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Covid-19 Dwell Information Updates: Vaccine Eligibility, Variants and Tourism

Here’s what you need to know:

Credit…Andrea Mantovani for The New York Times

The European Union proposed a Covid-19 certificate on Wednesday that would allow people to travel more freely, a move aimed at saving the summer tourist season for member states that depend on it economically.

The proposed document, known as a Digital Green Certificate, would allow residents of member nations to travel at will within the bloc if they have proof of Covid-19 vaccination, a negative test result or a documented recovery from the coronavirus.

The certificates would be free and would be available in digital or paper format.

“The Digital Green Certificate will not be a precondition to free movement, and it will not discriminate in any way,” said Didier Reynders, the bloc’s top official for justice, adding that the aim was to “gradually restore free movement within the E.U. and avoid fragmentation.”

Freedom of movement is a cornerstone of the bloc, but travel restrictions are traditionally under the purview of national governments. The commission’s plan is a bid to coordinate what has become a patchwork of national measures that are hindering travel within the bloc.

Under the proposed rules, national governments could decide which travel restrictions, such as obligatory quarantine, would be lifted for certificate holders.

The proposals, which require approval by the European Parliament and the majority of member states, come as many European countries are experiencing a third wave of infections and an inoculation effort that has been slowed by doubts over AstraZeneca’s coronavirus vaccine. Several countries have suspended use of the vaccine at least temporarily, confusing citizens and possibly increasing resistance to vaccinations.

The hope is to make the certificates operational by mid-June in order to salvage the summer season.

Just under 10 percent of European Union residents have been vaccinated, leaving the bloc far behind Britain and the United States.

As the European Union was offering its proposal to allow greater freedom of movement, Kwasi Kwarteng, the British business secretary, said the government was continuing to look at ways that would allow people to travel.

“We are having conversations all the time about what the next steps should be,” he told the BBC, adding that the government was stressing on the importance of allowing people to travel safely.

An earlier version of this item misstated where the Digital Green Certificate would be valid. The document would be used for travel in all European Union member countries, not in all countries of the border-free Schengen area, which excludes some E.U. members and includes some nonmembers.

United States › United StatesOn March 16 14-day change
New cases 54,440 –16%
New deaths 1,245 –35%
World › WorldOn March 16 14-day change
New cases 456,093 +15%
New deaths 9,988 –5%

U.S. vaccinations ›

Where states are reporting vaccines given

Waiting at a drive-through vaccination site at Delta State University in Cleveland, Miss., on Tuesday.Credit…Rory Doyle for The New York Times

Not long ago, Covid-19 vaccines were available only to the most vulnerable Americans and some essential workers. That is quickly changing as vaccine production and distribution ramp up and more states begin to heed a call from President Biden to expand access to all adults by May.

States are also racing to stay ahead of the growing number of virus variants, some of which are more contagious and possibly even more deadly. At least three states — Maine, Virginia and Wisconsin — and Washington, D.C., have said that they will expand eligibility to their general population by May 1, the deadline that Mr. Biden set last week. Other states — including Colorado, Connecticut, Ohio, Massachusetts, Michigan, Montana and Utah — hope to do so this month or next.

In Mississippi and Alaska, everyone age 16 or older is eligible, and Arizona and Michigan have made the vaccines available to all adults in some counties.

Mr. Biden said last week that he was directing the federal government to secure an additional 100 million doses of the Johnson & Johnson vaccine. With three vaccines now in use, Mr. Biden has said that the United States will have secured enough doses by the end of May for shots to be available for all adults.

Eligible only in some counties

Eligible only in some counties

Eligible only in some counties

Several states have already been expanding eligibility for vaccinations. In Ohio, vaccines will open to anyone 40 and up as of Friday, and to more residents with certain medical conditions. Indiana extended access to people 45 and older, effective immediately.

In Massachusetts, residents 60 years and older, as well as people who work in small spaces and those whose work requires regular public interaction, will be eligible for a vaccine on March 22, the state announced Wednesday. Residents 55 and older with certain medical conditions will be eligible on April 5, and everyone else 16 years and older will be eligible on April 19.

Coloradans age 50 and up will be eligible for a shot on Friday, along with anyone 16 years and older with certain medical conditions. Wisconsin said on Tuesday that residents 16 years and up with certain medical conditions would be eligible a week earlier than initially planned.

On Monday, Texans age 50 and older and Georgians over 55 became eligible for vaccines.

In New York State, residents 60 and older are eligible to receive a vaccine, and more frontline workers became eligible on Wednesday, including government employees, building services workers and employees of nonprofit groups.

Gov. Andrew M. Cuomo has yet to announce how or when the state will expand eligibility to all adults. On Wednesday, Mr. Cuomo, 63, received the Johnson & Johnson vaccine at a church in Harlem, which he framed as an effort to boost vaccination rates among the state’s Black communities.

Since vaccinations began in December, the federal government has delivered nearly 143 million vaccine doses to states and territories, and more than 77 percent have been administered, according to Centers for Disease Control and Prevention. The country is averaging about 2.4 million shots a day, compared with well under one million a day in January.

As of Tuesday, 65 percent of the country’s older population had received at least one vaccine dose, according to C.D.C. data, with 37 percent fully vaccinated.

A woman receives a dose of the AstraZeneca vaccine at a drive-through vaccination center on the outskirts of Milan.Credit…Alessandro Grassani for The New York Times

The World Health Organization and the head of the European Commission urged European countries to use the AstraZeneca coronavirus vaccine and expressed confidence that it was safe, as investigations continue into unusual cases of side effects that led several countries to pause administering the shots.

The head of the W.H.O.’s vaccines department, Dr. Kate O’Brien, said cases of blood clots reported among millions of Europeans who have received the AstraZeneca vaccine were rare. And, she said, it was not unusual that some of those vaccinated should suffer blood clots resulting from other health conditions. No causative link has yet emerged between the vaccine and blood clots or severe bleeding.

“At this point the benefit-risk assessment is to continue with vaccination,” Dr. O’Brien said, repeating the responses both organizations have offered as some member countries have paused administering doses of the AstraZeneca vaccine following some reports of fatal brain hemorrhaging, blood clots and unusual bleeding in a handful of people who received it.

The European Union’s top drug regulator, the European Medicines Agency, is expected to give its assessment of the AstraZeneca vaccine on Thursday. It has so far also pushed back against concerns about the shot, saying there was no sign that it caused dangerous problems. On Wednesday, Ursula von der Leyen, the head of the European Commission, said, “I trust AstraZeneca, I trust the vaccines.” She added that she was “convinced that the statement will clarify the situation.”

Germany, France, Italy and Spain are the prominent European countries to recently halt their rollouts of the AstraZeneca shots this week. More than a dozen countries have either partly or fully suspended the vaccine’s use while the cases are investigated. Most of the countries said they were doing so as a precaution until leading health agencies could review the cases.

Even if experts ultimately conclude there may be an association between the blood clots and the vaccine “these are very rare events,” Dr. O’Brien said.

Blood clots, thick blobs of blood that can block circulation, form in response to injuries and can also be caused by many illnesses, including cancer and genetic disorders, certain drugs and prolonged sitting or bed rest. If a blood clot travels to the brain, it can be deadly.

The suspension of the AstraZeneca vaccine in some countries comes at a time when the region is facing a third wave of the virus and further slows Europe’s vaccination campaign, already lagging because of shortages. No E.U. country is currently on pace to vaccinate 70 percent of its population by September.

Ms. von der Leyen said Europe’s vaccination campaign would pick up speed, with 55 million doses of the newly approved Johnson & Johnson vaccine, 200 million of the Pfizer vaccine, 35 million of the Moderna vaccine, and 70 million of AstraZeneca expected in the coming months.

Serbia’s largest vaccination center this month at the Belgrade Fair, a sprawling exhibition complex in the Serbian capital.Credit…Laura Boushnak for The New York Times

Stained for years by its brutal role in the horrific Balkan conflicts of the 1990s, Serbia is now basking in the glow of success in a good campaign: the quest to get its people vaccinated.

Serbia has raced ahead of the far richer and usually better-organized countries in Europe to offer all adult citizens not only free inoculations, but also a smorgasbord of five vaccines to choose from.

The country’s unusual surfeit of vaccines has been a public relations triumph for the increasingly authoritarian government of President Aleksandar Vucic. It has burnished his own and his country’s image, weakened his already beleaguered opponents and added a new twist to the complex geopolitics of vaccines.

Serbia, with a population under seven million, placed bets across the board, sealing initial deals for more than 11 million doses with Russia and China, whose products have not been approved by European regulators, as well as with Western drug companies.

It reached its first vaccine deal, covering 2.2 million doses, with Pfizer in August and quickly followed up with contracts for millions more from Russia and China.

As a result, Serbia has become the best vaccinator in Europe after Britain, data collected by OurWorldInData shows. It had administered 29.5 doses for every 100 people as of last week compared with just 10.5 in Germany, a country long viewed as a model of efficiency and good governance, and 10.7 in France.

Serbia’s prime minister, Ana Brnabic, attributed her country’s success to its decision to “treat this as a health issue, not a political issue. We negotiated with all, regardless of whether East or West.”

Serbia’s readiness to embrace non-Western vaccines so far shunned by the European Union could backfire if they turn out to be duds. Sinopharm, unlike Western vaccine makers, has not published detailed data from Phase 3 trials. Data it has released suggest that its product is less effective than Western coronavirus vaccines.

Many Serbians, apparently reassured by the vaccination drive, have also lowered their guard against the risk of infection. The daily number of new cases has more than doubled since early February, prompting the government to order all businesses other than food stores and pharmacies to close last weekend.

More than 150 million students and educators are using Google Classroom app.Credit…Friedemann Vogel/EPA, via Shutterstock

After a tough year of toggling between remote and in-person schooling, many students, teachers and their families feel burned out from pandemic learning. But companies that market digital learning tools to schools are enjoying a windfall.

Venture and equity financing for education technology start-ups has more than doubled, surging to $12.6 billion worldwide last year from $4.8 billion in 2019, according to a report from CB Insights, a firm that tracks start-ups and venture capital.

Yet as more districts reopen for in-person instruction, the billions of dollars that schools and venture capitalists have sunk into education technology are about to get tested.

“There’s definitely going to be a shakeout over the next year,” said Matthew Gross, the chief executive of Newsela, a popular reading lesson app for schools.

A number of ed-tech start-ups reporting record growth had sizable school audiences before the pandemic. Then last spring, as school districts switched to remote learning, many education apps hit on a common pandemic growth strategy: They temporarily made their premium services free to teachers for the rest of the school year.

“What unfolded from there was massive adoption,” said Tory Patterson, a managing director at Owl Ventures, a venture capital firm that invests in education start-ups like Newsela. Once the school year ended, he said, ed-tech start-ups began trying to convert school districts into paying customers, and “we saw pretty broad-based uptake of those offers.”

Some consumer tech giants that provided free services to schools also reaped benefits, gaining audience share and getting millions of students accustomed to using their product.

The worldwide audience for Google Classroom, Google’s free class assignment and grading app, has skyrocketed to more than 150 million students and educators, up from 40 million early last year. And Zoom Video Communications says it has provided free services during the pandemic to more than 125,000 schools in 25 countries.

Whether tools that teachers have come to rely on for remote learning can maintain their popularity will now hinge on how useful the apps are in the classroom.

A United Nations convoy carrying coronavirus vaccines passed through the Ofer crossing Wednesday on its way to a Palestinian health ministry warehouse near Ramallah in the West Bank.Credit…Nasser Nasser/Associated Press

JERUSALEM — The occupied West Bank and the blockaded Gaza Strip received their first shipment of Covid-19 vaccines on Wednesday from the global vaccine sharing initiative Covax, paving the way for Palestinian authorities to start inoculating residents on a wider scale.

The Health Ministry of the West Bank-based Palestinian Authority said the vaccines would be administered starting Sunday to medical teams, dialysis and cancer patients, and people who are 75 or older.

The ministry said the shipment included 37,440 doses of the Pfizer-BioNTech vaccine, which will be used right away; and 24,000 doses of the Oxford-AstraZeneca vaccine, which it initially said would be stored until the World Health Organization issued a scientific opinion on the vaccine’s safety.

Later Wednesday, after the W.H.O. recommended the continued use of the AstraZeneca vaccine, the Palestinian health minister, Mai al-Kaila, said the Palestinians would follow that recommendation.

Tor Wennesland, the top United Nations envoy for the Israeli-Palestinian conflict, called the shipment “a key step in our fight against #Covid19 in the #WestBank & #Gaza.”

The West Bank now faces what Palestinian officials have called the most challenging public health situation since the pandemic first emerged in the territory last year. Occupancy in coronavirus wards has surged, and the authorities have announced a “comprehensive lockdown” between Monday and Saturday. An average of 1,767 new coronavirus cases have been recorded daily over the past week, according to official figures.

The Palestinian Authority in the West Bank said that before Wednesday, it had received only 12,000 vaccine doses. Officials in Gaza said they had received a total of 62,000 doses, including 2,000 from the Palestinian Authority and 60,000 from the United Arab Emirates.

Israeli security officials said that about 20,000 of the doses that arrived from Covax on Wednesday went to Gaza.

Israel has faced criticism for providing Israeli citizens with significantly greater access to vaccines than it has allowed for Palestinians living under its occupation.

Last week, Israel started inoculating tens of thousands of Palestinians who have permits to work in Israel or in Jewish settlements — the first substantial amount of vaccine it has made available to Palestinians living in the West Bank.

GLOBAL ROUNDUP

Casting a ballot at a polling station in the Van Gogh Museum in Amsterdam on Wednesday.Credit…Sem Van Der Wal/Agence France-Presse — Getty Images

As Dutch voters go to the polls for parliamentary elections this week, the pandemic has changed the usual dynamic.

To help maintain social distancing, the voting process was spread over three days, ending on Wednesday. Voters over 70 were encouraged to vote by mail. And campaigning mainly took place on television, making it hard for voters to spontaneously confront politicians as is typical practice.

Coronavirus cases are again surging in the Netherlands, prompting the authorities to warn of a third wave. Last year, it took the government of Prime Minister Mark Rutte until November to get the country’s testing capabilities in order, and the vaccination process is also going slowly.

Yet during the campaigning, more localized issues managed to overshadow the government’s handling of the coronavirus.

The prime minister and his cabinet resigned in January over a scandal involving the tax authorities’ hunting down people, mostly poor, who had made administrative mistakes in their child benefits requests. Many were brought to financial ruin as a result.

Broader policies put forward by Mr. Rutte, who has been in power since 2010, were also a focus on the campaign trail. While his party is ahead in the polls, it has lost some support in recent weeks.

Neighboring Germany is also entering a packed election season, with national and state votes coming in a year that will bring to an end the 16-year chancellorship of Angela Merkel.

In other developments around the world:

  • Australia will send 8,000 coronavirus vaccine doses to Papua New Guinea in an attempt to curb a rapidly growing outbreak in the country, which is Australia’s closest neighbor, Prime Minister Scott Morrison said on Wednesday. Australia will also ask AstraZeneca to divert to the small island nation a million vaccine doses that were bound for Australia. And it is suspending all charter flights from Papua New Guinea, where about half of the nation’s total reported 2,351 coronavirus cases have been recorded in the past two weeks.

Andrea Maikovich-Fong, a psychologist in Denver, said she worried about how some clients would adjust as the world begins to reopen.Credit…Stephen Speranza for The New York Times

When the pandemic narrowed the world, Jonathan Hirshon stopped traveling, eating out, going to cocktail parties and commuting to the office.

What a relief.

Mr. Hirshon experiences severe social anxiety. Even as he grieved the pandemic’s toll, he found lockdown life to be a respite.

Now, with public life about to resume, he finds himself with decidedly mixed feelings — “anticipation, dread and hope.”

Mr. Hirshon, a 54-year-old public relations consultant, is one of numerous people who find the everyday grind not only wearing, but also emotionally unsettling. That includes people with clinical diagnoses of anxiety and obsessive compulsive disorder, and also some run-of-the-mill introverts.

A new survey from the American Psychological Association found that while 47 percent of people have seen their stress rise over the pandemic, about 43 percent reported no change in stress and 7 percent said they felt less stress.

Mental health experts said that this portion of the population found lockdown measures protective, a sort of permission to glide into more predictable spaces, schedules, routines and relationships. And experts say that while the lockdown periods have blessed the “avoidance” of social situations, the circumstances are poised to change.

“I am very worried about many of my socially anxious patients,” said Andrea Maikovich-Fong, a psychologist in Denver. That anxiety, she said, “is going to come back with a vengeance when the world opens up.”

A protest over masks and Covid vaccines outside the Centers for Disease Control and Prevention headquarters in Atlanta on Saturday.Credit…Elijah Nouvelage/Getty Images

Former President Donald J. Trump recommended in a nationally televised interview on Tuesday evening that Americans who are reluctant to be vaccinated against the coronavirus should go ahead with inoculations.

Mr. Trump and his wife, Melania, were vaccinated in January. And vaccine proponents have called on him to speak out in favor of the shots to his supporters — many of whom remain reluctant, polls show.

Speaking to Maria Bartiromo on “Fox News Primetime,” Mr. Trump said, “I would recommend it, and I would recommend it to a lot of people that don’t want to get it — and a lot of those people voted for me frankly.”

He added: “It is a safe vaccine, and it is something that works.”

While there are degrees of opposition to coronavirus vaccination among a number of groups, polling suggests that the opinions break substantially along partisan lines.

A third of Republicans said in a CBS News poll that they would not be vaccinated — compared with 10 percent of Democrats — and another 20 percent of Republicans said they were unsure. Other polls have found similar trends.

Mr. Trump encouraged attendees at the Conservative Political Action Conference in Orlando, Fla., late last month to get vaccinated.

Still, Mr. Trump — whose tenure during the pandemic was often marked by railing against recommendations from medical experts — said on Tuesday that “we have our freedoms and we have to live by that, and I agree with that also.”

With President Biden’s administration readying television and internet advertising and other efforts to promote vaccination, the challenge for the White House is complicated by perceptions of Mr. Trump’s stance on the vaccine.

Asked about the issue on Monday at the White House, Mr. Biden said Mr. Trump’s help promoting vaccination was less important than getting trusted community figures on board.

“I discussed it with my team, and they say the thing that has more impact than anything Trump would say to the MAGA folks is what the local doctor, what the local preachers, what the local people in the community say,” Mr. Biden said, referring to Mr. Trump’s supporters and campaign slogan “Make America Great Again.”

Grace Sundstrom, a senior in Des Moines, wrote her college essay about correspondence she had with Alden, a nursing home resident.Credit…via Grace Sundstrom

This year perhaps more than ever, the college essay has served as a canvas for high school seniors to reflect on a turbulent and, for many, sorrowful year. It has been a psychiatrist’s couch, a road map to a more hopeful future, a chance to pour out intimate feelings about loneliness and injustice.

In response to a request from The New York Times, more than 900 seniors submitted the personal essays they wrote for their college applications. Reading them is like a taking a trip through two of the biggest news events of recent decades: the devastation wrought by the coronavirus, and the rise of a new civil rights movement.

In the wake of the high-profile deaths of George Floyd and Breonna Taylor at the hands of police officers, students shared how they had wrestled with racism in their own lives. Many dipped their feet into the politics of protest.

And in the midst of the most far-reaching pandemic in a century, they described the isolation and loss that have pervaded every aspect of their lives since schools suddenly shut down a year ago. They sought to articulate how they have managed while cut off from friends and activities.

The coronavirus was the most common theme in the essays submitted to The Times, appearing in 393 essays, more than 40 percent. Next was the value of family, coming up in 351 essays, but often in the context of other issues, like the pandemic and race. Racial justice and protest figured in 342 essays.

Family was not the only eternal verity to appear. Love came up in 286 essays; science in 128; art in 110; music in 109; and honor in 32. Personal tragedy also loomed large, with 30 essays about cancer alone.

Some students resisted the lure of current events and wrote quirky essays about captaining a fishing boat on Cape Cod or hosting dinner parties. A few wrote poetry. Perhaps surprisingly, politics and the 2020 election were not of great interest.

Eight of the 10 ZIP codes with the highest rate of eviction filings were in the Bronx, according to an analysis of records by the Association for Neighborhood and Housing Development.Credit…Anna Watts for The New York Times

New York City landlords are seeking evictions nearly four times more often in the neighborhoods hit hardest by Covid-19 — predominantly Black and Latino communities that have borne the brunt of both health and housing crises since the virus swept the city last year, according to a new report.

The findings were the latest indication that thousands of the city’s most vulnerable residents could be forcibly removed from their homes as early as May, when a statewide pause on evictions is set to expire.

In New York City, about 40,000 residential tenants have been taken to court for eviction proceedings in the last year, with an average claim of $8,150, according to an analysis of state records by the Association for Neighborhood and Housing Development, a coalition of housing nonprofits.

The neighborhoods with the highest Covid-19 death rates, the top 25 percent, received 15,517 eviction filings, while areas with the lowest death rates, in the bottom 25 percent, had 4,224 cases, through late February. Roughly 68 percent of residents in the hardest-hit ZIP codes were people of color, more than twice the share in the least-affected areas.

Marisol Morales, 55, moved to the United States from Panama in 1991, and has lived for 11 years in a two-bedroom apartment in the Bronx. She lost her part-time job as a cook last spring and has been unable to pay her subsidized $1,647 rent for several months. Her landlord is now suing her.

“An affordable apartment does not exist in New York,” Ms. Morales said.

After his wife died from Covid-19 complications, John Lancos joined social media groups that offered support for people who had lost loved ones in the pandemic.Credit…Desiree Rios for The New York Times

Pamela Addison is, in her own words, “one of the shyest people in this world.” Certainly not the sort of person who would submit an opinion essay to a newspaper, start a support group for strangers or ask a U.S. senator to vote for $1.9 trillion legislation.

But in the past five months, she has done all of those things.

Her husband, Martin Addison, a 44-year-old health care worker in New Jersey, died from the coronavirus in April after a month of illness. The last time she saw him was when he was loaded into an ambulance. At 37, Ms. Addison was left to care for a 2-year-old daughter and an infant son, and to make ends meet on her own.

“Seeing the impact my story has had on people — it has been very therapeutic and healing for me,” she said. “And knowing that I’m doing it to honor my husband gives me the greatest joy, because I’m doing it for him.”

With the United States’ coronavirus death toll — over 535,000 people — come thousands of stories like hers. Many people who have lost loved ones, or whose lives have been upended by long-haul symptoms, have turned to political action.

There are Marjorie Roberts, who got sick while managing a hospital gift shop in Atlanta and now has lung scarring; Mary Wilson-Snipes, still on oxygen more than two months after coming home from the hospital; and John Lancos, who lost his wife of 41 years on April 23.

In January, they and dozens of others participated in an advocacy training session over Zoom, run by a group called Covid Survivors for Change. This month, the group organized virtual meetings with the offices of 16 senators, and more than 50 group members lobbied for the coronavirus relief package.

The immediate purpose of the training session was to teach people how to do things like lobby a senator. The longer-term purpose was to confront the problem of numbers.

Numbers are dehumanizing, as activists like to say. In sufficient quantities — 536,472 as of Wednesday morning, for instance — they are also numbing. This is why converting numbers into people is so often the job of activists seeking policy change after tragedy.

A school nurse, Marissa Molina, administers a coronavirus test to a student at Odessa High School in Odessa, Texas.Credit…Tamir Kalifa for The New York Times

The Biden administration will invest $10 billion in congressionally approved funds to vastly expand coronavirus screening for students returning to in-person learning and another $2.25 billion to increase testing in underserved communities, federal health officials said Wednesday.

The plan was announced Wednesday afternoon during the White House’s regular virus briefing. The federal Department of Health and Human Services had previewed the program in an email message to reporters.

Congress approved the $10 billion expenditure when it passed Mr. Biden’s $1.9 trillion stimulus package, which the president signed into law last week. The health department said the Centers for Disease Control and Prevention would give the money to states “quickly as part of a strategy to help get schools open in the remaining months of this school year.”

Reopening schools has been one of President Biden’s highest priorities — and one of the most contentious issues facing the new administration. Millions of American children have been confined to virtual learning since the start of the pandemic a year ago. Education experts say that many children — and parents — are suffering, psychologically as well as academically. Still, most schools are already operating at least partially in person, and evidence suggests they are doing so relatively safely. Research shows in-school spread can be mitigated with simple safety measures like masking, distancing, hand-washing and opening windows.

Mr. Biden, who initially called for all schools to reopen within 100 days of his inauguration, later narrowed that goal to elementary and middle schools, and has set the reopening benchmark at “the majority of schools” — 51 percent. But there are still many hurdles, including convincing teachers unions that policies are in place to ensure a safe return and easing the fears and frustrations of parents.

One stumbling block to reopening has been the C.D.C.’s recommendation that people remain six feet apart from one another if they do not live in the same household. Amid a growing understanding of how the virus spreads, some public health experts are calling on the agency to reduce the recommended distance from six feet to three.

Dr. Anthony S. Fauci, Mr. Biden’s senior medical adviser for the pandemic, and Dr. Rochelle Walensky, the C.D.C. director, have said the guidance is being revisited.

The administration said Wednesday that the C.D.C. and state and local health departments would help states and schools in implementing testing programs. The agency intends to release the state-by-state allocation table on Wednesday, with final awards to be made early April.

The administration said the C.D.C. would also update its guidance on which types of tests should be used in different settings, such as schools, prisons or nursing homes.

The $2.25 billion for testing in underserved populations is intended to address the racial disparities laid bare by the pandemic. Black and Latino people are far more likely than white people to get infected with the coronavirus and to die from Covid-19, and those disparities extend to testing, experts say. The vaccination rate for Black people in the United States is half that of white people, and the gap for Hispanic people is even larger, according to a New York Times analysis of state-reported race and ethnicity information.

The money will be given in grants to public health departments to improve their ability to test for and track the virus.

“Testing is critical to saving lives and restoring economic activity,” Norris Cochran, the acting health secretary, said in a statement, adding that the department is determined to “expand our capacity to get testing to the individuals and the places that need it most.”

Credit…Marie Eriel Hobro for The New York Times

People who get Covid-19 shots at thousands of Walmart and Sam’s Club stores may soon be able to verify their vaccination status at airports, schools and other locations using a health passport app on their smartphones.

The retail giant said on Wednesday that it had signed on to an international effort to provide standardized digital vaccination credentials to consumers. The company joins a push already backed by major health centers and tech companies including Microsoft, Oracle, Salesforce, Cerner, Epic Systems, the Mitre Corporation and the Mayo Clinic.

The participation of Walmart, which is offering vaccines at thousands of stores, is likely to accelerate the adoption of digital vaccination credentials.

Credit…Commons Project

The company said people who get Covid shots at Walmart and Sam’s Club stores will be able to use free health passport apps to verify their vaccination records and then generate smartphone codes that could allow them to board a plane or enter a sports area.

The apps include Health Pass developed by Clear, a security company that uses biometric technology to confirm people’s identities at airports, and CommonPass, developed by the Commons Project Foundation, a nonprofit in Geneva.

JetBlue and Lufthansa are already using the CommonPass app to verify passengers’ negative virus test results before they can board certain flights.

“Walmart is the first huge-scale administrator of vaccines that is committing to giving people a secure, verifiable record of their vaccinations,” said Paul Meyer, the chief executive of the Commons Project. “We think many others will follow.”

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Business

The Fed Meets In opposition to a Revamped Financial Backdrop: Dwell Updates

Here’s what you need to know:

Credit…Mandel Ngan/Agence France-Presse — Getty Images

The Federal Reserve is staring down a challenge that would have been all but unthinkable a year ago: With its policies set on emergency mode to bolster growth in the face of the pandemic’s shock, it must now navigate an economy that is expected to strengthen rapidly in the coming months.

Officials will release an interest rate policy decision and their first economic projections of 2021 at 2 p.m. on Wednesday, and they are virtually certain to leave borrowing costs unchanged at near zero.

But analysts and Wall Street investors alike are eager to see whether growing economic optimism will shake up the outlook for policy in the months and years ahead.

The Fed slashed interest rates to rock bottom a year ago as the pandemic shut down huge swaths of the economy. It has also been buying $120 billion in bonds per month, a policy meant to keep credit cheap and help the economy rebound from a virus that has thrown millions out of work.

Jerome H. Powell, the Fed chair, has been clear for months that officials expect to be patient in removing that policy help — a cautious tone that he is expected to maintain at a news conference on Wednesday.

“This is one of the most critical Fed meetings we’ve had in a while,” said Michelle Meyer, head of U.S. economists at Bank of America Merrill Lynch. “Markets are really paying attention, and they’re going to dissect everything he says.”

That’s because the economic backdrop is shifting. Coronavirus vaccines are fueling hopes for reopening parts of the service sector. A freshly signed stimulus package will pump $1.9 trillion into the economy, with an eye on preventing evictions, funneling cash to parents and putting $1,400 checks directly into bank accounts.

Against that improving backdrop, economists in a Bloomberg survey expect the Fed to increase rates twice in 2023, the news outlet reported. In December, they expected rates to remain unchanged until 2024 or later.

As investors expect faster growth, higher inflation and a quicker-moving Fed, they have pushed up the yield on 10-year Treasury notes. That has weighed on stock indexes, which tend to fall when rates rise.

The Fed’s economic projections — which anonymously report officials’ forecasts for interest rates, unemployment, inflation and growth both through 2023 and in the longer run — could show a shift when they are released on Wednesday.

Wall Street will pay particular attention to the inflation forecast and the policy rate path. The Fed’s median interest rate forecast previously showed no rate increases over the next three years, but analysts expect that officials could now pencil in one move in 2023.

Wall Street has been paying close attention to the outlook for inflation in recent weeks. Key price indexes are expected to bounce back after weak readings last year, and some economists have warned that big government spending could keep them elevated.

That could put a spotlight on Federal Reserve officials’ inflation estimates, and on anything that Jerome H. Powell, the Fed chair, says about the outlook during his news conference after the central bank’s meeting on Wednesday.

The Fed is trying to use its policies to coax the economy back to full employment while lifting and stabilizing inflation, which has been slipping in recent decades. It wants to hit 2 percent annual price gains on average, and it has pledged not to raise rates from near zero until they are poised to hum along at a slightly faster pace for some time.

But some prominent onlookers have warned that the economy could overheat. They say inflation may jump well above the 2 percent average target, thanks to government outlays and booming demand in a reopening economy.

Fed officials have been consistently less concerned about that possibility, and will give an up-to-date snapshot of their own expectations in their first Summary of Economic Projections of 2021. The last set of estimates, released in December, showed inflation stabilizing at 2 percent.

“How much do they revise up inflation? That’s something I’ll be looking for,” said Seth Carpenter, chief U.S. economist at UBS and a former Fed employee.

Analysts broadly expect price gains to accelerate in the coming months for a mechanical reason: The data are about to lap very weak readings from last spring. The most closely watched inflation measures are compared against the same month a year earlier, a recipe for an automatic increase.

But Fed leaders have been clear that a short-lived bounce is not what they’re talking about when they say they want to see quicker increases.

“There’s a difference between a one-time surge in prices and ongoing inflation,” Mr. Powell said this month.

An increase in longer-term bond yields could prompt the Fed to revamp its bond-buying program.Credit…Olivier Douliery/Agence France-Presse — Getty Images

Investors expect a stronger economy and slightly higher inflation in 2021, and they will watch the Federal Reserve chair, Jerome H. Powell, at his news conference on Wednesday for any hints about what that portends for the central bank’s bond-buying plans.

The Fed has been buying $120 billion in Treasury and mortgage-backed bonds each month, and officials have said they will continue that pace until they see “substantial” further progress.

But Mr. Powell and crew haven’t defined “substantial” with any precision. What counts as sufficient economic healing — when the Fed might slow and stop its program — matters to markets because the buying helps to push up prices in bonds and stocks alike.

Some investors have begun to expect the Fed to taper off its buying sooner than they had been forecasting. Others think a recent increase in longer-term bond yields, which has been driven by investor expectations for growth and inflation, could prompt the Fed to revamp its program in the near term.

That’s because those higher market-based rates could make mortgages more expensive and corporate investments less attractive, working against the Fed’s goals. The central bank could shift the composition of its purchases or even buy more to keep interest rates historically low across the spectrum.

Mr. Powell has pushed back on the idea that a taper is imminent and has promised that the Fed will alert investors well before the slowdown starts. He has also pointed out that rates are moving up because of a brightening outlook, and has suggested that the change isn’t worrying for now.

“I would be concerned by disorderly conditions in markets or a persistent tightening in financial conditions that threatens the achievement of our goals,” Mr. Powell said at an event this month, while stressing that the Fed looks at a range of financial conditions.

Keith Gill, known as Roaring Kitty, testified at the House Financial Service Committee’s first GameStop hearing.Credit…House Financial Services Committee

The House Financial Services Committee is holding its second hearing on the GameStop frenzy on Wednesday, with a range of experts expected to expound on what the saga says about the stock market’s plumbing.

The hearing appears likely to have a more wonkish tone than the committee’s first hearing on GameStop, which put a spotlight on Robinhood, the trading app at the center of a remarkable rally that sent shares of the struggling video game retailer up by over 1,600 percent in January,

Witnesses will include stock exchange officials, market analysts, former regulators and academics. Prepared testimony suggests the witnesses will focus on what — if any — deficiencies in the American stock trading system were revealed by the surge of trading in GameStop.

Sal Arnuk, co-founder of trading firm Themis Trading, plans to spotlight the growing role of payment-for-order-flow, where retail brokerage houses such as Robinhood channel customer orders to specific trading firms in exchange for payments.

“These practices create a massive incentive for such brokers to sell their clients orders to sophisticated trading firms uniquely tooled to profit off of them,” Mr. Arnuk will say, according to preliminary testimony released by the House committee. “This is a needless conflict that can harm retail investors, and it degrades the integrity of the market ecosystem as a whole.”

Other witnesses, such as Alexis Goldstein, a senior policy analyst at Americans for Financial Reform, will underscore the growing dominance of the trading firms that pay retail brokerage firms to execute their orders.

Two major market-makers, Citadel Securities and Virtu Financial, “execute a larger volume of U.S. stocks than the New York Stock Exchange,” she said in prepared testimony, urging regulators to look at whether their growth has worsened the prices that are available to investors on the public exchanges.

The hearing is to begin at 10 a.m. Other participants include Michael Blaugrund, chief operating officer of the New York Stock Exchange; Vicki L. Bogan, a Cornell University professor who focuses on the financial and investment behavior of households; Dennis Kelleher, the chief executive of Better Markets, which advocates market reforms; and Michael Piwowar, executive director of the Milken Institute Center for Financial Markets and a former S.E.C. commissioner.

BMWs on display at last year’s Bangkok auto show. The German carmaker is taking a more cautious approach to electric vehicles than some rivals.Credit…Jorge Silva/Reuters

BMW became the latest carmaker to promote its commitment to electric vehicles Wednesday, moving up the introduction of a new electric sedan, hinting at plans for an electric Rolls-Royce, and saying that its Mini cars will run exclusively on batteries, though not until the 2030s.

BMW follows rivals like Volkswagen, General Motors and Volvo that have recently declared their intention to shift to electric vehicles. But BMW, based in Munich, is pursuing a more cautious strategy than some of the others.

Unlike Volkswagen, for example, BMW has not introduced a platform — a chassis and other components shared among numerous body styles — designed exclusively for electric propulsion. BMW models will accommodate either battery power or internal combustion engines, an approach that inevitably involves engineering compromises.

Oliver Zipse, the BMW chief executive, said the company’s strategy gave customers more choice. “Others focus on individual market segments and niches,” he said during a news conference Wednesday. “We, on the other hand, are taking a targeted approach across all market segments.”

Some analysts say BMW’s approach prevents it from fully exploiting the advantages of battery power, such as the opportunity to create roomier interiors.

BMW said Wednesday it would introduce its last new Mini with an internal combustion engine in 2025, but would continue to sell the model into the 2030s. In addition, BMW will begin selling its electric i4 BMW sedan this year, sooner than planned. Rolls-Royce, which has been owned by BMW since the late 1990s, will also offer an electric model, Mr. Zipse said, but he did not give details.

Unlike General Motors or Volvo, BMW and other German carmakers have not set a deadline to stop selling cars that run on fossil fuels. They argue that many regions lack charging stations for electric vehicles. “It is not realistic that the same technologies will prevail equally in every country at the same time,” Mr. Zipse said Wednesday.

BMW sold 2.3 million passenger cars last year, 8 percent fewer than in 2019. That is a relatively small number of vehicles compared with Volkswagen or Toyota, which sell four times that number, and could be a disadvantage as the industry goes electric.

BMW as well as Daimler will have trouble selling enough electric vehicles to justify the expense of retooling factories or developing dedicated platforms, Patrick Hummel, an auto industry analyst at UBS, said during a conference call with reporters last week.

“BMW and Daimler will not be in a position to replicate what Volkswagen is doing,” Mr. Hummel said.

Payments top out at $1,400 per person, including children and adult dependents. To qualify for the full $1,400, a single person must have an adjusted gross income of $75,000 or below.Credit…Matt Rourke/Associated Press

The stimulus money promised under the American Rescue Plan will hit the bank accounts of many Americans on Wednesday — the first official payment date — though some financial institutions chose to make the cash available to people even before it arrived from the government.

Not everyone eligible to receive a payment will get one on Wednesday, though. Additional rounds of payments will be made in the coming weeks, including for people who will receive theirs by mail as a check or debit card. You can check the status of your payment with the Internal Revenue Service’s Get My Payment tool.

Payments top out at $1,400 per person, including children and adult dependents. To qualify for the full $1,400, a single person must have an adjusted gross income of $75,000 or below. For heads of household, adjusted gross income must be $112,500 or less, and for married couples filing jointly, that number has to be $150,000 or below. Partial payments are available to people who earn more, but the amounts fall quickly.

The payments are calculated using the most recent information on file with the I.R.S., which could be your 2019 tax return if you haven’t yet filed for 2020.

If you’re newly eligible for a payment based on your 2020 income but haven’t yet filed your return, the law allows the Treasury Department to continue payments until September. If you don’t get one during that period, you can claim what you’re owed when you file your 2021 taxes.

  • Uber will reclassify more than 70,000 drivers in Britain as workers, it said on Tuesday. The decision, which will provide the drivers a minimum wage, vacation pay and access to a pension plan, is the first time the company has agreed to classify its drivers in this way, Uber said. It comes in response to a landmark British Supreme Court decision last month that said Uber drivers were entitled to more protections. The decision represents a shift for Uber, though the move was made easier by British labor rules that offer a middle ground between freelancers and full employees that doesn’t exist in other countries.

  • Google is cutting in half its commission on developers’ first $1 million in app sales, following a similar move by Apple that is aimed at appeasing developers and regulators who accuse the companies of abusing their dominance of the smartphone industry. Google said that starting July 1, it would take 15 percent of the first $1 million developers take in from certain app sales, down from 30 percent. Google will still charge 30 percent after the first $1 million.

  • The S&P 500 index is set to open slightly lower on Wednesday, futures indicated, before the latest Federal Reserve monetary policy decisions are announced.

  • The S&P 500 pulled back from a record high on Tuesday, but volatility in stock markets has subsided from earlier in the month when bond yields jumped higher at a rate that took investors by surprises and caught the attention of central bank officials.

  • Government bond prices fell on Wednesday, sending their yields higher. The yield on 10-year Treasury notes rose 2 basis points, or 0.02 percentage points, to 1.64 percent.

  • Most European stock indexes were down. The Stoxx Europe 600 index fell 0.3 percent, led by health care and industrial companies. In Britain, the FTSE 100 index dropped 0.4 percent and the CAC 40 in France was 0.2 percent lower.

  • Oil prices fell. Futures on West Texas Intermediate, the U.S. crude benchmark, fell 0.7 percent to $64.34 a barrel.

  • A Bank of America analyst maintained his “buy” rating on Uber after the company said it would reclassify all 70,000 of its drivers in Britain as workers, giving them additional benefits, following a court ruling last month. Justin Post, the analyst, said the change would increase driver costs in the country by 7 percent to 9 percent but the outcome “reflects evolution, not platform risk.”

  • The benefits could make Uber more appealing for drivers, force other companies to make similar changes and make it harder for new entrants in the market, Mr. Post wrote in a research note. Uber’s share price fell 2.2 percent on Tuesday before the announcement.

The problems of Greensill Capital, a financial firm with ties to SoftBank and Credit Suisse, deepened Tuesday after its German unit entered insolvency proceedings.

Germany’s banking regulator, known as BaFin, said Tuesday that a judge had granted its request to open insolvency proceedings for Greensill Bank in Bremen. BaFin also formally determined that Greensill Bank was not able to repay all of its customers’ deposits, a step that allows depositors to receive compensation from public and private insurance funds.

The insolvency of the German unit was expected after Greensill Capital, which provides financing to companies and has been advised by former Prime Minister David Cameron of Britain, filed for a form of bankruptcy protection in Britain last week.

Credit Suisse acknowledged on Tuesday that it was likely to suffer losses from a loan it had made to the firm. It said that it had received $50 million from the administrator of Greensill Capital’s assets in Britain but that $90 million of the loan was outstanding.

Credit Suisse’s asset management unit oversaw $10 billion in funds that Greensill packaged based on financing it provided to companies. The loans allowed companies to stretch out payments to suppliers. Credit Suisse has returned $3 billion in cash to investors in the funds and said it was working to recover more money.

Credit Suisse said Tuesday that the funds’ managers “intend to announce further cash distributions over the coming months.” The bank has not specified what losses, if any, investors in the funds might ultimately suffer.

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World News

Covid-19 Vaccine Stay Updates: Mississippi Opens Eligibility, Italy Lockdown and Extra

Here’s what you need to know:

Credit…Rory Doyle for The New York Times

Mississippi will become the second state to open Covid-19 vaccinations to all of its adult residents, following a call from President Biden for all states to do so by May 1.

Alaska opened its vaccination doors last week to anybody 16 or older who lives or works in the state. The change in Mississippi takes effect Tuesday.

“Get your shots, friends,” Gov. Tate Reeves announced on Twitter. “And let’s get back to normal!”

The pace of vaccinations in the United States has steadily increased as production has ramped up, from well under one million shots per day on Jan. 20, when Mr. Biden took office, to about 2.4 million doses per day on average, according to a New York Times database.

Mr. Biden’s team has made key decisions that quickened the manufacturing and distribution of vaccines, but now the country faces the challenge of getting all those shots into arms. Mass vaccination sites across the country are opening up or increasing their capacity, in part to respond to the influx of doses from the single-shot Johnson & Johnson vaccine.

But more challenges remain, including improving access in communities of color and convincing Americans wary for a variety of reasons that getting vaccinated is safe and effective.

Although Mississippi lags most states in the share of its population that has been vaccinated, it is doing better than all of its neighbors except Louisiana, according to a New York Times tracker. As of Sunday, about 20 percent of Mississippians have received at least one shot, and 11 percent have been fully vaccinated.

The state had already opened eligibility further than most states, to cover everyone 50 or over. Governor Reeves urged older residents to book appointments as soon as possible.

Gov. Gretchen Whitmer of Michigan has said that her state will drop its restrictions on eligibility by April 5, about a month before Mr. Biden’s deadline. Gov. Ned Lamont of Connecticut said his state would as well, tentatively opening vaccine eligibility to all adults on April 5.

“It’s still going to take some time to get the vaccine to everyone who wants it, and I urge patience to the greatest extent possible,” Mr. Lamont said in a news release.

Officials in Washington, D.C., said on Monday that they would do the same by May 1, allowing anyone 16 or older who lives in the city to be inoculated.

In New York, where the minimum age was recently lowered to 60, the state will open three new mass vaccination sites on Long Island at the end of the week, Gov. Andrew M. Cuomo said on Monday at a news conference. The sites will be on college campuses in Old Westbury, Brentwood and Southampton.

More categories of public-facing workers will become eligible in New York on Wednesday, including government employees, building services workers and employees of nonprofit groups. Mr. Cuomo has yet to announce how or when the state would open eligibility to all adults.

About 92.6 million vaccine doses have been administered since Mr. Biden’s inauguration, according to data released on Monday by the Centers for Disease Control and Prevention. At the current pace, the country will pass 100 million doses under Mr. Biden before the end of the week.

United States › United StatesOn March 14 14-day change
New cases 38,034 –19%
New deaths 572 –31%
World › WorldOn March 14 14-day change
New cases 369,370 +11%
New deaths 5,360 –6%

U.S. vaccinations ›

Where states are reporting vaccines given

Peter Krage, 54, a gerontological nurse, getting his first dose of the AstraZeneca vaccine in Rostock, Germany, last month.Credit…Lena Mucha for The New York Times

As a third wave of the pandemic crashes over Europe, questions about the safety of one of the continent’s most commonly available vaccines led Germany, France, Italy and Spain to temporarily halt its use on Monday. The suspensions created further chaos in inoculation rollouts even as new coronavirus variants continue to spread.

The decisions followed reports that a handful of people who had received the vaccine, made by AstraZeneca, had developed fatal brain hemorrhages and blood clots.

The company has strongly defended its vaccine, saying that there is “no evidence” of increased risk of blood clots or hemorrhages among the more than 17 million people who have received the shot in the European Union and the United Kingdom.

“The safety of all is our first priority,” AstraZeneca said in a statement Monday. “We are working with national health authorities and European officials and look forward to their assessment later this week.”

The timing of the pause in inoculations by some of Europe’s largest countries — which followed a flurry of similar actions by Denmark, Norway and several others — could not have been worse.

Europe’s vaccine rollouts already lag far behind those in Britain and the United States, and there is dawning realization that much of the continent is suffering a third wave of infections. Leading immunologists fretted on Monday that the decision by several of Europe’s leading nations to suspend the use of AstraZeneca would make vaccination efforts even harder by emboldening vaccine skeptics in countries where they are particularly entrenched.

The European Medicines Agency and the World Health Organization warned against an exodus from vaccines that would undermine rollout efforts at a pivotal moment.

VideoVideo player loadingItaly began to enter strict regional lockdowns on Monday, as the government moved to halt an increase in coronavirus infections just one year after the country became the first in Europe to impose a national lockdown.CreditCredit…Alessandro Grassani for The New York Times

A year after Italy became the first European country to impose a national lockdown to contain the spread of the coronavirus, the nation has fallen eerily quiet once again, with new restrictions imposed on Monday in an effort to stop a third wave of infections that is threatening to wash over Europe and overwhelm its halting mass inoculation program.

As he explained the measures on Friday, Prime Minister Mario Draghi warned that Italy was facing a “new wave of contagion,” driven by more infectious variants of the coronavirus.

Just as before, Italy was not alone.

“We have clear signs: The third wave in Germany has already begun,” Lothar Wieler, head of the Robert Koch Institute for Infectious Diseases, said during a news conference on Friday. Prime Minister Viktor Orban of Hungary predicted that this week would be the most difficult since the start of the pandemic in terms of allocating hospital beds and breathing machines, as well as mobilizing nurses and doctors. Hospitalizations in France are at their highest levels since November, prompting the authorities to consider a third national lockdown.

Officials in the United States are watching those developments with wary eyes. At a White House news briefing on Monday, Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, pleaded with Americans not to let their guard down as case numbers have dropped from their peak. She pointed to images of young people crowded onto Florida beaches, though generally people are safer outside than inside, and to European nations as a warning.

“Each of these countries has had nadirs like we are having now, and each took an upward trend after they disregarded no mitigation strategies,” she said. “They simply took their eye off the ball. I’m pleading with you for the sake of our nation’s health. These should be warning signs for all of us.”

The U.S. death rate remains at nearly 1,400 people every day. That number still exceeds the summer peak, when patients filled Sun Belt hospitals and outbreaks in states that reopened early drove record numbers of cases, though daily deaths nationwide remained lower than the first surge last spring. The average number of new reported cases per day remains comparable to the figures reported in mid-October.

Across Europe, cases are spiking. Supply shortages and vaccine skepticism, as well as bureaucracy and logistical obstacles, have slowed the pace of inoculations. Governments are putting exhausted populations under lockdown. Street protests are turning violent. A year after the virus began spreading in Europe, things feel unnervingly the same.

In Rome, the empty streets, closed schools, shuttered restaurants and canceled Easter holidays came as a relief to some residents after months of climbing infections, choked hospitals and deaths.

“It’s a liberation to return to lockdown, because for months, after everything that happened, people of every age were going out acting like there was no problem,” said Annarita Santini, 57, as she rode her bike in front of the Trevi Fountain, a popular site that had no visitors except for three police officers. “At least like this,” she added, “the air can be cleared and people will be scared again.”

For months, Italy had relied on a color-coded system of restrictions that, unlike the blanket lockdown of last year, sought to surgically smother emerging outbreaks in order to keep much of the country open and running. It does not seem to have worked.

“History repeats itself,” Massimo Galli, one of Italy’s top virologists, told the daily Corriere della Sera on Monday. “The third wave started, and the variants are running.”

“Unfortunately we all got the illusion that the arrival of the vaccines would reduce the necessity of more drastic closures,” he said. “But the vaccines did not arrive in sufficient quantities.”

Sheryl Gay Stolberg Lauren Leatherby and Mitch Smith contributed reporting.

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Biden: ‘Shots in Arms and Money in Pockets’

President Biden declared on Monday that within 10 days the U.S. would achieve his goal of administering 100 million vaccination shots and delivering 100 million stimulus checks to Americans.

Over the next 10 days, we’ll reach two goals, two giant goals. The first is 100 million shots in people’s arms will have been completed within the next 10 days and 100 million checks in people’s pockets in the next 100 days. Shots in arms and money in pockets. That’s important. The American Rescue Plan is already doing what it was designed to do, make a difference in people’s everyday lives. And we’re just getting started. By the time all the money is distributed, 85 percent of American households will have gotten their $1,400 rescue checks. I’m pleased to announce and introduce another gifted manager to coordinate our implementation of the American Rescue Plan, Gene Sperling. Gene will be on the phone with mayors and governors, red states, blue states, the source of constant communication, a source of guidance and support, and above all, a source of accountability for all of us to get the job done. And together, we’re going to make sure that the benefits of the American Rescue Plan go out quickly and directly to the American people where they belong. Help is here and hope is here in real and tangible ways. We’re just days away from 100 million shots and millions — in the arms of millions of Americans. That’s the way, that’s the way on the way to get every single American access to the vaccine.

Video player loadingPresident Biden declared on Monday that within 10 days the U.S. would achieve his goal of administering 100 million vaccination shots and delivering 100 million stimulus checks to Americans.CreditCredit…Doug Mills/The New York Times

President Biden said Monday that his administration was on pace to achieve two key goals by March 25: the distribution of 100 million shots of Covid-19 vaccines since his inauguration and 100 million checks and electronic deposits of stimulus payments under his economic relief bill.

“Shots in arms and money in pockets. That’s important,” Mr. Biden said in a brief address from the White House.

The president also introduced Gene Sperling, a longtime Democratic policy aide, as his pick to oversee implementation of the $1.9 trillion economic relief package that he signed into law late last week.

“The American Rescue Plan is already doing what it was designed to do,” Mr. Biden said. “Make a difference in people’s everyday lives.”

The United States has administered 92.6 million vaccine doses since Jan. 20, when Mr. Biden took office, according to data released on Monday by the Centers for Disease Control and Prevention. At the current pace of vaccinations, the country will pass 100 million doses under Mr. Biden before the end of the week.

Answering a question from a reporter after the speech, Mr. Biden brushed aside calls for his administration to enlist former President Donald J. Trump’s help in appealing to Republicans who have resisted getting vaccinated.

“I discussed it with my team,” Mr. Biden said, “And they say the thing that has more impact than anything Trump would say to the MAGA folks is what the local doctor, what the local preachers, the local people in the community would say. So I urge, I urge all local docs, and ministers, and priests, to talk about why — why it’s important to get that vaccine.”

Mr. Biden’s remarks came as his team launched a week of sales pitches for the relief bill. The president and several members of his administration will travel the country to promote the plan that contains direct $1,400-per-person payments to low- and middle-income Americans, new monthly checks for parents and additional relief for the unemployed, among other particulars.

Mr. Biden will visit Delaware County, Pa., on Tuesday and will appear with Vice President Kamala Harris on Friday in Atlanta, which helped deliver Democrats the Senate majority that made the stimulus law possible.

A group of other administration representatives and officials, including the first lady, Jill Biden, and Ms. Harris’s husband, Doug Emhoff, will also make trips. Ms. Harris and her husband landed in Las Vegas for an event on Monday afternoon, while Dr. Biden finished an event in New Jersey.

The road show is an effort to avoid the messaging mistakes of President Barack Obama’s administration, which Democrats now believe failed to continue vocally building support for his $780 billion stimulus act after it passed in 2009. The challenge will be to highlight less obvious provisions, including the largest federal infusion of aid to the poor in generations, a substantial expansion of the child tax credit and increased subsidies for health insurance.

Mr. Sperling’s challenge with the rescue plan will be different than the one Mr. Biden faced in 2009, because the relief bill differs starkly from Mr. Obama’s signature stimulus plan. The Biden plan is more than twice as large as Mr. Obama’s. It includes money meant to hasten the end of the pandemic, including billions for vaccine deployment and coronavirus testing.

Oversight of the $1.9 trillion relief legislation is currently expected to rely on the Government Accountability Office and the Pandemic Response Accountability Committee, a panel of inspectors general from across the federal government. A Treasury official said that the department would set up a process to monitor the use of funds that are being sent to states to ensure that they are used according to the eligibility requirements in the law.

A rally in San Francisco on Saturday in support of a five-day in-person learning schedule at the city’s public schools.Credit…John G Mabanglo/EPA, via Shutterstock

Parents of schoolchildren protested in several cities around the United States over the weekend, frustrated by the off-again-on-again reopening policies in some school districts and blanket closures in others a full year after the pandemic began, despite growing scientific evidence that schools can reopen safely if they follow basic procedures.

Several hundred people rallied in downtown Naperville, Ill., on Sunday to urge officials to give students the option of returning to the classroom five days a week. Wielding signs with messages like “Get our kids back in school” and “Flip the school board,” demonstrators chanted, “Five days a week,” The Naperville Sun reported.

In San Francisco, hundreds of parents and children marched on Saturday in support of a five-day in-person learning schedule, arguing that a partial reopening falls short, The San Francisco Chronicle reported. Similarly, parents demonstrated at Pan Pacific Park in Los Angeles on Saturday, according to a local news station, saying a tentative agreement with teachers for a partial reopening in April was not enough.

Parents pressing for in-person classes say that remote learning leaves students feeling emotionally and socially drained at home.

They have the Biden administration on their side. Jill Biden and members of her husband’s administration have been traveling the country in a campaign aimed at reopening schools. And the Centers for Disease Control and Prevention released guidelines last month saying it was safe for schools to reopen if they could ensure measures like proper masking, physical distancing and hygiene were taken. The recommendations called for every elementary school to open in some fashion.

In early February, The New York Times surveyed 175 experts — mostly pediatricians focused on public health — who largely agreed that it was safe enough for schools to be open to elementary students for full-time, in-person instruction. Some said that was true even in communities where coronavirus cases were widespread, with proper safety precautions, including adequate ventilation and avoidance of large group activities.

Heather Kilpatrick used to work in hospitality before the pandemic, but she now stays home with her 3-year-old daughter, Vivienne. Credit…Tony Luong for The New York Times

In the year since the pandemic upended the U.S. economy, more than four million people have quit the labor force, leaving a gaping hole in the job market that cuts across age and circumstances.

An exceptionally high number have been sidelined because of child care and other family responsibilities or health concerns. Others gave up looking because they were discouraged by the lack of opportunities. And some older workers have called it quits earlier than they had planned.

These labor-force dropouts are not counted in the most commonly cited unemployment rate, which was 6.2 percent in February, making the group something of a hidden casualty of the pandemic.

Now, as the labor market begins to emerge from the pandemic’s vise, whether those who have left the labor force return to work — and if so, how quickly — is one of the big questions about the shape of the recovery.

There is some reason for optimism. Economists expect that many who have left the labor force in the past year will return to work once health concerns and child care issues are alleviated. And they are optimistic that as the labor market heats up, it will draw in workers who grew disenchanted with the job search.

Moreover, after the last recession, many economists said those who left the labor force were unlikely to come back, whether because of disabilities, the opioid crisis, a loss of skills or other reasons. Yet labor force participation, adjusted for demographic shifts, eventually returned to its previous level.

But the speed with which the pandemic has driven workers from the labor force could leave lasting damage.

Many Facebook and Instagram users are already using the apps to share their vaccination status.Credit…Marcio Jose Sanchez/Associated Press

Facebook said on Monday that it planned to expand its efforts to help get people vaccinated against the coronavirus.

The social network said it would roll out a new location-based tool to direct people to the clinics nearest to them that offer vaccinations, which users can find inside Facebook’s main app.

The company will also have an information center for Covid-19-related questions and data inside its Instagram photo-sharing app, building on a similar effort that Facebook introduced last year. And it will keep adding automated chat bots to WhatsApp, which can text users information on where to get vaccinated.

“By working closely with national and global health authorities and using our scale to reach people quickly, we’re doing our part to help people get credible information, get vaccinated and come back together safely,” Mark Zuckerberg, the chief executive of Facebook, said in a company blog post.

While Facebook previously allowed anti-vaccination groups on its platform to flourish, last year it pledged to remove Covid-related misinformation from its site. It also labeled posts related to the coronavirus with links to its official information center so it could direct people to sources like the World Health Organization.

But critics have said that false or misleading data about vaccines and the virus continues to be visible in private groups and pages on Facebook.

At North Dakota State University in October. Several studies have shown that the pandemic has disproportionately affected the mental health of young people.Credit…Bing Guan/Reuters

Young people’s reports of poor well-being during the pandemic have fueled a global crisis that needs immediate attention, according to a nonprofit organization that surveyed nearly 50,000 people in eight countries, providing a comprehensive overview of the pandemic’s impact on mental health.

More than one in four respondents reported facing or being at risk of clinical disorders, a number that rose to nearly one in two for those ages 18 to 24, according to the report, which was released by group, Sapien Labs, a U.S. nonprofit group dedicated to understanding the human mind.

The report, based on data collected from an online, anonymous survey whose findings were published on Monday, focused on Australia, Britain, Canada, India, New Zealand, Singapore, South Africa and the United States. It found that 40 percent of respondents ages 18 to 24 reported feeling sadness, distress or hopelessness, as well as unwanted, strange and obsessive thoughts.

“The coronavirus pandemic has exacerbated trends that were already there, and made them worse,” said Dr. Tara Thiagarajan, the founder and chief scientist of Sapien Labs. “Particularly, social isolation has had a larger impact on young people, and it’s pushed many of them over the edge.”

Other studies have shown that the pandemic has disproportionately affected the mental health of young people, women and people of color.

Mental health experts have also warned against the long-term effects of the pandemic, which are likely to include an economic recession and the psychological fallout of long-term social isolation.

The report’s authors, Dr. Thiagarajan and Jennifer Newson, urged governments to focus on population-wide policies targeting mental health, instead of individual approaches that are often favored.

“While much of the focus in the mental health arena has been on self-care through apps, therapy and other programs, social and economic policy and institutional culture may have a large role to play in the mitigation of our present mental health crisis and prevention of future crises,” they wrote.

Anallely Falcon receiving her second dose on in Central Falls, R.I., last month.Credit…David Degner for The New York Times

Nearly nine in 10 Americans who received the first dose of a two-dose Covid-19 vaccine went on to complete the regimen, and most people who received two doses got them within the recommended time frames, federal health officials reported on Monday.

The analyses, by investigators with the Centers for Disease Control and Prevention, included data on tens of millions of Americans who received the Moderna or Pfizer-BioNTech vaccines between mid-December and mid-February.

The percentage of people completing the regimens varied markedly by jurisdiction and between demographic groups, however. Federal health officials urged local vaccinators to take steps to ensure that everyone comes back, including scheduling a return appointment when giving the first shot, sending reminders, and rescheduling missed or canceled appointments.

While the data were “reassuring” over all, C.D.C. researchers said, the first groups receiving the vaccine in the United States — health care workers and long-term care facility residents — had easy access to the second dose, since they were likely to have been vaccinated at their workplace or place of residence.

As vaccines are offered to broader groups of people, the scientists warned, the percentage getting fully vaccinated may drop.

People are not considered fully vaccinated against the coronavirus until two weeks after they receive the second shot of the two-dose regimen (or two weeks after receiving the single-dose vaccine made by Johnson & Johnson).

C.D.C. researchers looked at some 40.5 million Americans who were vaccinated between Dec. 14, 2020 and Feb. 14, 2021.

In one analysis, they reviewed the records of 12.4 million people who had received the first dose of a two-dose vaccine regimen and had enough time to get the second dose. Some 88 percent had completed the series, while 8.6 percent were still within the allowable interval — 42 days — to receive the second dose. But 3.4 percent had missed that window. (The recommended interval between doses is 21 days for the Pfizer-BioNTech vaccine and 28 days for Moderna).

Americans most likely to have missed the second dose varied by locality. Among vaccine recipients for whom information on race and ethnicity were known, the lowest completion rates were among Native American or Alaska Native individuals.

A second analysis of 14.2 million people who completed the full regimen found that 95.6 percent received the second dose within the recommended period, though again the figures varied by community.

The authors of the study urged providers and public health workers to encourage Americans to come back for second doses and to emphasize the importance of full vaccination. C.D.C. officials also asked that vaccinators work to understand what keeps people from completing the series, and whether access or lack of confidence in the vaccines are playing a role.

GLOBAL ROUNDUP

With the borders closed, Russian tourists are discovering domestic destinations, like Lake Baikal.Credit…Sergey Ponomarev for The New York Times

Usually, it is foreigners who flock to Lake Baikal in Siberia this time of year to skate, bike, hike, run, drive, hover and ski over a stark expanse of ice and snow, while Russians escape the cold to Turkey or Thailand.

But Russia’s borders are still closed because of the pandemic, and to the surprise of locals, crowds of Russian tourists have traded tropical beaches for the icicle-draped shores of Baikal, the world’s deepest lake. The tour guides are calling it Russian Season.

If you catch a moment of stillness on the crescent-shaped, 400-mile-long, mile-deep lake, the assault on the senses is otherworldly. You stand on three feet of ice so solid it is crossed safely by heavy trucks, but you feel fragile, fleeting and small.

Yet stillness is hard to come by.

Western governments have been discouraging travel during the pandemic, but in Russia, as is so often the case, things are different. The Kremlin has turned coronavirus-related border closures into an opportunity to get Russians — who have spent the last 30 years exploring the world beyond the former Iron Curtain — hooked on vacationing at home.

A state-funded program that began last August offers $270 refunds on domestic leisure trips, including flights and hotel stays. It is one example of how Russia, which had one of the world’s highest coronavirus death tolls last year, has often prioritized the economy over public health during the pandemic.

“Our people are used to traveling abroad to a significant degree,” President Vladimir V. Putin said in December. “Developing domestic tourism is no less important.”

In other news from around the world:

  • The government of Hong Kong said on Monday that vaccine eligibility would be expanded to include everyone age 30 and older regardless of occupation, as the Chinese territory tries to increase vaccine uptake. About 200,000 of Hong Kong’s 7.5 million residents have received a first dose of either the BioNTech or Sinovac vaccines since the inoculation drive began late last month. But the proportion of people who show up for their appointments has fallen amid reports that six people have died after receiving the vaccine developed by Sinovac, a private Chinese company. Officials say that two of the deaths are not directly related to the vaccine and that the others are under investigation. The vaccine announcement came as Hong Kong is trying to contain a cluster of cases that began at a gym and has grown to 122 people, with more than 850 close contacts sent to government quarantine facilities and multiple residential buildings locked down overnight for mandatory testing. Also on Monday, the U.S. Consulate in Hong Kong said it was closing for deep cleaning after two employees tested positive for the virus.

The pandemic became real for Clary Montgomery when she introduced her daughter, Paloma, who was born March 11, 2020, to family members via video.

“When my toddler grandson tried to feed me a blueberry through the cellphone screen.”

That was the answer from Alice Gilgoff, 74, of Rosendale, N.Y., when The New York Times asked readers: When did the coronavirus pandemic become real for you? Nearly 2,000 people responded, and we have compiled many of their thoughts.

Across the United States and around the globe, nearly everyone experienced a moment when the pandemic truly hit home. And one year later, as the pandemic carries on, having claimed more than 2.6 million lives worldwide, it has been with us long enough to have its own history.

The answers from readers to that question are a journey through time. It has been a year of trauma and resilience. No one has been spared, yet some have borne burdens far more profound than others.

Still, our stories connect us: each of us human, each of us just trying to survive a pandemic that changed us and the world.

Denise Saylor photographed herself as Lara Comstack injected her with  vaccine in January at the Callen-Lorde Community Health Center in Manhattan.Credit…James Estrin/The New York Times

Most people aren’t particularly fond of needles.

For a significant number of people, though, fear of needles goes beyond anxiety into a more dangerous area, and prevents them from seeking out needed medical care.

As the world’s hopes of returning to a post-pandemic normal rest largely on people’s willingness to take a Covid-19 vaccine, experts and health care professionals are assuring those people that there are ways to overcome this problem.

“It would be heartbreaking to me if a fear of needles held someone back from getting this vaccine, because there are things we can do to alleviate that,” said Dr. Nipunie S. Rajapakse, an infectious diseases expert at the Mayo Clinic in Minnesota.

A study from the University of Michigan found that 16 percent of adults in several countries avoided annual flu vaccinations because of a fear of needles, and 20 percent avoided tetanus shots.

Whether fear is keeping you from being vaccinated at all or is causing you distress about doing so, there are some steps that the experts suggest:

  • Seek professional help. A therapist can help people with the most severe fear, especially if the fear is interfering with getting appropriate medical care.

  • Tell the nurse about your fear before getting the shot. There may be techniques the nurse can use, or products may be available, to reduce the pain of the injection or to put you at ease.

  • Distract yourself. It could be a YouTube video or your favorite song playing on your phone. You could practice deep-breathing or meditation techniques, or wiggle your toes, or look around and count all of the blue items you can see in the room.

  • Focus on the benefits. Think about the summer barbecues, family gatherings and economic recovery the vaccines will help usher in, and you might be feeling more optimistic and excited than nervous.

The apparent assault on an Uber driver, Subhakar Khadka, is the latest incident involving confrontations around coronavirus protections.Credit…Jason Henry for The New York Times

Two arrests have been made after scenes from a viral video that circulated showed passengers taunting and deliberately coughing on an Uber driver.

In the dashcam video, the driver, who had a hand on his head, looked exasperated. A woman in the passenger’s seat uttered an expletive about a mask and then coughed on the driver, while using racial slurs. Another passenger joined in, pulling down her mask and laughing. “And I got corona,” she said.

The driver refused to continue the ride, and the situation escalated. The passenger who had initially coughed on the driver grabbed his phone and tore off his mask, breaking the strap. The women continued screaming profanities.

The San Francisco Police Department said in a statement last Thursday that the driver, identified by KGO-TV as Subhakar Khadka, had picked up three passengers in the early afternoon on March 7, but when he saw that one of the women was not wearing a mask, he told them he would not continue unless they all wore masks.

In a video that was posted on Instagram and has since been removed, one passenger said that the driver was trying to make them exit the car in the middle of the freeway.

Soon, “an altercation ensued,” the police said.

One woman grabbed the driver’s cellphone, which Mr. Khadka eventually retrieved, and another passenger sprayed “what is believed to be pepper spray” into the car through an open window after they exited the vehicle, according to the police.

The flare-up is the latest high-profile example of mask conflicts, which have sometimes taken violent turns. Last year, prosecutors in Chicago said two sisters attacked a store security guard with a garbage can. One of the women stabbed the guard repeatedly with a small knife after he tried to insist that they wear masks and use the store’s hand sanitizer on entry.

In another case last year, an 80-year-old man in upstate New York was killed after he asked a bar patron to wear a mask; the patron shoved the man to the ground, causing him to hit his head.

Mr. Khadka, an Uber driver from Nepal who came to the United States eight years ago, said in an interview with KPIX that he never said anything “bad” to the women, and that they had refused to leave his car. Mr. Khadka said he believed he was singled out for their ire because he is South Asian. “If I was of another complexion, I would have not gotten that treatment from them,” he said. “The moment I opened my mouth to speak, they realized I’m not among one of them. It’s easy for them to intimidate me.”

One of the passengers was arrested in Las Vegas on Thursday, the Las Vegas Police Department said. The passenger, Malaysia King, 24, was taken into custody on a warrant for assault with a caustic chemical, assault and battery, conspiracy and violation of a health and safety code, the police said.

A second passenger, Arna Kimiai, 24, turned herself in on Sunday, the San Francisco Police Department announced. Ms. Kimiai was booked on charges of robbery, assault and battery, conspiracy, and violation of a health and safety code.

“The behavior captured on video in this incident showed a callous disregard for the safety and well-being of an essential service worker in the midst of a deadly pandemic,” said Lt. Tracy McCray, who heads the San Francisco Police Department’s robbery detail.

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Business

Prolonged Keep America to Be Acquired for $6 Billion: Reside Updates

Here’s what you need to know:

Credit…Bruce Bennett/Getty Images

The investment firms Blackstone and Starwood Capital announced on Monday that they planned to acquire the hotel operator Extended Stay America for $6 billion, the latest deal premised on a post-pandemic rebound in travel.

The deal is a bet that the mid-tier hotel chain that provides guests with amenities like kitchens and laundry facilities will prosper as the U.S. economy recovers. The chain had a 74 percent occupancy rate last year, above the industry average, with many rooms filled by essential workers.

The company’s new owners hope those rooms will soon add more tourists and traveling professionals. Extended Stay has about 600 locations across the United States.

“Our occupancy levels across the brand now rival the pre-Covid levels,” Bruce Haase, Extended Stay’s chief executive, told analysts on the company’s earnings call last month. “And unlike the rest of the industry that was still reaching for occupancy, we can now turn much of our attention to driving higher rates.”

The company’s shares have more than doubled over the past year, and the acquisition offer is a 15 percent premium to its closing stock price at the end of last week.

Starwood and Blackstone both have experience investing in hospitality, and Blackstone has even owned Extended Stay before — twice. It acquired the company for $3.1 billion in 2004, before selling it three years later for $8 billion. It was also part of a consortium that bought the business out of bankruptcy in 2010, outbidding a group led by Starwood Capital. Extended Stay then went public in 2013.

Other private equity firms have similarly bet on a recovery of the hospitality industry. Apollo Global Management announced plans this month to join with Vici Properties to acquire the Venetian hotel and casino in a $6.25 billion deal that also includes the Las Vegas property’s large expo center.

A photo illustration of a Stripe logo on a smartphone.Credit…Pavlo Gonchar/Sipa, via Associated Press

The payments company Stripe is worth $95 billion after a new round of funding, making it the most valuable start-up in the United States.

The San Francisco and Dublin-based company said on Sunday that it had raised $600 million in new funding from investors including Sequoia Capital, Fidelity Management and Ireland’s National Treasury Management Agency. The investment nearly triples Stripe’s last valuation of $35 billion.

The funding comes amid a surge in the adoption of digital tools and services in the pandemic as more people live, work and make purchases online. That has fueled a wave of investment into, and eye-popping valuations at, tech start-ups, as well as a frenzy of highly valued initial public offerings. Investors have valued Airbnb, the home rental start-up that recently went public, at $123 billion. Roblox, a kids gaming start-up, saw its valuation soar to $45 billion when it went public last week.

Founded in 2010, Stripe builds software that enables businesses to process payments online. As more people have turned to online shopping in the pandemic, Stripe’s offerings have been in demand. It is the largest among a class of fast-growing, highly valued financial technology companies.

Stripe is now processing hundreds of billions of dollars in payments each year across 42 countries, Dhivya Suryadevara, Stripe’s chief financial officer, said in an interview. “We are in a hyper-growth industry and within that, the company itself is experiencing hyper-growth,” she said. Ms. Suryadevara declined to share specifics on Stripe’s revenue or growth.

Credit…Richard Drew/Associated Press

Stripe has been considered a candidate to go public. Coinbase, another financial technology start-up, filed to go public later this month in a transaction that some expect could hit $100 billion. Robinhood, a stock trading app, has also seen its valuation surge in the pandemic.

Stripe said in an announcement that it planned to use the money to expand in Europe, including its office in Dublin. The company’s sibling founders, John Collison, 30, and Patrick, 32, were born in Ireland.

In a statement, John Collison, Stripe’s president, said the company would focus heavily on Europe this year. “The growth opportunity for the European digital economy is immense,” he said.

The company, which got its start working with start-ups and small businesses, will also invest in building more tools to help larger businesses handle payments. It counts 50 businesses that process more than $1 billion a year as customers.

Gene Sperling at the White House in 2013.Credit…Chip Somodevilla/Getty Images

President Biden has tapped Gene Sperling, a longtime top economic aide to Democratic presidents, to oversee spending from the $1.9 trillion relief package that the president signed into law last week and planned to promote across the country this week.

Mr. Sperling was director of the National Economic Council under President Bill Clinton and President Barack Obama. In Mr. Obama’s administration, where he first served as a counselor in the Treasury Department, Mr. Sperling helped to coordinate a bailout of Detroit automakers and other parts of the administration’s response to the 2008 financial crisis.

He advised Mr. Biden’s campaign informally in 2020, helping to hone the campaign’s “Build Back Better” policy agenda. He will serve as the White House American Rescue Plan coordinator and as a senior adviser to Mr. Biden.

His appointment could be announced as soon as today. Mr. Biden is scheduled to give remarks on the implementation of his relief bill, known as the American Rescue Plan, on Monday afternoon. The White House press secretary, Jen Psaki, told reporters last week that Mr. Biden intended to appoint someone to “run point” on implementing the plan — a role that Mr. Biden held for the Obama administration’s $800 billion stimulus plan in 2009.

Mr. Sperling did not respond to a message seeking comment. Friends have described him in recent months as eager to join the administration, and he had been mentioned as a possible appointee to head the Office of Management and Budget after Mr. Biden’s first nominee for that position, Neera Tanden, withdrew amid Senate opposition. His appointment was reported earlier by Politico.

Mr. Sperling’s challenge with the rescue plan will be different than the one Mr. Biden faced in 2009, because the relief bill that Mr. Biden just signed differs starkly from Mr. Obama’s signature stimulus plan. The Biden plan is more than twice as large as Mr. Obama’s, and it centers on a wide range of payments to low- and middle-income Americans, including $1,400-per-person direct checks that Treasury officials started sending electronically to Americans over the weekend. It includes money meant to hasten the end of the Covid-19 pandemic, including billions for vaccine deployment and coronavirus testing.

But the plans also have similarities, including more than $400 billion each in total spending for school districts and state and local governments.

An administration official said Mr. Sperling would work with White House officials and leaders of federal agencies to hasten the delivery of the money, including partnering with state and local governments on their shares of relief spending from the bill.

The Tesla car manufacturing plant in Fremont, Calif., remained open during the pandemic despite restrictions put in place by local officials.Credit…Jim Wilson/The New York Times

More than 400 workers at a Tesla plant in California tested positive for the coronavirus between May and December, according to public health data released by a transparency website.

The data provides the first glimpse into virus cases at Tesla, whose chief executive, Elon Musk, had played down the severity of the pandemic and reopened the plant, in Fremont, Calif., in May in defiance of guidelines issued by local public health officials.

Automakers across the country halted production and closed plants for two months last year from mid-March until mid-May. After resuming production, other automakers publicly announced when workers had tested positive for the virus and halted production to prevent further infection among employees and to disinfect work areas.

Tesla, however, has released little information about employee coronavirus cases.

The data was obtained by the website PlainSite, which works to make legal and governmental documents publicly accessible. It showed that 440 cases were reported at the Tesla plant, which employs some 10,000 people. The number of cases rose to 125 in December from fewer than 11 in May.

A year ago, after officials in California ordered manufacturing plants to close, Mr. Musk suggested on Twitter that the measure was unnecessary and that cases in the United States would be “close to zero.”

He also called virus restrictions “fascist,” threatened to move Tesla out of California, and then reopened the plant a week before health officials said it was safe to do so. More recently, Mr. Musk has questioned on Twitter the effectiveness of Covid vaccines.

The Maryland hotel executive Stewart W. Bainum Jr. had been planning to create a nonprofit group that would buy The Baltimore Sun.Credit…Andrew Gombert/European Pressphoto Agency

A deal that would reshape the American newspaper industry has run into complications just one month after an agreement was reached, according to three people with knowledge of the matter.

As a result, the New York hedge fund Alden Global Capital may have to fend off a new suitor for Tribune Publishing, the chain that owns major metropolitan dailies across the country, including The Chicago Tribune, The Daily News and The Baltimore Sun, the people said.

On Feb. 16, Alden, the largest shareholder in Tribune Publishing, with a 32 percent stake, reached an agreement to buy the rest of the chain in a deal that valued the company at $630 million, reports The New York Times’s Marc Tracy. In the deal, Alden would take ownership of all the Tribune Publishing papers — and then spin off The Sun and two smaller Maryland papers, selling them for $65 million to a nonprofit organization controlled by the Maryland hotel magnate Stewart W. Bainum Jr.

In recent days, Mr. Bainum and Alden have found themselves at loggerheads over details of the operating agreements that would be in effect as the Maryland papers transitioned from one owner to another, the people said. In response, Mr. Bainum has taken a preliminary step toward making a bid for all of Tribune Publishing, the people said.

Mr. Bainum has asked a special committee of the Tribune Publishing board made up of three independent directors for permission to be released from a nondisclosure agreement prohibiting him from discussing the deal, so that he would be able to pursue partners for a new bid, the people said.

A spokeswoman for Mr. Bainum said he had no comment. Through a spokesman, Tribune Publishing’s special committee declined to comment. An Alden spokesman had no comment.

The pharmaceutical industry is popular right now, which is perhaps unsurprising considering that the end of the pandemic depends on Covid-19 vaccines. Drug makers’ rapid response to the crisis has transformed public sentiment about the industry, moving it from one of the most reviled to one of the most respected, according to new data from the Harris Poll, reported first in the DealBook newsletter.

A year of living in existential and economic fear created unlikely heroes. For the past year or so, the Harris Poll has monitored public sentiment in weekly surveys of more than 114,000 people. At the height of the emergency, more than half of respondents were afraid of dying from the virus and a similar share were afraid of losing their jobs. “Only in the past month, with vaccines rising and hospitalizations and deaths declining, is fear abating,” the report noted.

Business generally got good grades during the pandemic. Many respondents cited companies as important to solving problems, where previously they were considered the cause of social woes. Two-thirds said that companies could do a better job coordinating the vaccine rollout than the government could.

Approval ratings rose for many industries from January last year to February this year. But the reputation of the pharma industry — stained by its role in the opioid crisis and criticized for high drug prices — benefited the most. In January 2020, only 32 percent of respondents viewed the industry positively; late last month, that had almost doubled, to 62 percent.

“The pharmaceutical industry’s ability to innovate and perform under intense pressure and in a time of crisis is the ultimate validation for any business,” said John Gerzema, the chief executive of the Harris Poll.

Allison Herren Lee, the S.E.C.’s acting chair, will say that corporate disclosures on E.S.G. issues are a high priority.Credit…Erin Scott/Reuters

Allison Herren Lee was named acting chair of the Securities and Exchange Commission in January, and she has been active since, especially when it comes to environmental, social and governance issues.

The agency has issued a flurry of notices that such disclosures will be priorities this year. On Monday, Ms. Lee, who was appointed as a commissioner by President Donald J. Trump in 2019, is speaking at the Center for American Progress, where she will call for input on additional E.S.G. transparency, according to prepared remarks reviewed by the DealBook newsletter.

The supposed distinction between what’s good and what’s profitable is diminishing, Ms. Lee will argue in the speech, saying that “acting in pursuit of the public interest and acting to maximize the bottom line” are complementary.

The S.E.C.’s job is to meet investor demand for data on a range of corporate activities. “That demand is not being met by the current voluntary framework,” she will say. “Human capital, human rights, climate change — these issues are fundamental to our markets, and investors want to and can help drive sustainable solutions on these issues.”

Ms. Lee will also argue that “political spending disclosure is inextricably linked to E.S.G. issues,” based on research showing that many companies have made climate pledges while donating to candidates with contradictory voting records. The same goes for racial justice initiatives, she will say.

Although Ms. Lee is only the acting chief, she’s laying the groundwork for more action, based on recent statements by Gary Gensler, President Biden’s choice to lead the S.E.C. In his confirmation hearing this month, Mr. Gensler said that investors increasingly wanted companies to disclose risks associated with climate change, diversity, political spending and other E.S.G. issues.

Not everyone at the S.E.C. is on board. Hester Peirce and Elad Roisman, fellow commissioners also appointed by Mr. Trump, recently protested the “steady flow” of climate and E.S.G. notices. They issued a public statement, asking, “Do these announcements represent a change from current commission practices or a continuation of the status quo with a new public relations twist?”

As of

Data delayed at least 15 minutes

Source: Factset

Stocks on Wall Street were little changed on Monday after closing at a new high on Friday. Most European stock indexes were higher.

The yield on 10-year Treasury notes, a key driver of stock market movement lately, fell to 1.61 percent on Monday. It had climbed as high as 1.64 percent on Friday, a level not seen since February 2020, as investors considered whether a nearly $1.9 trillion stimulus package would be inflationary alongside an expected economic recovery as more Americans are vaccinated.

But on Sunday, Janet L. Yellen, the Treasury secretary, pushed back against these concerns. “Is there a risk of inflation? I think there’s a small risk and I think it’s manageable,” she said on ABC. She added that she expected prices to rise over the spring and summer but only temporarily because of how much they fell last year.

“We have had very well-anchored inflation expectations and a Federal Reserve that’s learned about how to manage inflation,” Ms. Yellen said.

  • The S&P 500 dipped in early trading, while the Nasdaq composite was up slightly. The Dow Jones industrial average was flat.

  • West Texas Intermediate crude, the American benchmark, fell about 1.4 percent to below $65 a barrel.

  • The Stoxx Europe 600 rose 0.2 percent, led higher by gains in health care and consumer stocks. The FTSE 100 in Britain fell 0.2 percent.

  • Shares in Flutter Entertainment, a British betting and entertainment company, rose nearly 7 percent after it confirmed that it was considering publicly listing shares of FanDuel, its U.S. sports betting website.

  • The board of Danone, the French food company, said Monday it had removed its chairman and chief executive, Emmanuel Faber. Its share price rose about 3 percent. The shake-up comes after a monthslong campaign by activist investors, The Financial Times reported. Under Mr. Faber, Danone changed its legal status to be a purpose-driven company with a social mission of “health through food.” Danone’s water and dairy brands include Evian, Alpro and Silk.

  • Shares in Tencent were at their lowest in two months, dropping 3.5 percent on Monday after a loss of 4.4 percent on Friday. The Chinese tech company is facing a crackdown from antitrust regulators, Bloomberg reported.

Heather Kilpatrick lost her job last March and stayed home with her 3-year-old daughter in East Boston. She has just taken a new job that enables her to work remotely.Credit…Tony Luong for The New York Times

In the year since the pandemic upended the economy, more than four million people have quit the labor force. They are not counted in the most commonly cited unemployment rate, which stood at 6.2 percent in February, making the group something of a hidden casualty of the pandemic.

Now, as the labor market begins to emerge from the pandemic’s vise, whether those who have left the labor force return to work — and if so, how quickly — is one of the big questions about the shape of the recovery, Sydney Ember reports for The New York Times.

For the legion of older workers who hope to return to work after the pandemic, a challenging path may lie ahead. Studies show that older people who leave the work force will have a more difficult time re-entering it because of age discrimination and other reasons. If that reality holds during the recovery, the number of older workers who have left the labor force — either because they could not find a job or because they retired early — could be one of the pandemic’s enduring consequences.

One prevailing question is whether employers, as in the past, will look askance at those who have been out of the labor force for a significant time.

Even in a tight labor market, long-term unemployed workers faced a stigma, said Maria Heidkamp, the director of the New Start Career Network, which helps older job seekers in New Jersey.

“In addition to any age, race or gender discrimination that they may already encounter, there’s a lot of evidence that it is easier to get a job if you already have a job,” she said. Though employers may overlook any pandemic résumé gap, she said, “there’s no reason to think that that is going to be different for these people, who are on the sidelines right now who want to come back.”

Still, many economists believe that the extraordinary number of people who have left the labor force will be more of a temporary blip than emblematic of a deeper structural issue. They expect that many who have left the labor force in the last year will return to work once health concerns and child care issues are alleviated. And they are optimistic that as the labor market heats up, it will draw in workers who grew disenchanted with the job search.

A screenshot of Matt Granite during an Amazon Live video.

Matt Granite, who goes by The Deal Guy, streams daily on Amazon Live, covering everything from kitchen gadgets to snowblowers. Under each video is a carousel display of the products he’s discussing. When a viewer clicks that item and buys it, Mr. Granite gets a cut, with commissions varying from 10 percent for luxury and beauty products to 1 percent for Amazon Fresh items. Mr. Granite’s YouTube channel still brings in more revenue through ad rolls and sponsorships, but he said the revenue and audience numbers for his Amazon Live videos have grown over the past year.

This type of shopping, called e-commerce livestreaming, lets brand representatives, store owners, influencers — and really, just about anyone — stand in front of a smartphone and start a conversation with viewers who tune in, Jackie Snow reports for The New York Times.

Amazon isn’t the only company trying out this type of hawking on an American audience.

“Everybody is thinking about this,” said Mark Yuan, a co-founder of And Luxe, a livestream e-commerce consulting company based in New York. “But they are rushing to it because of the pandemic. Before they had a choice. Now they have no choice.”

E-commerce livestreams are still a niche enterprise in the United States, but they are big business in China, where they drive about 9 percent, or about $63 billion, of the country’s online market. Kim Kardashian West went on a popular Chinese influencer’s stream and sold out her perfume stock within minutes after 13 million people tuned in. At least one Chinese college offers e-commerce livestreaming as a degree. Chinese retailers have also innovated during the pandemic lockdowns, with more streams focused on one-on-one consultations and store walk-throughs.

Categories
Business

HBO Max Plans International Enlargement: Stay Updates

Here’s what you need to know:

Credit…Kevin Lamarque/Reuters

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

HBO Max is going global.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Jobless Claims Drop, Fueling Optimism in an Financial Rebound: Reside Updates

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Credit…Liam Doyle for The New York Times

New claims for unemployment dropped last week, the government reported on Thursday, fueling renewed optimism in the staying power of the economic rebound.

A total of 709,000 workers filed first-time claims for state unemployment benefits in the week that ended March 6, 47,000 lower than the week before, the Labor Department said. In addition, there were 478,000 new claims for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits, an increase of 42,000.

Neither figure is seasonally adjusted. On a seasonally adjusted basis, new state claims totaled 712,000.

New claims for state unemployment benefits had been drifting lower in recent weeks, as restrictions across the country have begun to lift — a trend that many economists expect will continue.

“The pieces are falling into place for a more substantial improvement in the labor market,” said Sarah House, a senior economist at Wells Fargo.

The Labor Department reported last week that employers added 379,000 jobs in February, an unexpectedly robust number that reinforced confidence in the strength of the economic recovery roughly one year into the pandemic-induced downturn. The gains came largely in the hard-hit leisure and hospitality industries.

Although initial jobless claims have fallen significantly since last spring, the economy has a long way to go until it reaches pre-pandemic levels. All told, there are about 9.5 million fewer jobs than there were a year ago. More than four million people have dropped out of the labor force, a group not included in the most widely cited unemployment rate.

“We’re still not yet at the phase of the recovery where we’re seeing the floodgates open up,” said Daniel Zhao, senior economist with the career site Glassdoor. “I don’t think it’s quite fair to call what we’ve done so far ‘reopening’ because there’s still a lot of people who are out of work and a lot of businesses that are closed.”

But as vaccination rates climb, the weather warms up and more government help arrives, via President Biden’s $1.9 trillion relief plan, many economists expect a vibrant economic resurgence.

“We’re seeing a huge pickup in hiring,” said Julia Pollak, a labor economist with the employment site ZipRecruiter. “I think for many employers, it’s becoming real, and for many job seekers it is as well.”

A tram near the euro sculpture in Frankfurt, Germany. The European Central Bank said it would ramp up its purchases of bonds in the coming months.Credit…Michael Probst/Associated Press

The European Central Bank said Thursday it would step up its purchases of government and corporate bonds in the months to come in an effort to make sure that credit in the eurozone remained cheap.

The bank’s Governing Council said that it would not raise the total size of the purchases above the amount already planned, but it would buy bonds “at a significantly higher pace than during the first months of this year.”

The bank had earlier allocated 1.85 billion euros, or $2.2 billion, to fight the effects of the pandemic and keep borrowing costs low. That sum remains unchanged, but the bank will now spend the money at a faster pace.

The action announced on Thursday sends a strong signal to financial markets, which have been testing the central bank’s commitment to keep lending costs low in the eurozone while governments, corporations and individuals struggle through the pandemic.

Interest rates have been rising because investors, worried that inflation could pick up as economies around the world recover, have been less willing to buy bonds at the same exceptionally low rates as before.

Soon after the announcement, yields on 10-year German government bonds fell four basis points, from about minus 0.32 percent to minus 0.36 percent. That is still higher than earlier this year, when they were minus 0.6 percent.

Christine Lagarde, the bank’s president, promised in January to maintain favorable lending conditions. Easy credit, she said, “will support consumer spending, it will support investment spending, and ultimately it will help achieve our mandate of price stability.”

Bond yields feed into the broader economy because they set a benchmark for the rates that businesses pay for commercial loans and that individuals pay for mortgages and car loans.

“Yields in real or nominal terms were never lower than they are today before mid-2019,” Carl Weinberg, chief economist at High Frequency Economics in Stony Field, N.Y., said in a note ahead of Thursday’s decision. “By any conceivable metric, interest rates are indeed supporting bank lending and economic recovery, and that will continue to be the case for a while.”

Senator Amy Klobuchar is the chairwoman of the Senate antitrust subcommittee, which will examine modernizing century-old antitrust laws.Credit…Pool photo by Greg Nash

Congress will take up antitrust issues in full force this week, holding the first in a series of hearings about the power of Big Tech and corporate concentration across the economy.

At 10 a.m. on Thursday, the Senate antitrust subcommittee will examine modernizing century-old antitrust laws. Senator Amy Klobuchar, the Minnesota Democrat and chairwoman of the subcommittee, is expected to start with a broad survey of economic problems. The committee has called witnesses from academia, a corporate law firm and nonprofit think tanks.

“I want to start big and talk about consolidation across so many industries,” Ms. Klobuchar said in an interview. She said she also planned to outline specific problems, including the behavior of tech companies like Google and Facebook, which have gobbled up competition and have also threatened to leave Australia because of regulations that would force them to pay publishers more for their content.

“Tech competition disrupts things and we don’t want less disruption, we want more disruption and disrupters,” Ms. Klobuchar said.

On Friday, the House antitrust subcommittee will hold a hearing on how online platforms have harmed journalism and newsrooms. Witnesses in that hearing will include leading lobbyists for the broadcast and newspaper industries as well as Brad Smith, the president of Microsoft.

Representative David Cicilline, the Democratic chairman of the committee, and Representative Ken Buck, the Republican ranking member, joined numerous other lawmakers on Wednesday in introducing a bill called the Journalism Competition and Preservation Act. The bill would allow small news organizations to band together to collectively bargain for fees from online platforms that host their news. A similar law in Australia recently set off a battle between the Australian government and Google and Facebook.

Mr. Smith of Microsoft has recently come to support publishers who want to negotiate as a group. He said recently that the spate of disinformation around the U.S. election and subsequent Capitol riots highlighted the importance of preserving news organizations — particularly local news — while misinformation is spread via online platforms like Facebook and Google.

A prototype of General Electric’s Haliade-X wind turbine in Rotterdam, the Netherlands. Its blades will be manufactured in England, the company said.Credit…Ilvy Njiokiktjien for The New York Times

General Electric said it planned to build the football-field-long blades for its new offshore wind turbines at a plant in northeastern England.

The new factory will be in the Teesside region, an area that was recently named by the British government as a so-called freeport, with tax benefits and other business incentives. The plant will open in 2023 and create 750 jobs, according to a statement from G.E. late Wednesday.

Ben Houchen, the Tees Valley mayor, is working to rejuvenate the region by attracting investment in clean energy, including offshore wind power and a carbon-capture development. The new plant will produce blades for a large wind farm called Dogger Bank offshore in the North Sea.

Although Britain has become the world’s largest market for offshore wind turbines, some critics point out that most of the turbines are manufactured elsewhere, including Denmark and Germany. Blade factories are eagerly sought by local authorities, because they employ large numbers of people.

The blades, which will be about 350 feet long, will go on top of G.E.’s Haliade-X turbines, a prototype of which is being tested in Rotterdam, the Netherlands. The new turbine has already set off a race among manufacturers to build bigger machines.

Adam Aron, AMC’s chief, said the distribution of vaccines would be the company’s “real salvation.”Credit…Cristobal Herrera-Ulashkevich/EPA, via Shutterstock

Adam Aron, the chief executive and president of AMC Entertainment, the world’s largest theater chain, called the past year “the most challenging market conditions in the 100-year history of the company,” when presenting year-end earnings on Wednesday that included the loss of $4.6 billion.

Yet Mr. Aron struck an optimistic note about his company’s outlook for the year ahead based on the reduction in coronavirus cases, the reopening of theaters and the slate of blockbuster movies set to arrive beginning in May. He pointed specifically to Disney’s “Black Widow,” Universal’s “F9” and Paramount’s “Top Gun: Maverick.”

He added that “the real salvation” of AMC would be the jump in vaccinations both domestically and around the world.

“The most important person in the entire movie business,” Mr. Aron said, is not employed by “a studio nor any movie theater circuit,” but is Albert Bourla, the chief executive of Pfizer.

“He and his colleagues and those of Moderna and J&J have given us our newfound fortitude,” he added.

AMC lost $946 million in the quarter ending Dec. 31, even as theaters started to open back up after being closed for months.

At year’s end, 78 percent of the company’s U.S. operations had reopened with limited seating capacity. Internationally, 90 percent of the company’s theaters resumed operating in October, only to have to close again in the fourth quarter owing to a resurgence of the virus.

AMC said it shut down 60 low-performing theaters in 2020: 48 in the United States and 12 internationally. It also spent the year renegotiating its terms with studios, specifically Universal and Warner Bros., as they sent more films to their streaming platforms with theaters closed.

“Over the past several years, AMC has indicated that it is willing to be the most experimental movie circuit around with respect to window strategies,” Mr. Aron said, adding that the deals have to be good for AMC shareholders. “I continue to be optimistic that having been partners for a century, we can adjust our business relationships so they support both streaming and theatrical releases and do so, not at our expense.”

President Biden is expected to sign his $1.9 trillion pandemic relief bill on Friday.Credit…Andrew Harnik/Associated Press

Wall Street futures were pointing upward, and global markets were higher, as investors on Thursday were relieved by relatively modest inflation data in the United States and looking forward to the stimulus coming from President Biden’s $1.9 trillion pandemic relief bill, which won final congressional approval on Wednesday.

The enormous piece of spending, one of the largest infusions of federal aid since the Great Depression, will provide another round of direct payments to millions of American, extend federal jobless benefits and provide millions for small businesses, state and local governments and schools. Mr. Biden is expected to sign it Friday.

  • Futures were pointing to a 0.7 percent rise on the S&P 500 when trading begins later in the day, and a 1.8 percent rise on the Nasdaq.

  • European markets were mostly higher, with the Stoxx Europe 600 up 0.2 percent, the Dax in Germany unchanged and the FTSE 100 in Britain 0.3 percent lower. Asian markets ended the day higher, with the Nikkei in Japan up 0.6 percent and the Shanghai Composite in China gaining 2.4 percent.

  • The Labor Department released data on Wednesday that showed inflation remained tame: Excluding the volatile food and energy categories, the Consumer Price Index rose 0.1 percent in February. The news seemed to calm some concerns about an overheating economy, and on Thursday the 10-year Treasury yield was lower.

  • The European Central Bank will conclude a two-day meeting on Thursday with a statement on interest rates and any changes it plans to make in its bond purchasing program. The bank’s president, Christine Lagarde, has said in recent weeks she is carefully watching bond yields creep up, and the bank could announce it is increasing the pace of its purchases in the bond market, a way the bank can keep interest rates lower.

  • Oil futures, which have meandered in recent days, gained a bit. Brent crude, the global benchmark, was up 0.8 percent after briefly touching $69 a barrel. West Texas Intermediate crude, the U.S. benchmark, gained 1.1 percent, at about $65.20 a barrel.

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How the Reduction Invoice Will Assist Struggling People: Reside Updates

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The American Rescue Plan, which was passed by the Senate over the weekend and is now back before the House of Representatives, would put pump $1.9 trillion into the economy.

The New York Times’s personal finance experts, Ron Lieber and Tara Siegel Bernard, combed through the bill to explain what it means in real terms to real people. Here are some of the questions they answer:

Credit…Yasuyoshi Chiba/Agence France-Presse — Getty Images

General Electric announced on Wednesday an agreement to sell its aviation leasing unit to a rival, AerCap, in a deal valued at $30 billion that will help the conglomerate focus on its core industrial businesses.

The unit, GE Capital Aviation Services, is a subsidiary of GE Capital, the finance arm of the General Electric. AerCap said the combined company will have about 300 customers around the world and more than 2,000 owned and managed aircraft, or about 16 percent of all leased passenger jets, according to Cirium, an aviation data firm.

Under the terms of the deal, which has been approved by the boards of both companies, GE will receive 111.5 million newly issued AerCap shares, $24 billion in cash and $1 billion of AerCap notes or additional cash. The transaction is expected to close in nine to 12 months, pending shareholder and regulatory approval.

GE is expected to own approximately 46 percent of the combined company and will be entitled to nominate two directors to the board of AerCap, which is based in Dublin.

GE said it planned to use the proceeds to reduce its debt and streamline its focus in four areas: aviation, health care, power and renewable energy.

“Today marks GE’s transformation to a more focused, simpler and stronger industrial company,” GE.s chairman and chief executive, H. Lawrence Culp Jr., said in a statement posted on the company’s website.

Partners of McKinsey & Company chose Bob Sternfels as their new global managing partner, as the consulting giant seeks to recover from a series of scandals that hit its reputation in recent years.

The election of Mr. Sternfels, 51, comes weeks after McKinsey partners effectively voted out Kevin Sneader from the firm’s top role. The ousting of Mr. Sneader — the first time a McKinsey leader had been denied re-election in decades — followed the consultancy’s agreement to pay nearly $600 million to settle an investigation into its role in the opioid crisis.

Mr. Sternfels, who beat out Sven Smit, a partner based in Amsterdam, will inherit other challenges, including criticism of the firm’s work advising the French government on its coronavirus vaccine rollout.

A 26-year McKinsey veteran based in San Francisco, Mr. Sternfels leads the firm’s client capabilities operations.

He said in a statement that he was “committed to build on the important changes that Kevin helped launch and our partnership embraced — and on the good work our firm does with our clients and in society.”

Christine Lagarde, the president of the European Central Bank. The bank’s policymakers begin a two-day meeting on Wednesday where they may discuss increasing the pace of its bond purchases.Credit…Pool photo by Olivier Matthys

U.S. stock futures fluctuated on Wednesday while most European stock indexes rose. Ten-year Treasury bond yields rose before the latest inflation data is published.

Investors and policymakers have been closely watching inflation and expectations about where it will go next. After years of very low inflation, some economists and investors argue that too much fiscal stimulus during the recovery from the pandemic could cause the economy to overheat and send prices surging. But many central bankers say there are long-term disinflationary forces and an increase in inflation is likely to be temporary.

Economists surveyed by Bloomberg forecast the February inflation data will show that prices rose at an annual rate of 1.7 percent, from 1.4 percent the month before.

U.S. stocks, especially shares of tech companies, have been rattled by higher bond yields for various reasons, including the fact that higher interest rates increase borrowing costs and eat into the value of a company’s future earnings.

The S&P 500 index rose 1.4 percent on Tuesday. It has risen on only seven trading days over the past four weeks. Nasdaq futures declined on Wednesday.

  • Just Eat Takeaway, the online food-delivery service, was one of the biggest gainers in the FTSE 100 index in Britain, with its shares rising as much as 5 percent after the company said revenue increased 54 percent last year. It also said it expected to keep gaining market share this year, even as restaurants reopen, and expects its acquisition of Grubhub to be completed in the first half of the year.

  • The European Central Bank begins its two-day policy meeting on Wednesday. Like in the United States, bond yields are rising in Europe. German 10-year yields are at minus 0.3 percent. Policymakers have been debating whether they will need to take action to stop yields rising too high. Some analysts say the central bank on Thursday could announce a plan to pick up the pace of its bond purchases in order to push down yields.

  • The Hang Seng index in Hong Kong closed 0.5 percent higher and the Nikkei 225 in Japan ended the day little changed.

  • Cathay Pacific shares fell after the Hong Kong-based airline reported a $2.8 billion loss for 2020. The company’s share price has dropped about 30 percent since the end of 2019. Last year, the airline cut 8,500 jobs. Patrick Healy, the chairman, said it had been the most challenging year in the airline’s seven-decade history. “Market conditions remain challenging and dynamic,” he added. “It is by no means clear how the pandemic and its impact will develop over the coming months.”

Buffalo Bayou Park in Houston last week. Some experts have raised concerns about intensifying the spread of the virus while the vaccination process is underway.Credit…Mark Felix for The New York Times

HOUSTON — Orders requiring masks and limiting the occupancy of restaurants and other businesses were lifted across Texas on Wednesday, a move that some medical experts said was premature while the state was still in the throes of the coronavirus pandemic.

Businesses are still allowed to require employees and customers to cover their faces and limit the number of people they allow inside. Cities can choose to keep limits in place in municipal facilities, and they remain on federal property.

When Gov. Greg Abbott announced the changes last week, he argued that he was pushing back against the economic devastation wrought by months of limitations on movement and commerce. In a news conference at a restaurant in Lubbock, Mr. Abbott, a Republican, noted the hindrances for workers and small businesses.

“This must end,” he said. “It is now time to open Texas 100 percent.”

Moments after Mr. Abbott’s announcement, patrons at Barflys in San Antonio removed the plexiglass dividers separating themselves from the bartenders.

At Barflys on Tuesday, an hour before the mask mandate was to expire, Amber Jowers, 32, was the bartender on duty. She welcomed the policy change. From now on, she will no longer wear a mask at work, she said.

“And we’re taking the sign down at midnight,” she added. “We have to get back to normal now.”

Barflys is a softly lit pub with a pool table, dartboard, and a slot machine. Metallica, Salt-N-Pepa, and the Texas Tornados play from the sound system.

On the smokey back patio, Sophie Bojorquez, 47, sat at a table with friends. She is a vaccinated nurse and a self-proclaimed anti-masker.

“I’m happy about the governor’s decision. The masks impeded the herd immunity we need. Now they want to vax so fast,” she said, shaking her head.

The patio bartender, Britt Harasmisz, 24, said that most of her customers didn’t wear a mask even before the mandate ended. And though her employer decided that Barflys would no longer require face covers, she said that she would continue to wear one while working.

“A lot of people have been vaccinated, Governor Abbott was vaccinated, but a lot of us on the front lines have not,” she said. “I’m going to wear a mask everywhere I go.”

The move to open Texas has faced intense resistance. The governor’s medical advisers have said that they were not involved in the decision. And some experts have raised concerns about intensifying the spread of the virus while the vaccination process is underway. Texas, which is averaging about 5,500 new cases a day, has one of the lowest vaccination rates in the country.

Lina Hidalgo, the county judge in Harris County, which includes Houston, has argued that lifting the mask mandate means workers must be the ones to enforce rules in retail establishments and restaurants.

“We know better than to let our guard down simply because a level of government selected an arbitrary date to issue an all-clear,” Ms. Hidalgo, a Democrat and a persistent critic of Mr. Abbott, said in an op-ed column published this week by Time magazine. “I am working to clearly explain to the residents of my county that we will spare ourselves unnecessary death and suffering if we just stick with it for a little bit longer.”

Bert Rossel, 39, stopped in for a drink at Barflys on Tuesday evening. He said he had known the pub’s owner for many years and worked for him at one time. Mr. Rossel is in the insurance business nowadays. He said he believed that the pandemic had been hyped on social media as another distraction, or as he calls it, “the latest hot topic.”

“It’s survival of the fittest,” Mr. Rossel said. “My B.M.I. is higher than normal. Obese people are more susceptible to corona, but it’s been over a year. I would have gotten it already.”

As the evening advanced, the patrons at Barflys drank beer and downed shots, smoked and gossiped, enjoying each other’s company. No one paid attention when, at midnight, Ms. Jowers pulled the sign from the front door that read, “MASKS REQUIRED UPON ENTRY.”

Rick Rojas, James Dobbins and

Joe Donlon interviews President Donald J. Trump in September on “NewsNation.” The show has since grown into a network.

The highest ranking editor at NewsNation, a newcomer to cable news that markets itself as delivering “straight-ahead, unbiased news reporting,” has resigned. She is the third top editor to quit in recent months as some staff have complained of a rightward shift at the network.

Jennifer Lyons, NewsNation’s vice president of news, had decided to depart the channel, effective immediately, the company’s staff were told at a meeting on Tuesday.

Sandy Pudar, the news director, left on Feb. 2, and Richard Maginn, the managing editor, resigned on March 1.

Ms. Lyons did not respond to a request for comment. A spokesman for the Texas-based Nexstar Media, which owns NewsNation, said in a statement that it was Ms. Lyons’s decision to leave and that the search for her replacement was underway.

At Tuesday’s staff meeting in Chicago, Perry A. Sook, the chief executive of Nexstar, sought to reassure staff of his commitment to NewsNation after several employees raised concerns about its editorial direction and the involvement of Bill Shine, a former Fox News co-president who was hired to lead communications for the Trump White House. The concerns among employees were detailed in a New York Times article earlier this week.

“Despite reports to the contrary that you may read, we’re committed to the vision of unbiased reporting,” he said during the meeting, according to a recording of the comments obtained by The New York Times. “But obviously along the way there will be growing pains. In order for us to establish our product and to grow our viewership we’re going to have to try new things to gain some traction.”

Mr. Sook, asked by a staff member about Mr. Shine, said he had not been in the NewsNation building and did not dictate content.

“This guy was in the room where it happened 25 years ago and helped to build the channel to where it is,” Mr. Sook said of Mr. Shine’s experience at Fox News. “Why would we not avail ourselves of his expertise?”

“NewsNation” launched on Sept. 1 as a prime-time national newscast on the cable channel WGN America. It promised an antidote to the more partisan programming of CNN, Fox News and MSNBC. On March 1, WGN America was rebranded as NewsNation and more news shows were introduced.

Lina Khan, an associate professor at Columbia Law School, wrote an influential 2016 paper accusing Amazon of abusing its power.Credit…Lexey Swall for The New York Times

WASHINGTON — President Biden is expected to name Lina Khan, a law professor and leading critic of the tech industry’s power, to a seat on the Federal Trade Commission, a person with knowledge of the decision said on Tuesday.

An appointment of Ms. Khan, the author of a breakthrough Yale Law Journal paper in 2016 that accused Amazon of abusing its monopoly power, would be the latest sign that the Biden administration planned to take an aggressive posture toward tech giants like Amazon, Apple, Facebook and Google. Last week, the administration said Tim Wu, another top critic of the industry, would join the National Economic Council as a special assistant to the president for technology and competition policy.

Ms. Khan recently served as legal counsel for the House Judiciary’s antitrust subcommittee and was among aides who conducted a 19-month investigation into the tech giants’ monopoly power. The committee produced a report advocating major changes to antitrust laws. Before that, she served as an aide to a member of the Federal Trade Commission, Rohit Chopra, a champion of her ideas on antitrust policy.

Ms. Khan, an associate professor at Columbia Law School, would fill one of three Democratic seats on the five-member F.T.C. In December, the commission sued Facebook, accusing it of antitrust violations, and called for breaking up the company. The agency is also investing Amazon for antitrust violations.

Rumors of Ms. Khan’s appointment, which were reported earlier by Politico, immediately sparked strong reactions on Tuesday. Public Citizen, a left-leaning nonprofit public advocacy group, cheered the possibility. The organization and many progressive groups have denounced the F.T.C.’s history — particularly during the Obama administration — for lax enforcement of technology companies. They argue that the federal government’s permissive attitude toward mergers by the tech giants, including Facebook’s acquisition of Instagram in 2012 and WhatsApp in 2014, helped the Silicon Valley companies grow quickly and dominate their rivals.

“The F.T.C. has failed to take on corporate abuses of power including rampant antitrust violations, privacy intrusions, data security breaches and mergers, and Khan’s appointment as a commissioner at the agency hopefully will herald a new day,” Public Citizen said in a statement.

Senator Mike Lee of Utah, the ranking Republican on the Senate antitrust subcommittee, said Ms. Khan would be a bad fit for the job, however.

“Her views on antitrust enforcement are also wildly out of step with a prudent approach to the law,” Mr. Lee said in a statement. “Nominating Ms. Khan would signal that President Biden intends to put ideology and politics ahead of competent antitrust enforcement, which would be gravely disappointing at a time when it is absolutely critical that we have strong and effective leadership at the enforcement agencies.”

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U.S. Economic system to Get better Twice as Quick as Anticipated, Report Says: Stay Updates

Recognition…Rory Doyle for the New York Times

The American economy is set to accelerate nearly twice as fast this year as expected, as President Biden’s expected passage of $ 1.9 trillion stimulus package coupled with a swift introduction of vaccines will trigger a strong rebound from the pandemic, said the Organization for Economic Cooperation and Development on Tuesday with.

However, countries stumbling at the pace of their vaccination campaigns, especially those in Europe, are at risk of falling behind in global recovery as governments are not forced to push back the spread of the virus in order to return to normal lives, the said Organization.

In its half-year outlook, the organization said the United States would expand 6.5 percent this year, a sharp increase from the 3.2 percent forecast in December. The upswing in the world’s largest economy will generate enough momentum to increase global production by 5.6 percent from 3.4 percent in 2020.

China, which contained the virus earlier than other countries, remains a big global winner with forecast growth of 7.8 percent.

Although a global recovery is in sight, government spending to boost their economies will have limited impact unless authorities accelerate national vaccine rollouts and ease virus containment measures, the report added. When vaccination programs aren’t fast enough to reduce infection rates, or when new varieties become more prevalent and vaccine changes are required, consumer spending and business confidence will be hurt.

“Vaccine-free stimuli are not as effective because consumers don’t do normal things,” said Laurence Boone, chief economist at the OECD, in an online press conference. “It’s the combination of health and financial policy that matters.”

This is particularly true in Europe, and particularly Germany and France, where a mix of poor public health management and slow vaccination programs is weighing on the recovery despite billions in government support. Such spending “will not be fully effective until the economy reopens,” said Ms. Boone.

The euro area economy is expected to grow 3.9 percent this year, slightly more than forecast in December, but more slowly than the US. In the UK, which accelerated a national vaccination rollout late last year, economic growth is expected to be 5.1 percent, compared with a forecast of 4.2 percent.

India’s economy is expected to grow 12.6 percent after falling 7.4 percent in 2020, the organization added.

A chipotlane window in Brooklyn.  Chipotle's digital orders surged up to 70 percent of sales during the pandemic.Recognition…Winnie Au for the New York Times

Julie Creswell reports for The New York Times.

“The transit was one of those places that hasn’t changed in decades,” said Ellie Doty, Burger King’s North American marketing director. “But with Covid we are seeing the dramatic acceleration of the directions in which we have already gone.”

Applebee’s is testing its first drive through in Texarkana, Texas. Shake Shack is experimenting with a number of new designs and plans, including walk-in windows and curbside pickups.

More and more restaurants are trying to encourage customers to use ordering apps that improve the accuracy of orders. They are also trying to figure out how the drive-through or pick-up process can best expedite consumers.

Some restaurants, such as McDonald’s and Burger King, add multiple thoroughfares. Burger King is running three-lane tests in the US, Brazil and Spain. In the USA and Spain, the third lane is “Express” for pre-orders via the app. In Brazil, the lane brings the deliverers to a pick-up area with food cupboards or shelves.

Burger King would like to use an artificial intelligence system similar to Big Brother, Deep Flame, to advance its passages into the future.

Currently, roughly half of Burger King’s passages with digital menu boards use Deep Flame’s technology to suggest foods that are particularly popular in the area that day. External factors such as the weather are also used to highlight elements such as an iced coffee on a hot day.

Burger King is testing Bluetooth technology that can identify customers in the Burger King loyalty program and view their previous orders. If a customer ordered a small sprite and a whopper of cheese hold the pickles, the last three visits, Deep Flame calculates that the chances are high the customer will want the same order again.

Plans to build a power station near a former steel mill include equipment to remove carbon dioxide from the plant's exhaust gases.Recognition…Gregor Schmatz for the New York Times

Much attention is being paid to carbon sequestration in order to meet the goals of the 2016 Paris Agreement. The idea sounds deceptively simple: divert pollutants before they can escape into the air and bury them deep in the ground where they cannot cause harm.

But the technology has proven enormously expensive and not catching on as quickly as some proponents had hoped, reports Stanley Reed for the New York Times.

Oil giant BP is running a project in England to collect emissions by pipeline from a group of chemical plants in northeast England and send them to a reservoir deep under the North Sea. BP hopes it can grow to a sufficient scale to build a profitable business.

BP and its partners are proposing to build a very large natural gas power plant near a closed steel mill at the mouth of the river. The facility would help replace the UK’s aging fossil fuel power plants and provide essential backup power when the country’s growing fleet of offshore wind farms is pacified. The equipment would remove the carbon dioxide from the power plant’s exhaust gases.

Pipes running through the area would pull together more carbon dioxide from a fertilizer plant and a factory to make hydrogen, which is becoming increasingly popular as a low-carbon fuel. BP also expects to connect other plants in the region. Pipes would bring the carbon dioxide out 90 miles below the North Sea, where it would be pumped into porous rocks beneath the ocean floor.

Four other oil giants – Royal Dutch Shell, Equinor from Norway, Total from France and Eni from Italy – are also investors in the plan, although final approval awaits a financial commitment from the UK government. The initial stage price could approach $ 5 billion.

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The American bailout, passed by the Senate and now back, before the House of Representatives pumped $ 1.9 trillion into the economy.

The New York Times’ personal finance experts Ron Lieber and Tara Siegel Bernard went through the bill to explain to real people what it really means. Here are some of the questions they answer:

Recognition…Dustin Chambers / Reuters

As Georgia Republicans enforce measures that critics say will limit the voting rights of black citizens, opponents of the effort urge large state-based corporations to step up their defenses of civil liberties. The House has already passed one of these bills, while another could be put to the vote in the Senate this week.

Corporate giants have informed DealBook of the proposed voting restrictions:

  • Coke called the vote a “fundamental right” and said it supported the efforts of the Metro Atlanta Chamber and Georgia Chamber of Commerce to “enable a balanced approach to electoral law.”

  • Home Depot said that “elections should be accessible, fair, and safe, and encourage broad turnout.” It referred to an internal voting initiative and donation of 9,200 plexiglass partitions across the state to improve polling station security.

  • UPS said it “believes in the importance of the democratic process and supports facilitating the ability of all eligible voters to exercise their civic duty.” It added that it was working with the Atlanta and Georgia Chambers of Commerce “to ensure fair access to elections and the integrity of the electoral process across the state.”

  • Delta Air Lines described the vote as “an integral part” of the company’s values. “Ensuring an electoral system that promotes broad turnout, equal access to elections and fair, safe electoral processes is critical to voter confidence and creates an environment in which all votes are counted.”

  • Inspire Brands, the owner of Dunkin ‘Donuts and Arby’s and one of the largest restaurant companies in the United States, had no comment.

These statements are not enough, say activists. “Just saying that we support elections – free, fair, and accessible elections – without actually addressing the issues we are facing right now, has no teeth,” Rev. James Woodall, president of the Georgia NAACP, told DealBook.

Corporations have previously played a role in the civil rights struggle in Georgia. In 2015, companies like Coca-Cola, Delta, Home Depot, and UPS rejected “religious freedom” legislation to provide legal protections to businesses to avoid hiring LGBTQ employees, referring not only to corporate values, but also potential damage to Georgia’s reputation. Many large corporations have also made public commitments to work for racial justice following the murder of George Floyd and others last summer.

Mr. Woodall said Georgia-based corporations are now finding it harder to both promote moderate social policies and target local politicians who are pushing voting restrictions laws. “Georgia celebrates being the best state to do business,” he said. “But that will change when people feel that companies are not supporting them or that their lives are literally at stake.”

The port of Los Angeles, the main port of entry for goods from Asia, was badly affected by the pandemic.Recognition…Coley Brown for the New York Times

Since their first use in 1956, the box-shaped shipping containers that are stacked on top of one another on board giant ships have revolutionized world trade. They make it possible to pack goods in standard containers and use cranes to lift them from boats onto rail vehicles and trucks.

Containers describe how flat screens made in South Korea are relocated to factories in China where smartphones and laptops are assembled, and how these finished devices are shipped across the Pacific to the United States.

Over the past year, the pandemic has profoundly disrupted every part of these trips and international trade, driving up the cost of shipping goods, and challenging the global economy to recover. The coronavirus has discarded the choreography of moving cargo from one continent to another.

Nobody knows how long the upheaval will take, although some experts believe containers will remain scarce by the end of the year as the factories where they – almost all of them in China – have to catch up with demand.

“I’ve never seen anything like it,” said Lars Mikael Jensen, head of the Global Ocean Network at AP Moller-Maersk, the world’s largest shipping company. “All the links in the supply chain are tense. The ships, the trucks, the warehouses. “

“We're not just competing with the gym on the street.  Titans like Peloton and SoulCycle are real beneficiaries of this pandemic, ”said Amina Daniels, owner of a bike and yoga studio.Recognition…Nick Hagen for the New York Times

E-commerce saved many retail businesses over the past year as online shopping became a lifeline after stores closed, city centers stood empty and customers stayed at home.

For small businesses, however, the benefits have been very uneven, said Andrew Lipsman, principal analyst at eMarketer, told Amy Haimerl of the New York Times. There were winning sectors like groceries, health and fitness, and direct selling brands, but clothing boutiques and other specialty retailers – especially those with no existing e-commerce platforms – struggled.

The experience of Amina Daniels, the owner of the Live Cycle Delight fitness studio in Detroit, underscores the logistical challenges small businesses face in building and competing online.

To produce on-demand video courses, she built a mini production studio in her spin room and invested thousands in microphones, lights, and a film crew. Still, it’s difficult to compete against Peloton, where entire teams produce their digital classes.

About 30 customers left Live Cycle Delight for Peloton, Ms. Daniels said, but she found support in other ways. With the move to support black-owned companies, people donated for them, and there was good demand for the studio’s branded items like pilates balls, t-shirts, and booty bands, the stretchy bands that add resistance to a workout.

Between the products, summer outdoor courses and memberships, she was able to keep the three-year deal open. The move to e-commerce wasn’t perfect, she said, but it was worth it. She remembers why she started the studio: to make fitness more accessible and inclusive.

“Peloton is just one type of experience,” she said. “We’re still here to give our customers the opportunity to join us on the path for the better.”

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Here’s what you need to know:

Hiring picked up last month as states lifted restrictions and stepped up vaccination efforts, with the government reporting on Friday that the American economy added 379,000 jobs last month.

The pace of hiring in February was an unexpectedly large improvement over the gains made in January. It was also the strongest showing since October.

But there are still about 9.5 million fewer jobs today than a year ago. Congress is considering a $1.9 trillion package of pandemic relief intended to carry struggling households and businesses through the coming months.

“What we’re seeing is broad, slow gains,” said Julia Pollak, an economist at the online job site ZipRecruiter. “It’s consistent with a slow reawakening of the labor market after a winter hibernation.”

Unemployment rate

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

The unemployment rate in February was 6.2 percent, down from the previous month’s rate of 6.3 percent. But as the Federal Reserve and top administration officials have emphasized, that number understates the extent of the damage.

Most of the February gains came in the leisure and hospitality industries, including restaurant and bars, which have been particularly hard hit by the pandemic. “There’s still a long way to go,” Ms. Pollak said, “but thank goodness it’s moving in the right direction and not continuing to hemorrhage jobs. The industry is a first rung on the ladder and employs so many young people.”

The retail and manufacturing sectors posted small gains. Losses in employment by state and local governments — mostly in education — pared the overall increase, however.

Leisure and hospitality saw gains, but state and local governments lost jobs

Cumulative change in jobs since before the pandemic, by industry

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

More than four million people have quit the labor force in the last year, including those sidelined because of child care and other family responsibilities or health concerns. They are not included in the official jobless count.

The impact has also been uneven. The share of Black women who have left the labor force is more than twice as high as the share of white men.

“We’re still in a pandemic economy,” said Julia Coronado, founder of MacroPolicy Perspectives and a former Federal Reserve economist. “Millions of people are looking for work and willing to work, but they are constrained from working.”

Millions of workers are still relying on unemployment benefits and other government assistance, and first-time jobless claims rose last week, but analysts have offered increasingly optimistic forecasts for growth later in the year.

Recruiting sites have had an increase in job postings in recent weeks. Tom Gimbel, chief executive of LaSalle Network, a Chicago staffing firm, said the employers he speaks to are “absolutely ready to hire.”

Black and Hispanic workers still have higher unemployment rates

Unemployment rates for Black, Hispanic, Asian and white men

Unemployment rates for Black, Hispanic, Asian and white women

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

The labor market gained 379,000 jobs in February, yet unemployment rates for Black workers rose, underlining the uneven damage the pandemic continued to inflict.

Unemployment among Black workers climbed to 9.9 percent from 9.2 percent in January. In contrast, joblessness for white workers ticked down to 5.6 percent from 5.7 percent in January, and those for workers who identify as either Hispanic or Asian also fell.

Unemployment among Black women over 20 rose to 8.9 percent from 8.5 percent the prior month, while the rate for Black men older than 20 increased to 10.2 percent from 9.4 percent.

The figures can bounce around from month to month, and severe weather across parts of the country may have affected the February data. Still, the picture that emerges is one in which Black workers are making halting progress toward recovering the major job losses they have suffered in the pandemic.

Black people hold 1.5 million fewer jobs than they did a year ago, down nearly 8 percent since the start of the pandemic. White workers, who make up a bigger share of the American population, have lost 6.3 million jobs — down 5 percent.

Economic downturns often have a severe impact on Black workers and hamper their efforts to regain employment afterward. African-Americans had been making strong labor market progress coming into the pandemic, a fact that Federal Reserve officials frequently cite when they talk about their desire to return the economy to the very low unemployment levels that prevailed before the coronavirus struck.

“Over the course of a long expansion, these persistent disparities can decline significantly,” Jerome H. Powell, the Federal Reserve chair, said in a recent speech, though he added that “without policies to address their underlying causes, they may increase again when the economy ultimately turns down.”

Credit…Susan Walsh/Pool via REUTERS

The yield on the 10-year Treasury note, a benchmark that influences the cost of borrowing for companies and households alike, jumped sharply on Friday morning after the government reported a strong increase in hiring in February.

American employers added 379,000 jobs last month, led by solid gains in leisure and hospitality, which investors seemed to take as a signal that the economy is rebounding. Rates on government bonds have been creeping up since the start of the year as investors bet that big government spending, widespread vaccinations and cheap-money policies from the Federal Reserve would cause the economy to grow more strongly while pushing inflation slightly higher.

The 10-year note rocketed above 1.6 percent shortly after the jobs report, roughly matching its level at the start of the pandemic. That rate had slipped to roughly 0.5 percent last summer.

Fed officials have generally painted the recent increase in bond yields as a sign that investors are growing optimistic, rather than as a problem. The Fed chair, Jerome H. Powell, said on Thursday that the central bank would be concerned if the move toward higher yields grew messy — as market moves did last year, when trading in key securities became difficult — or if they made credit hard to obtain.

The central bank has been clear that it plans to keep near-zero interest rates in place until it has achieved full employment, stable inflation at 2 percent and an economy headed for a period of slightly faster price gains. Officials have also said they will continue making large-scale bond purchases until the economy has made “substantial further progress.”

“There’s reason to think that we’ll begin to make more progress, soon,” Mr. Powell said on Thursday. “But even if that happens, as now seems likely, it will take some time to achieve ‘substantial’ further progress.”

Eight years, six legislative sessions and thousands of lawsuits: That’s what it has taken Congress to consider a bill that would provide pregnant women with clearer protections at work. Its prospects for passing into law are now better than ever, Alisha Haridasani Gupta and Alexandra Petri report for The New York Times’s In Her Words newsletter.

The issue has a renewed sense of urgency, as the pandemic pushed millions of women out of work. When the Pregnant Workers Fairness Act, which was first proposed in 2012, was reintroduced last month, it had 225 sponsors, including 19 Republicans.

The law would clarify the “accommodations” that companies should provide for pregnant employees, which are governed by a patchwork of state laws and ambiguous provisions in a 1978 law that made it illegal for employers to consider pregnancy in hiring, firing and promotion decisions.

Courts usually side with employers in pregnancy discrimination cases, a recent four-year study by the advocacy group A Better Balance found. Some of the accommodations that courts have said workplaces were not required to provide included additional bathroom breaks and stools to sit on.

“It’s just a common-sense piece of legislation to help keep women in the work force,” said Representative John Katko of New York, one of the Republican lawmakers backing the bill. It is expected to pass the House in the coming weeks.

The Christmas windows at the Saks Fifth Avenue store in Manhattan in December. The changes at Saks will not be visible to customers, who will still see Saks stores and a Saks website.Credit…Jeenah Moon for The New York Times

Saks Fifth Avenue said on Friday that it would separate its e-commerce business and fleet of 40 stores into two units, a move that enables the company to devote more time and money to its online presence, which has become increasingly crucial during the pandemic.

Insight Partners, a venture capital firm, made a $500 million minority equity investment in Saks’ e-commerce business, valuing the digital arm at $2 billion, the retailer said in a release.

The stores will operate as their own entity. Hudson’s Bay, the owner of Saks Fifth Avenue, said on Friday that as separate but related companies, the businesses “will be better able to appropriately plan for and invest in their respective service models.”

The changes will not be visible to customers, who will still see Saks stores and a Saks website. But it will allow the retailer to make new investments in the digital operation, which will lead marketing and merchandising for the whole business. The e-commerce arm will be run by Marc Metrick, who was previously overseeing both parts of Saks. The company said that the stores “will fulfill the physical functions” of the website, like online pickup, exchanges, returns and alterations, establishing a clear hierarchy.

“By separating the dot-com business, we can show investors its value,” Richard Baker, chief executive of Hudson’s Bay, told The Wall Street Journal, which reported the news first on Friday. “Investors don’t want to put their money in bricks-and-mortar retailers right now,” he said.

Lachlan Murdoch sees a “plethora of opportunities” for Fox to do deals. Credit…Mike Cohen for The New York Times

Jason Kilar of CNN’s parent WarnerMedia and Fox Corp.’s Lachlan Murdoch made news on Thursday — that’s their business, after all — at a virtual conference held by Morgan Stanley. The shifting strategies of the media giants are in the spotlight as the Trump era fades and the pandemic enters its final stages (hopefully). The DealBook newsletter highlighted some of the media moguls’ noteworthy comments:

On the news cycle:

From a ratings point of view, “the main beneficiary of the Trump administration was MSNBC,” said Mr. Murdoch. “And that’s because they’re in loyal opposition, right? They called out the president when he needed to be called out. That’s what our job is now with the Biden administration.”

For CNN, “it turns out that the pandemic and the way that we can help inform and contextualize the pandemic, it turns out it’s really good for ratings,” said Mr. Kilar. He added that “CNN is killing it.” (Later, he said on Twitter, “I wish I could go back and be more thoughtful about my communication.”)

On deals:

Mr. Murdoch said there was a “plethora of opportunities” for Fox to make acquisitions, from gaming to streaming and elsewhere. (Fox Sports has the option to buy an 18.5 percent stake in the gambling group FanDuel this summer.) It’s worth noting that the two-year moratorium on deal-making following Fox’s sale of 21st Century to Disney has expired.

WarnerMedia will probably be more of a seller, looking to lighten its debt load like it did when selling a stake in DirecTV to TPG last month. “We will continue to be aggressive and disciplined about our focus,” said Mr. Kilar. “And that may include some things that we bring into the company, but it probably also includes things that are not a part of the company.”

And what about longstanding speculation that the company might sell CNN? Mr. Kilar wasn’t asked about it, and has previously suggested that it wasn’t part of his plans.

As of

Data delayed at least 15 minutes

Source: Factset

Stocks on Wall Street rallied on Friday, rebounding from three consecutive days of losses, after new data showed that the pace of hiring picked up in the United States in February.

The S&P 500 rose 1 percent in early trading. Stocks in Europe pared their earlier losses, with the Stoxx Europe 600 climbing into positive territory.

The gains in the stock market came even as yields on government bonds also jumped. Rising bond yields have spooked stock investors, and the yield on the 10-year Treasury note climbed above 1.6 percent soon after the jobs report was released on Friday before pulling back slightly. By the start of trading in the stock market, the 10-year Treasury yield was at 1.58 percent.

The report from the Labor Department showed that employers added 379,000 positions last month, which was well above forecasts for a gain of about 198,000 jobs.

The gain on Friday comes after the S&P 500 had fallen more than 1 percent through Thursday, in what would be its third-straight week of losses. On Thursday, the Nasdaq index closed on the verge of a correction, which is a 10 percent drop from its recent high, as tech stocks have been hit particularly hard by the recent volatility. The Nasdaq rose 1 percent on Friday.

That volatility had been set off by the bond market. Yields on 10-year Treasury notes have climbed for five straight weeks as inflation expectations have risen.

Investors are betting that a robust economic recovery accompanied by a large stimulus plan might lead to higher prices. After a long stretch of low inflation, there are worries that if high inflation re-emerged, central banks would struggle to control it. This would be bad for bonds, and they have been sold off over the past few weeks.

But the pace of the sell-off and rise in yields has caught many by surprise. Higher rates can be a drag on the stock market’s performance because they make owning bonds more attractive, coaxing at least some dollars out of the stock market. Higher rates can also make borrowing more expensive for companies, especially smaller ones that have potential but lack a track record of profitability.

Jerome H. Powell, the chair of the Federal Reserve, has repeatedly tried to reassure markets that the central bank does not intend to pull back monetary stimulus soon. On Thursday, he said that the Fed would communicate “well in advance” if it planned to slow the pace of its bond-buying program.

Still, his message of patience went unheeded and bonds and stocks dropped on Thursday. Mr. Powell said the Fed was watching the market fluctuations and the rise in yields was “notable.”

Prince Abdulaziz bin Salman, the Saudi oil minister, last year. On Thursday, Saudi Arabia and other oil producers agreed to keep output steady, a move that is expected to lead to higher oil prices.Credit…via Reuters

Oil futures prices hit their highest levels in more than a year on Friday, rising more than 2.5 percent a day after OPEC and its allies surprised markets by agreeing to hold production mainly steady in April.

Brent crude, the global benchmark, reached as high as $68.50 a barrel, while the U.S. benchmark, West Texas Intermediate, sold for as much as $65.36.

The OPEC Plus group decided not to pump more oil despite rising prices and forecasts of growing demand.

“OPEC’s decision tightens an already tight market,” wrote analysts at Morgan Stanley in a note to clients after the meeting.

The investment bank estimated that the market would be undersupplied by as much as 1.9 million barrels a day later this year. The analysts said that with restrictions intended to curb the pandemic easing, global oil demand could grow by more than one million barrels a day, or about 1 percent, each month for several months in a row later this year.

Even before the meeting, forecasts were predicting oil prices would rise. Goldman Sachs has forecast that Brent crude would sell for $75 a barrel in the third quarter, and Morgan Stanley says that Brent could go as high as $80 a barrel later this year.

Several factors could blunt the upward momentum. OPEC, Russia and other producers are keeping several million barrels a day off the market and may become increasingly impatient at restraining output. Higher prices may also lead shale producers in the United States to step up production.

Reddit’s chief executive, Steve Huffman, said of going public: “We’re working toward that moment.”Credit…Zach Gibson/Getty Images

The world’s most popular internet message board is thinking about going public.

Reddit, the social network and online bulletin, said on Thursday that it had appointed its first chief financial officer, Drew Vollero, in a move toward tidying up the company’s books before an eventual public offering of its stock.

Mr. Vollero, 55, previously ran financial operations for Mattel, Snap and Allied Universal. His task at Reddit will be building out the financial, audit and accounting functions and leading the company through the process of going public.

“Is Reddit going public?” Steve Huffman, Reddit’s chief executive, said in an interview. “We’re thinking about it. We’re working toward that moment.”

Mr. Huffman said Reddit did not have a timeline, but Mr. Vollero’s appointment indicated that the 15-year-old company was developing its financial operations to be more similar to those of publicly traded peers like Twitter and Facebook. More than 52 million people visit Reddit every day, and it is home to more than 100,000 topic-based communities, or subforums.

For years, Reddit represented a kind of return to the message board era of the internet, where people gathered to discuss topics as varied as makeup and video games. It dabbled in different models and occasionally generated controversy, such as over its role in easing online bullying and the spread of hateful content.

Mr. Huffman, one of Reddit’s co-founders, returned to run the site in 2015. He has changed many parts of the business, working to rein in hate speech and digital abuse and developing the company’s advertising and direct-to-consumer product business. Reddit has revamped its terms of service to outlaw the noxious content that filled some of its subforums in its earlier days.

Reddit has also added to its executive ranks in recent months, hiring a head of security and appointing a new member to its board. In December, the company acquired Dubsmash, a video-focused social app that competes with TikTok. Last month, Reddit raised $250 million in new capital, its largest venture round, valuing the company at $6 billion.

Reddit plans to use the funding to expand its business, including its financial team, Mr. Huffman said. He also wants to make Reddit more mainstream by improving the product or making other investments, he said.

“Reddit can be hard to get at first,” Mr. Huffman said. “It takes a little time. We want to shorten that time.”

Andrew H. Giuliani, right, in 2018 with his father, Rudolph W. Giuliani, center, and Vitali Klitschko, the mayor of Kyiv, Ukraine.Credit…Erin Schaff/The New York Times

Newsmax, the conservative news outlet trying to compete with Fox News in a post-Trump era for viewers skeptical of mainstream media and the Democratic administration in Washington, has a new on-air talent: Andrew H. Giuliani, son of Rudolph W. Giuliani.

The younger Mr. Giuliani, who worked as an aide for former President Donald J. Trump, started this week as a political analyst and correspondent, he said Thursday on a radio show hosted by his father.

“When you walk out of the White House for the last time,” the 35-year-old son said, you wonder “if you’re ever going to do anything in your life that’s going to have the meaning of that.” The Newsmax job is, he added, “obviously a way to continue the meaning that I had found.”

His father, working as a lawyer for Mr. Trump, helped promote the debunked claim that the 2020 presidential election was rigged. The elder Mr. Giuliani has been targeted in defamation lawsuits filed by Dominion Voting Systems and another voting technology company, Smartmatic.

Newsmax already employs Sean Spicer, Mr. Trump’s first White House press secretary, as well as the pro-Trump social media stars Diamond and Silk. One of Mr. Spicer’s successors as press secretary under Mr. Trump, Kayleigh McEnany, has appeared recently on Fox News as a commentator.