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

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The average number of vaccine doses being administered across the United States per day topped two million for the first time on Wednesday, according to data from the Centers for Disease Control and Prevention. A month ago, the average was about 1.3 million.

President Biden set a goal for the country shortly after taking office to administer more than 1.5 million doses a day, which the nation has now comfortably exceeded.

Mr. Biden has also promised to administer 100 million vaccines by his 100th day in office, which is April 30. As of Thursday, 54 million people have received at least one dose of a Covid-19 vaccine. Johnson & Johnson’s one-shot vaccine was authorized for emergency use on Saturday, but those doses do not appear yet in the C.D.C. data.

The milestone was yet another sign of momentum in the nation’s effort to vaccinate every willing adult, even as state and city governments face several challenges, from current supply to logistics to hesitancy, of getting all of those doses into people’s arms.

Mass vaccination sites across the country are opening up or increasing their capacity, in part to respond to the new influx of doses from Johnson & Johnson. In New York, Gov. Andrew M. Cuomo announced on Thursday that three short-term mass vaccination sites will open in the state on Friday. Three other state-run sites, including one at Yankee Stadium, will begin administering shots around the clock. In Georgia, Gov. Brian Kemp announced five new sites will open on March 17.

The Federal Emergency Management Agency has recently helped open seven mega-sites in California, New York and Texas, that are staffed with active-duty troops. In Chicago, a vaccination site at the United Center will open next week, with a capacity of 6,000 shots a day. Many more such sites are planned.

There have been some hiccups in the massive logistical challenge of distributing millions of doses across the country, with special requirements for storage and handling. In Texas, more than 2,000 doses went to waste over the past two weeks, according to an analysis by The Houston Chronicle. A majority of those losses were blamed on blackouts that swept the state in February, leaving millions of homes and businesses without power, some for multiple days.

And Mr. Biden has made equity a major focus of his pandemic response, saying he wants pharmacies, mobile vaccination units and community clinics that help underserved communities to help increase the pace of vaccinations. Experts say that Black and Latino Americans are being vaccinated at lower rates because they face obstacles like language barriers and inadequate access to digital technology, medical facilities and transportation. But mistrust in government officials and doctors also plays a role and is fed by misinformation that is spread on social media. In cities across the country, wealthy white residents are lining up to be vaccinated in low-income Latino and Black communities.

The president said on Tuesday that the country would have enough doses available for every American adult by the end of May, though he said it would take longer to inoculate everyone and he urged people to remain vigilant by wearing masks.

The administration also announced it had brokered a deal in which the drug giant Merck & Co. will help manufacture the new Johnson & Johnson vaccine. The unusual agreement between two rivals in the pharmaceutical industry was “historic,” Mr. Biden said on Tuesday. “This is a type of collaboration between companies we saw in World War II.”

Mr. Biden was also going to invoke the Defense Production Act, a Korean War-era law, to give Johnson & Johnson access to supplies for manufacturing and packaging vaccines.

United States › United StatesOn March 3 14-day change
New cases 66,714 –17%
New deaths 2,369 –8%
World › WorldOn March 3 14-day change
New cases 419,698 +1%
New deaths 10,837 –19%

U.S. vaccinations ›

Where states are reporting vaccines given

Austin, Texas, on Wednesday. The state has been affected deeply by the coronavirus pandemic, recording more than 44,000 deaths and nearly 2.7 million cases.Credit…Montinique Monroe/Getty Images

Some governors across the United States are taking widely diverging approaches to mask mandates, as federal officials, including President Biden, warn that despite a drop in coronavirus cases, it is too soon to stop wearing masks.

On Thursday, Gov. Kay Ivey of Alabama, a Republican, extended her state’s mask mandate for another month. Striking a different tone than those of her Republican peers in Mississippi and Texas, she said she wanted to keep what she called an effective policy to require masks for a bit longer, telling residents that masks would not be required in public beyond April 9 when other restrictions would also be lifted.

“There’s no question that wearing masks has been one of my greatest tools in combating the virus,” she said at a news conference.

In response to decisions this week to lift statewide mask mandates by Gov. Tate Reeves of Mississippi and Gov. Greg Abbott of Texas, Mr. Biden said on Wednesday that those moves were a “big mistake.”

“The last thing we need is Neanderthal thinking that in the meantime, everything’s fine, take off your mask and forget it,” Mr. Biden told reporters at the White House. “It’s critical, critical, critical, critical that they follow the science.”

Even a fellow Republican, Gov. Jim Justice of West Virginia, said it was a bad idea to ignore the advice of the experts.

“I don’t know really what the big rush to get rid of the mask is, because these masks have saved a lot, a lot of lives,” Mr. Justice said Thursday on CNN, adding that he, too, looks forward to the day when he doesn’t have to wear a mask.

The governor issued a mask mandate over the summer instructing people to wear masks indoors when social distancing was not possible. In November, he extended the mandate to wearing a mask at all times except when eating or drinking, and in recent months has become a Biden ally, at least on the stimulus package.

“If we don’t watch out, we can make some mistakes,” Mr. Justice said.

Mr. Biden has asked that for his first 100 days in office, which ends in April, Americans fight the spread of the virus in a variety of ways, including wearing a mask, getting vaccinated and continuing to follow health precautions. He and his top health advisers have emphasized the benefit of wearing masks, and warned about the trajectory of cases nationwide and the detection of more cases of virus variants across the country.

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At the White House on Thursday, Jen Psaki, the press secretary, said the president’s comments about “Neanderthal thinking” was “a reflection of his frustration and exasperation” with the governors of Mississippi and Texas for undermining the message about the need to continue wearing masks.

“Our concern here is on the health, welfare and well being — and survival, frankly — of people across the country and in states where the recommendations from leadership is not following health and medical guidelines,” she said. “So we have concerns about the impact on the population.”

In Mississippi, Mr. Reeves was unrepentant after Mr. Biden’s admonishment.

“Mississippians don’t need handlers,” he said. “As numbers drop, they can assess their choices and listen to experts. I guess I just think we should trust Americans, not insult them.”

Mr. Reeves did, however, encourage his citizens to “do the right thing” and wear a mask.

So did Mr. Abbott this week in Texas, where vaccinations considerably trail the national average, more than 7,000 new cases are being reported a day and, in recent weeks, ominous variants of the virus have appeared.

On Tuesday, Mr. Abbott framed his decision as long-awaited relief after an exhausting stretch of isolation and hardship.

Kaitlyn Urenda-Culpepper, a Dallas resident whose mother died from Covid-19 in July, said there was no choice now but to hope that the governor had made a wise decision.

“I don’t want him to be wrong,” she said. “But, obviously, for the greater good of the people, I’m like, ‘Man, you better be right and not cost us tens of thousands more people.’”

Erin Coulehan contributed reporting.

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Alabama Governor Extends Statewide Mask Order Until April

Gov. Kay Ivey of Alabama on Thursday said she would keep a statewide mask order in place until April 9, breaking with Republican governors who planned to end mask mandates against the advice of health officials.

We need to get past Easter, and hopefully allow more Alabamians to get their first shot before we take a step that some of the states have taken to remove the mask order altogether and lift other restrictions. Folks, we’re not there yet, but goodness knows we’re getting closer. Our new modified order will include several changes that will ease up some of our current restrictions while keeping our mask order in place for another five weeks through April 9. But let me be abundantly clear, after April the 9th, I will not keep the mask order in effect. Now, there’s no question that wearing masks has been one of our greatest tools in combating the spread of the virus. That, along with practicing good hygiene and social distancing, has helped us keep more people from getting sick or worse, dying. And when we — even when we lift the mask order, I will continue to wear my mask while I’m around others and strongly urge my fellow citizens to use common sense and do the same thing. But at the — but at that time, it will become a matter of personal responsibility and not a government mandate.

Video player loadingGov. Kay Ivey of Alabama on Thursday said she would keep a statewide mask order in place until April 9, breaking with Republican governors who planned to end mask mandates against the advice of health officials.CreditCredit…Jake Crandall/The Montgomery Advertiser, via Associated Press

Gov. Kay Ivey of Alabama on Thursday said she was extending the statewide mask order for another month, breaking with two other Republican governors who have announced plans to lift mandates in their states against the advice of federal health officials.

Aside from her decision on the mask mandate, which will now be in place until April 9, Ms. Ivey said other virus related restrictions, including allowing restaurants and breweries to operate at full capacity, will also be lifted then.

“There’s no question that wearing masks has been one of my greatest tools in combating the virus,” she said at a news conference.

New coronavirus cases, hospitalizations and deaths are down in the state, according to a New York Times database. About 14 percent of the residents in the state have received at least one dose of the vaccine. The state’s health officer, Dr. Scott Harris, said the state had already given more than a million vaccine shots.

“We need to get past Easter and hopefully allow more Alabamians to get their first shot before we take a step some other states have taken to remove the mask order altogether and lift some other restrictions,” Ms. Ivey said on Thursday. “Folks we’re not there yet, but goodness knows we’re getting closer.”

In recent days, the director of the Centers for Disease Control and Prevention, Dr. Rochelle Walensky, has been pleading with state officials not to relax health precautions now, warning about the trajectory of cases nationwide and the detection of more cases of virus variants across the country.

“We are just on the verge of capitalizing on the culmination of a historic scientific success: the ability to vaccinate the country in just a matter of three or four more months,” Dr. Walensky said on Wednesday. “How this plays out is up to us. The next three months are pivotal.”

And President Biden on Wednesday criticized officials in several states, including Texas and Mississippi, for lifting mask mandates, describing their actions as “Neanderthal thinking” and insisting that it was a “big mistake” for people to stop wearing masks.

Ms. Ivey issued a statewide mask order last summer when the number of cases in the state soared less than three months after she eased restrictions at the end of April. The mask mandate has drawn criticism from members of her own party. She extended it in January when the state was seeing a second surge of cases.

On Thursday, she said she planned to wear her mask around others, even after the statewide over was lifted. She urged residents to “use common sense and do the same thing.”

A nurse prepared a dose of the AstraZeneca Covid-19 vaccine in Lyon, France, in February.Credit…Pool photo by Olivier Chassignole

Italy blocked a shipment of the Oxford-AstraZeneca vaccine from being flown to Australia on Thursday, making good on the European Union’s recent threats to clamp down on exports of the shots and ratcheting up a global tug of war over vaccine supplies.

It was the first time that a member country used new E.U. regulations to keep vaccine from being exported. The shipment consisted of more than 250,000 doses.

Italy’s foreign ministry said that Italy acted because Australia is regarded as a “nonvulnerable” country under the new regulations; because vaccines are in short supply in Italy and the European Union generally; and because of delays in AstraZeneca’s vaccine deliveries to the bloc’s member countries.

The new regulations empower the E.U.’s members to keep any vaccine doses made within the bloc from being sent abroad if the manufacturer has not yet met its supply obligations to member countries. Pfizer and AstraZeneca are the two companies currently manufacturing vaccines within the bloc.

So far, the European Commission has approved 174 requests for export authorizations.

Australia has had fewer coronavirus cases, relative to its size, than almost any other large developed country, and has been recently averaging only nine new cases a day, according to a New York Times database. Italy, with less than three times the population of Australia, is averaging more than 18,000 new cases a day.

AstraZeneca applied on Feb. 24 for an authorization for the Australia shipment. Two days later, Italy told the European Commission it intended to deny the application, the foreign ministry said in statement Thursday night. After the commission offered no objection, the ministry said it notified AstraZeneca of the denial on Tuesday.

For earlier shipments, “Italy gave its authorization because they were small quantities aimed at activities of scientific research,” the foreign ministry said. “However, this time it was 250,700 doses.”

AstraZeneca declined to comment.

The company infuriated E.U. officials in January when it said it would significantly cut its planned February and March deliveries to member nations. They accused the company of sending doses to Britain that had been promised to the European Union, in breach of contractual obligations.

Valdis Dombrovskis, a top commission official, said in announcing the new export control regulations that the situation had “left us with no choice other than to act.”

The commission has maintained that the controls are about transparency, not vaccine nationalism. But with Europe’s sluggish vaccination campaigns lagging behind those of other developed nations and the bloc growing desperate for doses, member countries have signaled a willingness to use the rules for their own benefit.

Prime Minister Mario Draghi of Italy pressed fellow European leaders in a meeting last week to use all tools at hand to hold pharmaceutical companies accountable for delays in delivering doses.

Administering the Russian vaccine Sputnik V to a patient at Bacs-Kiskun County Training Hospital in Kecskemet, Hungary, in February.Credit…Sandor Ujvari/EPA, via Shutterstock

The European Union drug regulator announced on Thursday that it was beginning a rolling review of the Russian-developed Sputnik V vaccine, after one of the bloc’s members moved unilaterally to use the shots and another is about to do the same.

The announcement by the regulator, the European Medicines Agency, comes amid a slow and frustrating vaccine rollout in the European Union that has been dogged by supply disappointments as well as major logistical problems.

The review is the formal process the agency uses, in which scientists examine data on the shots’ efficacy and side effects — it is the fastest way to examine the vaccine as a whole, with a view to eventually granting it authorization for use in the European Union.

The agency said in a news statement that the Gamaleya Research Institute, which developed the vaccine, had applied for the rolling review through a Germany-based entity named R-Pharm Germany.

Hungary broke with the bloc and ordered its own share of Sputnik V vaccines this year, granting the shots authorization locally through its national regulator. As the supply woes in the European Union began to bite, the Czech Republic this month announced it would follow suit. A deal to acquire the Russian vaccine has also set off a political crisis in Slovakia.

Several other European governments were considering a similar move, despite the fact that Ursula von der Leyen, president of the European Commission, the bloc’s executive arm, recently cast doubt on the Sputnik V vaccine.

“We still wonder why Russia is offering theoretically millions of millions of doses while not sufficiently progressing in vaccinating their own people,” Ms. von der Leyen said during a news conference last month.

“This is also a question I think that should be answered,” she added. “They have to submit the whole set of data, indeed go through the whole scrutiny process like any other vaccine.”

While the announcement of the review is an important step in the formal scientific scrutiny by the European regulator, there is no telling how long the process will take. The agency will require deep access to data underlying the vaccine’s performance, as well as site visits to its production facilities, before granting authorization.

A drive-through vaccination site at Dodger Stadium in Los Angeles last week.Credit…Philip Cheung for The New York Times

Hoping to hasten its emergence from the coronavirus pandemic, California will begin channeling 40 percent of new vaccine doses to low-income communities pummeled by the coronavirus, officials in Gov. Gavin Newsom’s administration said late on Wednesday.

The strategy is an effort to make the vaccine rollout more equitable and to reduce the number of counties considered most at risk, as well as to speed California’s ability to reopen, officials said.

Once 400,000 more doses are administered in the target communities, the state will ease restrictions in high-risk counties, officials said, a threshold that could be reached in about two weeks.

The targeted communities are defined using a composite “health equity” index that assesses need based on income, education, transportation and housing availability. State data has indicated that when vaccination efforts are targeted at poorer Californians, wealthier people have gamed the system. Black and Latino residents have been inoculated in smaller numbers than their white neighbors.

Eligible only in some counties

Eligible only in some counties

Eligible only in some counties

California faced a surge in infections in December and January, but cases have fallen 40 percent statewide — to late October levels — in the past two weeks, intensifying calls for the state government to relax restrictions.

Mr. Newsom, whose handling of the pandemic has helped fuel a Republican-led recall campaign against him, has crisscrossed the state, opening vaccination centers and assuring people that immunization is the “light at the end of the tunnel.” But he has also made clear that the virus and its variants remain lethal: At least 287 new coronavirus deaths and 4,316 new cases were reported in California on March 2.

When the governor of Texas announced this week that the state would lift its mask mandate, Mr. Newsom tweeted that the move was “absolutely reckless.”

Administration officials said California would keep in place its mask mandate. The vaccine blitz, they said, was aimed at quashing the further spread of Covid-19 so people could go back to work and businesses could reopen safely.

About 1.6 million vaccine doses have so far been delivered in low-income communities.

Once two million vaccines have been administered in those locations, officials said, the state will adjust its color-coded tier system to make it easier for counties to move into less restrictive categories, which will hasten the reopening of schools. When there are four million doses in the targeted areas, additional tiers will be adjusted to further ease reopenings.

A security officer in Baghdad on Wednesday. The pope’s visit flies in the face of nearly all public health guidelines.Credit…Ahmed Jalil/EPA, via Shutterstock

A surge in coronavirus cases has prompted Iraqi officials to impose lockdowns. Shia authorities have suspended religious pilgrimages. And on Sunday, the Vatican’s ambassador contracted the virus and went into isolation.

For good measure, suicide bombings, rocket attacks and geopolitical tensions have increased, too.

But Pope Francis — to the bewilderment of many — is intent on going anyway.

After more than a year cooped up behind the Vatican walls, Francis is to fly to Baghdad on Friday at one of the most virulent moments of the entire pandemic, sending a message that flies in the face of nearly all public health guidelines.

“The day after tomorrow, God willing, I will go to Iraq for a three-day pilgrimage,” the pope said on Wednesday in his weekly address. “I ask that you accompany this apostolic trip with prayer so that it can occur in the best way possible, bear the hoped-for fruit. The Iraqi people await us.”

Francis was vaccinated in mid-January, and has called on wealthy countries to give vaccines to poorer ones, calling a refusal to vaccinate “suicidal.”

The pope’s entourage is also vaccinated, but there is anxiety among his supporters that a trip intended largely to bring encouragement to Iraq’s long-suffering Christians has the potential to be a superspreader event. The possibility of the 84-year-old pope’s inadvertently endangering an Iraqi population with practically no access to vaccines is not lost on his allies back in Rome.

“There is this concern that the pope’s visit not put the people’s health at risk, this is evident,” said Antonio Spadaro, a Jesuit priest and close ally of Francis. “There is an awareness of the problem.”

The Vatican insists the trip will be a safe, socially distanced and sober visit devoid of the usual fanfare and celebrations. And a Vatican spokesman played down the number of cases in Iraq when reporters asked how the pope could possibly justify not delaying a trip that could endanger so many.

Andrea Vicini, a medical doctor, Jesuit priest and professor of moral theology and bioethics at Boston College, said he admired the pope’s willingness to put his own skin in the game for peace when it came to promoting dialogue with Islam and protecting the persecuted and people at the margins.

“He wants to show that he is ready to risk,” Father Vicini said. “The problem is that others will be at risk.”

GLOBAL ROUNDUP

Closed restaurants in Vienna this week. Like most of the rest of the European Union, Austria has lagged behind some other wealthy nations — such as Britain, Israel and the United States — in its vaccine rollout. Credit…Lisi Niesner/Reuters

Austrian officials will carry out a mass vaccination drive in the western district of Schwaz in the hopes of stabilizing the alpine area, which has been battered by a surge in new coronavirus infections driven in part by the variant B.1.351, first identified in South Africa.

The pilot program in Austria is the first such inoculation drive in the European Union. Like most of the rest of the bloc, the country is lagging behind some other wealthy nations — such as Britain, Israel and the United States — in its vaccine rollout. Only 5 percent of residents in the alpine state of Tyrol, which includes Schwaz, have received at least one shot.

All residents above the age of 16 will be able to get free vaccinations when the drive begins next week. The European Union has allocated 100,000 extra doses of the Pfizer-BioNTech vaccine for the area near the western Austrian city of Innsbruck, which is home to about 86,000 people.

Chancellor Sebastian Kurz said on Wednesday that the effort would be “our chance to eradicate the variant in the region of Schwaz.”

The infection rate in the broader Tyrol region has declined from its peak of about 800 cases per 100,000 people over a seven-day period in November to just over 100 per 100,000 in the past week. But the German government closed its side of the border with the area on Wednesday night when it became clear that a high percentage of those infections were caused by the B.1.351 variant.

On Thursday, Mr. Kurz traveled to Israel where, together with Prime Minister Mette Frederiksen of Denmark, he planned to speak with experts about collaborating on future vaccines.

In other news from around the world:

  • Sinopharm of China, a state-owned company that is manufacturing two vaccines in the country, can make a maximum of three billion doses this year, its chairman told state news media on Wednesday. The number represents a tripling of the company’s previous target.

  • The state of São Paulo, Brazil, will head into its toughest restrictions yet this weekend, Gov. João Doria told reporters on Wednesday, as cases surge in the region. All bars, restaurants and nonessential stores will close until at least March 19, according to The Associated Press. The restrictions come as the country grapples with a concerning new variant that has lashed the Amazonian city of Manaus, in the northwest, and is spreading to other places. Brazil recorded its highest single-day toll of the pandemic this week.

  • Germany’s independent vaccine panel has said that the Oxford-AstraZeneca vaccine can be used on people 65 and over, reversing earlier guidance. Although the European drug regulator authorized use of the shots in January, the German panel had initially refused to recommend the vaccine because it had not been tested enough in that age group. Because Germany is still focusing its vaccination drive on those over 80, much of the AstraZeneca doses had lingered in storage.

  • Hungary announced on Thursday that it would introduce a new round of restrictions next week, with some schools closed and nonessential stores shuttered, to combat a sharp rise in coronavirus cases. The announcement comes as a blow to Prime Minister Viktor Orban, who had been vocal about his hopes for the country to begin reopening this month.

  • France on Thursday vowed to vaccinate at least 10 million people by mid-April as the government, still stopping short of a nationwide lockdown, extended restrictions on movements and gatherings to areas in the country where there have been surges in local cases. So far, only about 3.1 million people, or 4.7 percent of the country’s population, have received a first injection, and only 1.7 million people, or 2.5 percent of the population, have been fully vaccinated, which puts France behind other European countries in the vaccination rollout. Jean Castex, the prime minister, said at a news conference that starting in mid-April, all people ages 50 to 74 would be eligible for the vaccine, regardless of pre-existing health conditions.

Albee Zhang contributed research.

The Indian health minister, Harsh Vardhan, and his wife, Nutan Goel, received the Covaxin shots, developed by the Indian company Bharat Biotech, at a hospital in New Delhi on Tuesday.Credit…Altaf Qadri/Associated Press

India’s ambitious but troubled campaign to inoculate its vast population against Covid-19 — and, in the process, to burnish its reputation as a manufacturer and innovator — received a major lift after initial trial results showed a homegrown vaccine was safe and effective.

Bharat Biotech, the Indian drug company that developed the shots, said late Wednesday that early findings from clinical trials involving nearly 26,000 subjects showed that the vaccine, Covaxin, had an initial efficacy rate of 81 percent.

The results have yet to be peer reviewed, the company said, and it was unclear how effective Covaxin would prove to be in a final analysis.

Still, the results were met with relief in India. Covaxin was approved by government officials in January and administered to millions of people even though it had not yet been publicly proved. Many in the country, including frontline health care workers, had feared that Covaxin could be ineffective or worse, slowing down the national campaign to inoculate 1.3 billion people.

Officials in Brazil, where the government had bought doses of Covaxin, had recently questioned whether the vaccine worked.

The results this week could alleviate some of those concerns, said Dr. Anant Bhan, a health researcher at Melaka Manipal Medical College in southern India. Still, he said, questions will linger over Covaxin until the research is completed.

“This data will now need to be examined by the regulator in India and could then have an impact on the regulatory decisions with regards to the vaccine,” Dr. Bhan said.

If the results hold, they could also benefit Prime Minister Narendra Modi of India, who has stressed his intention of making India self-reliant. An effective, Indian-developed vaccine could add credibility to that campaign.

India approved Covaxin for emergency use in early January along with the Oxford-AstraZeneca vaccine, which is known in India as Covishield. When the vaccination drive started less than two weeks later, most people were not allowed to choose which shot they got.

The move to authorize Covaxin’s use came under sharp criticism from pharmaceutical bodies and health experts, who questioned the scientific logic behind approving a vaccine that was still in trials. Indian officials often denounced those doubts without explaining the rush. Instead, they portrayed the endorsement of Covaxin through a lens of nationalism, saying that it showed India’s emergence as a scientific power.

VideoVideo player loadingAfter weeks of declining cases, a representative from the World Health Organization on Thursday warned the public of a resurgence of cases and a strain on hospitals across Europe.CreditCredit…Tobias Schwarz/Agence France-Presse — Getty Images

Central and Eastern Europe is experiencing a resurgence in coronavirus infections partly driven by new variants but also by the relaxing of restrictions, the World Health Organization’s top official in Europe said on Thursday.

After six successive weeks of declining infection numbers across Europe, the continent experienced a 9 percent rise in coronavirus cases in the past week, Hans Kluge, the W.H.O.’s regional director told reporters. More than half of the 53 countries in the European region had recorded an increase in infections, he said, including some in Western Europe.

“Over a year into the pandemic, our health systems should not be in this situation,” Mr. Kluge said. “We need to get back to basics.”

The increase came as 43 European countries reported cases of the B.1.1.7 variant first identified in Britain, which has much higher transmissability, he said, adding that 26 countries had found cases of the B.1.351 variant first discovered in South Africa and that 15 had reported cases of the P.1 variant first discovered in Brazil.

The B.1.1.7 variant already accounts for more than half of the new cases of infection in several countries, including Britain and Denmark, and is expected to soon pass that level in Germany.

But W.H.O. officials stressed that new variants were only part of the problem, calling for a gradual lifting of restrictions and travel bans when there was evidence to support it and for an accelerated rollout of shots.

Vaccinations have started in 45 European countries, Mr. Kluge said, but only around a quarter of health workers in 20 European countries have completed vaccination against Covid-19.

Frustration at the slow introduction of vaccines in Europe has driven several governments to bypass the European Union’s purchase program in favor of bilateral supply deals, but the W.H.O. underscored that countries could not rely solely on vaccines to curb infections.

Catherine Smallwood, health emergencies expert for the W.H.O. in Europe, said, “We are not going to take the heat out of transmission immediately” through inoculations. “It’s going to take a long time,” she noted, “so we will have to be patient and we need to use all of the other measures we have at our disposal.”

An Israeli medical worker administering the Pfizer-BioNTech vaccine to Palestinians at a checkpoint between the West Bank city of Ramallah and Jerusalem on Feb. 23.Credit…Oded Balilty/Associated Press

Most Palestinians living in the occupied territories have yet to be vaccinated against the coronavirus, setting off a rancorous debate about whether Israel has a duty to vaccinate Palestinians living under Israeli occupation.

But among Palestinians in the occupied West Bank, questions are now being asked of their own leadership, which has been accused of siphoning some of the few doses allocated for Palestinians and distributing them to the senior ranks of the governing party, allies in the news media and even to family members of top dignitaries.

Like many governments worldwide, the Palestinian Authority, which exercises limited control over parts of the occupied territories, has officially prioritized its senior administrative leadership and frontline health workers, as well as people who come into regular contact with the authority’s president and prime minister.

But in secret, the authority has diverted some of the thousands of vaccines it has received to some senior members of the ruling party in the West Bank who have no formal role in government, according to two senior Palestinian officials and a senior official from the party, Fatah, who all spoke on condition of anonymity.

Vaccines have also been secretly given to top figures at major news outlets run by the authority, according to one of the senior Palestinian officials and two employees at those outlets. Family members of certain government officials and Fatah leaders were also given the vaccines, the senior official and a former government official said.

Already frustrated at their exclusion from Israel’s world-leading vaccination program, ordinary Palestinians now accuse their leaders of hoarding some of the relatively few vaccines that the authority has obtained, even amid a surge in infections and tightened restrictions.

“Of course it’s understandable and acceptable that the president, prime minister and ministers take the vaccination before others — this is the case everywhere in the world,” said Hasan Ayoub, the chairman of the political science department at An Najah University in Nablus. “But there’s absolutely no justification for giving the very small number of vaccines we have to other people close to power at the expense of those who most need them.”

Several government officials did not respond to requests for comment on the accusations.

In public statements, the Health Ministry did not admit to any wrongdoing. It has acknowledged receiving 12,000 vaccines — 10,000 from Russia and 2,000 from Israel. Of those, it says that 2,000 were sent to the Gaza Strip, which is under the de facto authority of Hamas, the militant group, and 200 to the royal court in Jordan, where some Palestinian leaders live. And of the remaining 9,800, 90 percent were given to frontline health workers, the ministry said in a statement on Tuesday.

The ministry said that the remainder had been given to officials in the presidency and prime ministry, election officials, some international embassies, members of the national soccer team and roughly 100 students who needed the vaccine to travel.

Ivermectin is typically used to treat parasitic worms in both people and animals. Credit…Luis Robayo/Agence France-Presse — Getty Images

Ivermectin, an anti-parasitic drug that has been touted as a potential Covid-19 treatment, does not speed recovery in people with mild cases of the disease, according to a randomized controlled trial published in the journal JAMA today.

Ivermectin is typically used to treat parasitic worms in both people and animals. Scientists have previously reported that the drug can prevent some viruses from replicating in cells. Last year, researchers in Australia found that high doses of ivermectin suppressed SARS-CoV-2, the virus that causes Covid-19, in cell cultures.

The finding raised hopes that the drug might prove effective against Covid-19, and it has been widely used during the pandemic, especially in Latin America.

But rigorous data on the drug’s effectiveness in people has been lacking, and some scientists suspect that effectively inhibiting the coronavirus may require extremely high, potentially unsafe doses of the drug. The Covid-19 treatment guidelines from the National Institutes of Health note that there is not enough evidence “to recommend either for or against” using the drug in Covid-19 patients.

In the new study, a team of researchers in Colombia randomly assigned more than 400 people who had recently developed mild Covid-19 symptoms to receive a five-day course of either ivermectin or a placebo. They found that Covid-19 symptoms lasted about 10 days, on average, among people who received the drug, compared to 12 days among those who received the placebo, a statistically insignificant difference.

The new trial adds much-needed clinical data to the debate over using the drug to treat Covid-19, said Dr. Regina Rabinovich, a global health researcher at Harvard’s T.H. Chan School of Public Health, who was not involved in the study.

But she noted that the trial was relatively small and that it did not answer the most pressing clinical question, which is whether ivermectin can prevent severe disease or death. “Duration of symptoms may not be the most important either clinical or public health parameter to look at,” she said.

Bigger trials, some of which are currently underway, could help provide more definitive answers, said Dr. Rabinovich, who noted that she was “totally neutral” on ivermectin’s potential usefulness. “I just want data because there’s such chaos in the field.”

Some gorillas in a troop at the San Diego Zoo tested positive for the coronavirus in January. Zoo officials have been using an experimental vaccine on other apes, like orangutans and bonobos. Credit…Ken Bohn/San Diego Zoo Global, via, via Reuters

The San Diego Zoo has given nine apes an experimental coronavirus vaccine developed by Zoetis, a major veterinary pharmaceuticals company.

In January, a troop of gorillas at the zoo’s Safari Park tested positive for the virus. All are recovering, but even so, the zoo requested help from Zoetis in vaccinating other apes. The company provided an experimental vaccine that was initially developed for pets and is now being tested in mink.

Nadine Lamberski, a conservation and wildlife health officer at San Diego Zoo Global, said the zoo vaccinated four orangutans and five bonobos with the experimental vaccine, which is not designed for use in humans.

She said one gorilla at the zoo was also scheduled to be vaccinated, but the gorillas at the wildlife park were a lower priority because they had already tested positive for infection and had recovered. Dr. Lamberski said she would vaccinate the gorillas at the wildlife park if the zoo received more doses of the vaccine.

Mahesh Kumar, senior vice president of global biologics for Zoetis, said the company is increasing production, primarily for its pursuit of a license for a mink vaccine, and will provide more doses to the San Diego and other zoos when possible. “We have already received a number of requests,” he said.

Infection of apes is a major concern for zoos and conservationists. They easily fall prey to human respiratory infections, and common cold viruses have caused deadly outbreaks in chimpanzees in Africa. Genome research has suggested that chimpanzees, gorillas and other apes will be susceptible to SARS-CoV-2, the virus that has caused the pandemic. Lab researchers are using some monkeys, like macaques, to test drugs and vaccines and develop new treatments for the virus.

Scientists are worrying not just about the danger the virus poses to great apes and other animals, but also about the potential for the virus to gain a foothold in a wild animal population that could become a permanent reservoir and emerge at a later date to reinfect humans.

Infections in farmed mink have produced the biggest scare so far. When Danish mink farms were devastated by the virus, which can kill mink just as it kills people, a mutated form of the virus emerged from the mink and reinfected humans. That variant showed resistance to some antibodies in laboratory studies, raising suspicion that vaccines might be less effective against it.

That virus variant has not been found in humans since November, according to the World Health Organization. But other variants have emerged in people in several countries, proving that the virus can become more contagious and in some cases can diminish the effectiveness of some vaccines.

Denmark ended up killing as many as 17 million mink — effectively wiping out its mink farming industry. In the United States, thousands of mink have died, and one wild mink has tested positive for the virus.

Although many animals, including dogs, domestic cats, and big cats in zoos, have become infected by the virus through natural spread, and others have been infected in laboratory experiments, scientists say that widespread testing has yet to find the virus in any animal in the wild other than the one mink.

National Geographic first reported the vaccination of the apes at the San Diego Zoo.

Offloading boxes of Oxford-AstraZeneca shots in Accra, Ghana, last month. The doses were among the first deliveries of a global initiative called Covax, created to ensure that poorer countries could obtain vaccines.Credit…Francis Kokoroko/Reuters

When 600,000 doses of the Oxford-AstraZeneca vaccine arrived in Ghana last week, Owusu Akoto, chief executive of a logistics company, was there alongside health officials to receive them.

Mr. Akoto’s company, FreezeLink, has a fleet of temperature-controlled trucks and was one of a few private companies helping the government to keep vaccines cooled before distribution. He is also partnering with a drone operator to reach some rural communities.

A former management consultant, Mr. Akoto founded his company in the hope of addressing food waste in Ghana, but he said that being involved in vaccine distribution had brought both pride and a sense of relief.

“It’s emotional. It feels a bit raw,” Mr. Akoto said in an interview from the Ghanaian capital, Accra. He said that his cousin had recently died after contracting the coronavirus. “The vaccine could have saved his life.”

The doses were the first delivery in a global initiative called Covax, created to ensure that poorer countries that would struggle to buy coronavirus shots on the open market could still receive them. Officials hope to deliver two billion vaccines worldwide through the initiative this year, though they say that the program faces a funding gap of billions of dollars.

By Thursday, about 10 million doses had been delivered to 11 countries in Africa through the Covax program, according to the World Health Organization.

Some vaccines, like those of Pfizer and Moderna, must be kept at deep-freeze temperatures for much of their time in storage and during delivery, a requirement that has long been a concern for distributors in areas with less infrastructure. But the AstraZeneca vaccine only needs to be stored at a temperature of 2 to 8 degrees Celsius, or about 35 to 46 degrees Fahrenheit, which makes it easier to handle by regular cold-storage companies.

Mr. Akoto said that a priority so far had been in areas with a surge in new infections. His company is also working with Zipline, a drone company, that is helping to deliver vaccines to more rural parts of Ghana that are harder to reach by road. Zipline said it was providing “on-demand, last-mile delivery” of the vaccine.

Mr. Akoto acknowledged that Ghana had a long way to go to inoculate the entire population of about 30 million, and he said he was concerned about vaccine skepticism.

“But the journey of a million miles just became that much shorter,” he said.

Categories
Business

Stay Inventory Market Updates – The New York Occasions

Here’s what you need to know:

Credit…Elaine Cromie for The New York Times

The economy continues to slowly rebound from the worst of the pandemic, but claims for unemployment benefits remain high by historical standards, a sign of how long it will take for the job market to recover fully.

Initial jobless claims rose last week, the Labor Department reported Thursday, after a big drop in the previous week.

A total of 748,000 workers filed first-time claims for unemployment benefits in the week that ended Feb. 27, 32,000 higher than the week before. In addition, 437,000 new claims were filed for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits, a rise of 9,000.

Neither figure is seasonally adjusted. On a seasonally adjusted basis, new state claims totaled 745,000, an increase of 9,000.

Claims are lower than they were when coronavirus cases spiked early last year. With the virus easing since then in many places, some restrictions on business activity have been rolled back. That has helped the job market somewhat.

The increase in claims last week included a big jump in Ohio and Texas, as the latter recovered from severe winter storms last month.

“We knew there was some backlog in Texas and claims would likely go back up,” said Gregory Daco, chief U.S. economist at the forecasting firm Oxford Economics. “Despite expectations for record-breaking growth in 2021, the job market is still quite fragile.”

Gov. Greg Abbott of Texas said Tuesday that the state was lifting all restrictions on business and eliminating its mask requirement, moves that drew criticism from President Biden. Elsewhere, officials have been more cautious — in Chicago, parks and playgrounds reopened, while in Massachusetts, capacity restrictions on restaurants have been lifted.

“The labor market is continuing to gradually improve,” said Scott Anderson, chief economist at Bank of the West in San Francisco. “Job growth will accelerate, perhaps as soon as the second quarter, with decent gains in leisure and hospitality and travel.”

Even so, the number of new filers remains extremely high by historical standards, a sign of just how entrenched the pandemic remains one year after it first struck.

“We are still dealing with millions of unemployed Americans,” said Gus Faucher, chief economist at PNC Financial Services Group. “It’s going to take a long time to get back to normal, but job growth will be stronger as we head into the spring.”

The United States will suspend retaliatory tariffs of up to 25 percent on Scotch whisky while British and U.S.officials seek to resolve a trade dispute.Credit…Denis Balibouse/Reuters

The United States will suspend retaliatory tariffs against Britain for four months, including on Scotch whisky, arising from the longstanding trade dispute about subsidies for Boeing and Airbus. The two governments said they would use the time to try to come up with a long-term solution to the trade disagreement.

Since Britain left the European Union, it has sought to forge its own trade policy and secure a free-trade deal with the United States. On Jan. 1, the British government ended its retaliatory tariffs on Boeing and other goods, which were imposed by the European Union, in an effort to smooth over its relationship with the Biden administration. The decision essentially separated Britain from the dispute about aircraft subsidies between the European Union and United States. (That said, the U.S. trade representative argued Britain did not have the legal standing to keep imposing these tariffs outside the bloc.)

The tariff suspension is expected to help several types of British exporters, especially the Scotch whisky industry. In October 2019, a 25 percent tariff was placed on Scotch whisky and exports to the United States have since dropped 35 percent, costing companies more than £500 million (about $700 million), the industry’s trade group said. Cashmere and Stilton cheese producers will also benefit, the government said.

The decision “shows what the U.K. can do as an independent trading nation, striking deals that back our businesses and support free and fair trade,” Boris Johnson, Britain’s prime minister, said in a statement.

The suspension “will allow time to focus on negotiating a balanced settlement to the disputes, and begin seriously addressing the challenges posed by new entrants to the civil aviation market from nonmarket economies, such as China,” the Office of the U.S. Trade Representative and British Department of International Trade said in a joint statement.

What did Jay-Z and Jack Dorsey talk about when they went yachting around the Hamptons together last summer? Perhaps only Beyoncé knows.

Maybe now we do, too. Square, the mobile payments company led by Mr. Dorsey, announced on Thursday its plan to acquire a “significant majority” of Tidal, the streaming music service owned by Jay-Z and other artists — including Beyoncé, Jay-Z’s wife, and Rihanna, who is a client of Jay-Z’s entertainment management company, Roc Nation.

Square will pay $297 million in stock and cash for the stake in Tidal. Jay-Z will join Square’s board.

Credit…Sam Hodgson for The New York TimesCredit…Anushree Fadnavis/Reuters

The announcement comes less than two weeks after Jay-Z announced that he would sell 50 percent of his champagne company, Armand de Brignac — better known as Ace of Spades — to LVMH Moët Hennessy Louis Vuitton amid a downturn in the entertainment industry caused by the pandemic that has affected some of Jay-Z’s holdings.

“I think Roc Nation will be fine,” Jay-Z said in an interview last month about the sale of Armand de Brignac. “Like all entertainment companies, it will eventually recover. You just have to be smart and prudent at a time like this.”

Also last month, Mr. Dorsey, who is also the chief executive of Twitter, announced that he and Jay-Z had endowed a Bitcoin trust to support development in India and Africa.

Tidal, which Jay-Z bought in partnership with other artists in 2015 for $56 million, provides members access to music, music videos and exclusive content from artists, but the streaming music industry has been dominated by competitors like Spotify, Apple and Amazon.

In 2017, Jay-Z sold 33 percent of the company to Sprint for an undisclosed amount. (After a merger, Sprint is now a part of T-Mobile.) Earlier this week, Jay-Z bought back the shares from T-Mobile, and most will be sold to Square as part of the deal.

Mr. Dorsey and Jay-Z began to discuss the acquisition “a few months ago,” said Jesse Dorogusker, a Square executive who will lead Tidal on an interim basis.

“It started as a conversation between the two of them,” he said. “They found that sense of common purpose.”

Mr. Dorogusker said Square, which was founded in 2009, will offer financial tools to help Tidal’s artists collect revenue and manage their finances. “There are other tools they need to be successful and that we’re going to build for them,” he said.

Apollo Global Management, a private equity firm, is acquiring the Venetian resort in Las Vegas, citing increased bookings for trips to Las Vegas.Credit…Ethan Miller/Getty Images

Almost a year ago, on March 11, the World Health Organization officially declared that the spread of the coronavirus was a pandemic. Lockdowns and social distancing soon became a fact of life, and companies that rely on people gathering and moving around were hit hard.

But in recent weeks, many of these businesses have said they see signs that people are preparing to go out again: to the office, on vacation and elsewhere. Taken together, the DealBook newsletter notes, these indicators suggest that a reopening might be around the corner, as vaccines roll out, the weather changes or people simply seek out something new after so long in isolation. (Scientists say that people should be careful even after being vaccinated.)

Apparel. Richard Hayne, the chief executive of Urban Outfitters, told investors this week that its brands had recently been selling more “going out-type apparel.” In the last week of February, seven of Anthropologie’s top 10 sellers online were dresses, which may suggest that shoppers are preparing for life beyond Zoom. “Over the past year, we were lucky if they included one or two dresses,” Mr. Hayne said.

Concert tickets. “We’re feeling more optimistic than we were a month ago,” Live Nation’s chief executive, Michael Rapino, said on an earnings call last week. When the company recently released nearly 200,000 tickets for summer music festivals in Britain, they sold out in days.

Trips to Vegas. Tom Reeg, the chief executive of the casino giant Caesars Entertainment, told analysts that bookings were up 20 percent month on month. “It’s almost like a switch was flipped sometime late January, early February,” he said last week. Apollo Global Management’s co-head of private equity, David Sambur, cited these numbers when explaining the firm’s big bet on a Las Vegas recovery: the $6.25 billion acquisition of the Venetian casino and expo center announced on Wednesday.

Cruise bookings. Royal Caribbean’s chief executive, Michael Bayley, recently told investors that the company recorded a 30 percent jump in new bookings this year, compared with the last two months of 2020. A large share are people over 65, who are counting on being vaccinated soon, Mr. Bayley suggested. The company, which suspended most cruises through April, began a $1.5 billion stock sale this week.

Gym memberships. January was the first month that Planet Fitness saw a net increase in memberships since the pandemic began, according to Chris Rondeau, the gym chain’s chief. The uptick “reinforces our belief that people want to return to bricks-and-mortar fitness,” he told analysts.

But not movie tickets (yet). Alamo Drafthouse filed for bankruptcy on Wednesday, making it one of the most prominent movie chains to seek Chapter 11 protection during the pandemic. Still, it expressed some optimism, “because of the increase in vaccination availability, a very exciting slate of new releases and pent-up audience demand,” said Tim League, the company’s founder.

The Federal Reserve chair, Jerome H. Powell, has said the central bank would not cut support for the economy anytime soon. Credit…Pool photo by Susan Walsh

The market conniptions of recent days are a direct result of several developments that point to the brightening prospects of economic recovery. Vaccinations are rising, retail sales and industrial production have been surprisingly solid and, perhaps most important, the Biden administration is expected to push its $1.9 trillion stimulus plan through Congress in the coming days.

One clear consequence is expected to be strong growth. Wall Street economists now expect output to rise by nearly 5 percent in 2021. Such robust growth — it would be the best year for the economy since 1984 — would seem like a good thing for stocks.

But growth brings with it the possibility of rising inflation, which in turn could prompt the Federal Reserve to raise interest rates — and that’s what investors are reacting to, with different consequences for the stock and bond markets, Matt Phillips reports for The New York Times.

Few economists see a significant risk of runaway inflation, but investors say that the mere possibility of painful price growth might drive the Fed to raise interest rates to tamp down the economy.

That would be bad for bond owners. If the Fed raised rates, rates around the bond market would climb. Then the price of bonds that investors hold would have to fall until they produced yields that were comparable to the new, higher rates in the market.

In expectation of that, investors are demanding a higher return now in the form of a higher yield on their bonds. Higher rates can be a problem for the stock market’s performance. One reason is that high interest rates 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.

Saudi Aramco’s Ras Tanura oil refinery and terminal in Saudi Arabia. Saudi officials volunteered to cut oil production by one million barrels a day at the last OPEC meeting.Credit…Ahmed Jadallah/Reuters

The Organization of the Petroleum Exporting Countries and its allies, including Russia, are expected to meet by videoconference on Thursday to consider a potential but by no means certain production increase of as much as 1.5 million barrels a day.

Analysts say the combined group, called OPEC Plus, could increase the supply of oil without undermining its price on global markets. After collapsing last spring, oil prices have risen to pre-pandemic levels in recent weeks, with Brent crude, the global benchmark, reaching nearly $67 a barrel in late February.

Vaccination programs against the coronavirus are gathering pace, potentially leading to increased economic activity and greater demand for oil this year. In addition, production growth from shale producers in the United States is expected to be restrained this year.

Petroleum heavyweights that are curtailing production, like Russia and the United Arab Emirates, would like to put some of that oil back on the market. On the other hand, Saudi Arabia, OPEC’s de facto leader, continues to urge caution while apparently seeking even higher prices.

After January’s OPEC meeting, Saudi Arabia voluntarily agreed to cut its own production by one million barrels a day, to about 8.1 million barrels a day. That cut is scheduled to expire in April, and it remains uncertain what the Saudis will do. Prince Abdulaziz bin Salman, the Saudi oil minister, clearly enjoys surprising the market and upending what he thinks are traders’ expectations.

On Wednesday, a preparatory technical committee meeting did not produce a formal recommendation, analysts say.

“Once again, it seems that Russia and U.A.E. are pressing for a collective OPEC Plus increase, while Saudi Arabia and Algeria are seeking to keep output unchanged for the time being,” Helima Croft, an analyst at RBC Capital Markets, an investment bank, wrote in a note to clients.

In January, OPEC Plus reached an unusual compromise that allowed modest increases to Russia and Kazakhstan that were offset by the substantial cuts that Saudi Arabia volunteered after the meeting.

The outcome of the meeting on Thursday may depend once again on how much production the Saudis are willing to sacrifice to gain higher prices.

Disney will close 30 percent of its stores in North America this year.Credit…Joshua Lott for The New York Times

After 33 years as a shopping mall mainstay, Mickey Mouse is mostly calling it a day.

The Walt Disney Company said on Wednesday that it would dramatically downsize its chain of Disney Stores, which have struggled amid the pandemic and a broader consumer shift to online shopping. At least 60 locations in North America — 30 percent of the Disney Store footprint in the region — will close this year.

The company described the closures as the “beginning” of its downsizing effort. A significant number of overseas stores are also expected to close. According to its 2020 annual report, Disney has about 60 stores in Europe.

The Disney Store chain was founded in 1987 and once numbered more than 1,000 locations worldwide. For a time in the early 1990s, during a boom for shopping malls, Disney even experimented with an adjacent spinoff chain of Mickey’s Kitchen restaurants, where items included Dumbo burgers, Pinocchio pizzas and fries shaped like Donald Duck.

Disney redesigned many Disney Store locations in 2017 in an attempt to boost business, incorporating live video feeds from its theme parks and shifting the merchandise mix away from toys and toward fashion-conscious young adults. Results were mixed. In 2019, as shopping malls continued to struggle, Disney expanded its merchandising presence at Target stores, a move that analysts viewed as the beginning of the end for the stand-alone Disney Store business.

ShopDisney, the company’s online store, will expand over the next year and become more integrated with Disney’s theme park apps and social media platforms, according to Stephanie Young, president of Disney Consumer Products, Games and Publishing.

Stocks on Wall Street fell on Thursday, heading for a third-consecutive daily decline, led again by a drop in technology stocks.

The S&P 500 fell more than half a percent, following similar declines in the Stoxx Europe 600 and the FTSE 100. The three days of selling on Wall Street has left the S&P 500 down more than 2.5 percent.

The 10-year U.S. yield was at 1.46 percent on Thursday. Rising government bond yields have rattled tech stocks especially hard because they have been some of the biggest gainers over the past year and partly supported by central bank’s easy money policies. On Thursday, the tech-heavy Nasdaq composite fell more than 1 percent.

The market volatility has actually been caused by good news: an economic rebound, which investors worry will cause inflation. Few economists see a significant risk of runaway inflation, but investors say that the mere possibility of painful price growth might drive the Federal Reserve to raise interest rates to tamp down a heated economy. And that would be bad for bonds.

Despite policymakers mostly brushing off the worries, more investors think the Fed might have to intervene. To address these worries, the Fed could buy the long-dated bonds where yields are rising or put in place a policy of yield curve control.

Mark Zuckerberg, the Facebook chief executive, testifying in October. Before the ban on political ads, he had said he wanted to maintain a hands-off approach toward speech on Facebook.Credit…Pool photo by Michael Reynolds

  • Facebook said on Wednesday that it planned to lift its ban on political advertising across its network, resuming a form of digital promotion that has been criticized for spreading misinformation and falsehoods and inflaming voters. The social network said it would allow advertisers to buy new ads about “social issues, elections or politics” beginning on Thursday, according to a copy of an email sent to political advertisers and viewed by The New York Times.

  • Darren W. Woods, the chief executive of Exxon Mobil, said in an interview before an annual presentation to investors that Exxon would try to set a goal for not emitting more greenhouse gases than it removed from the atmosphere, though he said it was still difficult to say when that might happen. Under pressure from activist investors, Exxon said this week that it was adding two new directors with no previous ties to fossil fuels to its board. The company recently said it would create a new business that captured carbon dioxide from industrial plants and buried it deep in the ground. It also recently invested in Global Thermostat, a company that aims to suck carbon dioxide out of the air.

Categories
World News

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

Here’s what you need to know:

Credit…Doug Mills/The New York Times

President Biden’s call on Tuesday to have every school employee receive at least one vaccine shot by the end of this month has elevated his push to reopen schools even before the nation is fully inoculated. At the White House’s direction, vaccinations will be available at local pharmacies through a federal program. But with the states setting priorities for eligibility otherwise, there remains a limit on actually getting shots in arms.

To amplify Mr. Biden’s push, the first lady, Jill Biden, and the newly confirmed education secretary, Miguel Cardona, traveled on Wednesday to the secretary’s home state, Connecticut, to tour an elementary school and a middle school in Meriden, where he grew up. Mr. Cardona left his job as the state’s education commissioner to join Mr. Biden’s cabinet. They will then travel to Waterford, Pa., to meet with parents.

Parents across the country are frustrated with the pace of reopening, and in some cases, are starting to rebel. Nationally, fewer than half of students are attending public schools that offer traditional in-person instruction full time. And many teachers have rejected plans to return to the classroom without being vaccinated.

Even so, most schools are already operating at least partially in person, and evidence suggests that they are doing so relatively safely. Research shows in-school virus spread can be mitigated with simple safety measures like masking, distancing, hand-washing and open windows.

“Let’s treat in-person learning like an essential service that it is,” Mr. Biden said on Tuesday, even as he noted that not every school employee would be able to get a vaccine next week. “And that means getting essential workers who provide that service — educators, school staff, child care workers — get them vaccinated immediately.”

Educators will be able to sign up to receive a vaccine through a local drug store as part of a federal program in which shots are delivered directly to pharmacies, Mr. Biden said.

At least 34 states and the District of Columbia are already vaccinating school workers to some extent, according to a New York Times database. Others were quick to fall in line after Mr. Biden announced his plan. On Tuesday, Washington State added educators and licensed child care workers to its top tier for priority, accelerating its plan by a few weeks.

In guidelines issued last month, the Centers for Disease Control and Prevention urged that elementary and secondary schools be reopened as soon as possible, and offered a step-by-step plan to get students back in classrooms. While the agency recommended giving teachers priority, it said that vaccination should “nevertheless not be considered a condition for reopening schools for in-person instruction.”

Many schools are already fully open in areas with substantial or high community transmission, where the agency suggests schools be open only in hybrid mode or in distance-learning mode. The agency says those schools can remain open if mitigation strategies are consistently implemented, students and staff are masked, and monitoring of cases in school suggests limited transmission.

The agency’s guidelines say that six feet of distancing between individuals is required at substantial and high levels of community transmission. Many school buildings cannot accommodate that, which may lead some districts to stick with a hybrid instruction model when they might otherwise have gone to full in-person instruction.

Many local teachers’ unions remain adamantly opposed to restarting in-person learning now, saying that school districts do not have the resources or the inclination to follow C.D.C. guidance on coronavirus safety. Without vaccinations, the unions say, adults in schools would remain vulnerable to serious illness or death from Covid-19 because children, while much less prone to illness, can nevertheless readily carry the virus. Studies suggest that children under 10 transmit the virus about half as efficiently as adults do, but older children may be much like adults.

The unions have a ready ear in the White House. Ms. Biden, a community college professor, is a member of the National Education Association, and the president has a long history with the unions. Ms. Biden and Mr. Cardona were scheduled to meet with Randi Weingarten, the president of the American Federation of Teachers, in Connecticut, and with Becky Pringle, the N.E.A. president, in Pennsylvania.

Epidemiological models have shown that vaccinating teachers could greatly reduce infections in schools. “It should be an absolute priority,” said Carl Bergstrom, an infectious diseases expert at the University of Washington in Seattle.

Still, requiring that teachers be vaccinated could greatly slow the pace of school reopenings, he and other experts acknowledged.

Teachers’ unions want not just vaccination, but also that districts improve ventilation and ensure six feet of distancing — two measures that have been shown to reduce the spread of the virus. (The C.D.C. guidelines emphasize six feet of distance only when prevalence of the virus is high, and nodded only briefly to the need for ventilation.) The unions have also insisted that schools not open until the infection rates in their communities are very low.

Katie Rogers contributed reporting.

United States › United StatesOn March 2 14-day change
New cases 57,789 –19%
New deaths 1,306* –9%

*Ohio removed deaths

World › WorldOn March 2 14-day change
New cases 288,926 +1%
New deaths 9,291 –18%

U.S. vaccinations ›

Where states are reporting vaccines given

Tracy Davie, left, and Renee Thevenot, both wearing masks, shopping in Austin, Texas, in January.Credit…Tamir Kalifa for The New York Times

Gov. Greg Abbott of Texas said on Tuesday that he was ending his statewide mask mandate, effective March 10, and that all businesses in the state could then operate with no capacity limits.

“I just announced Texas is OPEN 100%” he tweeted on Tuesday afternoon. “EVERYTHING.”

Mr. Abbott took the action after federal health officials warned governors not to ease restrictions yet because progress across the country in reducing coronavirus cases appears to have stalled in the last week.

“To be clear, Covid has not, like, suddenly disappeared,” Mr. Abbott said. “Covid still exists in Texas and the United States and across the globe.”

Even so, he said, “state mandates are no longer needed” because advanced treatments are now available for people with Covid-19, the state is able to test large numbers of people for the virus each day and 5.7 million vaccine shots have already been given to Texans.

Speaking to reporters at a Chamber of Commerce event in Lubbock on Tuesday afternoon, Mr. Abbott, a Republican, said that most of the mandates issued during the peak of the pandemic in the state would be lifted; he did not specify which mandates would remain. He said top elected officials in each county could still impose certain restrictions locally if hospitals in their region became dangerously full, but could not jail anyone for violating them.

“People and businesses don’t need the state telling them how to operate,” he said.

Target and Macy’s said on Tuesday that they would continue requiring customers and employees to wear masks, Reuters reported. General Motors and Toyota said their employees in the state would also still be required to wear masks.

Democratic leaders in the state reacted swiftly and harshly to the announcement. “What Abbott is doing is extraordinarily dangerous,” Gilberto Hinojosa, the state party chairman, said in a statement, adding, “This will kill Texans. Our country’s infectious-disease specialists have warned that we should not put our guard down, even as we make progress towards vaccinations. Abbott doesn’t care.”

In states like Florida and South Dakota, schools and businesses have been widely open for months, and many local and state officials across the country have been easing restrictions since last summer. Still, the pace of reopenings has quickened considerably in the past few days.

In Chicago, tens of thousands of children returned to public school this week, while snow-covered parks and playgrounds around the city that have been shuttered since last March were opened. Restaurants in Massachusetts were allowed to operate without capacity limits, and South Carolina erased its limits on large gatherings.

The Biden administration has warned states not to relax restrictions too soon, despite the recent decline in cases. “We stand to completely lose the hard-earned ground we have gained,” the director of the C.D.C., Dr. Rochelle Walensky, said at a White House virus briefing on Monday.

The nation as a whole has been averaging more than 67,000 new cases a day lately, more than at any time during the spring and summer waves of cases, according to a New York Times database.

Texas was among the first states to ease restrictions after the first wave, a move that epidemiologists believe was premature and led to the summer surge across the Sunbelt.

Though conditions in the state and the nation have improved from a huge surge over the holidays, the coronavirus is still spreading rapidly in Texas. The state has been averaging about 7,600 new cases a day recently, rebounding from a drop in February when a severe storm disrupted testing. Texas is among the top 10 states in recent spread, averaging 27 cases for every 100,000 people.

And Texans are still dying of Covid-19 in significant numbers: The state reported an average of 227 Covid-19 deaths a day over the past week, more than any other state except California.

Mayor Sylvester Turner of Houston and the top elected official in Harris County, Lina Hidalgo, both Democrats, wrote to Mr. Abbott on Tuesday before his announcement, asking the governor not to end the mask mandate and calling such a move “premature and harmful.”

“We must continue the proven public health interventions most responsible for our positive case trends, and not allow overconfidence to endanger our own successes,” they wrote.

Mr. Abbott made his reopening announcement in a Mexican restaurant, on the anniversary of Texas’ declaration of independence from Mexico in 1836.

Because of an editing error, an earlier version of this item misspelled Lina Hidalgo’s given name.

Justina Roberta Santos, 84, received a coronavirus vaccine during a campaign to inoculate older people with mobility issues, in Rocinha, Brazil, last month.Credit…Dado Galdieri for The New York Times

Covid-19 has already left a trail of death and despair in Brazil, one of the worst in the world. And now, the country is battling a more contagious variant, even as Brazilians toss away precautionary measures that could keep them safe.

On Tuesday, Brazil recorded more than 1,700 Covid-19 deaths, its highest single-day toll of the pandemic.

Preliminary studies suggest that the variant that swept through the city of Manaus appears able to infect some people who have already recovered from other versions of the virus. And the variant has slipped Brazil’s borders, showing up in small numbers in the United States and other countries.

Although trials of a number of vaccines indicate that they can protect against severe illness even when they do not prevent infection with the variant, most of the world has not been inoculated. That means even people who had recovered and thought they were safe for now might still be at risk, and that world leaders might, once again, be lifting restrictions too soon.

“You need vaccines to get in the way of these things,” said William Hanage, an epidemiologist at Harvard T.H. Chan School of Public Health, speaking of variants that might cause reinfections.

Brazilians hoped that they had seen the worst of the outbreak last year. Manaus, capital of the northern state of Amazonas, was hit so hard in April and May that scientists believed the city may have reached herd immunity.

But then in September, cases in the state began rising again. By January, scientists had discovered that a new variant, which became known as P.1, had become dominant in the state. Within weeks, its danger became clear as hospitals in the city ran out of oxygen amid a crush of patients, leading scores to suffocate to death.

Throughout the pandemic, researchers have said that Covid-19 reinfections appear to be extremely rare, which has allowed people who recover to presume they have immunity, at least for a while. But that was before P.1 appeared.

One way to tamp down the surge would be through vaccinations, but the rollout in Brazil has been slow.

Brazil began vaccinating health care professionals and older adults in late January. But the government has failed to secure a large enough number of doses. Wealthier countries have snapped up most of the supply, while President Jair Bolsonaro has been skeptical both of the disease’s impact and of vaccines.

Margareth Dalcolmo, a pulmonologist at Fiocruz, a prominent scientific research center, said that Brazil’s failure to mount a robust inoculation campaign had set the stage for the current crisis.

“We should be vaccinating more than a million people per day,” she said. “We aren’t, not because we don’t know how to do it, but because we don’t have enough vaccines.”

Other countries should take heed, said Ester Sabino, an infectious-disease researcher at the University of São Paulo who is among the leading experts on the P.1 variant.

“You can vaccinate your whole population and control the problem only for a short period if, in another place in the world, a new variant appears,” she said. “It will get there one day.”

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Dolly Parton Receives Coronavirus Vaccine and Urges Fans to Follow

On Tuesday, the country singer Dolly Parton received “a dose of her own medicine,” a shot of the Moderna vaccine, which she helped fund when she donated $1 million to Vanderbilt University Medical Center.

I’m finally going to get my vaccine. I’m so excited. I’ve been waiting a while. I’m old enough to get it. And I’m smart enough to get it. So I’m very happy that I’m going to get my Moderna shot today. And I want to tell everybody that you should get out there and do it, too. I haven’t changed one of my songs to fit the occasion. It goes vaccine, vaccine, vaccine, vaccine. I’m begging of you, please don’t hesitate. Well, it didn’t take this long to film “9 to 5.” I’m still waiting while I’ve been waiting since December. I’ve been alone herein line. All right. Think you got it? I got it. OK, that didn’t hurt just a little bit, but that was from the alcohol pad, I think. Yeah. OK. All right.

Video player loadingOn Tuesday, the country singer Dolly Parton received “a dose of her own medicine,” a shot of the Moderna vaccine, which she helped fund when she donated $1 million to Vanderbilt University Medical Center.CreditCredit…@Dollyparton, via Reuters

The country music star Dolly Parton has another new gig: Singing the praises of coronavirus shots and getting vaccinated on camera.

Last year, Ms. Parton donated $1 million to Vanderbilt University Medical Center, which worked with the drug maker Moderna to develop one of the first coronavirus vaccines to be authorized in the United States. The federal government eventually invested $1 billion in the creation and testing of the vaccine, but the leader of the research effort, Dr. Mark Denison, said that the singer’s donation had funded its critical early stages.

On Tuesday, Ms. Parton, 75, received a Moderna shot at Vanderbilt Health in Tennessee. “Dolly gets a dose of her own medicine,” she wrote on Twitter.

“Well, hey, it’s me,” she says to her fans in an accompanying video, a minute before a doctor arrives to inoculate her. “I’m finally gonna get my vaccine.”

“I’m so excited,” she added in the video, which racked up more than a million views within about four hours. “I’ve been waiting a while. I’m old enough to get it, and I’m smart enough to get it.”

She also broke into song (naturally), replacing the word “Jolene” in one of her best-known choruses with “vaccine.”

“Vaccine, vaccine, vaccine, vaccine,” she sang, embellishing the last one with her trademark Tennessee lilt. “I’m begging of you please don’t hesitate.”

“Vaccine, vaccine, vaccine, vaccine,” she added, “because once you’re dead, then that’s a bit too late.”

Just before the doctor arrived to inoculate her — or “pop me in my arm,” as she put it — she doubled down on her message.

“I know I’m trying to be funny now, but I’m dead serious about the vaccine,” she said. “I think we all want to get back to normal — whatever that is — and that would be a great shot in the arm, wouldn’t it?”

“I just want to say to all of you cowards out there: Don’t be such a chicken squat,” she added. “Get out there and get your shot.”

Global Roundup

In Berlin last week. Medical experts have warned that Germany is at the beginning of a third wave of the pandemic.Credit…Sean Gallup/Getty Images

Chancellor Angela Merkel of Germany and governors of the country’s states were to meet on Tuesday to talk about what an extension to the nation’s 11-week lockdown could look like. Some governors and federal lawmakers have been calling for an easing of measures. The current restrictions are set to expire next week.

But medical experts have warned that Germany is at the beginning of a third wave of the pandemic, driven in part by more infectious variants, and that continued restrictions are likely.

Christian Drosten, the chief virologist at the Charité hospital in Berlin and a government adviser, said during a podcast on Tuesday, “We are walking into a situation with our eyes closed.”

While some schools in Germany have reopened, most students are not on full schedules. Nonessential businesses are closed nationwide and restaurants have been shuttered since November, when the government first began a “lockdown light,” which proved ineffective in halting growing cases. Restrictions were tightened in December.

Despite the measures, there has been a slight increase in new infections. On Tuesday, the German health authorities registered about 9,000 new cases, about 1,000 more than the same day the week before. A New York Times database puts the seven-day average at 8,172; two weeks ago, it was 6,121.

After meeting with governors on Tuesday afternoon, Ms. Merkel is expected to announce an extension of the lockdown until at least March 28, though businesses like bookstores and flower stores are expected to join hairdressers in being able to open under strict distancing guidelines.

In other news from around the world:

  • In the Netherlands, a pipe bomb exploded at a coronavirus testing center on Wednesday, causing damage but no injuries, the public broadcaster NOS reported. The blast at the center in the town of Bovenkarspel was caused by a “metal pipe that exploded,” Erwin Sintenie, a police spokesman, said. The lone security guard present when the device was detonated was unhurt, though windows were broken, the police said. There have been multiple, and at times violent, protests in the Netherlands against coronavirus restrictions. In January, a testing center in the town of Urk was set alight after the government imposed a curfew.

  • North Korea is expected to receive about 1.7 million doses of the Oxford-AstraZeneca shots by the end of May, according to a report released on Tuesday by Covax, an international body established to promote global access to coronavirus vaccines. The AstraZeneca doses are among about 237 million that Covax says it expects to distribute worldwide over the same period. The North’s state news media has long insisted that the country has no confirmed Covid-19 cases, but outside experts are skeptical.

  • Pelé, the Brazilian former soccer star, said in an Instagram post that he had received a coronavirus vaccine. He noted that the pandemic was “not over yet,” and urged his nearly six million followers to continue wearing masks and taking other safety precautions. “This will pass if we can think of others and help each other,” he wrote. Brazil has reported more than 10.5 million cases and 257,000 deaths, some of the highest tallies in the world.

  • Bharat Biotech, an Indian pharmaceutical company, said on Wednesday that its vaccine, Covaxin, had shown 81 percent efficacy in interim trials. The announcement came two months after Indian regulators approved the shots for emergency use despite a lack of published data showing that they were safe and effective.

People waited in line Sunday with the hope of receiving leftover Covid-19 vaccine doses that would otherwise expire and be tossed out each day at the Kedren Community Health Center on in Los Angeles.Credit…Mario Tama/Getty Images

After weeks of waiting, Judy Franke’s vaccine breakthrough came when her phone rang at 8 p.m. one freezing February night. There were rumors of extra doses at the Minneapolis Convention Center. Ms. Franke, 73, had an hour to get there. No guarantees.

“I called my daughter and she said, ‘I’m putting my boots on right now,’” said Ms. Franke, a retired teacher with a weakened immune system.

Credit…Jenn Ackerman for The New York Times

The clamor for hard-to-get vaccines has created armies of anxious Americans who haunt pharmacies at the end of the day in search of an extra, expiring dose and drive from clinic to clinic hoping that someone was a no-show to their appointment.

Some pharmacists have even given them a nickname: Vaccine lurkers.

Even with inoculation rates accelerating and new vaccines entering the market, finding a shot remains out of reach for many, nearly three months into the country’s vaccination campaign. Websites crash. Appointments are scarce.

The leftover shots exist because the Moderna and Pfizer vaccines have a limited life span once they are thawed and mixed. When no-shows or miscalculations leave pharmacies and clinics with extras, they have mere hours to use the vaccines or risk having to throw them away.

And so, tens of thousands of people have banded together on social-media groups. They trade tips about which Walmarts have extra doses. They report on whether besieged pharmacies are even answering the phone. They speculate about whether a looming blizzard might keep enough people home to free up a slot.

“It’s like buying Bruce Springsteen tickets,” said Maura Caldwell, who started a Facebook page called Minneapolis Vaccine Hunters to help people navigate the search for appointments. The group has about 20,000 members.

Health experts said the scavenger hunt for leftovers highlighted the persistent disparities in the U.S. vaccination rollout, where access to lifesaving medicine can hinge on computer savvy, personal connections and the ability to drop everything to snag an expiring dose.

In Minnesota, when Ms. Franke arrived at the convention center, there were about 20 other people already milling around in the lobby, she said, and a health worker quickly emerged to inform them that there were no leftovers.

But many in the crowd stuck around, and after a half-hour, the vaccination team allowed people 65 and older, teachers and emergency responders to get their shots. Ms. Franke lined up and said she cried with relief on the car ride home to the suburbs.

Medical staff checking an empty ward reserved for Covid patients at a hospital in Bucharest, Romania, last week.Credit…Vadim Ghirda/Associated Press

As vaccination programs continue to be rolled out around the world, many countries are now turning their attention to the pent-up demand for non-Covid-19 health care, which fell by the wayside during months of crisis response.

In Romania, there is a deep concern about an overwhelmed health care system as many people suffering from other health issues have been without care, or missing regular medical appointments, over the past year. That includes cancer patients and those with HIV.

Victor Cauni, interim manager of one of the largest hospitals in the capital, Bucharest, said that the urology ward had gone from performing 400 to 500 medical interventions a month in recent years to barely 50 in total in the past year.

“Whether we like it or not, we have more patients with many other illnesses compared to Covid patients,” he said in an interview with The Associated Press last week. “We need to open for them at least partially. We’re discriminating against patients with serious conditions.”

Health care scandals in Romania in recent years have also left many people cautious about seeking treatment at hospitals, an issue exacerbated by the pandemic. Since November, fires in two hospitals treating coronavirus patients have left more than 20 people dead.

Romania’s spending on its health care system is among the lowest in the European Union, with just 5.2 percent of its G.D.P. allocated toward it. The average in the bloc is around 10 percent.

The Romanian Health Ministry organized a call last month with hospital administrators about the need to evaluate infrastructure and potentially create separate channels for coronavirus patients so that other patients could receive treatment. The ministry is also assessing the ability to use some hospitals solely for the treatment of patients with severe cases of the virus, and return others to handling only patients being treated for other conditions.

“I think it’s only in the second half of this year that we’re going to really understand what happened last year in terms of access to health care,” said Vlad Voiculescu, the Romanian health minister.

Mr. Voiculescu noted that access to treatment had been limited for some patients, especially those in rural and smaller urban areas where hospitals of 300 or 400 beds had been transformed into coronavirus support hospitals.

“This cannot go on,” he said, adding that some hospitals were already set to return to more general usage.

Romania has largely kept the spread of the coronavirus in check, putting in place tight restrictions early on that limited the number of infections. Still, there have been more than 800,000 confirmed cases and more than 20,500 deaths in the country, which has a population of around 19 million.

Like the rest of the world, Romania is bracing for another potential wave in cases, with concerning variants of the virus on the rise.

“We have the vaccination campaign,” Mr. Voiculescu said, adding, “We do have the mechanisms in place for more precautionary measures if there’s going to be another wave.”

Jacori Owens-Shuler, an industrial designer, back at work in the Vivint Innovation Center in Lehi, Utah, last month.Credit…Kim Raff for The New York Times

Corporate executives around the United States are wrestling with how to reopen offices as the pandemic starts to loosen its grip. Businesses — and many employees — are eager to return to some kind of normal work life: going back to the office, grabbing lunch at their favorite restaurant or stopping for drinks after work.

While coronavirus cases are declining and vaccinations are rising, many companies have not committed to a time and strategy for bringing employees back. The most important variable, many executives said, is how long it will take for most workers to be vaccinated.

Another major consideration revolves around the children of employees. Companies say they can’t make firm decisions until they know when local schools will reopen for in-person learning.

Then there is a larger question: Does it make sense to go back to the way things were before the pandemic, given that people have become accustomed to the rhythms of remote work?

More than 55 percent of people surveyed by the consulting firm PwC late last year said that they would prefer to work remotely at least three days a week after the pandemic recedes. But their bosses appear to have somewhat different preferences — 68 percent of employers said that they believed employees needed to be in the office at least three days a week to maintain corporate culture.

Some companies that have begun trying to get workers back to the office — like Vivint, a home-security business based in Provo, Utah, that has more than 10,000 employees across the United States — say they are doing so on a voluntary basis.

Vivint is allowing 40 percent of its 4,000 employees in Utah to return, though only about 20 percent have chosen to do so regularly.

To accommodate social distancing, Vivint has restricted access to each building to a single entrance, where employees have their temperature taken. Signs remind employees to wear masks at all times, and the company has limited capacity in conference rooms.

Vivint also has an on-site clinic that has been offering 15-minute rapid virus tests to employees and their families.

The company hopes to use the clinic to distribute coronavirus vaccines to its workers when Utah allows it to do so.

“We’ve never faced a worker shortage like this in my 40 years,” said Peter Hall at his orchard in Shepparton, Australia. “I suspect for each lot of crop, we’ll just not get there in time.”Credit…Asanka Brendon Ratnayake for The New York Times

The pandemic has exposed the unstable foundation of Australia’s agriculture industry, a $54 billion-a-year goliath that has long been underpinned by the work of young, transient foreigners.

Border closures and other measures to keep the coronavirus out of the country have left Australia with a deficit of 26,000 farmworkers, according to the nation’s top agriculture association. As a result, tens of millions of dollars in crops have gone to waste from coast to coast.

“We’ve never faced a worker shortage like this in my 40 years,” said Peter Hall, who owns an orchard in southeastern Australia. “I suspect for each lot of crop, we’ll just not get there in time.”

This enormous crop destruction has fueled rising calls for Australia to rethink how it secures farm labor, with many pushing for an immigration overhaul that would give agricultural workers a pathway to permanent residency.

Since 2005, the government has steered young travelers to farms by offering extensions of working holiday visas from one year to two for those who have completed three months of work in agriculture. Backpackers can earn extensions by working in other industries like construction or mining, but 90 percent do so through farm work.

In a normal year, more than 200,000 backpackers would come to Australia, making up 80 percent of the country’s harvest work force, according to industry groups.

Now, there are just 45,000 in the country, according to government data, and attempts to fill the labor shortage with unemployed Australians have been largely unsuccessful.

The federal government has flown in workers from nearby Pacific islands, which have largely avoided the pandemic. But with border restrictions in place, the arrangements have sometimes been convoluted.

Nationwide, only about 2,400 workers have been flown into the country since the borders were shut, according to the National Farmers’ Federation.

President Biden gave updates on the pandemic at the White House on Tuesday. He said his government had provided support to Johnson & Johnson to enable the company and its partners to make vaccines around the clock.Credit…Doug Mills/The New York Times

President Biden said on Tuesday that the United States was “on track” to have enough supply of coronavirus vaccines “for every adult in America by the end of May,” accelerating his effort to deliver the nation from the worst public health crisis in a century.

In a brief speech at the White House, Mr. Biden said his administration had provided support to Johnson & Johnson that would enable the company and its partners to make vaccines around the clock. The administration had also brokered a deal in which the pharmaceutical giant Merck would help manufacture the new Johnson & Johnson coronavirus vaccine.

Merck is the world’s second-largest vaccine manufacturer, though its own attempt at a coronavirus vaccine was unsuccessful. Officials described the partnership between the two competitors as historic and said it harked back to Mr. Biden’s vision of a wartime effort to fight the coronavirus, similar to the manufacturing campaigns when Franklin D. Roosevelt was president.

Originally, Johnson & Johnson’s $1 billion contract, negotiated last year when Donald J. Trump was president, called for the company to deliver enough doses for 87 million Americans by the end of May. Added to pledges from Moderna and Pfizer-BioNTech to deliver enough doses to cover a total of 200 million Americans by that date, the contract would have given the country enough vaccine for all adults 18 and older.

But Johnson & Johnson and its partners fell behind in their manufacturing. Although the company was supposed to deliver its first 37 million doses by the end of March, it said that it would be able to deliver only 20 million doses by that date, which made Biden aides nervous.

In late January, Jeffrey D. Zients, Mr. Biden’s coronavirus response coordinator, and Dr. David Kessler, who is managing vaccine distribution for the White House, reached out to top officials at the company, including Alex Gorsky, its chief executive, with a blunt message: This is unacceptable.

That led to a series of negotiations in February in which administration officials repeatedly pressured Johnson & Johnson to accept that they needed help, while urging Merck to be part of the solution, according to two administration officials who participated in the discussions.

In a statement on Tuesday, Merck said that the federal government would pay it up to $269 million to adapt and make available its existing facilities to produce coronavirus vaccines.

One federal official, who spoke on the condition of anonymity, said other steps that the administration took would move up Johnson & Johnson’s manufacturing timeline.

Those steps, said Jen Psaki, the White House press secretary, included providing a team of experts to monitor manufacturing and logistical support from the Defense Department. In addition, the president will invoke the Defense Production Act, a Korean War-era law, to give Johnson & Johnson access to supplies necessary to make and package vaccines.

“This is a type of collaboration between companies we saw in World War II,” Mr. Biden said at the White House. He thanked Merck and Johnson & Johnson for “stepping up and being good corporate citizens during this crisis.”

Noah Weiland contributed reporting.

Offices in Manhattan. Property taxes can make up 30 percent or more of the money that cities and towns take in and use to fund schools, police forces and other public services.Credit…Timothy A. Clary/Agence France-Presse — Getty Images

Dormant offices, malls and restaurants have turned cities around the country into ghost towns. They foreshadow a fiscal time bomb for municipal budgets, which are heavily reliant on property taxes and are facing real-estate revenue losses of as much as 10 percent in 2021, according to government finance officials.

While many states had stronger-than-expected revenue in 2020, a sharp decline in the value of commercial properties is expected to take a big bite out of city budgets when those empty buildings are assessed in the coming months. For states, property taxes account for just about 1 percent of tax revenue, but they can make up 30 percent or more of the taxes that cities and towns take in and use to fund local schools, police forces and other public services.

The coming fiscal strain has local officials from both parties pleading with the Biden administration and members of Congress to quickly approve relief for local governments.

Lawmakers in Washington are negotiating over a stimulus package that could provide as much as $350 billion to states and cities. The aid would come after a year of clashes between Democrats and Republicans over whether assistance for local governments is warranted or if it’s simply a bailout for poorly managed states.

On Saturday, the House passed a $1.9 trillion bill that would provide aid to cities and states and garnered no Republican support. The Senate is expected to take up the bill this week with a vote that is likely to break down along similar party lines. Republicans have continued to object to significant aid for states, saying most are in decent financial shape and cherry-picking data to support their argument, such as revised budget estimates that show improvement because of previous rounds of federal stimulus, including generous unemployment benefits.

For local officials from both parties, however, the help cannot come soon enough and they have been making their concerns known to Treasury officials and members of Congress.

The pandemic has upended America’s commercial property sector. In cities across the country, skyscrapers are dark, shopping centers are shuttered and restaurants have been relegated to takeout service. Social-distancing measures have redefined workplaces and accelerated the trend of telecommuting.

American cities are facing red ink for a broad swath of reasons but the pain is unevenly distributed. In some cases, a rise in residential real-estate values will make up for the commercial property downturn, and some segments, such as warehouses, have been doing well as online shopping lifts demand for distribution centers. States that do not have income taxes, such as Florida and Texas, are more vulnerable to fluctuations in real-estate values.

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Britain’s chancellor, Rishi Sunak, announced a wide range of measures on Wednesday to support the country’s emergence from the pandemic, including an extension of the government’s wage-support program, billions of pounds in business grants and aid for art institutions and sports clubs.

But Mr. Sunak also said corporate taxes would rise beginning in 2023 and he would freeze personal income tax allowances, a measure that will push more people into higher tax brackets.

A year into the job, Mr. Sunak is trying to use this budget to juggle a number of different goals. In the short term, he is aiming to support jobs as the vaccine rollout continues and the economy cautiously reopens. He announced extensions to emergency support programs that will last through the summer.

But he has been under pressure to signal how he will tackle the budget deficit after spending of more than 400 billion pounds (about $560 billion) over the past year. He has alos faced questions about how he will meet the government’s commitment to “level up” the economy to reduce regional inequality and revitalize the post-Brexit economy.

The pandemic had led to one of the largest and most sustained economic shocks Britain had seen, Mr. Sunak said.

Last year, gross domestic product shrank nearly 10 percent, the worst in three centuries. The independent Office for Budget Responsibility forecasts the British economy will grow 4 percent this year, less than predicted in November, but then increase 7.3 percent in 2022.

The measures announced on Wednesday include:

  • 5 billion pounds ($7 billion) in grants to nearly 700,000 businesses such as shops, restaurants, hairdressers, hotels and gyms;

  • An extension to September of the furlough program that pays employees 80 percent of their wages for the hours they don’t work (businesses will have to contribute to the program starting in July);

  • Additional grants for self-employed workers;

  • £700 million for arts, culture and sports institutions;

  • An increase starting in 2023 in the corporate tax rate for companies with profits greater than £50,000, from the current rate of 19 percent, and topping out at 25 percent for companies with profits in excess of £250,000;

  • A “super deduction” on corporate taxes for business investment, which will allow companies to reduce their tax bill by 130 percent of the amount spent on investment.

Michaels has more than 1,200 stores in North America and some 44,000 employees.Credit…Gabby Jones for The New York Times

Apollo Global Management announced Wednesday that it would acquire the crafts retailer Michaels in a deal that valued the company at $5 billion.

The acquisition is a bet that Michaels can continue to ride the wave of enthusiasm for crafting spurred by Americans stuck at home during the pandemic. The company has also invested in its digital business, starting both curbside and same-day delivery.

Shares of the retailer, which has more than 1,200 stores in North America and some 44,000 employees, have risen nearly 300 percent over the past year, giving it a market capitalization of around $2.3 billion.

The deal will bring Michaels back into the hands of private equity after seven years as a public company. The private equity firms Bain Capital and Blackstone acquired Michaels in 2006, taking it private in a deal worth more than $6 billion. The company made its way back into the public markets in 2014, at a market value of about $3.5 billion. Bain is still a large shareholder.

At least one other private equity firm had expressed interest in acquiring Michaels, according to two people familiar with the situation.

Credit…Joe Cavaretta/Associated Press

“Hey, I know this is like a crazy idea. But would you ever buy the Venetian?”

That’s a call that David Sambur, Apollo Global Management’s co-head of private equity, recounted receiving while walking in Central Park this fall.

The answer, ultimately, was yes.

On Wednesday, Las Vegas Sands, the world’s largest casino company, announced that it would sell the Venetian, long seen as one of its prized assets, to Apollo and Vici Properties for $6.25 billion. Apollo will operate the property and Vici will own the real estate.

Executives from Sands, which was founded by the billionaire gambling magnate and Republican megadonor Sheldon Adelson, who died in January, called the deal “bittersweet,” but said they will use the proceeds to invest in the group’s casinos in Macau and Singapore, which form the “backbone” of the company.

“The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry,” said Robert Goldstein, the chief executive of Sands. “As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history.”

For Apollo, the deal is a bet that leisure and business travel will return to pre-pandemic levels, or close enough to make the purchase pay off. It follows similar investments, like buying a stake in travel booking company Expedia early in the pandemic and extending a loan to Aeromexico in October after the Mexican airline filed for bankruptcy a few months before.

Other casino companies, like Caesars Entertainment, have been saying that leisure travel in Las Vegas is poised to recover quickly. Judging when business conventions will return is harder, Mr. Sambur said. Apollo’s research found that the conference business tends to track the stock market and corporate profits, both of which are strong right now.

“It’s a very audacious bet to make,” he said. “But all of the fundamentals are there if you look hard enough.”

Improving national infrastructure enough to earn a B grade will require an investment of $2.6 trillion over the next decade, the American Society of Civil Engineers said.Credit…Samuel Corum for The New York Times

Bridges in disrepair, underfunded drinking water systems, roads riddled with potholes. President Biden’s next ambitious goal is to fix the nation’s infrastructure, and a new report suggests he has his work cut out for him.

The American Society of Civil Engineers on Wednesday gave U.S. airports, roads, waterways and other systems a C–, reflecting its view that the nation’s infrastructure is in poor to mediocre shape and in dire need of an upgrade.

“A C–, as you might imagine, is not something to be particularly proud of,” said Thomas Smith, the executive director of the professional group. “There’s a great need for improvement.”

After pushing a $1.9 trillion pandemic relief measure, the Biden administration is expected to shift its focus to an infrastructure proposal of a similar magnitude. Improving national infrastructure enough to earn a B grade will require an investment of $2.6 trillion over the next decade, the engineering society said.

The group publishes these reports every four years. Despite the dire warnings, the new one bore some good news: The C– is a slight improvement on the D or D+ the group had awarded since 1998. A D reflects a system in poor condition, and a C means mediocre condition. A B is awarded to a system that is “adequate for now,” and an A to infrastructure in exceptional shape and ready for the future.

Since the last report card in 2017, grades improved incrementally in a handful of categories. Increased federal funding helped lift aviation, inland waterways and ports, for example. Drinking water and energy infrastructure also improved as utilities used resources better and became more resilient, though that might seem hard to believe after the dayslong blackouts in Texas recently.

Still, only two of 17 categories were graded better than a C: America’s ports earned a B– and rail a B. Transit scored worst, earning a D–. The nation’s dams, roads, levees and storm water systems got a D.

Mr. Smith said he was optimistic that lawmakers and the public would back major investments in infrastructure, especially as a barrage of costly disasters exacerbated by climate change have laid bare the general state of disrepair.

“There’s just every reason to be doing this, and I feel like we’re learning so many lessons,” he said.

By 2025, more than 300 million people in China will be 60 or older, according to the Chinese government.Credit…How Hwee Young/EPA, via Shutterstock

Shady retirement home and investment schemes have cheated China’s rapidly aging population out of hundreds of millions of dollars, spurring more than a thousand criminal cases in recent years.

In a society that traditionally relied on family members to take care of elderly parents, fraudsters have been able to prey on fears that changing social norms and scarce resources will leave older people bereft, report Alexandra Stevenson and Cao Li for The New York Times.

By 2025, more than 300 million people in China will be 60 or older, according to the Chinese government. By 2050, that number is estimated to rise to half a billion.

China’s now-defunct one child policy and mass migration to big cities, though, mean that there are fewer people to care for this large and vulnerable group. The government provides care only to those with no family, no financial support and no ability to work.

In Yiyang, a retired handyman was so distraught after being swindled that he threw himself into a river last month and drowned, according to state media.

“We have a continuously aging population, and government-funded public services are not enough to look after this population,” said Dong Keyong, a professor at the School of Public Administration and Policy at Renmin University of China in Beijing.

The government has been relying on private sector companies to step in, offering subsidies and tax benefits as encouragement. But the cost of building a nursing home is high, and the rewards are often too low because most people cannot afford high-quality care.

The result has been that some builders have skirted laws that forbid them to accept money from residents before the retirement homes are built by creating side investment products that promise high interest rates and future membership benefits.

One company, Shanghai Da Ai Cheng, raised more than $150 million promising returns of up to 25 percent and a retirement home. Three years after the program started, the project collapsed and more than $81 million had disappeared.

Corporate executives around the country are wrestling with how to reopen offices as the pandemic starts to loosen its grip. Businesses — and many employees — are eager to return to some kind of normal work life, going back to the office, grabbing lunch at their favorite restaurant or stopping for drinks after work. But the world has changed, and many managers and workers alike acknowledge that there are advantages to remote work.

More than 55 percent of people surveyed by the consulting firm PricewaterhouseCoopers late last year said they would prefer to work remotely at least three days a week after the pandemic recedes, Julie Creswell, Gillian Friedman and Peter Eavis report for The New York Times. But their bosses appear to have somewhat different preferences — 68 percent of employers said they believed employees needed to be in the office at least three days a week to maintain corporate culture.

Salesforce, the software company based in San Francisco, recently earned praise from some people when it said that most of its employees would be able to come into the office one to three days a week — an approach the company described as “flex” — once the pandemic is no longer a public health threat. The company would not say whether it now needed less office space.

But other companies ultimately want all or nearly all employees back for most of the week — and are telling workers that their careers could suffer if they don’t return.

Rapid7, a cybersecurity company based in Boston, will expect workers to come back to the office at least three days a week when it determines that it is safe to do so.

“We really believe that our in-person workplaces foster our culture and our core values,” said Christina Luconi, the company’s chief people officer.

Employees who choose not to return to the office could face professional repercussions, she said.

  • The S&P 500 drifted lower on Wednesday as government bond yields climbed.

  • The yield on the 10-year Treasury note rose to 1.48 percent. Bond yields have jumped sharply this year, reflecting optimism about economic growth but also raising concerns about inflation and that the Federal Reserve might pull back on its efforts to bolster the economy.

  • Shares of Michaels jumped more than 20 percent after Apollo Global said it would acquire the craft retailer in a $5 billion deal.

  • Trading in Europe was mixed, with the Stoxx Europe 600 down slightly and the FTSE 100 up 0.5 percent.

  • Automakers were among the big gainers in Europe, with Volkswagen rising 5.2 percent and Renault up 5.9 percent, after analysts gave both companies positive outlooks. Stellantis, the name for the merger of Fiat Chrysler and PSA, said it would aim for a profit margin of 5.5 percent to 7.5 percent, assuming no further significant lockdowns; shares rose 2.3 percent.

  • Asian markets ended the day higher, with the Shanghai composite in China up 2 percent higher and the Nikkei in Japan gaining 0.5 percent. In Australia, the S&P/ASX 200 gained 0.8 percent after the government announced the economy grew 3.1 percent in the final quarter of 2020 over the previous quarter; for all 2020, the economy shrank 1.1 percent.

  • Oil prices were higher, with futures of West Texas Intermediate, the U.S. benchmark, up 1.9 percent, to $60.88 barrel, and the global benchmark, Brent crude, also up 1.9 percent to $63.88 a barrel.

  • The chairman of Rio Tinto, the giant Anglo-Australian mining company, said he would step down after the destruction of two ancient rock shelters in Australia that were sacred to Aboriginal groups. The company blew up the caves in May to get at iron ore underneath them, raising an outcry that caused the chief executive to step down in September.

Categories
Business

Reside Updates: Inventory Market, Goal Earnings Report and Volvo

Here’s what you need to know:

Credit…Brendan Mcdermid/Reuters

Target’s sales continued to climb in the fourth quarter, surpassing analysts estimates, as the retailer capitalized on the shift in consumer shopping habits to buying online and picking up their purchases in stores.

The company said on Tuesday that its sales in the fourth quarter increased nearly 21 percent, higher than the 17 percent that Wall Street expected.

The strong fourth quarter, buoyed in part by stimulus spending by consumers, caps a year of staggering growth at Target. Target reported that its sales growth for 2020 of more than $15 billion “was greater than the company’s total sales growth over the prior 11 years.”

After years of investment in its online ordering and in-store pickup services, the company has emerged as a top winner during the pandemic, gaining billions in market share from less adept retailers.

Amid such strong results in 2020, the company was also being hailed for its decision to raise its starting wage to $15 an hour last year.

“Target tops a record year with a phenomenal fourth quarter,” Molly Kinder, a fellow at the Brookings Institution, wrote on Twitter. “After — but not despite — raising its starting wage to $15/hour.”

The company did not provide guidance for the coming year. Analysts noted that it would be difficult for Target to top its growth in 2020 as other retailers are likely to see their businesses bounce back in the next few months.

Customers eager to avoid shopping in stores are using Instacart’s app-based grocery ordering service.Credit…Rosem Morton for The New York Times

Instacart, the grocery delivery company, said on Tuesday that it has raised another $265 million in a funding that values it at $39 billion, more than doubling its valuation for the second time in a year.

Andreessen Horowitz and Sequoia Capital, which are existing investors in Instacart, participated in the latest financing for the eight-year-old start-up. Over the last year, Instacart has raised two rounds of funding totaling $525 million. It was previously valued at $17.7 billion.

The pandemic has supercharged Instacart’s growth. Customers eager to avoid shopping in stores are using the company’s app-based grocery ordering service. Laid-off workers have also turned to gig-economy jobs, like Instacart shopping, to make money. Instacart now has 500,000 shoppers who work on contract.

“This past year ushered in a new normal, changing the way people shop for groceries and goods,” Nick Giovanni, Instacart’s chief financial officer, said in a statement.

Instacart has weathered criticism of its business model as it has expanded. Earlier this year, layoffs of some of Instacart’s few unionized workers prompted accusations of union busting. Grocery stores have said the app’s fees of around 10 percent have made it difficult to make a profit.

The company delivers goods from 600 retailers across 45,000 stores in the United States and Canada. It has expanded beyond groceries to include office supplies, sporting goods, prescription drugs and pet supplies from chains including Staples, Dick’s Sporting Goods, CVS and Petco.

Instacart said it planned to use the new funding to hire more employees and to expand business lines including advertising for consumer packaged goods companies and enterprise software for retailers.

In a statement, Jeff Jordan, a partner at Andreessen Horowitz, said his firm had been impressed by the way Instacart had shown resilience in the pandemic and “met the moment of 2020.”

The company has been named as a candidate to go public. In January, it appointed Mr. Giovanni, formerly of Goldman Sachs, as chief financial officer.

The Senate Banking Committee will weigh Gary Gensler’s confirmation as the S.E.C. chairman in a virtual hearing.Credit…Kayana Szymczak for The New York Times

Gary Gensler, President Biden’s nominee to lead the Securities and Exchange Commission, fields questions regularly as a professor at M.I.T. But on Tuesday, his audience will consist of senators on the banking committee, who will vet his nomination by asking him about some of the same topics as his students — like cryptocurrency and financial market plumbing — in a more pointed fashion.

Republicans’ focus, a person familiar with the committee minority’s thinking told the DealBook newsletter, will be on Mr. Gensler’s record as the chairman of the Commodity Futures Trading Commission under President Barack Obama. They believe he revealed a tendency to “aggressively” advocate regulation and stretch regulatory power to its limits. Their fear is that he will write rules to advance liberal policy priorities, citing climate change specifically.

Corporate climate disclosures will be another hot topic. The S.E.C. last week said it would look more closely at corporate climate statements, and Mr. Gensler’s opening statement calls for “strengthening transparency and accountability in our markets” in general.

Democrats say they welcome additional discussion on increased disclosure:

  • “I’ll be carefully watching Gary Gensler’s answers on issues like climate risk disclosure, corporate diversity, and investor protection,” said Tina Smith of Minnesota.

  • Bob Menendez of New Jersey intends to ask about increased disclosure of corporate political spending, a representative said. He wants companies to reveal more about their donations and seek shareholder approval for spending.

  • Chris Van Hollen of Maryland is curious about the rules and limits on the timing and disclosure of insider stock trades.

And then there is GameStop. The committee chairman, Sherrod Brown, Democrat of Ohio, railed against Wall Street during the meme-stock frenzy, and that episode is sure to come up on Tuesday A representative for Jack Reed, Democrat of Rhode Island, said that he intended to ask Mr. Gensler about payment for order flow.

Cynthia Lummis, Republican of Wyoming and the first senator to invest in Bitcoin, will focus on the nominee’s commitment to “financial regulations that foster innovation,” according to a representative. Mr. Gensler, who teaches blockchain courses at M.I.T. and is also a former Goldman banker, should be game. Alluding to his job at the intersection of finance and technology, the banker-turned-regulator-turned-academic cautiously acknowledged the promise of fintech in his statement and said rules must evolve with new tools.

The confirmation hearing for Rohit Chopra, nominated to lead the Consumer Financial Protection Bureau, will also take place on Tuesday. Republicans are wary of Mr. Chopra, the person familiar with their thinking said; they view him as a protégé of Senator Elizabeth Warren, Democrat of Massachusetts and a banking committee member, who created the C.F.P.B. and whose progressive economic policy positions conservatives starkly oppose.

Mr. Chopra is expected to revive the enforcement powers of the bureau which had waned under the Trump administration.

In a copy of his opening statement, Mr. Chopra said, “consumers continue to discover serious errors on their credit reports or feel forced to make payments to debt collectors on bills they already paid or never owed to begin with, including for medical treatment related to Covid-19.”

University of Hawaii employees monitor a Board of Regents meeting via Zoom. The teleconference company’s revenue surged more than 300 percent in its fiscal year.Credit…Audrey Mcavoy/Associated Press

  • The S&P 500 was unchanged in early trading on Tuesday. On Monday, it gained 2.4 percent, the most since June. The Nasdaq and Dow Jones industrial average had jumped by the most since early November.

  • Traders are recovering from a volatile few days when a sell-off in government bonds rattled the equity market. On Monday, the rout eased but now bond yields are pushing higher again. The yield on 10-year U.S. Treasury notes rose 3 basis points, or 0.03 percentage point, to 1.45 percent on Tuesday.

  • Analysts at RBC Capital Markets said markets had been testing the central banks’ resolve to keep interest rates low globally and that policymakers would have to take action to drive this message home.

  • “However, we remain convinced that the structural upward pressure on yields remains,” they wrote in a note. “The reopening of the economies coupled with sizable fiscal spending programs and supply constraints will make it difficult for bond markets” to gain. Bond prices rise when their yields decline.

  • Shares in Zoom rose more than 6 percent in early trading after the video conferencing company said its revenue surged 326 percent in its past fiscal year to $2.65 billion.

  • Stock indexes across Europe were mostly higher. The Stoxx 600 Europe gained 0.5 percent.

  • The annual inflation rate for the eurozone was 0.9 percent in February, the same as the previous month and in line with economists’ expectations, data published Tuesday showed. “These numbers represent the calm before the storm,” Claus Vistesen, an economist at Pantheon Macroeconomics, wrote in a note. In a few months, he wrote, inflation will jump to reflect the change in energy prices over the past year.

  • Most stock indexes in Asia dropped after China’s top financial regulator said that the high leverage in the financial system needed to be reduced. Guo Shuqing said he was “very worried” about bubbles in China’s property sector and that bubbles in U.S. and European markets could burst.

Hakan Samuelsson, the chief executive of Volvo Cars, at an auto show in 2018. He said on Tuesday that Volvo’s electric models would be sold exclusively online.Credit…Pierre Albouy/Reuters

Volvo Cars said it would convert its entire lineup to battery power by 2030, phasing out internal combustion engine vehicles faster than other automakers like General Motors.

Volvo, based in Sweden and owned by Geely Holding of China, has been ahead of larger rivals in converting to electric power. In 2019, all the models it sold were either hybrids or ran solely on batteries.

By 2030, Volvo will “phase out any car in its global portfolio with an internal combustion engine, including hybrids,” the company said in a statement on Tuesday.

Hybrids have better fuel economy than conventional vehicles, but they may not be much better for the climate or for urban air quality if drivers do not use the electric capabilities.

G.M.’s promise to sell only emission-free vehicles, which it made in January, does not take effect until 2035.

Volvo acknowledged that it was responding in part to pressure from governments, many of which have announced bans on internal combustion engines in coming years.

The company said its decision was based “on the expectation that legislation as well as a rapid expansion of accessible high quality charging infrastructure will accelerate consumer acceptance of fully electric cars.”

In another break from industry practice, Volvo’s electric models will be sold exclusively online, bypassing dealers.

“Instead of investing in a shrinking business, we choose to invest in the future — electric and online,” Hakan Samuelsson, the chief executive of Volvo, said in a statement.

Amazon has posted signs in its fulfillment center in Bessemer, Ala., and held meetings with workers, urging them not to unionize.Credit…Wes Frazer for The New York Times

A unionizing campaign that had deliberately stayed under the radar for months has in recent days blossomed into a star-studded showdown to influence the workers.

On one side is the Retail, Wholesale and Department Store Union and its many pro-labor allies in the worlds of politics, sports and Hollywood. On the other is one of the world’s dominant companies, an e-commerce behemoth that has warded off previous unionizing efforts at its U.S. facilities over its more than 25-year history: Amazon.

The attention is turning this union vote into a referendum not just on working conditions at Amazon’s warehouse in Bessemer, Ala., which employs 5,800, but on the plight of low-wage employees and workers of color in particular, Michael Corkery and Karen Weise report for The New York Times. Many of the employees in the Alabama warehouse are Black, a fact that the union organizers have highlighted in their campaign seeking to link the vote to the struggle for civil rights in the South.

The warehouse workers began voting by mail on Feb. 8 and the ballots are due at the end of this month. A union can form if a majority of the votes cast favor such a move.

Amazon’s countercampaign, both inside the warehouse and on a national stage, has zeroed in on pure economics: that its starting wage is $15 an hour, plus benefits. That is far more than its competitors in Alabama, where the minimum wage is $7.25 an hour.

“It’s important that employees understand the facts of joining a union,” Heather Knox, an Amazon spokeswoman, said in a statement.

The situation is getting testy, with union leaders accusing Amazon of a series of “union-busting” tactics.

The company has posted signs across the warehouse, next to hand sanitizing stations and even in bathroom stalls. It sends regular texts and emails, pointing out the problems with unions. It posts photos of workers in Bessemer on the internal company app saying how much they love Amazon.

Thermal scanners check every visitor to the Student Union Building at the University of Idaho in Moscow, Idaho. So far, only 10 people have been turned away and instructed to get a coronavirus test.Credit…Rajah Bose for The New York Times

The University of Idaho is one of hundreds of colleges and universities that adopted fever scanners, symptom checkers, wearable heart-rate monitors and other new Covid-screening technologies this school year. Such tools often cost less than a more validated health intervention: frequent virus testing of all students. They also help colleges showcase their pandemic safety efforts.

But so far the fever scanners, which look like airport metal detectors and detect skin temperature, have flagged fewer than 10 people out of the 9,000 students living on or near campus, Natasha Singer and Kellen Browning report for The New York Times. Even then, university administrators could not say whether the technology had been effective because they have not tracked those students to see if they went on to get tested for the virus.

One problem is that temperature scanners and symptom-checking apps cannot catch the estimated 40 percent of people with the coronavirus who do not have symptoms but are still infectious. Temperature scanners can also be wildly inaccurate.

Administrators at Idaho and other universities said their schools were using the new tech, along with policies like social distancing, as part of larger campus efforts to hinder the virus. Some said it was important for their schools to deploy the screening tools even if they were only moderately useful. At the very least, they said, using services like daily symptom-checking apps may reassure students and remind them to be vigilant about other measures, like mask wearing.

Some public health experts said it was understandable that colleges had not methodically assessed the technology’s effectiveness against the coronavirus. After all, they said, schools are unaccustomed to frequently screening their entire campus populations for new infectious diseases.

Even so, some experts said they were troubled that universities lacked important information that might help them make more evidence-based decisions on health screening.

“It’s a massive data vacuum,” said Saskia Popescu, an infectious-disease epidemiologist who is an assistant professor at George Mason University. “The moral of the story is you can’t just invest in this tech without having a validation process behind it.”

Categories
World News

Covid-19: Reside Updates on Brazil Variant, Instances and Vaccine

Here’s what you need to know:

Credit…Raphael Alves/EPA, via Shutterstock

In just a matter of weeks, two variants of the coronavirus have become so familiar that you can hear their inscrutable alphanumeric names regularly uttered on television news.

B.1.1.7, first identified in Britain, has demonstrated the power to spread far and fast. In South Africa, a mutant called B.1.351 can dodge antibodies, blunting the effectiveness of some vaccines.

Scientists have also had their eye on a third concerning variant, which arose in Brazil, called P.1. Research has been slower on P.1 since its discovery in late December, leaving scientists unsure how much to worry.

“I’ve been holding my breath,” said Bronwyn MacInnis, an epidemiologist at the Broad Institute.

Now, three studies offer a sobering history of P.1’s meteoric rise in the Amazonian city of Manaus. It most likely arose there in November and then fueled a surge in coronavirus cases. It came to dominate the city partly because of an increased contagiousness, the research found.

But it also gained the ability to infect some people who had immunity from previous bouts of Covid-19. And laboratory experiments suggest that P.1 could weaken the protective effect of a Chinese vaccine now in use in Brazil.

The studies have yet to be published in scientific journals. Their authors caution that findings on cells in laboratories do not always translate to the real world and that they’ve only begun to understand P.1’s behavior.

“The findings apply to Manaus, but I don’t know if they apply to other places,” said Nuno Faria, a virologist at Imperial College London who helped lead much of the new research.

But even with the mysteries that remain around P.1, experts say that it is a variant to take seriously. “It’s right to be worried about P.1, and this data gives us the reason why,” said William Hanage, an epidemiologist at the Harvard T.H. Chan School of Public Health.

P.1 is now spreading across the rest of Brazil and has been found in 24 other countries. In the United States, the Centers for Disease Control and Prevention has recorded six cases in five states: Alaska, Florida, Maryland, Minnesota and Oklahoma.

To reduce the risks of P.1 outbreaks and reinfections, Dr. Faria said it was important to double down on every measure we have to slow the spread of the coronavirus. Masks and social distancing can work against P.1. And vaccination can help drive down its transmission and protect those who do get infected from severe disease.

“The ultimate message is that you need to step up all the vaccination efforts as soon as possible,” he said. “You need to be one step ahead of the virus.”

United States › United StatesOn March 1 14-day change
New cases 56,672 –21%
New deaths 1,425 –17%
World › WorldOn March 1 14-day change
New cases 293,587 +2%
New deaths 6,610 –21%

U.S. vaccinations ›

Where states are reporting vaccines given

Alyssa Jost, 19, received her second dose of the Moderna vaccine at Cobre Valley Regional Medical Center in Gila County, Ariz.Credit…Juan Arredondo for The New York Times

In most parts of the United States, getting a coronavirus vaccine can feel like trying to win the lottery. People scour the internet for appointments under complex eligibility standards that vary from state to state, and even county to county.

In Indiana and Kentucky, anyone over 60 can get vaccinated, but you have to be 65 or 70 almost everywhere else. About 18 states are offering shots to grocery workers, and 32 are vaccinating teachers.

Then there is Gila County, Ariz., where any resident over 18 can walk into a clinic without an appointment and get a vaccine.

“The whole process is incredibly easy,” said Frank Struck, 24, an electrician and maintenance worker who got inoculated at a hospital in Globe, a town in the county, about 90 miles east of Phoenix. “No bureaucracy, no crazy lines — you just go in, get the shot and come out with peace of mind.”

Gila County started off with a set of qualifying standards as well. But it has been so successful at vaccinating its residents that it is now one of the first places in the United States to open eligibility to the general population.

During a pandemic that has claimed the lives of at least 209 county residents, many people in the county of 54,000 people have welcomed the broader availability of the vaccines, a boon that follows a harrowing surge in hospitalizations around the start of the year. The expanded vaccination campaign has coincided over the past two weeks with a 52 percent plunge in new cases.

Health officials and elected leaders warn that big challenges persist in Gila County, in part because, in a county where anybody can get the vaccine, not everybody wants it.

About 28 percent of county residents have received at least one dose so far, compared with the nationwide level of 14 percent, according to local health officials. Rhonda Mason, the chief nursing officer at the hospital in Globe, said the challenge ahead was to overcome misinformation and skepticism.

A hot dog vendor in Los Angeles reopened on Monday after being closed for two months. The restaurant has been in business since 1939.Credit…Frederic J. Brown/Agence France-Presse — Getty Images

Tens of thousands of students walked into classrooms in Chicago public schools on Monday for the first time in nearly a year. Restaurants in Massachusetts were allowed to operate without capacity limits, and venues like roller skating rinks and movie theaters in most of the state opened with fewer restrictions. And South Carolina erased its limits on large gatherings.

Across the country, the first day of March brought a wave of reopenings and liftings of pandemic restrictions, signs that more Americans were tentatively emerging from months of isolation, even if not everyone agrees that the time is ripe.

There are plenty of reasons for optimism: Vaccinations have increased significantly in recent weeks, and daily reports of new coronavirus cases have fallen across the United States from their January peaks.

In Kentucky, all but a handful of school districts are now offering in-person classes, while the state races to vaccinate teachers as quickly as possible. Gov. Andy Beshear told reporters last week that the state’s falling infection statistics showed that immunizations were beginning to make an impact.

“It means vaccinations work,” he said. “We’re already seeing it. We’re seeing it in these numbers. It’s a really positive sign.”

Dr. Anthony S. Fauci, President Biden’s chief medical adviser for Covid-19, said at a news briefing on Monday that for small groups of people who have all been fully vaccinated, there was a low risk in gathering together at home. Activities beyond that, he said, would depend on data, modeling and “good clinical common sense,” adding that the Centers for Disease Control and Prevention would soon have guidance for what vaccinated people could safely do.

The positive signs come with caveats. Though the national statistics have improved drastically since January, they have plateaued in the last week or so, and the United States is still reporting more than 65,000 new cases a day on average — comparable to the peak of last summer’s surge, according to a New York Times database. The country is still averaging about 2,000 deaths per day, though deaths are a lagging indicator because it can take weeks for patients to die.

More contagious variants of the virus are circulating in the country, with the potential to push case counts upward again. Testing has fallen 30 percent in recent weeks, leaving experts worried about how quickly new outbreaks will be known. And millions of Americans are still waiting to be vaccinated.

Given all that, some experts worry that the reopenings are coming a bit too soon.

“We’re, hopefully, in between what I hope will be the last big wave, and the beginning of the period where I hope Covid will become very uncommon,” said Robert Horsburgh, an epidemiologist at the Boston University School of Public Health. “But we don’t know that. I’ve been advocating for us to just hang tight for four to six more weeks.”

The director of the C.D.C., Dr. Rochelle Walensky, said at the briefing on Monday that she was “really worried” about the rollbacks of restrictions in some states. She cautioned that with the decline in cases “stalling” and with variants spreading, “we stand to completely lose the hard-earned ground we have gained.”

And the plateauing case levels “must be taken extremely seriously,” Dr. Walensky warned at a briefing last week. She added: “I know people are tired; they want to get back to life, to normal. But we’re not there yet.”

After some counties in Washington State allowed movie theaters to reopen, Nick Butcher, 36, made up for lost time by attending screenings of the “Lord of the Rings” trilogy for three straight nights. He bought some M&Ms at the concession stand, sat distanced from others in the audience, and said he felt as though things were almost back to normal.

“I’m actually getting optimistic, over all,” said Mr. Butcher, a software engineer at Microsoft who recently recovered from a case of Covid-19, as did several relatives. “This week is one of the first times I’ve gone into my office almost since the pandemic started.”

Thermal scanners check every visitor to the Student Union Building at the University of Idaho in Moscow, Idaho. So far, only 10 people have been turned away and instructed to get a coronavirus test.Credit…Rajah Bose for The New York Times

Before the University of Idaho welcomed students back to campus last fall, it spent $90,000 installing temperature-scanning stations, which look like airport metal detectors, in front of its dining and athletic facilities in Moscow, Idaho. When the system detects a student walking through with an unusually high temperature, the student is asked to leave and get tested for the coronavirus.

But so far, the fever scanners, which register skin temperature, have flagged fewer than 10 people out of the 9,000 students living on or near campus. Even then, university administrators could not say whether the technology had been effective because they have not tracked students detected with fevers to see if they went on to get tested.

The University of Idaho is one of hundreds of colleges and universities that adopted fever scanners, symptom checkers, wearable heart-rate monitors and other screening technologies this school year. Such tools often cost less than a more validated health intervention: frequent virus testing of all students. They also help colleges showcase their pandemic safety efforts.

But the struggle at many colleges to keep the virus at bay has raised questions about the usefulness of the technologies. According to a New York Times database, there have been more than 530,000 virus cases on campuses since the start of the pandemic.

One problem is that temperature scanners and symptom-checking apps cannot catch the estimated 40 percent of people with the coronavirus who do not have symptoms but are still infectious. Temperature scanners can also be wildly inaccurate. The Centers for Disease Control and Prevention has cautioned that such symptom-based screening has only “limited effectiveness.”

The schools have a hard time saying whether — or how well — the devices have worked. Many universities and colleges are not rigorously studying effectiveness.

More than 100 schools are using a free symptom-checking app, CampusClear, that can permit students to enter campus buildings. Others are asking students to wear symptom-monitoring devices that can continuously track vital signs like skin temperature.

Administrators at Idaho and other universities said their schools were using the technology, along with policies like social distancing, as part of larger campus efforts to hinder the virus. Some said it was important for their schools to deploy the screening tools even if they were only moderately useful.

At the very least, they said, using services like daily symptom-checking apps may reassure students and remind them to be vigilant about other measures, like mask wearing.

Marcela Valladolid, left, the California chef and media personality, began teaching cooking classes with her sister, Carina Luz, on Zoom. The experience led to a cookbook.Credit…Karla Ortiz

The books that Americans cooked from during 2020 will stand as cultural artifacts of the year when a virus forced an entire nation into the kitchen.

The pandemic has been good to cookbooks. Overall sales jumped 17 percent from 2019, according to figures from NPD BookScan, which tracks about 85 percent of book sales in the United States.

Some of the smash hits were predictable. The world domination of Joanna Gaines, the queen of shiplap, continued. The second volume of her hugely popular “Magnolia Table” cookbook franchise sailed to the top of the New York Times list of the best-selling cookbooks in 2020. Ina Garten, the cooking doyenne from the Hamptons, landed the second spot with “Modern Comfort Food,” followed by “The Happy in a Hurry Cookbook,” by the “Fox & Friends” host Steve Doocy and his wife, Kathy.

But the stir-crazy year upended the way people cook and think about food in fundamental ways.

One of the year’s 10 best-selling cookbooks on a list complied by BookScan offered 600 air-fryer recipes, owing as much to the appliance’s ability to crisp up takeout French fries as it does to its popularity with the Trader Joe’s set, who made it through the year by heating up vegetarian egg rolls and mac-and-cheese bites. It sold more than 135,000 copies.

By contrast, 30,000 copies may not sound like much, but those sales figures were big for “Cool Beans” by Joe Yonan, a treatise whose own editor predicted “would never set the world on fire.”

Everyday cooks went in search of new cuisines and projects to break up the routine. Practiced cooks who might have spent a Saturday afternoon before the pandemic hand-rolling pasta sought recipes that would help keep weeknight cooking from becoming a grind.

Plenty of people simply needed help getting any meal on the table, which drove the popularity of general cookbooks. That category was the largest of cookbooks bought in 2020, according to BookScan. Sales showed a 127 percent increase over 2019.

And underscoring the great American food dichotomy, both dessert and diet books sold well.

Students were back at Hawthorne Scholastic Academy in Chicago on Monday as they returned to in-person learning.Credit…Scott Olson/Getty Images

Scientists and doctors who study infectious disease in children largely agreed, in a recent New York Times survey about school openings, that elementary school students should be able to attend in-person school now. With safety measures like masking and opening windows, the benefits outweigh the risks, the majority of the 175 respondents said.

They gave The Times comments on key topics, including the risks to children of being out of school; the risks to teachers of being in school; whether vaccines are necessary before opening schools; how to achieve distance in crowded classrooms; what kind of ventilation is needed; and whether their own children’s school districts got it right.

In addition to their daily work on Covid-19, most of the experts had school-aged children themselves, half of whom were attending in-person school.

They also discussed whether the new variants could change even the best-laid school opening plans. “There will be a lot of unknowns with novel variants,” said Pia MacDonald, an infectious disease epidemiologist at RTI International, a research group. “We need to plan to expect them and to develop strategies to manage school with these new threats.”

Most of the respondents work in academic research, and about a quarter work as health care providers. We asked them what their expertise taught them that they felt others needed to understand.

Over all, they said that data suggests that with precautions, particularly masks, the risk of in-school transmission is low for both children and adults.

People lined up for coronavirus vaccines at the drive-up site at the Walmart store in Lauderdale Lakes, Fla., last week.Credit…Joe Cavaretta/South Florida Sun-Sentinel, via Associated Press

New York City added workers in the food service and hotel industries to the list of people eligible for coronavirus vaccination on Monday, the same day the governors of Florida and Ohio announced expansions for eligibility in their states.

The expansions come as the supply of vaccines being distributed nationally is ramping up, and after a third vaccine, a single-shot dose from Johnson & Johnson, was authorized for emergency use by the Food and Drug Administration over the weekend. The pace of U.S. vaccinations is again accelerating, up to about 1.82 million doses per day on average, according to a New York Times database, above last month’s peak before snowstorms disrupted distribution.

In New York City, people who work in regional food banks, food pantries and “permitted home-delivered” meal programs became eligible on Monday to receive a vaccine. Hotel workers who have direct contact with guests also became eligible.

The governor of Florida, Ron DeSantis, said on Monday that people 50 and older who work in K-12 schools, law enforcement or firefighting would become eligible on Wednesday. Florida was one of the first states that decided to vaccinate anyone 65 and older, even before most essential workers, which led to long lines and confusion.

Gov. Mike DeWine of Ohio said on Monday that the state would receive more than 448,000 doses this week, including more than 96,000 doses of the Johnson & Johnson vaccine. He said that “in response to this significant increase in the amount of vaccine coming into Ohio,” a new group of people would be eligible on Thursday to get a shot.

That group includes people with Type 1 diabetes, pregnant women and certain workers in child care and funeral services, as well as law enforcement and corrections officers.

To stay ahead of more contagious and possibly more deadly virus variants, states have been racing to ramp up vaccinations and expand eligibility. But they have often done so before the supply could increase quickly enough, creating shortages and making it harder for people to get vaccination appointments.

Frontier Airlines is facing accusations of anti-Semitism for its treatment of the passengers, who are Hasidic Jews.Credit…Tony Dejak/Associated Press

A Frontier Airlines flight from Miami to La Guardia Airport in New York was canceled on Sunday night after a large group of passengers, including several adults, refused to wear masks, the airline said.

By Monday morning, the airline was facing accusations of anti-Semitism for its treatment of the passengers, who are Hasidic Jews, as well as demands for an investigation from the Anti-Defamation League of New York and other groups. Frontier steadfastly held to its position that the passengers had refused to comply with federal rules requiring them to wear masks.

Several phone videos that have surfaced do not show the confrontation that took place between the passengers and the Frontier crew members, only the aftermath. The video footage from inside the aircraft appeared to show members of the group wearing masks. Some passengers said that the episode escalated because just one member of the group, a 15-month-old child, was not wearing one.

Videos of the passengers exiting the plane amid chaos, captured by other people on the flight, were posted on Twitter by the Orthodox Jewish Public Affairs Council. In one video, a passenger says, “This is an anti-Semitic act.”

Another video showed a couple holding a maskless baby in a car seat, as children could be heard crying and a woman explained that the young children in their group, sitting in the back of the plane, had taken off their masks to eat.

A Frontier Airlines spokeswoman said in a statement that “a large group of passengers repeatedly refused to comply with the U.S. government’s federal mask mandate.”

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Shares Rally After Rout in Bonds Subsides: Stay Updates

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Stocks on Wall Street rallied in early trading on Monday, following global markets higher as a rout in government bonds subsided.

The S&P 500 rose 1.5 percent while the Stoxx Europe 600 index was up by about the same amount. Over the weekend, U.S. federal regulators authorized the one-shot Johnson & Johnson Covid-19 vaccine, adding to the positive market sentiment.

The Senate this week will begin work on a $1.9 trillion relief package passed by the House on Saturday. Democrats in the Senate, which is evenly split, face political and procedural challenges. Lawmakers are aiming to send the bill to President Biden for enactment by March 14, when unemployment benefits will begin to expire for some jobless workers.

The 10-year yield on U.S. Treasury notes was at 1.43 percent, down from as high as 1.61 percent on Thursday. Globally, long-dated bond yields fell from Australia to Britain on Monday. Last week, rising yields and higher inflation expectations led some traders to question when central banks would have to pull back on their easy-money policies. And the Bank of England’s chief economist said central bankers needed to avoid being complacent about how difficult it might be to tame inflation.

The prospect of tighter monetary policy knocked stock indexes down from their recent highs. Last week, the S&P 500 fell nearly 2.5 percent while the Nasdaq fell nearly 5 percent as technology stocks lost value.

On Monday, the Nasdaq rose about 1.7 percent. “We do not expect the tech sell-off to extend much further, and continue to see value in the sector for longer-term investors,” strategists at UBS wrote in a note.

  • Homebuilders such as Persimmon, Barratt Developments and Taylor Wimpey were the biggest gainers in the FTSE 100 index ahead of the British government’s budget presentation on Wednesday, when the chancellor is expected to announce a new mortgage guarantee program to help people buy houses with small deposits.

  • Johnson & Johnson climbed about 1.5 percent. Over the weekend, regulators in the U.S. approved the company’s coronavirus vaccine for emergency use, making it the third vaccine to be authorized in the country.

  • Boeing rose 4 percent after United Airlines said it was adding 25 planes to its order for the 737 Max jet, bringing its total to 180 in the coming years, and that it had sped up the delivery timeline as it seeks to position itself for the expected recovery in travel. United also rose 4 percent.

Credit…Anna Moneymaker for The New York Times

Senator Elizabeth Warren, Democrat of Massachusetts, plans to introduce legislation on Monday that would tax the net worth of the wealthiest people in America, a proposal aimed at persuading President Biden and other Democrats to fund sweeping new federal spending programs by taxing the richest Americans.

Ms. Warren’s wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million. It would add an additional 1 percent surcharge for net worth above $1 billion.

The proposal, which mirrors the plan Ms. Warren unveiled while seeking the 2020 presidential nomination, is not among the top revenue-raisers that Democratic leaders are considering to help offset Mr. Biden’s campaign proposals to spend trillions of dollars on infrastructure, education, child care, clean energy deployment, health care and other domestic initiatives. Unlike Ms. Warren, Mr. Biden pointedly did not endorse a wealth tax in the 2020 Democratic presidential primaries.

But Ms. Warren is pushing colleagues to pursue such a plan, which has gained popularity with the public as the richest Americans reap huge gains while 10 million Americans remain out of work as a result of the pandemic.

Polls have consistently shown Ms. Warren’s proposal winning the support of more than three in five Americans, including a majority of Republican voters.

“A wealth tax is popular among voters on both sides for good reason: because they understand the system is rigged to benefit the wealthy and large corporations,” Ms. Warren said. “As Congress develops additional plans to help our economy, the wealth tax should be at the top of the list to help pay for these plans because of the huge amounts of revenue it would generate.”

She said she was confident that “lawmakers will catch up to the overwhelming majority of Americans who are demanding more fairness, more change, and who believe it’s time for a wealth tax.”

Mr. Biden did not propose any tax increases to offset the $1.9 trillion economic aid package that he hopes to sign later this month. Mr. Biden has said he will pay for long-term spending — as opposed to a temporary economic jolt — with tax increases on high earners and corporations.

Business groups and Republicans have already begun to raise concerns about Mr. Biden’s tax plans. Those same groups are not fans of Ms. Warren’s plan, which was a centerpiece of her 2020 Democratic presidential campaign.

Critics say the tax would be difficult for the federal government to calculate and enforce, that it would discourage investment and that it could be ruled unconstitutional by courts. Ms. Warren has amassed letters of support from constitutional scholars who say the plan would pass muster.

Berkshire Hathaway released its latest annual results on Saturday, and the accompanying letter to investors from Warren Buffett, the conglomerate’s chairman and chief executive, revealed a clear theme: The investor known as the Oracle of Omaha isn’t taking as many risks — or big swings at deal-making — as he used to, according to the DealBook newsletter.

Berkshire is spending more of its $138 billion in cash on smaller investments, rather than deploying it on the huge acquisitions that he famously made in the past. Berkshire bought back nearly $25 billion of its own shares last year, a record for a company that until recently was reluctant to spend its cash this way.

In his letter to investors, Mr. Buffett sang the praises of buybacks — at Berkshire and at the companies it invests in — writing, “As a sultry Mae West assured us: ‘Too much of a good thing can be … wonderful.’”

When it came to deal-making, Mr. Buffett admitted a big mistake in his last major corporate takeover. He wrote that the $37 billion he paid for Precision Castparts, a maker of airplane parts, was too much. (The 2016 transaction resulted in a $10 billion write-down last year.) “No one misled me in any way,” he wrote. “I was simply too optimistic.”

Berkshire’s biggest bets today include a $120 billion stake in Apple and majority stakes in Burlington Northern railroad and Berkshire Hathaway Energy. That relative conservatism comes as Berkshire’s stock has underperformed the S&P 500 in recent years.

Fed Board Governor Lael Brainard during a 2017 speech.Credit…Brian Snyder/Reuters

Lael Brainard, a governor on the Federal Reserve’s Washington-based board, said that the coronavirus pandemic made clear that the global financial system has some weak spots, and offered suggestions for fixing some of the top problems.

Ms. Brainard pointed out that when spooked investors dashed for cash last March, it caused strains in both short-term markets and the market for government debt, and it took big interventions from the Fed to stem the meltdown.

“A number of common-sense reforms are needed to address the unresolved structural vulnerabilities” in key markets, Ms. Brainard said, speaking from prepared remarks at a webcast event.

Some money market mutual funds, which companies and ordinary investors use to earn more interest than they would if they kept their cash in a savings account, saw massive outflows last year and required a Fed rescue — the second time money funds have needed an emergency intervention in a dozen years. Ms. Brainard suggested that solutions like swing pricing, which penalizes people who pull their cash out during times of trouble, are worth considering.

While banks held up pretty well amid the pandemic meltdown, Ms. Brainard said that strength was owed to post-financial crisis reforms that required big banks to hold shock-absorbing buffers. The Fed’s rescues also helped, she noted.

“Bank resilience benefited from the emergency interventions that calmed short-term funding markets, and from the range of emergency facilities that helped support credit flows to businesses and households,” she said, noting that bank capital fell at the onset of the crisis before rebounding later in the year.

Ms. Brainard’s tone seemed to contrast with that of her colleague, Fed Vice Chair for Supervision Randal K. Quarles. Mr. Quarles suggested during a webinar last week that banks’ strong performance signals that efforts to limit their payouts to conserve capital during times of stress — such as the ones the Fed employed last year — should be rare.

But when it comes to the need for a re-examination of what happened in money market mutual funds, the two are more aligned.

“The March 2020 market turmoil highlighted some structural vulnerabilities” in the funds, Mr. Quarles said in a letter last week, written in his capacity as chair of the global Financial Stability Board. Mr. Quarles said the board will provide reform recommendations in July and a final report in October.

Heidelberg residents who give up their cars can ride public transportation free for a year.Credit…Felix Schmitt for The New York Times

Heidelberg, Germany, is at the forefront of a movement: the push to get rid of cars entirely.

Heidelberg, a city of 160,000 people on the Neckar River, is one of only six cities in Europe considered “innovators” by C40 Cities, an organization that promotes climate-friendly urban policies and whose chairman is Michael Bloomberg, the former mayor of New York. (The others are Oslo, Copenhagen, Venice, and Amsterdam and Rotterdam in the Netherlands.)

Eckart Würzner, Heidelberg’s mayor, is on a mission to make his city emission free, Jack Ewing reports for The New York Times. And he’s not a fan of electric vehicles — he wants to reduce dependence on cars, no matter where they get their juice.

Heidelberg is buying a fleet of hydrogen-powered buses and designing neighborhoods to discourage all vehicles and encourage walking. It is building a network of bicycle “superhighways” to the suburbs and bridges that would allow cyclists to bypass congested areas or cross the Neckar without having to compete for road space with motor vehicles. Residents who give up their cars get to ride public transportation free for a year.

“If you need a car, use car sharing,” Mr. Würzner said in an interview.

Battery-powered vehicles don’t pollute the air, but they take up just as much space as gasoline models. Eckart Würzner, Heidelberg’s mayor, complains that Heidelberg still suffers rush-hour traffic jams, even though only about 20 percent of residents get around by car.

“Commuters are the main problem we haven’t solved yet,” Mr. Würzner said. Traffic was heavy on a recent weekday, pandemic notwithstanding.

Some critics, including some ACLU chapters, say facial recognition is uniquely harmful and must be banned.Credit…Ting Shen for The New York Times

A police reform bill in Massachusetts has managed to strike a balance on regulating facial recognition, allowing law enforcement to harness the benefits of the tool while building in protections that might prevent the false arrests that have happened before, Kashmir Hill reports for The New York Times.

The bill, which goes into effect in July, creates new guardrails: Police first must get a judge’s permission before running a face recognition search, and then have someone from the state police, the F.B.I. or the Registry of Motor Vehicles perform the search. A local officer can’t just download a facial recognition app and do a search.

The law also creates a commission to study facial recognition policies and make recommendations, such as whether a criminal defendant should be told that they were identified using the technology.

Lawmakers, civil liberties advocates and police chiefs have debated whether and how to use the technology because of concerns about both privacy and accuracy. But figuring out how to regulate it is tricky. So far, that has generally meant an all-or-nothing approach.

City councils in Oakland, Calif., Portland, Ore., San Francisco, Minneapolis and elsewhere have banned police use of the technology, largely because of bias in how it works. Studies in recent years by MIT researchers and the federal government found that many facial recognition algorithms are most accurate for white men, but less so for everyone else.

WeWork could soon go public following a $1.5 billion settlement with co-founder Adam Neumann.Credit…Simon Newman/Reuters

SoftBank said on Friday that it had settled its legal dispute with Adam Neumann, a WeWork co-founder, opening the way for the co-working company to go public just 16 months after SoftBank rescued it from collapse.

SoftBank had offered to buy $3 billion of stock from WeWork shareholders, including Mr. Neumann, who stepped down as C.E.O. during the company’s disastrous attempt at listing in 2019. In April, as the coronavirus was emptying WeWork offices, SoftBank said that it wouldn’t go ahead with the purchase, prompting Mr. Neumann to sue.

As part of the agreement, SoftBank is now spending only $1.5 billion on the stock, according to two people with knowledge of the settlement. But the lower bill is because SoftBank is cutting the number of shares it will buy in half; that means Mr. Neumann will get $480 million instead of up to $960 million. (SoftBank has invested well over $10 billion in WeWork, making it the company’s largest shareholder and allowing it to operate despite losses.)

According to these people, SoftBank also pledged to pay $50 million for Mr. Neumann’s legal fees, to extend a $430 million loan it made to him by five years and to pay the last $50 million of a $185 million consulting fee it owed him.

Settling the dispute removes a big obstacle to taking WeWork public. SoftBank has been in talks to merge with BowX Acquisition, a special purpose acquisition company, or SPAC, run by Vivek Ranadivé, the founder of Tibco Software and owner of the N.B.A.’s Sacramento Kings.

Such a deal, which would give WeWork a public listing, raises some crucial questions.

SoftBank owns 70 percent of WeWork’s shares but has direct control of just under half of shareholder votes. Would those numbers change after an offering? Who does control WeWork?

Would investors balk at WeWork’s financial performance, again? It’s not clear how the company has performed recently; it last publicly disclosed a full set of financials some 18 months ago. A glut of office space is coming onto the market, which might be more attractive to companies than taking WeWork space. And individuals may be less likely to use a co-working space now that they’ve gotten used to working from home.

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Shares Rise because the Bond Market Steadies: Stay Updates

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Credit…Doug Mills/The New York Times

President Biden has compared the fight against the coronavirus to wartime mobilization, but with the exception of pharmaceutical companies, the private sector has done relatively little in the effort. It has not made a major push to persuade Americans to remain socially distant, wear masks or get vaccinated as soon as possible.

Biden administration officials and business leaders will announce a plan on Friday to change that, David Leonhardt of The New York Times reports in The Morning newsletter.

The plan includes some of the country’s largest corporate lobbying groups — like the Chamber of Commerce, the Business Roundtable, the National Association of Manufacturers and groups representing Asian, Black and Latino executives — as well as some big-name companies.

Ford and Gap Inc. will donate more than 100 million masks for free distribution. Pro sports leagues will set aside more than 100 stadiums and arenas to be used as mass vaccination sites. Uber, PayPal and Walgreens will provide free rides for people to get to vaccination sites. Best Buy, Dollar General and Target will give their workers paid time off to get a shot. And the White House will urge many more companies to do likewise.

Many of the steps are fairly straightforward. That they have not happened already is a reflection of the Trump administration’s disorganized pandemic response. Trump officials oversaw a highly successful program to develop vaccines, but otherwise often failed to take basic measures that other countries did take.

“We’ve been overwhelmed with outreach from companies saying, ‘We want to help, we want to help, we want to help,’” said Andy Slavitt, a White House pandemic adviser. “What a missed opportunity the first year of this virus was.”

A Sumatran tiger at feeding time at the London Zoo earlier this month. The Bank of England’s chief economist described inflation as a tiger that could prove difficult to tame.Credit…Hannah Mckay/Reuters

The Bank of England’s chief economist warned on Friday that inflation could overshoot the central bank’s target and cause policymakers to act more aggressively, adding his voice to a debate that has roiled financial markets in recent days.

Andy Haldane described inflation as a sleeping tiger that had been “stirred from its slumber” by the large amounts of monetary and fiscal support used to protect the economy from the pandemic, according to a speech published on the bank’s site.

Central bankers and economists on both sides of the Atlantic are debating the path of inflation and whether easy-money policies will need to be halted sooner than expected to contain it. In some circles, there are concerns that more fiscal stimulus, including President Biden’s $1.9 trillion economic relief package, will causes prices to rise as the vaccine rollout supports an economic recovery. Others, such as Jerome H. Powell, chair of the Federal Reserve, say there will be only a short-term increase in inflation but that over a longer period, disinflationary pressures might to prevail.

Still, markets have been unnerved by an increase in inflation expectations. Ten-year U.S. Treasury bond yields have jumped more than 40 basis points this month, the most since 2016. In Britain, the yield on 10-year government bonds has climbed nearly 50 basis point this month to the highest level in more than a year.

“My judgment is that we might see a sharper and more sustained rise in U.K. inflation than expected, potentially overshooting its target for a more sustained period,” Mr. Haldane said. The Bank of England has a target annual inflation rate of 2 percent. It was at 0.7 percent in January, but the central forecasts it rising to the target by the middle of the year.

“There is a tangible risk inflation proves more difficult to tame, requiring monetary policymakers to act more assertively than is currently priced into financial markets,” he said. He added that it was right for people to caution against tightening policy prematurely but that the bigger risk was complacency by central banks.

Mr. Haldane has been one of the most bullish central bank policymakers. A few weeks ago, he wrote that in the British economy, there was an “enormous amounts of pent-up financial energy waiting to be released, like a coiled spring.”

As of

Data delayed at least 15 minutes

Source: Factset

Stocks on Wall Street rose on Friday, trying to find a footing after a steep decline on Thursday as a sell-off in the bond market eased up.

Trading was unsteady, however, with the S&P 500 swinging from gains to losses and back again.

Bond prices rose and the yield on 10-year Treasury notes dropped slightly to 1.47 percent. On Thursday, the yield on those government bonds rose above 1.5 percent, setting off a slide in U.S. stocks that rippled across the globe.

The S&P 500 fell close to 2.5 percent on Thursday, and stock indexes in Asia and Europe followed suit. The performance in Asia — the Hang Seng index in Hong Kong lost 3.6 percent and the Nikkei 225 in Tokyo fell 4 percent — was its worst since March, by one measure, though it followed months of significant gains as investors bet on the prospect of global economic recovery from the pandemic.

Major European markets were also lower on Friday. The Stoxx Europe 600 lost 1.6 percent, and London’s FTSE 100 fell 2.5 percent.

Investors have recently been rattled by the sharp rise in government bond yields, which are the basis for a wide range of lending, from mortgage rates to corporate borrowing, have risen sharply this month as investors anticipate a quick pickup in growth this year.
This month, yields on 10-year Treasury notes have risen by the most since late 2016, as inflation expectations have climbed to multiyear highs and traders worried that inflation would force the Federal Reserve to pull back on their easy-money policies sooner than expected.

The rising yields have dampened enthusiasm for risky investments, like stocks, with once high-flying shares of technology companies leading the retreat. Through Thursday, the S&P 500 had dropped about 2 percent for the week, but the technology-heavy Nasdaq composite had tumbled more than 5 percent — on track for its sharpest weekly decline since late October.

There has been a debate about how much central banks will be able to tolerate higher levels of inflation before they begin easing their efforts to support economies hit by the pandemic. Policymakers have tried to reassure investors that they will look past a short-term rise in inflation and are only focused on whether there will be a sustained increase in prices.

But traders have been testing this message, pushing bond yields higher.

“Central banks are watching,” Holger Schmieding, an economist at Berenberg Bank wrote in a note. “But financial markets are not their prime concern.” Yet, if market moves led to the kind of tightening of financing costs or excess volatility that could derail the economic recovery, “they would try to do something about it,” he added.

The recent rise in bond yields could make borrowing more expensive, slowing progress toward the Federal Reserve’s economic goals.Credit…Leah Millis/Reuters

A tumultuous day in financial markets left onlookers questioning whether the Federal Reserve had showed too little concern as longer-term interest rates crept higher — and spurred speculation that the central bank’s leadership may need to speak out against the rise.

Yields on all but very short-term government debt moved sharply higher on Thursday, driven in part by expectations that economic growth will snap back after the pandemic. Fed officials had been sanguine as rates moved up in recent weeks, pointing to the increase as a sign of growing economic confidence and playing down the risk of a sudden increase in borrowing costs.

Still, the sudden jump Thursday rippled through financial markets, and analysts at Evercore ISI said the Fed’s message might change as a result. The jump in yields could make borrowing by the government, consumers and businesses more expensive, slowing progress toward the Fed’s economic goals.

“The Fed leadership holds some responsibility for this, as the absence of any indication of concern or — more appropriately in our view — central bankerly carefulness” in recent days “has been read in markets as a green light to ramp real yields higher,” Krishna Guha and Ernie Tedeschi wrote in a reaction note, capturing a narrative fast developing among financial analysts.

On Thursday, yields on the 10-year Treasury note surged as high as 1.6 percent. That rate was below 1 percent for much of 2020 and had been steadily increasing this year in part as investors expect that a flood of new government spending and the rollout of the coronavirus vaccine would lead to fast economic growth later this year.

Despite several public appearances in recent days, central bank officials including the Fed chair, Jerome H. Powell, and John C. Williams, the New York Fed chief, have not voiced concerns over the shift in yields. Raphael Bostic, the Atlanta Fed president, said Thursday afternoon that he did not yet see the increases as cause for concern.

“The Fed has thus far not been willing to soothe markets” and that has helped fuel the move in yields, analysts at TD Securities wrote on Thursday.

Some economists are speculating that the Fed might shift the size or style of its bond buying to focus on holding down longer-term interest rates.

“A change of tone at least seems warranted in our view and possibly more,” Mr. Guha and Mr. Tedeschi wrote. “This could well come in the next 24 hours.”

DirecTV has been bleeding customers faster than most pay-TV services.Credit…Christopher Gregory/The New York Times

AT&T is selling part of its TV business, which consists of the DirecTV, AT&T TV and U-verse brands, to the private equity firm TPG in a spinoff deal as it looks to shed assets to deal with a burdensome debt load and focus on its mobile telephone and streaming businesses.

The deal, which will give TPG a minority stake, values the TV business at $16.25 billion — about a third of the $48.5 billion AT&T paid just for DirecTV in 2015.

AT&T carries $157 billion of debt, as of December, the result of megadeals including its purchases of DirecTV and Time Warner, which it paid $85.4 billion for in 2018. The entertainment industry has been disrupted by Netflix and an array of competitors fighting for viewers’ attention, complicating plans for DirecTV, which lost more than 3.2 million subscribers in 2020, and for HBO, considered the crown jewel of Time Warner’s business.

Investors have worried that AT&T will not be able to become profitable enough to manage the debt load. The company made about $53.8 billion in pretax profit last year, meaning it carries a little more than $3 of total debt for every dollar of pretax profit. Traditionally, AT&T prefers that ratio to be closer to 2.5 to 1.

Under the terms of the deal with TPG, AT&T will own 70 percent of the new stand-alone company, which will go by DirecTV, and TPG will own 30 percent. The board of the new entity will include two representatives from each company and the chief executive of AT&T’s video unit, Bill Morrow.

The companies hope to fix challenges facing DirecTV — namely a subscriber base that has been bleeding customers faster than most pay-TV services. Annual sales at the DirecTV group fell 11 percent last year to $28.6 billion, and operating profit decreased 16.2 percent to $1.7 billion. The company is also counting on growth of AT&T TV, the company’s new service that streams TV over the internet to a set-top box.

“We certainly didn’t expect this outcome when we closed the DirecTV transaction in 2015, but it’s the right decision to move the business forward,” said John Stankey, AT&T’s chief executive, who as an executive at WarnerMedia led both the DirecTV and Time Warner deals.

TPG has ample experience with corporate partnerships, including taking a joint stake in Intel’s McAfee computer security unit and teaming up with Humana in its deal for the hospice provider Kindred. It has owned parts of Spotify, Creative Artists Agency, the cable provider Astound Broadband, and Entertainment Partners, which provides software to the entertainment and video industry.

AT&T has not ruled out more divestitures.

Gary Gensler, President Biden’s pick to lead the Securities and Exchange Commission. The regulator has said that it would focus on climate change.Credit…Kayana Szymczak for The New York Times

The Securities and Exchange Commission announced this week that it would “enhance its focus on climate-related disclosure in public company filings” and eventually update guidelines issued in 2010.

The timing of the announcement comes just days before the Senate confirmation hearings for Gary Gensler, President Biden’s pick to lead the commission, puts the issue “front and center,” the securities law partner Joseph Hall of Davis Polk told the DealBook newsletter.

The regulator “is setting the stage, sending a signal that we are no longer in an administration where ‘climate change’ is a forbidden term,” Mr. Hall said. “It’s a warning flare to let people know new disclosure rules are coming down the pike.” He predicted that “senators will be all over this” issue during next week’s hearings, and “battle lines will be drawn.”

Democrats will probably push Mr. Gensler on adopting specific disclosure requirements, tied to metrics, which are more burdensome for companies but make cross-industry comparisons easier, Mr. Hall said. Republicans will probably lobby for a principles-based system that gives companies extra leeway but critics say is too vague. The S.E.C. is likely to try to strike a balance, Mr. Hall believes, but whatever happens, any move on climate-related disclosures will be “hugely consequential.”

“It’s a significant statement and one companies can see as an opportunity,” said Wes Bricker a vice chair of PricewaterhouseCoopers and a former chief accountant at the S.E.C.

Mr. Bricker said he thought that many companies had already moved beyond requirements under the old framework, responding to the market’s increasing demands for transparency on their environmental impact. For companies that are not there yet, the S.E.C.’s announcement is a reminder of the direction things are heading.

Surveying the climate-related disclosure scene across companies and grappling with an understanding of what matters to investors now is “very constructive,” Mr. Bricker said.

It may be some time before any changes are mandated, but he said that there was likely to be an immediate effect anyway. He believes that the S.E.C.’s message will begin to subtly nudge any company that is on the fence about a disclosure toward more transparency.

  • Volkswagen, Europe’s largest carmaker, reported a steep drop in profit and sales for 2020 caused by the pandemic as well as the continuing cost of its diesel emissions scandal. Net profit fell 37 percent from the previous year to 8.8 billion euros, or $10.7 billion. That was after Volkswagen subtracted 9.7 billion euros from operating profit to cover expenses stemming from revelations in 2015 that the company deceived regulators about emissions from its diesel vehicles. Volkswagen said it expected sales in 2021 to be significantly higher than in 2020.

  • In its first earnings report as a public company, DoorDash showed how it has benefited from the pandemic even as it hinted that difficulties might lie ahead. The delivery company on Thursday posted revenue of $970 million for the fourth quarter, up 226 percent from a year earlier, as total orders jumped 233 percent. Yet it also reported a loss of $312 million, compared with a loss of $134 million a year earlier.

  • Airbnb posted declining revenue and a whopping $3.9 billion loss on Thursday in its first earnings report as a publicly traded company. The company brought in $859 million in revenue in the last three months of the year, down 22 percent from a year earlier. Its loss was driven by $2.8 billion in costs associated with stock-based compensation related to its I.P.O., as well as an $827 million accounting adjustment for an emergency loan it took out last year to weather the pandemic.

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Jobless Claims Fall as Labor Market Continues Gradual Restoration: Reside Updates

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Credit…James Estrin/The New York Times

New claims for unemployment fell last week, the government reported on Thursday, the latest sign that the labor market’s recovery, however slow and unsteady, is continuing.

A total of 710,000 workers filed first-time claims for state benefits during the week that ended Feb. 20, a decrease of 132,000, the Labor Department said. In addition, 451,000 new claims were filed for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits, a decline of 61,000.

Neither figure is seasonally adjusted. On a seasonally adjusted basis, new state claims totaled 730,000, a decline of 111,000.

Although initial jobless claims are nowhere near the eye-popping levels seen last spring, they are still extraordinarily high by historical standards. There are roughly 10 million fewer jobs than there were last year at this time.

Coronavirus caseloads have been dropping amid efforts to get vaccines to people who are most vulnerable. But until employers and consumers feel that the pandemic is under control, economists say, the labor market won’t fully recover.

“Until people feel this is sustained and that there’s not another huge wave coming, I can’t imagine we’re going to see big changes in jobless claims for a while,” said Allison Schrager, an economist at the Manhattan Institute.

Leaders at the Federal Reserve and Treasury Department have said that the damage to the labor market is much deeper than has been reflected in published government figures. They estimate that the true unemployment rate is closer to 10 percent than to the 6.3 percent recorded in the Labor Department’s most commonly cited measure.

Testifying before Congress this week, Jerome H. Powell, the Federal Reserve chair, said: “The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain.”

Those hardest hit are in the service industry, particularly in restaurants, hospitality, leisure and travel. At the career site Indeed, job postings over all are 5 percent higher than they were a year ago, with demand greatest for warehouse and construction workers and drivers, said AnnElizabeth Konkel, an economist at the company.

“We need job postings to stay elevated above prepandemic baseline to pull people back into the labor market,” she said.

An AMC theater near Times Square. Shares in AMC, a company that has struggled through the pandemic, have been hyped on Reddit’s Wallstreetbets forum.Credit…Angela Weiss/Agence France-Presse — Getty Images

Shares in GameStop were up 45 percent in premarket trading on Thursday, following another surge in the share price of the video game retailer that was at the center of a retail trading frenzy last month. On Wednesday, GameStop’s shares doubled to $91.71 and the volume of trading was more than 10 times the level of the previous day.

Some of the popular posts on Reddit’s Wallstreetbets forum, where users have been hyping up certain stocks in memes, read “ROUND 2!” and “THE COMEBACK!!!!!” Other meme stocks also rose: AMC shares gained 17 percent in premarket trading, and BlackBerry, Nokia and Koss were also among the gainers.

Earlier this week, GameStop announced its chief financial officer would leave the company next month. The company is under pressure from a large shareholder to shift from a brick-and-mortar business to a digital and e-commerce firm.

  • Futures of U.S. stock indexes were little changed before the latest weekly report on state unemployment benefit claims. Economists expect a fall in the number, but the levels are still high by historical standards.

  • Bond yields continued to jump. The yield on 10-year U.S. Treasury notes rose 5 basis points, or 0.05 percentage point, to 1.43 percent. This month, the yield has climbed 37 basis points.

  • Analysts at Bank of America raised their forecast for bond yields, expecting the 10-year yield to be at 1.75 percent at the end of the year because of stronger economic growth. Last month, they forecast 1.5 percent for year-end.

  • Federal Reserve policymakers have been playing down concerns about inflation. In a second day of testimony to lawmakers on Wednesday, the Fed chair, Jerome H. Powell, reiterated his message that a short-term jump in inflation, which is expected this year, is different from sustained higher inflation. And so the central bank could keep its easy money policies for awhile. Separately, the vice chair, Richard Clarida, said monetary policy was “entirely appropriate not only now, but — given my outlook for the economy — for the rest of the year.”

  • Most European stock indexes were higher. The Stoxx Europe 600 index rose 0.3 percent.

  • Shares in Mondi, a British company which sells packaging and paper products, dropped 1.2 percent after Bloomberg reported it was looking into a takeover of its rival DS Smith. Shares of Smith were up 6.6 percent.

Senator Bernie Sanders said Walmart’s profits continued to be supported by taxpayers, who are paying for the health care and food expenses of the company’s lowest-paid workers.Credit…Anna Moneymaker for The New York Times

With the debate over raising the federal minimum wage heating up, Senator Bernie Sanders is putting the spotlight on some of the nation’s largest employers and their pay practices in a hearing on Capitol Hill on Thursday.

Walmart and McDonald’s, which have not yet raised their starting wages to $15 an hour, will be the primary focus of Mr. Sanders’s scrutiny.

Mr. Sanders, a Vermont independent, plans to highlight research by the Government Accountability Office showing that Walmart and McDonald’s are among the companies with the highest number of employees qualifying for Medicaid and food stamps in many states.

“One of the scandals in the current economy is that there are millions of workers working for starvation wages,” Mr. Sanders said in an interview this week.

The chief executives of Walmart and McDonald’s were invited to attend Thursday’s hearing of the Senate Budget Committee but declined. W. Craig Jelinek, the chief executive of Costco, which pays some of the highest wages in the retail industry, is the only top executive who agreed to testify.

“A small percentage of our work force may come to us on public assistance and we welcome them,” Walmart said in an email to Mr. Sanders’s office last week. “We hire them, train them and give them the chance to earn a paycheck. And we are immensely proud of their work and their continued efforts to successfully support themselves and their families.”

McDonald’s responded in a similar vein in a letter to Mr. Sanders’s office on Tuesday: “We appreciate the findings of the G.A.O. report that identify a small percentage of our work force that may utilize public assistance, and we work to prepare them for career opportunities both inside and outside of the McDonald’s system.”

In its letter, McDonald’s added that its average wage was nearly $12 an hour, but the company did not provide its starting wage nor respond to a follow-up request from The New York Times for the number.

Last week, Walmart said that it was raising the wages of 425,000 workers and that about half of its work force in the United States would earn at least $15 an hour. But the company’s chief executive, Doug McMillon, stopped short of saying whether the company would eventually extend a $15 minimum to all employees.

Mr. Sanders said Walmart’s profits continued to be supported by taxpayers, who are paying for the health care and food expenses of the company’s lowest-paid workers and further enriching the retailer’s founding family and large shareholders, the Waltons.

“I think the American people really should not have to subsidize through their taxes the wealthiest family in the world,” Mr. Sanders said. “We are going to make that point over and over and over again.”

A $52 million campaign promoting Covid-19 vaccinations began on Thursday morning.Credit…Ad Council

A broad promotional effort to combat Covid-19 vaccine skepticism began rolling out on Thursday, backed by the nonprofit advertising group Ad Council and a coalition of experts known as the Covid Collaborative.

The campaign, “It’s Up to You,” encourages Americans to seek out facts about the available vaccines. The Ad Council commissioned research that concluded that 40 percent of the public had yet to decide whether to be vaccinated as soon as possible. In Black and Hispanic communities, which have been disproportionately affected by the pandemic, 60 percent of people do not feel fully informed, according to the study.

Public service announcements will appear in English and Spanish on television, social media and other platforms. More than 300 companies, community groups and public figures — including Facebook, iHeartMedia, the National Association for the Advancement of Colored People and Dr. Sanjay Gupta of CNN — contributed to the $52 million push, as did the Centers for Disease Control and Prevention.

Several spots point viewers toward a landing page, GetVaccineAnswers.org, using messages such as “Getting back to the moments we missed starts with getting informed” and this one: “You’ve got questions. That’s normal.” A punchy video from Google shows animated arms with colorful post-vaccination bandages coalescing into the shape of the United States, while an offering from Verizon juxtaposes scenes of human connection with images of weddings and graduations conducted over video chat.

The Ad Council endeavor is one of several concurrent campaigns aimed at raising awareness and acceptance of the vaccines, including efforts from vaccine producers such as Pfizer and Moderna.

NBCUniversal built a vaccination push around the informational site PlanYourVaccine.com, while the #ThisIsOurShot campaign features health care workers who have been vaccinated. In Britain, an ad debunking myths about the vaccine was broadcast simultaneously across several television channels this month, focusing on ethnic minority communities.

If confirmed as U.S. trade representative, Katherine Tai will need to fill in the details of the Biden administration’s “worker-focused” trade approach.Credit…Hilary Swift for The New York Times

The Biden administration is hoping that its nominee for U. S. trade representative, Katherine Tai, who is scheduled to appear for her confirmation hearing on Thursday morning before the Senate Finance Committee, can serve as a consensus builder and help bridge the Democratic Party’s varying views on trade, Ana Swanson reports for The New York Times.

Ms. Tai, the chief trade counsel to the House’s powerful Ways and Means Committee, has strong connections in Congress, and supporters expect her nomination to proceed smoothly. But if confirmed, she will face bigger challenges, including filling in the details of what the Biden administration has called its “worker-focused” trade approach.

As trade representative, Ms. Tai will be a key player in restoring alliances strained under former President Donald J. Trump, as well as formulating the administration’s China policy, where she is expected to draw on prior experience bringing cases against China at the World Trade Organization during her time working in the office of the United States Trade Representative, from 2007 to 2014.

She will also take charge on matters that divide the Democratic Party, like whether to keep or scrap the tariffs Mr. Trump imposed on foreign products, and whether new foreign trade deals will help the United States compete globally or end up selling American workers short.

Brian Armstrong, the chief executive of Coinbase, which revealed in a regulatory filing that it earned $322.3 million last year.Credit…Steven Ferdman/Getty Images

Coinbase, the most valuable cryptocurrency company in the United States, filed to go public on Thursday amid a surge in prices in digital money.

It is the latest milestone for Coinbase, which was founded in 2012 as a site for buying and selling cryptocurrencies like Bitcoin and has now become a giant in the industry, with 43 million retail traders and 7,000 institutions as customers. Its fortunes have soared along with the price of Bitcoin, which was trading at more than $51,000 apiece as of Thursday.

Coinbase pulled back the curtains on its finances in a filing with the Securities and Exchange Commission, revealing that it earned $322.3 million last year, on top of $1.3 billion in revenue. That compares with a $30.4 million loss atop $533.7 million in revenue for 2019.

The company makes money from fees charged for customer trades. In a letter to prospective investors, its co-founder and chief executive, Brian Armstrong, warned that the company’s financials may be volatile, because they are tied to the sometimes whipsawing prices of cryptocurrencies.

The company drew controversy last fall when Mr. Armstrong told employees to leave their social activism out of the workplace. Current and former employees have also complained about the company’s management of Black workers.

The company is planning a direct listing, where it simply puts its privately traded shares onto a public stock market — the Nasdaq, in this case — as opposed to a traditional initial public offering.

Such deals have gained popularity among technology companies in recent years for being a simpler way to going public, especially if they do not need to raise money. Last month, Coinbase said it was pursuing a direct listing.

Categories
Business

GameStop Finance Chief to Depart After Inventory-Buying and selling Frenzy: Reside Updates

Here’s what you need to know:

Credit…Philip Cheung for The New York Times

GameStop’s chief financial officer, Jim Bell, is leaving the company in late March, following a stock-trading frenzy that briefly sent shares in the video game retailer surging.

The company gave no reason for Mr. Bell’s departure in its announcement on Tuesday, but noted it would look for a successor “with the capabilities and qualifications to help accelerate GameStop’s transformation.” Mr. Bell joined GameStop less than two years ago.

GameStop jumped into the headlines in late January when amateur investors used trading apps to buy options and pump up its share price, defying hedge funds that had bet the price would fall. The chaotic trading led to congressional hearings last week, but executives from GameStop, which was essentially caught in the middle, were not called to testify.

GameStop’s share price closed at about $45 on Tuesday. It reached $483 on Jan. 28 after starting the year at $19.

The wild swings in share price were detached from what was happening at the company, where a major stockholder has been trying to force a turnaround. In early January, Ryan Cohen, the manager of RC Ventures and a large stockholder, joined the GameStop board. He has been pressuring the company’s executive team to overhaul GameStop’s strategy and focus on digital growth. The company has more than 5,000 stores, many in American malls and shopping strips, but has steadily lost sales to major online retailers like Amazon.

Mr. Bell joined the company in June 2019 at the age of 51 from Wok Holdings, which owns the restaurant chain P.F. Chang’s. In a short statement, GameStop thanked Mr. Bell “for his significant contributions and leadership, including his efforts over the past year during the Covid-19 pandemic.”

Jerome H. Powell, the Federal Reserve chair, said the central bank would keep buying bonds until it saw “substantial further progress” toward full employment and stable inflation.Credit…Pool photo by Susan Walsh

Stocks on Wall Street were set to open slightly higher on Wednesday, and most commodities prices were rising, after the Federal Reserve chief on Tuesday reiterated the need to provide plenty of support for the economic recovery from the pandemic.

“The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain,” Jerome Powell, the Fed chair, told the Senate Banking Committee on Tuesday. He will speak to lawmakers in the House later on Wednesday.

The S&P 500 index reached record highs earlier in the month as traders bet on the recovery and a successful vaccine rollout. Easy-money policies has also helped push asset prices higher. But fears that stronger economic growth and higher inflation would prompt the Fed to withdraw some monetary support have caused bond prices to fall, pushing up yields. This temporarily unsettled stock markets.

On Wednesday, yields on U.S. bonds resumed their march higher, after falling the previous day. The yield on 10-year notes was at about 1.38 percent.

On Tuesday, Mr. Powell tried to reassure investors. He said that the central bank planned to keep buying bonds until it saw “substantial further progress” toward its twin goals of full employment and stable inflation. The United States can “expect us to move carefully, and patiently, and with a lot of advance warning” when it comes to slowing that support, Mr. Powell said.

Futures of West Texas Intermediate, the U.S. crude oil benchmark, rose more than 1 percent to $62 a barrel, the highest in 13 months. This week, for the first time since 2011, copper prices climbed above $9,000 a metric ton in London.

  • Bitcoin prices rose on Wednesday, helping lift the share price of Tesla, which recently invested $1.5 billion in the cryptocurrency, and the shares of other blockchain-based companies, such as Riot Blockchain and Marathon Patent Group, in premarket trading.

  • Most European stocks indexes gained and the Stoxx Europe 600 rose 0.3 percent. The fourth quarter growth of Germany’s economy was revised higher to 0.3 percent, from 0.1 percent.

  • Most Asian indexes fell. The Hang Seng in Hong Kong dropped 3 percent with financial and consumer stocks falling the most after the government announced a plan to increase a tax on stock trading. Shares in Hong Kong Exchanges & Clearing fell by nearly 9 percent, the most in the index.

A line at a San Antonio food distribution center on Sunday after a winter storm left millions without power.Credit…Christopher Lee for The New York Times

A winter storm in Texas that pushed its power grid to the brink of collapse and left millions without electricity during a brutal cold snap has led to the resignations of five officials who oversaw the state’s electric grid.

The Electric Reliability Council of Texas, which governs the flow of power for more than 26 million Texans, has been blamed for the widespread failures. The governor, lawmakers and federal officials quickly began inquiries into the system’s failures, particularly its preparation for cold weather, reports Rick Rojas for The New York Times.

The five board members, who announced on Tuesday that they intended to resign after a meeting set for Wednesday morning, were all from outside of Texas, a point of contention for critics who questioned the wisdom of outsiders playing such an influential role in the state’s infrastructure. In a statement filed with the Public Utility Commission, four board members said they were stepping down “to allow state leaders a free hand with future direction and to eliminate distractions.” In a footnote, the filing added that a fifth member was also resigning.

Those departing are the chairwoman, Sally Talberg, a former state utility regulator who lives in Michigan; Peter Cramton, the vice chairman and an economics professor at the University of Cologne in Germany and the University of Maryland; Terry Bulger, a retired banking executive who lives in Illinois; and Raymond Hepper, who is a former official with the agency overseeing the power grid in New England. Another person who was supposed to fill a vacant seat, Craig S. Ivey, has withdrawn from the 16-member board.

The board became the target of blame and scrutiny after the winter storm last week brought the state’s electric grid precariously close to a complete blackout that could have taken months to recover from. In a last-minute effort to avert that, the council, known as ERCOT, ordered rolling outages that plunged much of the state into darkness and caused electricity prices to skyrocket. Some customers had bills well over $10,000.

The second and final day of the DealBook DC Policy Project featured discussions on the prospects of bipartisan deal-making in Washington, overhauling of the financial markets and corporate America’s role in fighting the pandemic.

Here are the highlights from the sessions on Tuesday:

Elements of Democrats’ stimulus proposals, including raising the federal minimum wage to $15 an hour, attracted criticism from Senator Mitt Romney, Republican of Utah. But he mentioned potential common ground with the Biden administration, including on climate change. Mr. Romney defended his traditional conservatism amid the G.O.P.’s embrace of right-wing populism, but noted that if former President Donald J. Trump ran for re-election in 2024, “I’m pretty sure he will win the nomination.”

Lessons from meme-stock mania were among the topics discussed by Vlad Tenev, the chief executive of the online brokerage firm Robinhood. He defended the practice of directing trades to market makers for a fee, which allows Robinhood to offer commission-free trading. Also on the panel, Jay Clayton, the former chairman of the Securities and Exchange Commission, said that the markets were functioning the way they should in many ways, including by promoting competition among brokers and market makers.

The chief executive of CVS Health, Karen S. Lynch, spoke about the fight against the pandemic, saying that people would probably need booster shots and might need to keep wearing masks next year. But whether businesses should require employees to be inoculated was a “company-by-company response,” she said.

Natasha Van Duser has war stories from bartending during the pandemic. She has since left service work.Credit…Desiree Rios for The New York Times

During two enormous crises — a public health emergency and an economic crash — restaurant service workers have found themselves double-exposed.

Many say their average tips have declined, while they’ve been saddled with the added work of policing patrons who aren’t social distancing, or as one service worker put it, “babysitting for the greater good,” Emma Goldberg reports for The New York Times.

On top of this, women, who make up more than two-thirds of servers, say they are facing “maskual harassment” — a term coined by the nonprofit organization One Fair Wage to describe demands that servers remove their masks to receive a tip.

The economic challenges have raised existential questions: Could this crisis herald the end of tipping, or a raise in the minimum wage for tipped workers? Depending on subjective gratuities has long been a fraught issue, but rarely has it had the safety consequences that it does now, when workers are struggling to enforce public health compliance from the customers whose tips they depend on.

Natasha Van Duser, 27, who tended bar in Manhattan, had never thought to show up to work with pepper spray. That was before last spring, when, she said, a customer dining outside spat on her and threatened to kill her when she asked him to put on a mask before walking to the bathroom; there were others who shouted expletives at her or suggested she take the temperature of their behinds instead of their foreheads.

In a recent national study of more than 1,600 workers, conducted by One Fair Wage and the Food Labor Research Center at the University of California, Berkeley, over three-quarters of workers reported “witnessing hostile behavior” from customers who were asked to comply with coronavirus protocols, more than 40 percent reported a change in the frequency of unwanted sexual comments during the pandemic and more than 80 percent reported that their tips had declined.

Credit…Matt Chase

Boredom’s impact on the economy is under-researched, experts say, possibly because there has been no modern situation like this one, but many agree that it’s an important one, Sydney Ember reports for The New York Times.

Feeling bored may result in different kinds of behaviors, like increasing novelty seeking and increasing reward sensitivity, said Erin Westgate, an assistant professor of psychology at the University of Florida, who studies boredom.

This swirl of reactions to boredom can help explain the GameStop phenomenon, Ms. Westgate said. Investing in the stock was not just an act that felt engaging, powered by a propensity for taking risks and the excitement of reward, but also something that felt meaningful: For many traders, it was a form of protest.

Early in the pandemic, bread-making fervor prompted stores across the country to sell out of yeast. Puzzle sales have skyrocketed. Gardening has taken off as a hobby. Home improvement, too, has boomed. Sherwin-Williams said it had record sales in the fourth quarter and for the year, in part because of strong performances in its do-it-yourself and residential repaint businesses. Pandemic boredom evidently has nothing on watching paint dry.

There has also been an increase in sales of things like video games to keep us occupied, as well as things to help relieve the stress of the pandemic (and, perhaps, boredom from being at home), including self-help books, candles and messaging appliances.

It is possible that not being bored during certain periods of the day is also making people less productive, said Bec Weeks, who worked as a senior adviser for the Behavioural Economics Team of the Australian government and is a co-founder of a behavioral science app called Pique.

Research has shown that mind-wandering, an activity that can happen during periods of boredom, can result in greater productivity. But during the pandemic, some of the best opportunities for mind-wandering, like the daily commute to work, have been lost for the millions of people now working from home.

“Even in those moments when we used to be bored, there were often a lot of things going on that we didn’t realize,” Ms. Weeks said.

Credit…Andrea Chronopoulos

Last month, Laurence D. Fink, BlackRock’s chief executive, wrote that the company wanted businesses it invests in to remove as much carbon dioxide from the environment as they emit by 2050 at the latest.

But crucial details were missing from the pledge, including what proportion of the companies BlackRock invests in will be zero-emission businesses in 2050. On Saturday, in response to questions from The New York Times, a BlackRock spokesman said that the company’s “ambition” was to have “net zero emissions across our entire assets under management by 2050,” The New York Times’s Peter Eavis and Clifford Krauss report.

As the biggest companies strive to trumpet their environmental activism, the need to match words with deeds is becoming increasingly important.

Household names like Costco and Netflix have not provided emissions reduction targets. Others, like the agricultural giant Cargill and the clothing company Levi Strauss, have struggled to cut emissions. Technology companies like Google and Microsoft, which run power-hungry data centers, have slashed emissions, but are finding that the technology often doesn’t exist to carry out their “moonshot” objectives.

Determining how hard companies are really trying can be very difficult when there are no regulatory standards that require uniform disclosures of important information like emissions.

Institutional Shareholder Services, a firm that advises investors on how to vote on corporate matters, analyzed what corporations are doing to reduce emissions. Just over a third of the 500 companies in the S&P 500 stock index have set ambitious targets, it found, while 215 had no target at all. The rest had weak targets.

“To realize the necessary emission reductions, more ambitious targets urgently need to be set,” said Viola Lutz, deputy head of ISS ESG Climate Solutions, an arm of Institutional Shareholder Services. “Otherwise, we project emissions for S&P 500 companies will end up being triple of what they should be in 2050.”

The U.S. Postal Service on Tuesday chose Oshkosh Defense, a manufacturer of military vehicles, to build the next generation of postal delivery trucks, shunning an all-electric vehicle maker that had been in the running for the multibillion-dollar, 10-year contract.

Under an initial $482 million deal, Oshkosh will complete the design and then assemble 50,000 to 165,000 vehicles over 10 years, the Postal Service said.

Oshkosh was awarded the contract over two other bidders. One, the Workhorse Group, a small producer of electric delivery trucks based in Loveland, Ohio, was counting on the postal contract to provide a surge in revenue. At its height this month, the company’s stock was up more than tenfold in a year, in part on hopes it would win all or part of the postal contract. On Tuesday, after the Postal Service announced its decision, Workhorse shares lost nearly half their value. The other final bidder was Karsan, a Turkish maker of trucks and buses that was considered a long shot for the contract.

The choice of Oshkosh, which has no track record in producing electric vehicles, over Workhorse raised questions among some environmentalists over President Biden’s promised push to electrify the federal fleet. But some critics had also raised concerns that too swift a transition to plug-in trucks made by a fledgling company — and the buildup of charging infrastructure that would require — could burden a Postal Service already struggling with delivery delays.

Oshkosh has promised to shift to battery-powered vehicles if necessary, reflecting a wider push by automakers to bolster their offerings of electric vehicles to cut down on the industry’s carbon footprint. The new vehicles will be equipped with either fuel-efficient gasoline engines or electric batteries, and they will be retrofitted to keep pace with advances in electric vehicle technology, the Postal Service said.

The Post Office operates almost 230,000 vehicles and has one of the world’s largest civilian vehicle fleets, but its aging fleet — which federal data shows gets only about 10 miles a gallon — had also long been due for an upgrade.