalks near the Kremlin on Wednesday, at one point holding up their cellphones in a symbol of antigovernment defiance.

They called for the jailed opposition leader Aleksei A. Navalny to be freed, but it was a sense of widespread injustice that brought many of them out into the streets despite the threat of arrest.

“I didn’t come out concretely because of Aleksei Navalny — I came out more for myself,” said Svetlana Kosatkina, a 64-year-old real estate agent. “I can’t stand this whole situation of lawlessness and just total humiliation.”

Protesters took up the sidewalks across the street from the exhibition hall next to the Kremlin where President Vladimir V. Putin had given his annual state of the nation speech earlier in the day. They chanted “Go away!” — referring to Mr. Putin; and “Release him!” — referring to Mr. Navalny.

Yulia Navalnaya, Mr. Navalny’s wife, joined the protesters on the boulevard ring in Central Moscow, and was greeted with chants of “Yulia!”

Riot police officers were out in force and blared warnings to disperse through loudspeakers, but they avoided scenes of brutality that could have cast a shadow over Mr. Putin’s speech.

They also effectively kept parts of the city blocked off so that sporadic groups of protesters could never unite into a large crowd.

The outcome, in Moscow at least: The authorities managed to weaken the overall impression the protest made without arresting hundreds of people, as had been done in previous demonstrations.

Only 23 people were arrested in Moscow, according to OVD Info, an independent monitoring group. In earlier demonstrations, the police would typically detain more than 1,000 people.

A 33-year-old advertising professional among the protesters on Wednesday — who gave only his first name, Denis, fearing retribution — blamed Mr. Putin for his current unemployment. It was Mr. Putin’s aggressive foreign policy, he said, that drove away foreign investment and limited young Russians’ hopes for the future.

He had come to the protest with a book, in case he had to spend the night at a police station.

“We are isolated now,” he said. “I don’t see a future for this system. I don’t want to be an enemy to the outside world.”

President Aleksandr Lukashenko of Belarus in Sochi, Russia, in February.Credit…Alexei Druzhinin/Sputnik, via Agence France-Presse — Getty Images

In a speech filled with bluster and bromides against the West, President Vladimir V. Putin on Wednesday lingered on a grievance that has not gained much traction outside the Russian state news media: an unfounded accusation that the C.I.A. has been plotting to assassinate the leader of Belarus.

Even as he raised the subject, Mr. Putin acknowledged that it was not being taken seriously outside Russia.

“Characteristically, even such lamentable actions are not discussed in the so-called collective West,” Mr. Putin said. “They pretend nothing happened.”

Over the weekend, Russia’s domestic intelligence agency, the Federal Security Service, arrested two men who it said were plotting to murder President Aleksandr Lukashenko of Belarus and to seize television and radio stations.

It said the men had coordinated with U.S. and Polish intelligence agencies and come to Russia to meet Belarusian generals sympathetic to the opposition. The Russian authorities released video that showed the men casually discussing their improbable plot over a meal at a Moscow restaurant.

One of the men, Aleksandr Feduta, is a former spokesman for Mr. Lukashenko. The other, Yuras Zyankovich, has dual U.S. and Belarusian citizenship. The United States and Polish governments denied any role in a murder and coup plot in Belarus.

The arrests aligned with Mr. Putin’s casting of Russia in his state of the nation speech on Wednesday as victimized and pressured by a hypocritical and aggressive Western world that poses imminent threats.

The encroaching West, Mr. Putin said, has “crossed all the boundaries.”

Policies to pressure Russia that were previously limited to economic sanctions “have been reborn as something more dangerous,” he said. “I have in mind the recent facts that came to light of a direct attempt to organize a coup in Belarus and the murder of the leader of that country.”

In an interview in March, President Biden assented when asked whether Vladimir V. Putin was a “killer.”Credit…Amr Alfiky/The New York Times

The election of Joseph R. Biden Jr. as president of the United States, despite his promise to be tough on Russia, initially gave the Kremlin hope, analysts say.

He was seen as more professional, reliable and pragmatic than President Donald J. Trump, with a worldview shaped by a Cold War era of diplomacy in which Washington and Moscow engaged as equal superpowers with a responsibility for global security. In their first phone call in January, Mr. Biden and Mr. Putin agreed to extend the New Start arms-control treaty, a Russian foreign policy goal that the Kremlin had not been able to achieve with Mr. Trump.

Then came the television interview in March in which Mr. Biden assented when asked whether Mr. Putin was a “killer.” A month later, that moment — to which Russian officials and commentators responded with a squall of prime-time-televised, anti-American fury — looks like a turning point. It was followed by last week’s raft of American sanctions against Russia, combined with Mr. Biden’s call for a summit meeting with Mr. Putin, which to many Russians looked like a crude American attempt to negotiate from a position of strength.

“This is seen as an unacceptable situation — you won’t chase us into the stall with sanctions,” said Dmitri Trenin, the director of the Carnegie Moscow Center, a think tank.

How far Mr. Putin will go in striking back against the West’s real or imagined hostility is an open question. In the state news media, the mood music is dire. On the flagship weekly news show on the Rossiya 1 channel on Sunday, the host Dmitri Kiselyov closed a segment on Mr. Putin’s showdown with Mr. Biden by reminding viewers of Poseidon — a weapon in Russia’s nuclear arsenal that Mr. Putin revealed three years ago.

“Russia’s armed forces are ready to test-fire a nuclear torpedo that would cause radioactive tsunamis capable of flooding enemy cities and making them uninhabitable for decades,” a translation of a Danish newspaper report intoned.

Still, there are signs that Mr. Putin does not want tensions with the West to spiral out of control.

As Europe and the United States scrambled to assess the Russian troop buildup in late March, Russia’s top military officer, Gen. Valery V. Gerasimov, spoke on the phone with his American counterpart, Gen. Mark A. Milley. On Monday, Nikolai Patrushev, secretary of Mr. Putin’s Security Council, discussed the prospect of a presidential summit with Jake Sullivan, Mr. Biden’s national security adviser. And the Kremlin said this week that Mr. Putin would speak at Mr. Biden’s online climate change meeting on Thursday.

Ms. Stanovaya, the analyst, says she was convinced that Mr. Putin is more interested than his hawkish advisers in looking for ways to work with the United States. She pointed to Mr. Putin’s determination to return Russia to the ranks of great powers.

“Putin very much believes in his mission as a great historic figure with responsibility not only for Russia, but also for global security,” Ms. Stanovaya said. “He doesn’t understand how it is that the American president doesn’t feel the same way.”

A satellite image of Russian military equipment at the Opuk training area on Crimea’s Black Sea coast.Credit…Maxar Technologies, via Associated Press

The Russian authorities closed airspace to commercial traffic near the Ukrainian border starting on Tuesday in another sign of rising military tensions between Russia and Ukraine.

The warning to commercial pilots covers parts of the Crimean Peninsula — annexed by Russia seven years ago — and international airspace over the Black Sea. It formalized what had already become obvious: The region is in the grips of an increasingly ominous military crisis.

Ukraine objected last week to Russia’s closing of areas in the Black Sea to shipping, a ban that the U.S. State Department spokesman, Ned Price, on Monday called an “unprovoked escalation in Moscow’s ongoing campaign to undermine and destabilize Ukraine.”

Over the past month, Russia has massed the largest military force along Ukraine’s eastern border and in Crimea since the outset of war in 2014, according to Western governments. Analysts say that the deliberately high visibility of the buildup indicates that its purpose is more a warning to the West than a prelude to invasion.

“They are deploying in a very visible way,” said Michael Kofman, a senior researcher at CNA, a policy research group in Arlington, Va. “They are doing it overtly, so we can see it. It is intentional.”

The Russian military says it is conducting exercises in response to Ukrainian threats to two Russian-backed separatist regions and to what it calls heightened NATO military activity in the Black Sea area.

Military tensions have also risen elsewhere. On Tuesday, Russia’s Air Force flew two nuclear-capable Tu-160 strategic bombers over the Baltic Sea for eight hours. In the Arctic Ocean, the Northern Fleet has been conducting a huge naval drill, the Defense Ministry said.

A photograph of Mr. Putin on the outskirts of Moscow during his address on Wednesday. He hailed Russians’ “singular cohesion, their spiritual and moral values that in a number of countries are forgotten.”Credit…Sergey Ponomarev for The New York Times

President Vladimir V. Putin of Russia has often sought to bolster domestic support through rally-around-the-flag, aggressive foreign policy moves. But on Wednesday he opened his annual address to the nation by focusing on the bread-and-butter economic issues that polls show most worry Russians.

He rattled off a laundry list of social subsidies that he said his government would begin to provide to new mothers, single parents and low-income families.

“For our entire history, our people triumphed, overcoming challenges thanks to their singular cohesion, their spiritual and moral values that in a number of countries are forgotten, but we on the contrary have strengthened,” Mr. Putin said.

He outlined programs to subsidize summer camp for children, smooth the system for child-support payments to single mothers and move more social services online.

While Russia is still in the throes of a coronavirus wave, Mr. Putin minimized the threat and said Russia would swivel to “healing the wounds” and shoring up the economy. He also laid out a requirement that Russian laboratories be ready to prepare tests for potential new infectious diseases within four days of their discovery.

Mr. Putin traditionally starts his yearly address with a focus on economic issues, and despite rising tensions with the West, this year was no different.

The Russian leader is aware that empty wallets can add fuel to protest movements and that the stagnating economy is taking a toll on support for his government. Russians’ average take-home wages adjusted for inflation have been declining since the Ukraine crisis in 2014, dropping 10 percent since then.

Analysts say it is no coincidence that protests have seeped out of the wealthy cities of Moscow and St. Petersburg to Russia’s far-flung provinces, which are feeling the economic pain more acutely.

The Russian budget fell into deficit during the pandemic last year, but in the first quarter of 2021 was again in surplus, buoyed by rising oil prices. This has provided Mr. Putin room for maneuver on populist policies before parliamentary elections scheduled for the fall.

Over the years, he has padded his speeches with populist announcements that are often repetitions or minor updates on long-running policies.

Russia, for example, has for years paid a bonus of around $10,000 to women for the birth of a child, a policy intended to help reverse Russia’s long demographic decline.

A penal colony in Vladimir, where Mr. Navalny has been moved.Credit…Dimitar Dilkoff/Agence France-Presse — Getty Images

United Nations human rights experts, expressing fears for the life of the opposition leader, Aleksei A. Navalny, called on Russia to allow his urgent evacuation for medical treatment abroad.

“We believe Mr. Navalny’s life is in serious danger,” the group of four U.N. experts said in a statement on Wednesday. They cited the attack with a nerve agent last year that nearly killed him, which Western governments believe was ordered by the Kremlin, and his incarceration in conditions that in their view could amount to torture.

These “are all part of a deliberate pattern of retaliation against him for his criticism of the Russian government and a gross violation of his human rights,” according to the experts, including specialists on freedom of speech, torture, extrajudicial killings and the right to health.

“There is no valid legal basis for Mr. Navalny’s arrest, trial and imprisonment,” the experts said. Mr. Navalny has been detained since last month after being convicted of breaching bail conditions while receiving medical treatment in Germany for the Novichok nerve agent attack on him.

Their statement called for his “urgent medical evacuation from Russia.”

Although Mr. Navalny had been transferred to a prison hospital, authorities have not allowed him access to doctors of his own choosing, the rights experts noted.

The Russian authorities’ “apparent violations of the prohibition of torture or other ill-treatment, his right to counsel, and most notably his right to prompt and effective medical care while in detention only deepen our already profound concerns about Mr. Navalny’s life and safety,” the experts said.

Under international law, they said, the Russian government “must take all necessary measures to protect Mr. Navalny’s physical and mental health and well-being.”

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7 Republicans Swear Off Marketing campaign Cash From Large Tech: Stay Updates

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Credit…Joe Skipper/Reuters

A group of seven House Republicans said on Wednesday that they would no longer take donations from major tech companies or their top executives, a sign of the growing distance between some conservatives and big business.

The lawmakers said in a letter that the companies limited the reach of conservative voices, citing bans on the chat app Parler after it was used by participants in the Jan. 6 attack on the Capitol, and abused their market power.

“These monopolies have shown that personal liberty can be threatened by corporate tyranny just as much as by government tyranny,” they said in the letter. All but one of the lawmakers are members of the Judiciary Committee, which oversees the antitrust questions confronting the tech companies.

The pledge was led by Representative Ken Buck of Colorado, the top Republican on the Judiciary Committee’s antitrust subcommittee. Mr. Buck said last month that he would not accept money from the tech giants’ political action committees.

For years, lawmakers on the right have attacked Google, Twitter and Facebook, accusing the companies of unfairly removing content posted by conservatives. The lawmakers have also accused Amazon and Apple of stifling competition. In recent weeks, some conservatives have turned on other major businesses — traditionally their allies in efforts to deregulate the economy — that have opposed their positions on voting rights and other issues.

Five of the lawmakers received donations from the corporate political action committees of Google, Facebook and Amazon in the last election cycle. Representatives Chip Roy of Texas, Gregory Steube of Florida and Andy Biggs of Arizona, who signed the pledge, all received a combined $3,500 in donations. Representative Ralph Norman of South Carolina (not Oklahoma, as previously reported here) received $1,000 from Amazon’s political committee.

But it is also possible that some of the lawmakers who signed the pledge will not have to turn any donations down in the near future. Amazon and Google froze donations to lawmakers who voted against certifying the election results after the Jan. 6 attack. Facebook paused all of its political donations.

Mr. Steube and Mr. Norman, as well as Representatives Dan Bishop of North Carolina and Burgess Owens of Utah, all objected to the results of the presidential election.

Mr. Bishop and Mr. Owens both signed the pledge even though they did not receive money from the firms’ political committees last election cycle.

JPMorgan Chase said it was bringing on more workers and focusing on managing its bankers’ hours better. Credit…Justin Lane/EPA, via Shutterstock

On Tuesday, JPMorgan Chase’s co-heads of investment banking, Jim Casey and Viswas Raghavan, announced policies aimed at improving working conditions amid record deal volume and an industrywide debate about banker burnout, especially in the junior ranks.

The country’s largest bank has tried similar moves before. Mr. Casey spoke with the DealBook newsletter about the company’s latest plan — and whether this one will stick.

Burnout became the buzz on Wall Street after a group of 13 anonymous first-year analysts at Goldman Sachs described how frequent 100-hour weeks were taking a toll on their mental and physical health.

To help alleviate that level of exhaustion among its own ranks, JPMorgan is bringing on more workers to help cope with heavy deal volume, which generated $3 billion in investment banking fees in the first quarter, up nearly 60 percent from the previous year. It has already hired 65 analysts and 22 associates this year and plans to add another 100 junior bankers and support staff, “if we can find them, as quickly as we can,” Mr. Casey said.

It’s also focused on managing its bankers’ hours better. JPMorgan will tell associates not to do marketing work on weekends. It will encourage all bankers to go home by 7 p.m. on weekdays and add more flexibility for personal time. It will force bankers to take at least three weeks’ vacation a year. It will require group heads to call two to three junior bankers every day to find out what’s working.

Some of these actions are similar to what JPMorgan rolled out in 2016, but “it wasn’t stringently enforced,” Mr. Casey said. Why not? “Laziness.”

This time, junior bankers’ hours and feedback will figure in senior managers’ performance evaluations and — crucially — compensation.

One thing the bank won’t be doing: offering one-time checks or free Peloton exercise bikes to staff after a big rush, like at some other banks. “It’s not a money problem,” Mr. Casey said. “If we just cut the junior bankers a check now,” he said, “then that would be the excuse that everybody says, ‘Well, OK, the problem is fixed.’ No, it’s not.”

And some other things won’t change. Banking is a client-service job, so managers sometimes have limited control over workloads and hours. “You might do 100 deals a year, but that client only does one deal every three years,” Mr. Casey said.

As to how the bank will measure the success of these policies, “ask me what our turnover ratio has gone to and I will tell you,” Mr. Casey said. What’s the target? “Lower.”

American Airlines expects to hire about 300 pilots this year and twice as many next year.Credit…Eduardo Munoz/Reuters

American Airlines plans to bring back all of its pilots by the end of summer and start hiring new ones this fall, reflecting optimism across the industry that widespread vaccinations will encourage more people to book flights.

The airline expects to hire about 300 pilots this year and twice as many next year, Chip Long, American’s vice president of flight operations, said in a note to pilots on Wednesday. He added the airline planned to honor offers it made to new pilots but didn’t fulfill last year when the pandemic crushed demand for tickets.

United Airlines also said this month that it would restart pilot hiring and expected to make about 300 offers this year.

“The return to flying of so many of our pilots and the addition of hundreds more, the resumption of many old routes and the introduction of new destinations are hopeful signs, opportunities to look beyond the immediate and into a brighter future,” Mr. Long said.

A spokesman for the union that represents American’s pilots, the Allied Pilots Association, welcomed the news but said it should come with more scheduling certainty for its members.

“We have faith that we can get it done, but we have to have the tools to do it,” said the spokesman, Dennis Tajer, who is also a pilot at American.

Airlines have been heartened by the increase in bookings over the past month and are optimistic that even more people will fly this summer. American has said it expects this summer to offer more than 90 percent of the seats on domestic flights as it did in 2019 and 80 percent of the seats on international flights.

Still, the airline is expected to report a large loss for the first three months of the year when it announces quarterly results on Thursday morning.

The company that began as Krystle Mobayeni's side project, BentoBox, scaled up significantly in the pandemic to help restaurants.Credit…Gili Benita for The New York Times

The past year has crushed independent restaurants across the country and brought a reality to their doors: Many were unprepared for a digital world.

Unlike other small retailers, restaurateurs could keep the tech low, with basic websites and maybe Instagram accounts with tantalizing, well-lit photos of their food. It meant businesses like BentoBox, which aims to help restaurants build more robust websites with e-commerce abilities, were a hard sell, Amy Haimerl reports for The New York Times.

For many, BentoBox’s services were a “nice to have,” not a necessity, the company’s founder, Krystle Mobayeni, said.

But the pandemic sent chefs and owners flocking to the firm as they suddenly needed to add to-go ordering, delivery scheduling, gift card sales and more to their websites. Before the pandemic the company, based in New York City, had about 4,800 clients, including the high-profile Manhattan restaurant Gramercy Tavern; today it has more than 7,000 restaurants on board and recently received a $28.8 million investment led by Goldman Sachs.

The moment opened a well of opportunity for other companies like it. Dozens of firms have either started or scaled up sharply as they found their services in urgent demand. Meanwhile, investors and venture capitalists have been sourcing deals in the “restaurant tech” sector — particularly seeking companies that bring the big chains’ advantages to independent restaurants.

“The E.U. is spearheading the development of new global norms to make sure A.I. can be trusted,” said Margrethe Vestager of the European Commission.Credit…Yves Herman/Reuters

  • The European Union on Wednesday unveiled strict regulations to govern the use of artificial intelligence. The rules have far-reaching implications for major technology companies including Amazon, Google, Facebook and Microsoft that have poured resources into developing artificial intelligence. “With these landmark rules, the E.U. is spearheading the development of new global norms to make sure A.I. can be trusted,” Margrethe Vestager, the European Commission executive vice president who oversees digital policy for the 27-nation bloc, said in a statement.

  • Netflix reported the addition of four million new customers in the first quarter, below the six million it had forecast. The company expects to add only one million new customers for this current quarter ending in June. Netflix shares plummeted about 10 percent in after-hours trading.

  • Apple unveiled new products on Tuesday that showed how it continued to center its marketing pitch on consumer privacy, at the potential expense of other companies, while muscling into markets pioneered by much smaller competitors. Apple showed off a new high-end iPad and an iMac desktop computer based on new processors that Apple now makes itself. The company said it was redesigning its podcast app, which competes with companies like Spotify, to enable creators to charge for their shows. It revealed the AirTag, a $29 disc that attaches to key rings or wallets so they can be found if lost. And after its product show, Apple said that it planned to release iPhone software next week with a privacy feature that worries digital-advertising companies, most notably Facebook.

U.S. stocks rose on Wednesday, reversing some of the previous day’s drop. The sentiment in stock markets this week has shifted from the optimism that recently set record highs amid growing concerns about coronavirus variants that are leading to new outbreaks.

The S&P 500 ticked up 0.4 percent after falling 0.7 percent on Tuesday.

The Stoxx Europe 600 index rose about 0.5 percent after plunging 1.9 percent on Tuesday. That was the biggest one-day decline since December.

Oil prices fell, with futures on West Texas Intermediate, the U.S. benchmark, declining 1.2 percent to just below $62 a barrel.

  • Netflix shares dropped nearly 8 percent after its latest earnings report. For the first quarter of 2021, Netflix said after markets closed on Tuesday that it added four million new customers, less than the six million it had forecast. It’s another sign that, although Netflix still dominates streaming, its rivals are starting to catch up.

  • As plans for a European Super League for soccer rapidly fell apart on Tuesday, shares in publicly traded football clubs that had joined the group dropped. Manchester United shares fell in New York, extending a 6 percent drop from the previous day. Shares in Juventus, an Italian club, tumbled more than 10 percent.

  • Inflation in Britain rose less in March than economists predicted. The annual rate of price increases was 0.7 percent, data published Wednesday showed, up from 0.4 percent in February. The jump is notable, but it is less than the 0.8 percent analysts had predicted. As in the United States, policymakers and economists expect some of the increase to be temporary and explained by transitionary factors such as the steep drop in oil prices this time last year. Therefore, bets are that the central bank won’t reduce its monetary stimulus yet.

A growing number of retirees and those approaching retirement are in debt.

The share of households headed by someone 55 or older with debt — from credit cards, mortgages, medical bills and student loans — increased to 68.4 percent in 2019, from 53.8 percent in 1992, according to the Employee Benefit Research Institute. A survey at the end of 2020 by Clever, an online real estate service, found that on average, retirees had doubled their nonmortgage debt in 2020 — to $19,200.

Susan B. Garland reports for The New York Times on what to do if you’re in this position:

  • Consult a nonprofit credit counseling agency, which will review a client’s expenses and income sources and create a custom action plan. The initial budgeting session is often free, said Bruce McClary, senior vice president for communications at the National Foundation for Credit Counseling. An action plan could include cutting unnecessary spending, such as selling a rarely used car and banking some proceeds for taxi fare.

  • Tap into senior-oriented government benefits, such as property tax relief, utility assistance and Medicare premium subsidies. The National Council on Aging operates a clearinghouse website for them, BenefitsCheckUp.org. “The average individual 65-plus on a fixed income is leaving $7,000 annually on the table” in unused benefits, said Ramsey Alwin, the council’s president.

  • Avoid using high-interest credit cards to fill income gaps. Medical bills typically charge little or no interest but turn into high-interest costs if placed on credit cards, said Melinda Opperman, president of Credit.org. Instead, she said, patients should call hospitals or other providers directly to work out an arrangement.

  • Avoid taking out home-equity loans or lines of credit to pay off credit cards or medical bills, said Rose Perkins, quality assurance manager for CCCSMD, a credit counseling service. Though tapping home equity carries a lower interest rate than a credit card, a homeowner could put a home at risk if a job loss, the death of a spouse or illness made it difficult to pay off the lender, she said.

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Canadian Rivals in Bidding Struggle for U.S. Railroad: Dwell Updates

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Credit…Christinne Muschi/Reuters

The railroad barons are at it again.

Canadian National Railway on Tuesday offered to buy Kansas City Southern for $33.7 billion, topping a $29 billion bid put forward last month by a rival railroad operator, Canadian Pacific.

The competing offers underline the riches expected to come from trade flows after the United States-Mexico-Canada Agreement was passed into law last year. A merger with either suitor would create a railroad line that stretches from Canada to Mexico. In the already consolidated railroad industry, few lines are left to bid on — let alone deals that will be approved by regulators.

Canadian National said in a letter to Kansas City board that the company had spent “considerable time and resources analyzing a potential combination of our two companies.” It argues its offer represents “an unparalleled opportunity to create a premier railway for the 21st century.”

The offer gives Kansas City Southern a valuation 21 percent higher than Canadian Pacific’s bid, which had been agreed on by the companies’ boards.

For Canadian National, the proposal would be a chance to stop its smaller domestic competitor from gaining significant scale. Unlike Canadian Pacific, Canadian National already has track agreements extending to the Gulf of Mexico.

The rival bid is one further challenge to Canadian Pacific’s offer, which was already facing regulatory scrutiny. The U.S. Department of Justice has urged the Surface Transportation Board — which must approve the offer — to examine the deal under tough industry guidelines put in place in 2001 and expressed concern over its use of a voting trust that would it allow it close the deal even before getting regulatory approval.

Canadian Pacific has argued that there should be no regulatory trouble, given the two railroads have no overlap and in some cases create new markets. It said its smaller size compared with other major North American railroads should exempt it from the guidelines.

A Louis Vuitton store in Paris. The retailer’s parent company helped set up a digital ledger that provides a history of luxury goods bought by consumers.Credit…Charles Platiau/Reuters

Three rival names in the European luxury sector have established a new blockchain consortium that will allow shoppers to track the provenance of their purchases and authenticate goods.

LVMH Moët Hennessy Louis Vuitton, which first unveiled plans for a global blockchain-based system in 2019, will be joined by Prada Group and Compagnie Financière Richemont in the Aura Blockchain Consortium, a nonprofit group that will promote the use of a single blockchain solution open to all luxury brands worldwide.

Many sectors are looking at the possibility of using blockchain, the distributed ledger system that underpins Bitcoin and other cryptocurrencies. Because blockchains are unchangeable and decentralized, the data stored on them is trustworthy and secure.

In this case, each product will be given a unique digital code during the manufacturing process that will be recorded on the Aura ledger. When customers make a purchase, they will be given login details to a platform that will provide the history of the product, including its origin, components, environmental and ethical information, proof of ownership, a warranty and care instructions.

Bulgari, Cartier, Hublot, Louis Vuitton and Prada are already using the system, with “advanced conversations” being held with a number of other luxury brands, according to a statement released Tuesday. Participating luxury brands pay an annual licensing fee and a volume fee. Aura, based in Geneva, was developed in partnership with Microsoft and ConsenSys, a blockchain software technology company in New York.

“The Aura Consortium represents an unprecedented cooperation in the luxury industry,” said Cartier’s chief executive, Cyrille Vigneron, adding that he invited “the entire profession” to join the consortium.

“The luxury industry creates timeless pieces and must ensure that these rigorous standards will endure and remain in trustworthy hands,” he said.

Journalists watch a screen showing China's president, Xi Jinping, delivering a speech during the opening of the Boao Forum on Tuesday.Credit…Agence France-Presse — Getty Images

Xi Jinping, China’s top leader, called for cooperation and openness to an audience of business and financial leaders on Tuesday. He also had some warnings, presumably for the United States.

Speaking electronically to a largely virtual audience at China’s annual Boao Forum, Mr. Xi warned that the world should not allow “unilateralism pursued by certain countries to set the pace for the whole world.”

The audience included American business leaders including Tim Cook of Apple and Elon Musk of Tesla, as well as two Wall Street financiers, Ray Dalio and Stephen Schwarzman. Long a platform for China to show off its economic prowess and leadership, the Boao Forum is held annually on the southern Chinese island of Hainan. (Last year’s was canceled amid the pandemic.)

In recent years, Mr. Xi has used the forum to portray himself as an advocate of free trade and globalization, calling for openness even as many in the global business community have become increasingly vocal about growing restrictions in China’s own domestic market.

On Tuesday, he also reiterated his earlier message opposing efforts by countries to weaken their economic interdependence with China.

“Attempts to ‘erect walls’ or ‘decouple’” would “hurt others’ interests without benefiting oneself,” Mr. Xi said, in what appeared to be a reference to the United States and the Biden administration’s plans to support domestic high-tech manufacturing in the United States.

The White House held a meeting with business executives last week to discuss a global chip shortage and plan for semiconductor “supply chain resilience.” Speaking to executives from Google, Intel and Samsung, Mr. Biden said “China and the rest of the world is not waiting, and there’s no reason why Americans should wait.”

China is pursuing its own program for self-sufficiency in chip manufacturing.

Mr. Xi also pledged to continue to open the Chinese economy for foreign businesses, a promise that big Wall Street banks like Goldman Sachs and Morgan Stanley have clung to even as foreign executives complain that the broader business landscape has become more challenging.

The display at a crytocurrency ATM in Zurich, Switzerland. Prices of cryptocurrencies and related stocks slipped lower on Tuesday.Credit…Arnd Wiegmann/Reuters

Dogecoin, a cryptocurrency started as a joke, now has a market value that can’t be laughed at: more than $50 billion. On Tuesday, traders of Dogecoin were trying to push up the price to coincide with 4/20, or April 20, a date associated with smoking cannabis.

On Twitter, the hashtags #DogeDay and #Doge420 were trending. Dogecoin’s price, which has surged lately, fluctuated between gains and losses on Tuesday, trading at about 40 cents, according to Coindesk. A month ago, it was about 5 cents.

The ripple effects of the boom in crypto markets are being felt far and wide. Coinbase, the cryptocurrencies exchange that went public last week and is helping the industry move into the mainstream, has a market value of $66 billion. Central banks have ramped up plans to explore digital currencies to offer people a secure alternative to cryptocurrencies, which are out of their control. On Monday, the Bank of England was the latest to announce it was looking into a central bank digital currency.

On Tuesday morning, prices of cryptocurrencies and related stocks slipped. Bitcoin fell 1 percent, trading just above $55,000. Shares in Coinbase and Riot Blockchain were slightly lower in premarket trading.

  • U.S. stocks followed European and Asian stock indexes lower. The S&P 500 index dropped 0.3 percent in early trading, but it’s still less than a percentage point away from the record high reached on Friday. The Stoxx Europe 600 index dropped 1.1 percent.

  • Oil prices rose. Futures on West Texas Intermediate, the U.S. crude benchmark, rose slightly to about $63.55 a barrel.

  • Shares in British American Tobacco dropped 8 percent on Tuesday, the worst performance in the FTSE 100, after The Wall Street Journal reported on Monday that the Biden administration is considering making tobacco companies cut the nicotine in cigarettes so they aren’t addictive. American tobacco companies saw their shares fall on Monday

A used-car dealership in Naperville, Ill. The average price paid for a used car is well above $20,000.Credit…Nick Carey/Reuters

Last year’s pandemic-induced production delays, combined with a continued shortage of computer chips and other automotive components, have tightened the supply of new models — especially popular sport utility vehicles and pickup trucks.

That means it may be challenging to find a new ride with the colors and features you want at a price you can afford, Ann Carrns reports for The New York Times. “It’s harder to get exactly what you want,” said Ivan Drury, senior manager of insights at Edmunds. “Don’t expect heavy discounts.”

So if new cars are too expensive, you can just buy a used car, right?

Yes, but deals may be elusive there as well. Fewer people bought new cars last year, so fewer used cars were traded in. And the short supply of new cars is pushing more buyers to consider used cars, raising those prices, analysts say. The average price paid for a used car is well above $20,000, Edmunds says.

On the plus side, if you have a car to trade in, its value is probably higher, especially if it’s a popular model. The average value for trade-ins, including leased cars turned in early, was about $17,000 in March, up from about $14,000 a year earlier, according to Edmunds. The average age of trade-ins was five and a half years.

Various online services, like Kelly Blue Book, TrueCar and Carvana, will supply a trade-in estimate based on your location and your car’s age, mileage and general condition, and offer more tailored appraisals if you provide details like the vehicle identification number. Some even offer to buy your car outright.

  • Lululemon said on Tuesday that it would introduce an apparel trade-in program in Texas and California in May, as clothing chains pay more attention to secondhand clothing. It will accept “gently used” Lululemon garments from customers at more than 80 stores and through the mail in exchange for gift cards to the retailer. The cards will range in value from $5 to $25, and a typical pair of leggings would fetch $10. The effort is part of a sustainability initiative called “Lululemon Like New,” and will expand to include a resale business in the same markets in June.

  • United Airlines said Monday that it lost nearly $1.4 billion in the first three months of the year, but added that a turnaround was close as bookings picked up. The airline said it had stopped spending more money than it collected in March from operations, investing and financing activities — losses known as its “cash burn.” United also said it expected to turn a profit sometime this year.

  • JPMorgan Chase’s role as the financial backer of the so-called Super League, a breakaway soccer league made up of top clubs from England, Italy and Spain, has made it a target for a storm of criticism. Soccer’s organizing bodies and domestic leagues, European heads of state, former players and supporter groups of the clubs involved were among those speaking out against the plan.

  • Tribune Publishing said Monday that it had ended talks to sell itself to Newslight, the company set up last month by the Maryland hotel executive Stewart W. Bainum Jr. and the Swiss billionaire Hansjörg Wyss, after Mr. Wyss withdrew from a planned offer on Friday. Tribune Publishing’s special committee, which evaluates the bids, said in a news release on Monday that the Newslight bid could no longer “reasonably be expected to lead to a ‘superior proposal’” than the nonbinding agreement the company had reached in February with Alden Global Capital.

Exxon wants to capture carbon from industrial plants along the Houston Ship Channel and pipe it offshore.Credit…Bronte Wittpenn for The New York Times

HOUSTON — Under growing pressure from investors to address climate change, Exxon Mobil on Monday proposed a $100 billion project to capture the carbon emissions of big industrial plants in the Houston area and bury them deep beneath the Gulf of Mexico.

Exxon, the largest U.S. oil company, wants to create a profit-making business out of the capture of carbon emitted by petrochemical plants and other industries. But its plan would require significant government support and intervention, including the introduction of a price or tax on carbon dioxide emissions, an idea that has failed to attract enough support in Congress in the past.

The company already captures carbon, which it injects into older fields to produce more oil. Exxon now wants to use its expertise to store the carbon dioxide generated by other industries. But without a price on emitting carbon, many businesses would have little financial incentive to pay Exxon to capture and store their carbon.

The Obama administration failed to enact a cap-and-trade system, which raises costs for polluting companies by forcing them to buy tradable permits to release greenhouse gases into the atmosphere. California, the European Union and 11 states in the Northeast use versions of cap-and-trade. Other governments, including British Columbia and Britain, have imposed a per-ton tax on emissions.

Exxon wants to capture carbon from industrial plants along the Houston Ship Channel and pipe it offshore where it would stored up to 6,000 feet below the Gulf of Mexico. The effort would be paid for by industry and the government, and would eventually store 100 million tons of carbon annually — equivalent to the emissions of 20 million cars, according to Exxon.

The company has discussed its idea with national and Texas policymakers and Republicans and Democrats in Congress, Exxon’s chief executive, Darren Woods, said in an interview. “They see the opportunity and appeal of this idea,” he said. “The question is, how do you translate the concept into practice?”

Exxon said its proposal complements President Biden’s climate efforts, but it would require the administration to embrace a price on carbon, something it has not done.

“The concept of a price on carbon is critical,” Mr. Woods said. “There has to be a way to incentivize the investment.”

Offshore storage has already gained traction in Europe, where governments have put carbon prices in place and lawmakers are more willing to spend taxpayer money to address climate change.

Mr. Woods said that, given the right policies, carbon capture projects could be a major business for Exxon around the world. “The potential for these markets is very, very large to the extent that demand continues to increase to decarbonize society,” he said.

Noting the power of digital platforms, Margrethe Vestager, a European Commission official, said in a recent speech that “we need something more to keep that power in check.”Credit…Pool photo by Olivier Hoslet

Around the world, governments are moving simultaneously to limit the power of tech companies with an urgency and breadth that no single industry had experienced before.

Their motivation varies. In the United States and Europe, it is concern that tech companies are stifling competition, spreading misinformation and eroding privacy; in Russia and elsewhere, it is to silence protest movements and tighten political control; in China, it is some of both.

Nations and tech firms have jockeyed for primacy for years, but the latest actions have pushed the industry to a tipping point that could reshape how the global internet works and change the flows of digital data, Paul Mozur, Cecilia Kang, Adam Satariano and David McCabe report for The New York Times.

“It is unprecedented to see this kind of parallel struggle globally,” said Daniel Crane, a law professor at the University of Michigan and an antitrust expert. Now, Mr. Crane said, “the same fundamental question is being asked globally: Are we comfortable with companies like Google having this much power?”

Underlying all of the disputes is a common thread: power. The 10 largest tech firms, which have become gatekeepers in commerce, finance, entertainment and communications, now have a combined market capitalization of more than $10 trillion. In gross domestic product terms, that would rank them as the world’s third-largest economy.

Governments agree that tech clout has grown too expansive, but there has been little coordination on solutions. Competing policies have led to geopolitical friction. Last month, the Biden administration said it could put tariffs on countries that imposed new taxes on American tech companies.

Tech companies are fighting back. Amazon and Facebook have created their own entities to adjudicate conflicts over speech and to police their sites. In the United States and in the European Union, the companies have spent heavily on lobbying.

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Company Income Anticipated to Rally because the Economic system Recovers: Dwell Updates

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Credit…Scott Olson/Getty Images

First-quarter earnings season picks up steam this week, with analysts expecting that profits for S&P 500 companies rose roughly 27 percent in the three months through March, compared with a year earlier when the pandemic sent corporate earnings into a tailspin.

Companies such as Coca-Cola, United Airlines, Netflix, AT&T and American Express all slated to issue results this week, offering a relatively well-rounded look at the state of corporate America in the early days of what could be a powerful year for the U.S. economy. It might also help set expectations for the stock market, after a big rally already this year.

The consensus among 76 economists polled by Bloomberg is that gross domestic product will expand by 6.2 percent in 2021, which would make it the best year for economic growth since 1984. And sentiment among analysts covering the stock market is almost universally bullish, given that strong economic tailwind.

“You’d almost have to be self-deceiving to expect U.S. companies overall to underperform consensus, given how the macro backdrop is driving revenues so well,” wrote John Vail, chief global strategist at Nikko Asset Management.

The expectations for profit growth are even more elevated for the current quarter: Analysts expect that the three months ending in June will see companies in the S&P 500 notch a 54-percent rise in profits, compared with the prior year.

That increase, of course, reflects a rebound from the worst of the pandemic-bred downturn. But it also is a result of “economic re-acceleration, and a rebound in commodity prices,” said Jonathan Golub, a stock market analyst at Credit Suisse.

Of course, if everyone is expecting such a surge in profits, the good news could already be fully incorporated into stock prices — and that means anything short of perfect results would make for a difficult stretch for stocks.

That has certainly been the case with some of the banks that reported earnings last week. Shares of Morgan Stanley, for example, dropped 2.8 percent on Friday even though the bank reported record revenue and profit.

The S&P 500 is already up more than 11 percent in 2021, and hit yet another record high on Friday.

That could mean the market is due for a pullback anyway. The index is relatively expensive by metrics such as the price-to-earnings ratio, which compares stock prices as a share of expected corporate profits over the next 12 months.

The S&P 500 is trading at nearly 23 times expected earnings. That’s roughly the valuation the index has held for most of the past year, but it’s very high by historical standards.

Over the last 20 years, the S&P 500 has traded at an average of 16 times expected earnings.

By comparison, a valuation of 23 times expected earnings is closer to where stock market valuations stood at the tail-end of the dot-com bubble of the late 1990s. When that ended, the S&P 500 fell roughly 50 percent before it hit bottom.

ABN Amro’s head office, center, in Amsterdam. An inquiry by Dutch authorities found the bank ignored signs that some clients were criminals using it as a conduit for dirty money.Credit…Peter Dejong/Associated Press

The Dutch bank ABN Amro said Monday that it would pay a $580 million fine to settle money laundering charges, prompting a former ABN manager to resign his new job as chief executive of Danske Bank after acknowledging he was a target in a related criminal investigation.

The resignation of Chris Vogelzang is an embarrassment for Danske Bank, Denmark’s largest bank, which hired him in 2019 to rebuild trust following a money laundering scandal there. Before becoming chief executive of Danske, Mr. Vogelzang had been a member of the management board of ABN Amro responsible for retail and private banking services.

Mr. Vogelzang acknowledged that Dutch authorities considered him a suspect in the investigation that led ABN Amro to agree to pay 480 million euros to settle money laundering charges. In numerous cases, according to a report by Dutch authorities, ABN Amro ignored warning signs that some clients were criminals using it as a conduit for dirty money.

Mr. Vogelzang said in a statement that he was “surprised” to learn that Dutch authorities consider him a suspect. During his time at ABN Amro, he said, “I managed my management responsibilities with integrity and dedication.”

Noting that Danske Bank remains under “intense scrutiny” because of money laundering at its former unit in Estonia, Mr. Vogelzang said he did “not want speculations about my person to get in the way of the continued development of Danske Bank.”

Danske named Carsten Egeriis, previously the bank’s chief risk officer, to succeed Mr. Vogelzang.

Gerrit Zalm, a member of Danske’s board who was chief executive of ABN Amro from 2009 to 2017, will also resign, the bank said. It did not give a reason.

Danske Bank admitted in 2018 that its headquarters and its Estonian branch, which it has since closed, failed for years to prevent suspected money laundering involving thousands of customers.

In the ABN Amro case, Dutch authorities found that the bank failed to act on obvious signs of illicit activity, including large cash transactions. In several cases, authorities said, the bank continued to serve clients whose criminal activities had been reported by the media, or who had a known history of fraud.

“As a bank we do not merely have a legal, but also a moral duty to do our utmost to protect the financial system against abuse by criminals,” Robert Swaak, the ABN Amro chief executive, said in a statement. “Regretfully, I have to acknowledge that in the past we have been insufficiently successful in properly fulfilling our important role as gatekeeper.”

More people are flying every day, as Covid restrictions ease and vaccinations accelerate. But dangerous variants have led to new outbreaks, raising fears of a deadly prolonging of the pandemic.

To understand how safe it is to fly now, The Times enlisted researchers to simulate how air particles flow within the cabin of an airplane, and how potential viral elements may pose a risk.

For instance, when a passenger sneezes, air blown from the sides pushes particles toward the aisle, where they combine with air from the opposite row. Not all particles are the same size, and most don’t contain infectious viral matter. But if passengers nearby weren’t wearing masks, even briefly to eat a snack, the sneezed air could increase their chances of inhaling viral particles.

How air flows in planes is not the only part of the safety equation, according to infectious-disease experts. The potential for exposure may be just as high, if not higher, when people are in the terminal, sitting in airport restaurants and bars or going through the security line.

“The challenge isn’t just on a plane,” said Saskia Popescu, an epidemiologist specializing in infection prevention. “Consider the airport and the whole journey.”

Credit…Robert Neubecker

Members of the National Association of Realtors — the nation’s largest industry group, numbering 1.4 million real estate professionals — are challenging a moratorium on evictions put in place by the Centers for Disease Control and Prevention.

Both the Alabama and the Georgia Associations of Realtors sued the federal government over the matter, and the national association is paying for all of the legal costs. A hearing is scheduled for April 29, Ron Lieber reports for The New York Times.

The N.A.R. spends more money on federal lobbying than any other entity, according to the Center for Responsive for Politics. To puzzle out its actions and advocacy, let’s first be crystal clear about what the N.A.R. is and whose interests it serves. As its own chief executive boasted to members in 2017, it’s really the National Association for Realtors, not of them.

And of those million-plus members, according to the association, about 38 percent own at least one rental property. The N.A.R. isn’t shy about this, stating on the lobbying section of its website that it wants to “protect property interests.”

Why would it do this? The N.A.R. expert on the topic was unable to schedule a phone call, according to a spokesman.

But if you’re selecting a listing agent for your house from among their members, ask that person about this issue if you’re curious or concerned. Many of them have no idea what the N.A.R. is advocating on their behalf.

Credit…Illustration by The New York Times; Photo by Alexander Drago/Reuters

Here come the lobbyists.

The cryptocurrency exchange Coinbase, the asset manager Fidelity, the payments company Square and the investment firm Paradigm have established a new trade group in Washington: The Crypto Council for Innovation. The group hopes to influence policies that will be critical for expanding the use of cryptocurrencies in conjunction with traditional finance, Ephrat Livni reports in the DealBook newsletter.

Cryptocurrencies are still mostly held as speculative assets, but some experts believe Bitcoin and related blockchain technologies will become fundamental parts of the financial system, and the success of businesses built around the technology may also invite more attention from regulators.

“We’re going to increasingly be having scrutiny about what we’re doing,” Brian Armstrong, Coinbase’s chief executive, said on CNBC. “We’re very excited and happy to play by the rules,” he added, but regulation of crypto should be on a “level playing field with traditional financial services.”

Here are four of the issues that will keep crypto lobbyists busy:

  • The Crypto Council’s first commissioned publication is an analysis of Bitcoin’s illicit use, and it concludes that concerns are “significantly overstated” and that blockchain technology could be better used by law enforcement to stop crime and collect intelligence.

  • New anti-money-laundering rules passed this year will significantly expand disclosures for digital currencies. The Treasury Department has also proposed rules that would require detailed reporting for transactions over $3,000 involving “unhosted wallets,” or digital wallets that are not associated with a third-party financial institution, and require institutions handling cryptocurrencies to process more data.

  • When is a digital asset a security and when is it a commodity? Bitcoin and other cryptocurrencies that are released via a decentralized network generally qualify as commodities and are less heavily regulated than securities, which represent a stake in a venture. Tokens released by people and companies are more likely to be characterized as securities because they more often represent a stake in the issuer’s project.

  • The Chinese government is already experimenting with a central bank digital currency, a digital yuan. China would be the first country to create a virtual currency, but many are considering it. Some crypto advocates worry that China’s alacrity in the space threatens the dollar, national security and American competitiveness.

Peloton shares were lower in premarket trading after the U.S. Consumer Product Safety Commission issued a safety warning about the company’s treadmill.Credit…Roger Kisby for The New York Times

European stocks were mixed on Monday, and U.S. stock futures drifted lower, at the beginning of a week when hundreds of public companies will report earnings, including Coca-Cola, Netflix and United Airlines.

The Stoxx Europe 600 rose 0.1 percent, pushing further into record territory. The European index has climbed for the past seven weeks. On Wall Street, the S&P 500 hit a record on Friday after a string of strong economic reports and company earnings. On Monday, futures indicated it would open about 0.4 percent weaker.

European government bond yields climbed higher on Monday as investors awaited the European Central Bank’s latest monetary policy decisions, which will be announced on Thursday. Last month, the central bank said it would quicken the pace of its asset purchases to tamp down an increase in bond yields.

  • Peloton shares dropped nearly 6 percent in premarket trading after the U.S. Consumer Product Safety Commission issued an “urgent warning” about the exercise equipment company’s treadmill. The agency said users with small children at home should stop using the machine after reports of injuries and one fatality.

  • Coinbase shares slipped nearly 4 percent in premarket trading with other crypto-related stocks. Over the weekend, the price of Bitcoin, the most popular cryptocurrency, plummeted by more than $7,000, or about 9 percent.

  • GameStop shares rose 6 percent in premarket trading as the video game retailer announced that its chief executive would be stepping down by the end of July. The company, which was at the center of a retail trading frenzy earlier this year, has been shaken up by the incoming chairman, Ryan Cohen, who is an activist investor in the company pushing for a digital turnaround.

  • Oil prices were slightly lower. Futures of West Texas Intermediate, the U.S. crude benchmark, fell 0.3 percent to just below $63 a barrel.

  • The U.S. dollar fell against other major currencies, including a 0.4 percent drop against both the euro and the British pound. It was also 0.6 percent weaker against the Japanese yen.