One of the first big waves of protests over his death occurred at the Mondawmin Mall. Protesters began throwing rocks at police officers, and the mall was looted. Some students from Frederick Douglass High School, across from the mall and the alma mater of the civil rights giant Thurgood Marshall, the first Black man to serve on the U.S. Supreme Court, were caught up in the melee.
Target was spared serious damage. But for a time, many shoppers, both Black and white, stayed away from the store, recalled Mr. Johnson, who now works for the Postal Service.
“Mondawmin already had a bad rap with out-of-towners,” he said.
Shoppers eventually returned to the Target in Mondawmin, he said. But he noticed that the city’s other Target store, which had opened in a trendy area near the harbor in 2013, was getting more popular.
In November 2017, Mr. Mosby, then a state lawmaker, got a call from a resident whose family worked at the store: The Target in Mondawmin was shutting its doors in a few months. “I thought it was a just a rumor at first,” Mr. Mosby said.
Some residents and neighborhood leaders were told that the store struggled with high rates of theft, known in the retail industry as “shrinkage.” But Mr. Ali, the store’s former manager, said, “That was untrue,” at least while he worked there. The store met its profit and shrinkage goals during his four years as manager, which ended in 2012, years before the store closed.
Drew Austin, an entrepreneur and investor, invested heavily in cryptocurrencies and NFTs, including digital horses, digital sports cards and some digital art. He took a “substantial liquidity hit” when cryptocurrency prices crashed in May, he said. But he is not cashing out, because he believes these new assets are the future. Still, the volatility can be stressful. Unlike a stock exchange, these newer markets never close.
“There are nights when I go to bed and I think, Please, God, China, don’t mess this up,” he said using stronger language. “It’s 24/7. It never stops.”
Bitcoin’s volatile month — dropping by around 65 percent in May, recovering some and then falling further this week — has not swayed investor enthusiasm. A recent survey by The Ascent, a financial services ratings site, showed that Generation Z investors viewed cryptocurrencies as slightly less risky than individual stocks.
But they’re learning that wild price swings can happen over a single tweet. In February and March, when Elon Musk and his company, Tesla, embraced Bitcoin, its price soared. In May, when Mr. Musk tweeted that Tesla would not accept Bitcoin payments over concerns with its environment impact, its price dropped.
It jumped again this week when Mr. Musk suggested on Twitter that Tesla would again accept Bitcoin someday. (His tweets have also propelled Dogecoin, a joke cryptocurrency based on a meme about a Shiba Inu.)
The sustained appetite for risky bets has fueled companies, like Robinhood, that enable customers to trade stocks, options and cryptocurrencies. In January, Robinhood’s role in the trading of meme stocks landed it in hot water with Congress, state regulators and its customers.
The attention only turbocharged Robinhood’s growth: Revenue more than tripled in the first three months of 2021 compared with the same period last year. Robinhood plans to go public in the coming months.
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In the story of how the modern world was constructed, Toyota stands out as the mastermind of a monumental advance in industrial efficiency. The Japanese automaker pioneered so-called Just In Time manufacturing, in which parts are delivered to factories right as they are required, minimizing the need to stockpile them.
Over the last half-century, this approach has captivated global business in industries far beyond autos. From fashion to food processing to pharmaceuticals, companies have embraced Just In Time to stay nimble, allowing them to adapt to changing market demands, while cutting costs.
But the tumultuous events of the past year have challenged the merits of paring inventories, while reinvigorating concerns that some industries have gone too far, leaving them vulnerable to disruption. As the pandemic has hampered factory operations and sown chaos in global shipping, many economies around the world have been bedeviled by shortages of a vast range of goods — from electronics to lumber to clothing.
In a time of extraordinary upheaval in the global economy, Just In Time is running late.
“It’s sort of like supply chain run amok,” said Willy C. Shih, an international trade expert at Harvard Business School. “In a race to get to the lowest cost, I have concentrated my risk. We are at the logical conclusion of all that.”
shortage of computer chips — vital car components produced mostly in Asia. Without enough chips on hand, auto factories from India to the United States to Brazil have been forced to halt assembly lines.
But the breadth and persistence of the shortages reveal the extent to which the Just In Time idea has come to dominate commercial life. This helps explain why Nike and other apparel brands struggle to stock retail outlets with their wares. It’s one of the reasons construction companies are having trouble purchasing paints and sealants. It was a principal contributor to the tragic shortages of personal protective equipment early in the pandemic, which left frontline medical workers without adequate gear.
a shortage of lumber that has stymied home building in the United States.
Suez Canal this year, closing the primary channel linking Europe and Asia.
“People adopted that kind of lean mentality, and then they applied it to supply chains with the assumption that they would have low-cost and reliable shipping,” said Mr. Shih, the Harvard Business School trade expert. “Then, you have some shocks to the system.”
An Idea That Went ‘Way Too Far’
presentation for the pharmaceutical industry. It promised savings of up to 50 percent on warehousing if clients embraced its “lean and mean” approach to supply chains.
Such claims have panned out. Still, one of the authors of that presentation, Knut Alicke, a McKinsey partner based in Germany, now says the corporate world exceeded prudence.
“We went way too far,” Mr. Alicke said in an interview. “The way that inventory is evaluated will change after the crisis.”
Many companies acted as if manufacturing and shipping were devoid of mishaps, Mr. Alicke added, while failing to account for trouble in their business plans.
“There’s no kind of disruption risk term in there,” he said.
Experts say that omission represents a logical response from management to the incentives at play. Investors reward companies that produce growth in their return on assets. Limiting goods in warehouses improves that ratio.
study. These savings helped finance another shareholder-enriching trend — the growth of share buybacks.
In the decade leading up to the pandemic, American companies spent more than $6 trillion to buy their own shares, roughly tripling their purchases, according to a study by the Bank for International Settlements. Companies in Japan, Britain, France, Canada and China increased their buybacks fourfold, though their purchases were a fraction of their American counterparts.
Repurchasing stock reduces the number of shares in circulation, lifting their value. But the benefits for investors and executives, whose pay packages include hefty allocations of stock, have come at the expense of whatever the company might have otherwise done with its money — investing to expand capacity, or stockpiling parts.
These costs became conspicuous during the first wave of the pandemic, when major economies including the United States discovered that they lacked capacity to quickly make ventilators.
“When you need a ventilator, you need a ventilator,” Mr. Sodhi said. “You can’t say, ‘Well, my stock price is high.’”
When the pandemic began, car manufacturers slashed orders for chips on the expectation that demand for cars would plunge. By the time they realized that demand was reviving, it was too late: Ramping up production of computer chips requires months.
stock analysts on April 28. The company said the shortages would probably derail half of its production through June.
The automaker least affected by the shortage is Toyota. From the inception of Just In Time, Toyota relied on suppliers clustered close to its base in Japan, making the company less susceptible to events far away.
‘It All Cascades’
In Conshohocken, Pa., Mr. Romano is literally waiting for his ship to come in.
He is vice president of sales at Van Horn, Metz & Company, which buys chemicals from suppliers around the world and sells them to factories that make paint, ink and other industrial products.
In normal times, the company is behind in filling perhaps 1 percent of its customers’ orders. On a recent morning, it could not complete a tenth of its orders because it was waiting for supplies to arrive.
The company could not secure enough of a specialized resin that it sells to manufacturers that make construction materials. The American supplier of the resin was itself lacking one element that it purchases from a petrochemical plant in China.
One of Mr. Romano’s regular customers, a paint manufacturer, was holding off on ordering chemicals because it could not locate enough of the metal cans it uses to ship its finished product.
“It all cascades,” Mr. Romano said. “It’s just a mess.”
No pandemic was required to reveal the risks of overreliance on Just In Time combined with global supply chains. Experts have warned about the consequences for decades.
In 1999, an earthquake shook Taiwan, shutting down computer chip manufacturing. The earthquake and tsunami that shattered Japan in 2011 shut down factories and impeded shipping, generating shortages of auto parts and computer chips. Floods in Thailand the same year decimated production of computer hard drives.
Each disaster prompted talk that companies needed to bolster their inventories and diversify their suppliers.
Each time, multinational companies carried on.
The same consultants who promoted the virtues of lean inventories now evangelize about supply chain resilience — the buzzword of the moment.
Simply expanding warehouses may not provide the fix, said Richard Lebovitz, president of LeanDNA, a supply chain consultant based in Austin, Texas. Product lines are increasingly customized.
“The ability to predict what inventory you should keep is harder and harder,” he said.
Ultimately, business is likely to further its embrace of lean for the simple reason that it has yielded profits.
“The real question is, ‘Are we going to stop chasing low cost as the sole criteria for business judgment?’” said Mr. Shih, from Harvard Business School. “I’m skeptical of that. Consumers won’t pay for resilience when they are not in crisis.”
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WELLINGTON, New Zealand — Like many New Zealanders before her, Cat Moody chased the broader horizons of life abroad, unsure if she would ever return to a homeland she saw as remote and limiting.
But when the pandemic arrived, it “changed the calculus” of what she valued, she said. Suddenly, fresh air, natural splendor and a sparse population sounded more appealing, as did the sense of security in a country whose strict measures have all but vanquished Covid-19.
In February, Ms. Moody, 42, left her house and the life she had built in Princeton, N.J., and moved back to New Zealand with her husband, a U.S. citizen. She is among more than 50,000 New Zealanders who have flocked home during the pandemic, offering the country a rare opportunity to win back some of its best and brightest.
The unexpected influx of international experience and connections has led to local news reports heralding a societal and industrial renaissance. Policymakers are exhorting businesses to capitalize on the “fundamental competitive advantage” offered by the country’s success against the coronavirus.
have received both doses of a Covid-19 vaccine, and Australians and residents of the Cook Islands are the only non-New Zealanders who can visit.
“Shifting into how we take advantage of the way things have changed, I think having a government that is risk-averse is actually going to be damaging to New Zealand,” Ms. Moody said.
Ms. Imam, who worked in communications for the computer company Dell in the United States, said that New Zealand’s reputation abroad was better than it deserved.
Still, she said that new government policies, such as paid leave for women who have miscarriages, had convinced her that the “project that is New Zealand” was worth returning for.
“At least we’re doing something right,” she said. “I want to be part of that.”
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Most government entities in Texas will soon be prohibited from requiring people to wear masks, Gov. Greg Abbott announced on Tuesday, days after federal health officials announced new guidance that encourages people who have been completely vaccinated to forego masks in most situations.
The executive order Mr. Abbott announced on Tuesday would prevent counties, cities, public health authorities and local government officials from requiring people to wear masks beginning on Friday. Violators could be fined $1,000.
Hospitals owned or operated by the government, state-supported living centers and jails and other criminal justice facilities are exempt from the order. Schools can continue their current mask policies until June 4, the end of the school year in some Texas districts, after which they will not be allowed to compel anyone to wear a mask. The C.D.C. also recommended that masks remain universally in use in K-12 schools until the end of the current school year.
Only a third of Texans are fully vaccinated, below the U.S. average of 37 percent, according to a New York Times database. No Covid-19 vaccines have been authorized yet for children under 12.
rescinded a statewide mask mandate and capacity restrictions on March 10, the new recommendations from the Centers for Disease Control and Prevention were less of a shock than they were in other states, where officials and business leaders scrambled to figure out how to safely accommodate residents and customers. Many states, and chains like Target, CVS and Best Buy, have since relaxed their mask mandates for vaccinated people.
Mr. Abbott’s mask rollback in March invigorated some individuals and business owners and alarmed others. But some local leaders chose to initially keep mask requirements in place, including the mayors of Texas’s biggest cities — Houston, Austin, San Antonio and Dallas — all of which are in counties won by President Biden.
Mayor Sylvester Turner of Houston, a Democrat, called the governor’s new order “a clear overreach,” and added, “His power is not absolute.”
Going forward, Mr. Turner said in a statement, “If you are a city employee or entering a city facility and you have not been fully vaccinated, you should wear your mask. We are not mandating it, but I strongly encourage everyone to get vaccinated to protect yourself, your family and your co-workers.”
Mayor Steve Adler of Austin and Travis County Judge Andy Brown, both Democrats, said in a statement that in the coming days, “we will be speaking with parts of our community most impacted by the governor’s order, including schools and nursing homes. Our community’s safety will continue to be our highest priority.”
New York Times database.
“Texans, not government, should decide their best health practices, which is why masks will not be mandated by public school districts or government entities,” Mr. Abbott said in a statement announcing the order. “We can continue to mitigate Covid-19 while defending Texans’ liberty to choose whether or not they mask up.”
When the pandemic started last spring, Di Fara, one of New York City’s storied pizza joints, had the same question as countless restaurants nationwide: How would it make any money when customers weren’t allowed through its doors?
One answer quickly emerged: Ship frozen (and slightly smaller) versions of its classic pies across the country in partnership with the eight-year-old e-commerce platform Goldbelly.
Sales picked up so much that Di Fara converted its two-year-old second location, in a food hall, to essentially be a Goldbelly production line. Margaret Mieles, the daughter of Di Fara’s founder, who had already struck an agreement with Goldbelly in December 2019, credits the platform with helping the pizzeria avoid layoffs.
It isn’t just iconic pizzerias that have relied on Goldbelly to survive lockdown orders. More than 400 of the 850 restaurants that sell food on Goldbelly’s platform have joined since the start of the pandemic, an influx that the company says has more than quadrupled sales over the past 12 months.
Parkway Bakery & Tavern in New Orleans, recalled dodging calls from Goldbelly representatives pitching the platform for more than a year, before relenting in September 2019. Even then, he said in an interview, he would ship perhaps 15 boxes in any given week.
Then pandemic lockdowns devastated the restaurant industry. More than 110,000 restaurants nationwide had permanently closed by December, the National Restaurant Association estimated, and a survey it conducted found that sales in October had dropped from a year earlier for 87 percent of the full-service survivors.
Mr. Kennedy shut Parkway in March 2020. When he restarted the business several months later, he began by shipping its signature po’ boy sandwiches through Goldbelly. At the height of the pandemic, Parkway shipped around 200 orders a week, doing roughly the same business that it had done prepandemic — only now its customers included people far from New Orleans.
“We got customers from Alaska calling us, asking us what to do for leftovers,” Mr. Kennedy said. “These are customers we would never have had.”
Some restaurants seeking alternate sources of revenue during the pandemic turned to local delivery services; total orders on DoorDash’s platform in 2020, for instance, jumped roughly threefold from the previous year.
But like Mr. Kennedy, many also turned to Goldbelly to ship their pork shoulder dinners, bagel brunches and huckleberry cheesecakes to locations as far away as Hawaii. (Goldbelly doesn’t consider services like DoorDash to be rivals, since its food generally takes at least a day to arrive and requires cooking).
grilled eggplant parm — something that previously would never have been served at the Michelin-starred restaurant — in part because it would do well on Goldbelly.
Spectrum Equity, the investment firm that is leading the new financing round, reached out to Goldbelly last year as it saw how the company was able to connect local restaurants with a national audience.
“The pandemic has really accelerated trends that were already happening,” said Pete Jensen, a managing director at Spectrum, adding that Goldbelly’s growth has been “extraordinary.”
Mr. Ariel said the fresh capital — raised at an undisclosed valuation — would help Goldbelly expand further, including by hiring more staff and augmenting new offerings like livestreamed cooking classes with celebrity chefs, including Marcus Samuelsson and Daniel Boulud. The company is looking to have more than 1,000 restaurants on its platform by year-end.
The goal, Mr. Ariel said, is to make Goldbelly the biggest platform on which restaurants make money outside of in-person dining, while expanding their brands nationally.
Streetbird is on the Goldbelly platform.
But others, like Ms. Mieles of Di Fara, said they remained committed to the service. “I think, honestly, Goldbelly is here to stay,” she said.
Mr. Myeni and his wife moved to the United States in January 2020.
In a lengthy telephone interview, Ms. Myeni recalled how they met in 2016 at a hostel in Durban, a city on South Africa’s east coast. A professional rugby player, he was playing an away game; she was on a three-day layover during a Christian missionary trip around the world.
Mr. Myeni liked to sing, and once auditioned for the show “Idols South Africa.” He was also a longtime member of Scouts South Africa, leading wilderness camps for children.
The couple married 18 months after they met, and spent their first few years in South Africa, living in his hometown.
Their decision to move the United States, Ms. Myeni said, was driven by her career in real estate. First, they tried Tampa, Fla., but, she said, they found the inequalities between Black and white too reminiscent of South Africa and the legacy of apartheid.
“Every house we looked at, you could either be in a really poor Black neighborhood or a snobby rich white neighborhood, and neither of those fit us,” Ms. Myeni said. “We wanted somewhere where people are progressing and doing well but also, is it safe for us as a mixed couple?”
Next they tried Denver. They had once spent six months there, and it was home to the Glendale Merlins, a rugby team Mr. Myeni could join while he waited for a work permit.
Even before his death in Honolulu, Mr. Myeni had sometimes felt targeted by the police in his new country. In Austin, Texas, he was arrested at a nightclub while traveling with his rugby team, a teammate said, then released without charges. And in Denver, he was stopped by the police while walking to rugby practice.