Blue Meridian Partners, whose donor partners include the Bill and Melinda Gates Foundation, the Ballmer Group and the Sergey Brin Family Foundation.

Others contributing to the fund are the Michael and Susan Dell Foundation and Schmidt Futures, led by Eric Schmidt, former chief executive of Google.

For Social Finance and its backers, the career impact bonds are not traditional investments. For them, breaking even or a small return would be winning — proof the concept is working, which should attract more public and private money.

“We need to move toward evidence-based funding,” said Jim Shelton, chief investment and impact officer for Blue Meridian Partners and a deputy secretary of education in the Obama administration. “And Social Finance is supporting programs that show it can be done.”

The Social Finance income-share agreement with students ranges from about 5 percent to 9 percent depending on their earnings — less from $30,000 to $40,000, and generally more above $40,000. The monthly payments last four years. If you lose your job, the payment obligation stops.

“Our investors aren’t after high returns. They’re primarily after social impact,” Ms. Palandjian said.

When screening programs, Social Finance looks for those that offer training for specific skills linked to local demand, and have data to show that its students graduate and get good-paying jobs. In selecting a skilled-trade school, Social Finance, working with Burning Glass Technologies, which analyzes job-market data, sought a program for an occupation in demand with potential for the worker to move up the career ladder.

American Diesel Training, based in Columbus, Ohio, met the requirements. The for-profit company’s program is designed as a short, intensive course to train entry-level diesel technicians, mostly for trucking companies and dealerships.

Demand for diesel technicians is robust as more goods are shipped by truck, often delivering products ordered online, and baby-boom mechanics are retiring. There is an accessible career path to become a senior mechanic or into administration as a service, distribution or shop manager.

American Diesel Training, founded in 2017, succeeded in placing students in jobs in its first few years, but remained small.

Before Social Finance arrived, Tim Spurlock, co-founder and chief executive of American Diesel Training, looked into financing through income-share agreements offered by venture-backed start-ups. The terms, he said, were far less favorable for students.

“Social Finance comes at it from a completely different angle,” he said.

The first group of Social Finance-funded students started the five-week course last September. There are now about 70 students in each course. That is about four times as many as a year ago.

Social Finance pays American Diesel Training just over 60 percent of its fee initially. The rest comes later, after a student lands and keeps a job.

“I’m fine with that,” Mr. Spurlock said. “We’ve completely proven our educational model. The problem was the funding mechanism.”

A total of 229 students supported by Social Finance have been enrolled. The graduation rate is nearly 100 percent, and 89 percent have jobs. Their average annual income is $36,500, and the average gain from income before the program is $12,400.

Today, Mr. Barber, who saw an ad for the program on Facebook, works in Ohio for U.S. Xpress, a national freight-hauling trucker. As an entry-level diesel technician, he is mostly doing preventive maintenance on trucks. With diesel mechanics in demand, the company paid him a $2,000 signing bonus and a relocation fee.

Jordan Battle earns about $43,000 a year as a diesel mechanic for a large trucking company in Atlanta, far more than she did as a contractor for a civic education organization.

That job ended with the pandemic, so she decided to go for “something essential and to have a real skill others don’t.” She was accepted in the American Diesel Training program, and she was offered a job after three weeks, before she graduated. Practice interviews, résumé building and introductions to employers were part of the curriculum.

“That’s where the program really stands out,” she said. “They fight for you.”

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Are Democrats Friends with Big Business Now?

Still, statements by companies about their social priorities deserve a healthy dose of skepticism.

Indeed, some of the same companies taking part in the stampede of statements critiquing voting laws, like Facebook, Google and AT&T, also recently donated money to the Republican State Leadership Committee, a group that supports many of the voting initiatives. Judd Legum, a journalist, pointed out this hypocrisy in his Popular Information newsletter, noting that Republicans have introduced bills to restrict voting in 47 states.

In the case of businesses like Coca-Cola and Delta, their more forceful, specific statements against the voting law in Georgia came only after the bill passed and 72 senior Black executives had spoken out, giving them cover.

And statements — even moving an All-Star Game — are not expensive. Senator Marco Rubio, Republican of Florida, made this point in a letter to M.L.B.’s commissioner, Rob Manfred, calling its move “an easy way to signal virtues without significant financial fallout.”

Mr. Rubio also told Mr. Manfred, “I am under no illusion you intend to resign as a member from Augusta National Golf Club,” which is in Georgia. “To do so would require a personal sacrifice, as opposed to the woke corporate virtue signaling of moving the All-Star Game from Atlanta.”

The decision to move the game will impact “countless small and minority-owned businesses in and around Atlanta,” Mr. Rubio wrote.

On that last point Mr. Rubio has an ally of sorts in Stacey Abrams, the Democratic organizer in Georgia, but not because they agree on the underlying issue. Ms. Abrams said: “I am disappointed that the M.L.B. is relocating the All-Star Game; however, I commend the players, owners and league commissioner for speaking out. I urge others in positions of leadership to do so as well.”

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San Francisco and Other Cities Try to Give Artists Steady Income

In San Francisco, public officials have announced a pilot program that will provide a monthly stipend to artists. The mayor’s office recently unveiled the initiative, city payments that were approved by the arts commission, which will provide a guaranteed monthly income of $1,000 over six months to 130 eligible artists.

A similar experiment started in St. Paul, Minn., this week. There, a nonprofit organization is working with the city to disburse monthly $500 checks to 25 local artists for the next 18 months. Springboard for the Arts, the organization running the initiative, with funding from two foundations, said it hoped a successful program could change the national conversation.

And more programs, not limited to arts workers, are springing up in cities like Oakland, Calif., and Atlanta, whose leaders are part of a 41-member coalition, Mayors for a Guaranteed Income. The coalition says that providing such an income will improve racial and gender equity. (New York has no such plan in the works, a spokesman for the Department of Cultural Affairs said last week.)

Interest in guaranteed income — or universal basic income — has built over the last year as a potential solution to the lopsided economic effects of the pandemic.

initiative to invest in Black children and families.

Since opening the application portal for artists on March 25, the Yerba Buena Center for the Arts, which is administering the guaranteed income program on behalf of San Francisco, said it has received more than 1,800 responses. (The deadline for applications is April 15.)

Deborah Cullinan, the organization’s chief executive, said that if people in the arts are unstable, “to my mind, I think it means that we are not stable. An organization is only as stable as its core community.”

Cullinan said that she hoped that data from the program could be used to inform the national agenda, and that she already had interest from the federal government.

“It’s about finding new and innovative ways to address the economic insecurity of our sector,” Cullinan added.

In St. Paul, the McKnight and Bush Foundations have helped get the guaranteed-income program off the ground. Laura Zabel, Springboard’s director overseeing the project, said that the monthly payments would help artists afford food and rent. The recipients of the stipends will be chosen from a pool of previous recipients of the organization’s coronavirus emergency grants. The director added that at least 75 percent of recipients would be people of color.

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Business Has Only One Political Party: Profit

Still, statements by companies about their social priorities deserve a healthy dose of skepticism.

Indeed, some of the same companies taking part in the stampede of statements critiquing voting laws, like Facebook, Google, and AT&T, also recently donated money to the Republican State Leadership Committee, a group that supports many of the voting initiatives. Judd Legum, a journalist, pointed out this hypocrisy in his Popular Information newsletter, noting that Republican state lawmakers have introduced bills to restrict voting in 47 states.

In the case of businesses like Coca-Cola and Delta, their more forceful, specific statements against the voting law in Georgia came only after the bill passed and 72 senior Black executives had spoken out, giving them cover.

And statements — even moving an All-Star Game — are not expensive. Senator Marco Rubio, Republican of Florida, made this point in a letter to M.L.B.’s commissioner, Robert Manfred, calling its move “an easy way to signal virtues without significant financial fallout.”

Mr. Rubio also told Mr. Manfred, “I am under no illusion you intend to resign as a member from Augusta National Golf Club,” which is based in Georgia. “To do so would require a personal sacrifice, as opposed to the woke corporate virtue signaling of moving the All-Star Game from Atlanta.”

The decision to move the game will impact “countless small and minority owned businesses in and around Atlanta,” Mr. Rubio wrote.

On that last point Mr. Rubio has an ally of sorts in Stacey Abrams, the Democratic organizer in Georgia, but not because they agree on the underlying issue. Ms. Abrams said, “I am disappointed that the M.L.B. is relocating the All-Star game; however I commend the players, owners and League commissioner for speaking out. I urge others in positions of leadership to do so as well.”

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Inside Corporate America’s Frantic Response to the Georgia Voting Law

On March 11, Delta Air Lines dedicated a building at its Atlanta headquarters to Andrew Young, the civil rights leader and former mayor. At the ceremony, Mr. Young spoke of the restrictive voting rights bill that Republicans were rushing through the Georgia state legislature. Then, after the speeches, Mr. Young’s daughter, Andrea, a prominent activist herself, cornered Delta’s chief executive, Ed Bastian.

“I told him how important it was to oppose this law,” she said.

For Mr. Bastian, it was an early warning that the issue of voting rights might soon ensnare Delta in another national dispute. Over the past five years, corporations have taken political stands like never before, often in response to the extreme policies of former President Donald J. Trump.

After Mr. Trump’s equivocating response to the white nationalist violence in Charlottesville, Va., in 2017, Ken Frazier, the Black chief executive of Merck, resigned from a presidential advisory group, prompting dozens of other top executives to distance themselves from the president. Last year, after the killing of George Floyd, hundreds of companies expressed solidarity with the Black Lives Matter movement.

But for corporations, the dispute over voting rights is different. An issue that both political parties see as a priority is not easily addressed with statements of solidarity and donations. Taking a stand on voting rights legislation thrusts companies into partisan politics and pits them against Republicans who have proven willing to raise taxes and enact onerous regulations on companies that cross them politically.

Major League Baseball pulled the All-Star game from Atlanta in protest, and more than 100 other companies spoke out in defense of voting rights.

The groundswell of support suggests that the Black executives’ clarion call will have an impact in the months ahead, as Republican lawmakers in more than 40 states advance restrictive voting laws. But already, the backlash has been swift, with Mr. Trump calling for boycotts of companies opposing such laws, and Georgia lawmakers voting for new taxes on Delta.

eliminate a tax break for Delta, costing the company $50 million.

Yet as 2021 began and Mr. Bastian focused on his company’s recovery from the pandemic, an even more partisan issue loomed.

In February, civil rights activists began reaching out to Delta, flagging what they saw as problematic provisions in early drafts of the bill, including a ban on Sunday voting, and asking the company to use its clout and lobbying muscle to sway the debate.

Delta’s government affairs team shared some of those concerns, but decided to work behind the scenes, rather than go public. It was a calculated choice intended to avoid upsetting Republican lawmakers.

In early March, Delta lobbyists pushed David Ralston, the Republican head of the Georgia house, and aides to Gov. Brian Kemp to remove some far-reaching provisions in the bill.

followed the same script, refraining from criticizing the bill.

That passive approach infuriated activists. In mid-March, protesters staged a “die in” at Coca-Cola’s museum. Bishop Reginald Jackson, an influential Atlanta pastor, took to the streets with a bullhorn and called for a boycott of Coca-Cola. Days later, activists massed at the Delta terminal at the Atlanta airport and called on Mr. Bastian to use his clout to “kill the bill.” Still, Mr. Bastian declined to say anything publicly.

Two weeks to the day after Delta dedicated its building to Mr. Young, the law was passed. Some of the most restrictive provisions had been removed, but the law limits ballot access and makes it a crime to give water to people waiting in line to vote.

The fight in Georgia appeared to be over. Days after the law was passed though, a group of powerful Black executives frustrated by the results sprang into action. Soon, Atlanta companies were drawn back into the fight, and the controversy had spread to other corporations around the country.

spoke with the media. “There is no middle ground here,” Mr. Chenault told The Times. “You either are for more people voting, or you want to suppress the vote.”

“This was unprecedented,” Mr. Lewis said. “The African-American business community has never coalesced around a nonbusiness issue and issued a call to action to the broader corporate community.”

Mr. Bastian had been unable to sleep on Tuesday night after his call with Mr. Chenault, according to two people familiar with the matter. He had also been receiving a stream of emails about the law from Black Delta employees, who make up 21 percent of the company’s work force. Eventually, Mr. Bastian came to the conclusion that it was deeply problematic, the two people said.

accused Mr. Bastian of spreading “the same false attacks being repeated by partisan activists.” And Republicans in the Georgia house voted to strip Delta of a tax break, just as they did three years ago. “You don’t feed a dog that bites your hand,” said Mr. Ralston, the house speaker.

Senator Marco Rubio of Florida posted a video in which he called Delta and Coca-Cola “woke corporate hypocrites” and Mr. Trump joined the calls for a boycott of companies speaking out against the voting laws.

Companies that had taken a more cautious approach weren’t targeted the same way. UPS and Home Depot, big Atlanta employers, also faced early calls to oppose the Georgia law, but instead made unspecific commitments to voting rights.

declared their opposition to proposed voting legislation in that state. And on Friday, more than 170 companies signed a statement calling on elected officials around the country to refrain from enacting legislation that makes it harder for people to vote.

It was messy, but to many activists, it was progress. “Companies don’t exist in a vacuum,” said Stacey Abrams, who has worked for years to get out the Black vote in Georgia. “It’s going to take a national response by corporations to stop what happened in Georgia from happening in other states.”

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As U.S. Shots Near 3 Million Daily, Experts Warn of Complacency

As President Biden enters the homestretch of his first 100 days in office, the general declines in new virus cases, deaths and hospitalizations since January offer signs of hope for a weary nation.

But the average number of new cases has risen 19 percent over the past two weeks, and federal health officials say that complacency about the coronavirus could bring on another severe wave of infections.

“We have so much to look forward to, so much promise and potential of where we are, and so much reason for hope,” Dr. Rochelle Walensky, the director of the Centers for Disease Control and Prevention, said in an emotional plea to Americans this week. “But right now I’m scared.”

On the positive side, nearly a third of the people in the United States have received at least one dose of a coronavirus vaccine. As of early Saturday morning, nearly three million people on average were receiving a shot every day, up from about two million in early March.

can travel “at low risk to themselves” within the United States and abroad.

But these days, most signs of hope are offset by peril.

Over the past week, there has been an average of 64,730 cases per day, an increase of 19 percent from two weeks earlier, according to a New York Times database. New deaths on average have declined, but they are still hovering around 900 a day. More than 960 were reported on Friday alone.

The C.D.C. predicted this week that the number of new Covid-19 cases per week in the United States would “remain stable or have an uncertain trend” over the next four weeks, and that weekly case numbers could be as high as about 700,000 even in late April.

even though half of its residents over 65 are now fully vaccinated.

And in Ohio, Gov. Mike DeWine said that new variants were aggravating the state’s caseload, even as vaccinations picked up.

“We have to understand that we are in a battle,” he said.

As if to underscore how fragile the nation’s recovery is, a quintessential American ritual — the start of the baseball season — has already faced a virus-related delay.

Major League Baseball officials said on Friday that the league had found only five positive cases in more than 14,000 tests of league personnel. But because four of those people were Washington Nationals players, the team’s Opening Day game against the New York Mets was postponed, and then the team’s full three-game weekend series.

“It’s one of those things that brings it to light that we’re not through it yet,” Brian Snitker, the Atlanta Braves manager, told The Associated Press. “We’re still fighting this.”

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Hiring Jumped in March, Fueled by Vaccines and Federal Aid: Live Updates

Employers added 916,000 jobs in March, up from 416,000 in February and the most since August, the Labor Department said Friday. The leisure and hospitality sector led the way, adding 280,000 jobs as Americans returned to restaurants and resorts in greater numbers. Construction firms added 110,000 jobs as the housing market stayed strong and activity resumed following winter storms in February.

The unemployment rate fell to 6 percent, down from 6.2 percent in February.

“March’s jobs report is the most optimistic report since the pandemic began,” said Daniel Zhao, senior economist of the career site Glassdoor. “It’s not the largest gain in payrolls since the pandemic began, but it’s the first where it seems like the finish line is in sight.”

The report came one year after the pandemic ripped a hole in the American labor market. The U.S. economy lost 1.7 million jobs in March 2020 and more than 20 million in April, when the unemployment rate peaked at nearly 15 percent.

The job market bounced back quickly at first, but progress began to slow as virus cases surged and states reimposed restrictions on businesses. Over the winter, the recovery stalled out, with employers cutting more than 300,000 jobs in December.

Economists said the latest data marked a turning point. Last month was the third straight month of accelerating hiring, and even bigger gains are likely in the months ahead. The March data was collected early in the month, before most states broadened vaccine access and before most Americans began receiving $1,400 checks from the federal government as part of the most recent relief package.

“The tide is turning,” said Michelle Meyer, chief U.S. economist for Bank of America. The report, she said, “reaffirms this idea that the economy is accelerating meaningfully in the spring.”

The United States still has 8.4 million fewer jobs than it did before the pandemic. Even if employers kept hiring at the pace they did in March, it would take months to fill the gap. More than four million people have been out of work for more than six months, a number that continued rising in March.

And the virus remains a risk. Coronavirus cases are rising again in much of the country as states have begun easing restrictions. If that trend turns into a full-blown new wave of infections, it could force some states to backpedal, impeding the recovery.

But few economists expect a repeat of the winter, when a spike in Covid-19 cases pushed the recovery into reverse. More than a quarter of U.S. adults have received at least one dose of a coronavirus vaccine, and more than two million people a day are being inoculated. That should allow economic activity to continue to rebound.

“This time is different, and that’s because of vaccines,” said Julia Pollak, a labor economist at the job site ZipRecruiter. “It’s real this time.”

An expanded measure of the jobless rate that adjusts for misclassified workers and those on the sidelines shows that the “real” rate was around 9.1 percent in March.
Credit…Charles Krupa/Associated Press

The labor market is healing, pushing the unemployment rate steadily lower. But alternative measures of the job market show more weakness remaining than the most frequently cited data might suggest.

When the pandemic hit the economy, two big issues began to mess with the unemployment rate. A big chunk of people were classified as “employed but not at work” when they should have been counted as laid off. And many people dropped out of the labor market altogether. Since the unemployment rate only counts people who are actively applying to jobs, that means a lot of would-be workers were suddenly left out.

The jobless rate fell to 6 percent in March from a high of 14.8 percent in April, but that overstates the labor market’s healing. An expanded measure that adjusts for misclassified workers and those on the sidelines — using a methodology that closely tracks a gauge Federal Reserve officials often reference — shows that the “real” unemployment rate was around 9.1 percent in March.

To be sure, that expanded measure is down sharply from a peak of nearly 24 percent last April. But it shows the extent of the damage yet to be repaired since the pandemic shuttered broad parts of the economy in 2020.

Fed officials, who are tasked with returning the labor market to maximum employment, are keeping a close eye on broad measures of slack as they try to assess how far the job market remains from full strength. Another point they often raise is that total employment in the economy remains well below its prepandemic level — as of March, 8.4 million jobs were missing compared with February 2020.

“It’s just a lot of people who need to get back to work and it’s not going to happen overnight, it’s going to take some time,” Jerome H. Powell, the Federal Reserve chair, said at a news conference last month.

The Saudi oil minister, Prince Abdulaziz bin Salman, is arguably the most powerful individual in the oil business. 
Credit…Ahmed Yosri/Reuters

For months, Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, arguably the most powerful individual in the oil business, has urged his fellow producers to keep a tight rein on output, fearing additional crude could flood the world’s markets and cause prices to drop. At the same time, some producers, notably Russia, have been chafing to open the spigot a bit more.

On Thursday, the prince seemed to relent, as the group called OPEC Plus — the members of Organization of the Petroleum Exporting Countries and allies like Russia — agreed to modest output increases over the next three months.

Analysts said the prince, who is the chair of OPEC Plus, appeared to be calculating that by appeasing other producers who want to produce more oil, he can remain in control over the longer term.

The prince repeated his go-slow message on Thursday, arguing that the global economic recovery from the pandemic remained fragile, and so his willingness to sign off on an increase came as something of a surprise. But the decision seemed to be an acknowledgment of the diversity of opinions within OPEC Plus, and that he must take the views of other key producers like Russia and the United Arab Emirates into account to maintain leadership and to keep them from going their own way.

“It is not my decision, it is everybody’s decision,” he said at a news conference after Thursday’s OPEC Plus meeting.

So far traders have signaled their approval by pushing up prices in what had been a weak market. On Friday, Brent crude, the international benchmark was up about 3.4 percent to $64.86 a barrel.

Under the deal agreed Thursday, OPEC Plus will gradually increase production by 350,000 barrels a day in May and June and 441,000 barrels a day in July. Over the same period, the Saudis will also relax the one million barrels a day they have been voluntarily keeping off the market, bringing the total increase to about 2.1 million barrels a day by July.

The plan “points to a still cautious and orderly ramp-up from OPEC Plus, still allowing for a tight oil market,” rather than a flood, analysts at Goldman Sachs wrote in a note to clients on Thursday.

OPEC Plus also retain the option of adjusting output at monthly meetings. Saudi Arabia, the world’s largest exporter, can also take unilateral decisions to trim supplies.

This ability to quickly backtrack “provides the prince with comfort that he is exercising a fairly low-risk option,” Helima Croft, a strategist at RBC Capital Markets, wrote in a note to clients.

Shoppers at a Bed, Bath & Beyond last month. With the vaccine rollout accelerating, economists expect Americans to start spending again.
Credit…Mark Lennihan/Associated Press

Economists think the big job gains reported on Friday are just the beginning. One reason: Americans have plenty of cash, and they are ready to spend it.

U.S. households had $2.4 trillion in savings in February, $1 trillion more than a year earlier. And that was before the latest wave of $1,400 relief checks started going out in March.

The primary factor holding back spending has been the pandemic, which has prevented people from spending on restaurant meals, vacations and concert tickets. But with the vaccine rollout accelerating, that could soon change.

About 35 percent of Americans plan to spend more on travel over the next 12 months than they do in a typical year, according to a survey conducted last month for The New York Times by the online research firm SurveyMonkey. About 28 percent plan to spend more than usual at restaurants. And over all, close to 70 percent of adults plan to spend more than usual in at least one category, at least if the health situation allows.

“They have the money in the bank, they’re ready to spend it, but what was holding them back was not having a comfort about being able to go out,” said Jay Bryson, chief economist for Wells Fargo. “We’re getting into a critical mass of people that are feeling comfortable beginning to go out again.”

But there are signs that Americans remain cautious. The survey was conducted in mid-March, just as the Treasury was preparing to send the $1,400 checks to millions of households. More than half the survey respondents who expected to receive checks said they planned to save most of the money or pay down debt. One-third said they would use it for immediate needs like food or rent. Only 10 percent said they planned to spend most of the money on discretionary items.

And while many Americans may be dreaming up ways to spend the money they saved during the pandemic, those hardest hit by the crisis are still trying to regain their financial footing. Among the unemployed, 62 percent said they planned to use their stimulus check to meet immediate needs, compared with 29 percent of the employed. Only 3 percent of the unemployed said they planned to use their stimulus checks on discretionary purchases.

Tesla said on Friday that it more than doubled the number of cars it delivered in the first quarter, bouncing back after the coronavirus slowed sales in the same period a year ago.

The electric carmaker said it sold 184,8000 vehicles in the first three months of the year, up from 88,500 a year ago. It produced 180,338 vehicles, compared to 102,672 in the first quarter of 2020.

Tesla was helped by the arrival of the Model Y, a roomier version of its Model 3 sedan. Those two cars accounted for almost all of its deliveries in the first quarter. It reported just 2,020 deliveries of its high-end cars — the Model S luxury sedan and the Model X sport-utility vehicle.

Ford and enjoyed substantial increases in sales to individual customers at dealerships while reporting declines in sales to fleet operators.
Credit…Brittany Greeson for The New York Times

General Motors reported a modest rise in car sales in North America for the first quarter, but its operations continue to be hampered by a shortage of computer chips.

G.M. said on Thursday that it sold 642,250 cars and light trucks in the first three months of the year, up just 4 percent even though sales a year ago slowed sharply as the coronavirus pandemic took hold.

By contrast, Toyota Motor showed a strong rebound in sales compared with a year ago. The Japanese company reported that sales in North America jumped 22 percent in the first three months of 2021, to 603,066 cars and light trucks. Its March sales were a record high for that month.

Toyota’s big jump helped it outsell Ford Motor, which has also been hit by the semiconductor shortage. Ford’s sales in the first quarter were up just 1 percent, to 521,334. Stellantis — the company formed by the merger of Fiat Chrysler and France’s Peugeot SA — reported its U.S. sales increased 5 percent in the first quarter.

Ford and G.M. both enjoyed substantial increases in sales to individual customers at dealerships while reporting declines in sales to fleet operators like rental car companies and governments.

G.M. and Ford have had to halt or slow production at a handful of plants. G.M. has resorted to making some vehicles without parts containing computer chips with the intention of installing those components before sale when supply improves.

In a statement, G.M. said it hoped its strategy for building cars without some components would help it “quickly meet strong expected customer demand during the year.”

That approach to building cars “underscores the dire nature” of the semiconductor shortage, an analyst at CFRA Research, Garrett Nelson, said in a report. “One of the key questions is how much better the U.S. auto sales recovery can get from here.”

The chip shortage is reflected in G.M.’s unusually low inventory of 334,628 vehicles. That is about 76,000 less than at the end of the fourth quarter and is half the number of vehicles its dealers held in stock a year ago. Ford’s inventory was 56,100 lower than at the end of 2020.

G.M.’s sluggish sales were confined to its Chevrolet brand, whose sales fell 2 percent in the first quarter. That included a 13 percent decline in sales of its full-size Silverado pickup truck, a critical profit maker for the company. The Buick, Cadillac and G.M.C. brands reported strong sales in the quarter.

Toyota also reported a drop in sales of its full-size pickup, the Tundra. But the decline was more than offset by big increases in sales of its RAV4, Highlander and 4Runner sport-utility vehicles and cars from its Lexus luxury brand.

Also on Thursday, Honda Motor reported its first-quarter sales in North America had increased 16 percent, to 347,091 vehicles.

Ed Bastian, the chief executive of Delta, was accused by Georgia’s governor of spreading “the same false attacks being repeated by partisan activists.”
Credit…Steve Marcus/Reuters

For two weeks, Delta Air Lines and Coca-Cola had been under pressure from activists and Black executives who wanted the companies to publicly oppose a new law in Georgia that makes it harder for people to vote. On Wednesday, six days after the law was passed, both companies stated their “crystal clear” opposition to it.

Now Republicans are mad at the companies for speaking out. Hours after the companies made their statements, Gov. Brian Kemp, a Republican, took aim at Ed Bastian, the chief executive of Delta, accusing him of spreading “the same false attacks being repeated by partisan activists.” And Republicans in the Georgia state legislature floated the idea of increasing taxes on Delta as retribution.

On Thursday, Senator Marco Rubio of Florida posted a video in which he called Delta and Coca-Cola “woke corporate hypocrites.” Senator Roger Wicker of Mississippi said Coca-Cola was “caving to the ‘woke’ left.” And Stephen Miller, an adviser to former President Donald J. Trump, said on Twitter, “Unelected, multinational corporations are now openly attacking sovereign U.S. states & the right of their citizens to secure their own elections. This is a corporate ambush on Democracy.”

It was another illustration of just how fraught it is for big companies to wade in to partisan politics, where any support for the left draws the ire of the right, and vice versa.

Other big Georgia companies have managed to stay on the sidelines. UPS, which is based in Atlanta, also refrained from criticizing the new law before it was passed. On Thursday, the company said it “believes that voting laws and legislation should make it easier, not harder, for Americans to exercise their right to vote.” It made no mention of the law.

Mannequins at a Brooks Brothers warehouse in Enfield, Conn.
Credit…Amr Alfiky/The New York Times

In the fallout of Brooks Brothers’ bankruptcy filing and sale last year, the retailer abandoned a warehouse in Connecticut full of junk — mannequins, sewing machines and a whole section of Christmas trees.

Ever since, the couple that owns the warehouse, Chip and Rosanna LaBonte, has been scrambling to figure out how to get rid of it all.

Junk removal companies have told them it will cost at least $240,000 to clear the space, which Brooks Brothers had rented through November, Sapna Maheshwari and Vanessa Friedman report for The New York Times. In order to pay the bill, the LaBontes are going to have to sell their home.

Credit…Amr Alfiky/The New York Times

Brooks Brothers, which was founded in 1818 and is the oldest continuously operated apparel brand in the United States, began renting the warehouse in Enfield in 2011, most recently at a rate of roughly $20,000 a month.

The couple bought the warehouse in 2010. They said that it was their first foray into commercial real estate and that they worked on residential projects before that. They have other tenants and a self-storage section, but are frustrated about the mess and the fact they can’t use the space for anything else until it is cleared.

The couple’s plight illustrates the far-reaching consequences of retail bankruptcies, which cascaded during the pandemic and affected everyone from factory workers to executives. Smaller vendors and landlords have often been left holding the short end of the stick during lengthy byzantine bankruptcy proceedings, particularly with limits on what they can spend on legal bills compared with larger corporations. And once bankrupt brands are sold, people like the LaBontes are typically left in the dust.

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