As a girl, Ma Thuzar Wint Lwin would watch the Miss Universe pageant and wish that she could be the one onstage representing her country, Myanmar. She entered her first two contests last year, nervous and excited about what to expect. But she ultimately walked away crowned Miss Universe Myanmar, and this week is competing at the global pageant in Florida.
But now representing her country has new meaning. With the military seizing power in a Feb. 1 coup and killing hundreds of protesters, she hopes to use her platform to call attention to Myanmar’s pro-democracy movement and to appeal for international help in freeing elected leaders who have been detained.
“They are killing our people like animals,” she said in an interview before leaving Myanmar for the competition. “Where is the humanity? Please help us. We are helpless here.”
In a dramatic moment on Thursday during the pageant’s national costume show, she walked to the front of the stage and held up a sign saying, “Pray for Myanmar.” The final competition will be held on Sunday.
responded with a brutal crackdown, killing more than 780 people and detaining more than 3,900, according to a rights group that tracks political prisoners.
In the early weeks of the protest movement, Ms. Thuzar Wint Lwin, 22, joined the demonstrations, where she held signs with slogans such as “We do not want military government,” and called for the release of the country’s civilian leader, Daw Aung San Suu Kyi, who has been under house arrest since the coup.
black-and-white photos of herself blindfolded, with tape over her mouth and her hands bound.
The military’s onslaught has left the country living in fear, she said.
“The soldiers patrol the city every day and sometimes they set up roadblocks to harass the people coming through,” said Ms. Thuzar Wint Lwin, who also goes by the name Candy. “In some cases, they fire without hesitation. We are scared of our own soldiers. Whenever we see one, all we feel is anger and fear.”
giving up his dream of going to the Olympics and would not compete under the Myanmar flag until the regime’s leader, Senior Gen. Min Aung Hlaing, was removed from power. And the mixed martial arts fighter U Aung La Nsang, an American citizen and one of Myanmar’s most famous athletes, has urged President Biden to help end the suffering of Myanmar’s people.
Ms. Thuzar Wint Lwin says she believes that it will not be safe for her to return to Myanmar after speaking out against the regime; she does not know where she will go after the pageant ends.
An English major at East Yangon University, her path to the pro-democracy movement can perhaps be traced back to her childhood. She grew up in a middle-class household. Like many parents, her father, a businessman, and her mother, a housewife, dared not discuss the military government that was then in power.
One of her early memories was walking with her mother near Sule Pagoda in downtown Yangon in 2007, when monks led nationwide protests against military rule. She was 7. As they neared the pagoda, soldiers broke up the protest by shooting their guns in the air. People started running. She and her mother ran, too.
began sharing power with civilian leaders and opening the country, allowing cellphones and affordable internet access to flood in.
Ms. Thuzar Wint Lwin is part of the first generation in Myanmar to grow up fully connected to the outside world, and for whom a free society seemed normal. In 2015, the country seated democratically elected officials for the first time in more than half a century. “We have been living in freedom for five years,” she said. “Do not take us back. We know all about the world. We have the internet.”
November was the first time she was old enough to vote, and she cast her ballot for the National League for Democracy, the party of Ms. Aung San Suu Kyi, which won in a landslide only to have the military overturn the results by seizing power.
Before the coup, Ms. Thuzar Wint Lwin’s biggest ordeal came when she was 19 and had surgery to remove precancerous tumors from each breast, leaving permanent scars. She decided against having laser treatment to improve their appearance as a reminder of her success in preventing cancer.
“It’s just a scar and I’m still me,” she wrote in a recent post with photographs of the scars. “I met self-acceptance realizing nothing changed who I am and the values I set for myself. Now, when I see those scars, I feel empowered.”
autobiographical video on Facebook that would be unusual for any beauty pageant contestant: It shows her wearing formal gowns mixed with scenes of people fleeing tear gas and a soldier shooting a man who rode by on a motorbike.
“Myanmar deserves democracy,” she says in the video. “We will keep fighting and I also hope that international communities will give us help that we desperately need.”
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This week, it was reported that travel restrictions to and from Australia are likely to remain in place until mid-2022. For some, this won’t matter much at all — many Australians are far more grateful for the safety of our isolation than worried about the inability to travel or have overseas visitors. For others, travel has been an integral way of life, and this news comes as a disappointment and inconvenience. And then there are the thousands and thousands of people who are cut off from loved ones in a way that feels earth-shattering.
My family situation puts me somewhere in between those last two categories. My mother lives in Los Angeles; her only grandchild and all of her four children live here in Melbourne.
My husband, who is American, moved to Australia in 2017 with a promise to his parents — who are now in their 70s and 80s — that he would visit regularly and come home immediately if there was a need. Those promises have been broken.
The Australian government is allowing travel exemptions for some family members under some circumstances, but parents and grandparents are generally not eligible for those exemptions. My son was turning 16 the last time he saw any of his grandparents — by the time he sees them next, he will be almost 19 (at best). An adult. These are years no one can get back.
Clean water in 1842, food safety in 1906, a ban on lead-based paint in 1971. These sweeping public health reforms transformed not just our environment but expectations for what governments can do.
Now it’s time to do the same for indoor air quality, according to a group of 39 scientists. In a manifesto of sorts published on Thursday in the journal Science, the researchers called for a “paradigm shift” in how citizens and government officials think about the quality of the air we breathe indoors.
The timing of the scientists’ call to action coincides with the nation’s large-scale reopening as coronavirus cases steeply decline: Americans are anxiously facing a return to offices, schools, restaurants and theaters — exactly the type of crowded indoor spaces in which the coronavirus is thought to thrive.
There is little doubt now that the coronavirus can linger in the air indoors, floating far beyond the recommended six feet of distance, the experts declared. The accumulating research puts the onus on policymakers and building engineers to provide clean air in public buildings and to minimize the risk of respiratory infections, they said.
new workplace standards for air quality, but the scientists maintained that the remedies do not have to be onerous. Air quality in buildings can be improved with a few simple fixes, they said: adding filters to existing ventilation systems, using portable air cleaners and ultraviolet lights — or even just opening the windows where possible.
Dr. Morawska led a group of 239 scientists who last year called on the World Health Organization to acknowledge that the coronavirus can spread in tiny droplets, or aerosols, that drift through the air. The W.H.O. had insisted that the virus spreads only in larger, heavier droplets and by touching contaminated surfaces, contradicting its own 2014 rule to assume all new viruses are airborne.
The W.H.O. conceded on July 9 that transmission of the virus by aerosols could be responsible for “outbreaks of Covid-19 reported in some closed settings, such as restaurants, nightclubs, places of worship or places of work where people may be shouting, talking or singing,” but only at short range.
detailed 10 lines of evidence that support the importance of airborne transmission indoors.
On April 30, the W.H.O. inched forward and allowed that in poorly ventilated spaces, aerosols “may remain suspended in the air or travel farther than 1 meter (long-range).” The Centers for Disease Control and Prevention, which had also been slow to update its guidelines, recognized last week that the virus can be inhaled indoors, even when a person is more than six feet away from an infected individual.
“They have ended up in a much better, more scientifically defensible place,” said Linsey Marr, an expert in airborne viruses at Virginia Tech, and a signatory to the letter.
“It would be helpful if they were to undertake a public service messaging campaign to publicize this change more broadly,” especially in parts of the world where the virus is surging, she said. For example, in some East Asian countries, stacked toilet systems could transport the virus between floors of a multistory building, she noted.
More research is also needed on how the virus moves indoors. Researchers at the Department of Energy’s Pacific Northwest National Laboratory modeled the flow of aerosol-size particles after a person has had a five-minute coughing bout in one room of a three-room office with a central ventilation system. Clean outdoor air and air filters both cut down the flow of particles in that room, the scientists reported in April.
But rapid air exchanges — more than 12 in an hour — can propel particles into connected rooms, much as secondhand smoke can waft into lower levels or nearby rooms.
guidance for Covid does not require improvements to ventilation, except for health care settings.
“Ventilation is really built into the approach that OSHA takes to all airborne hazards,” said Peg Seminario, who served as director of occupational safety and health for the A.F.L.-C.I.O. from 1990 until her retirement in 2019. “With Covid being recognized as an airborne hazard, those approaches should apply.”
In January, President Biden directed OSHA to issue emergency temporary guidelines for Covid by March 15. But OSHA missed the deadline: Its draft is reportedly being reviewed by the White House’s regulatory office.
only during medical procedures known to produce aerosols, or if they have close contact with an infected patient. Those are the same guidelines the W.H.O. and the C.D.C. offered early in the pandemic. Face masks and plexiglass barriers would protect the rest, the association said in March in a statement to the House Committee on Education and Labor.
“They’re still stuck in the old paradigm, they have not accepted the fact that talking and coughing often generate more aerosols than do these so-called aerosol-generating procedures,” Dr. Marr said of the hospital group.
increase the risk, perhaps because they inhibit proper airflow in a room.
The improvements do not have to be expensive: In-room air filters are reasonably priced at less than 50 cents per square foot, although a shortage of supply has raised prices, said William Bahnfleth, professor of architectural engineering at Penn State University, and head of the Epidemic Task Force at Ashrae (the American Society of Heating, Refrigerating and Air-Conditioning Engineers), which sets standards for such devices. UV lights that are incorporated into a building’s ventilation system can cost up to roughly $1 per square foot; those installed room by room perform better but could be 10 times as expensive, he said.
If OSHA rules do change, demand could inspire innovation and slash prices. There is precedent to believe that may happen, according to David Michaels, a professor at George Washington University who served as OSHA director under President Barack Obama.
When OSHA moved to control exposure to a carcinogen called vinyl chloride, the building block of vinyl, the plastics industry warned it would threaten 2.1 million jobs. In fact, within months, companies “actually saved money and not a single job was lost,” Dr. Michaels recalled.
In any case, absent employees and health care costs can prove to be more costly than updates to ventilation systems, the experts said. Better ventilation will help thwart not just the coronavirus, but other respiratory viruses that cause influenza and common colds, as well as pollutants.
Before people realized the importance of clean water, cholera and other waterborne pathogens claimed millions of lives worldwide every year.
“We live with colds and flus and just accept them as a way of life,” Dr. Marr said. “Maybe we don’t really have to.”
Marie Neige, a call center operator in Seychelles, was eager to be vaccinated. Like the majority of the residents in the tiny island nation, she was offered China’s Sinopharm vaccine in March, and was looking forward to the idea of being fully protected in a few weeks.
On Sunday, she tested positive for the coronavirus.
“I was shocked,” said Ms. Neige, 30, who is isolating at home. She said she has lost her sense of smell and taste and has a slightly sore throat. “The vaccine was supposed to protect us — not from the virus, but the symptoms,” she said. “I was taking precaution after precaution.”
China expected its Sinopharm vaccines to be the linchpin of the country’s vaccine diplomacy program — an easily transported dose that would protect not just Chinese citizens but also much of the developing world. In a bid to win good will, China has donated 13.3 million Sinopharm doses to other countries, according to Bridge Beijing, a consultancy that tracks China’s impact on global health.
Instead, the company, which has made two varieties of coronavirus vaccines, is facing mounting questions about the inoculations. First, there was the lack of transparency with its late-stage trial data. Now, Seychelles, the world’s most vaccinated nation, has had a surge in cases despite much of its population being inoculated with Sinopharm.
has managed to beat back the virus. A study has shown that the Pfizer vaccine that Israel used is 94 percent effective at preventing transmission. On Wednesday, the number of daily new confirmed Covid-19 cases per million people in Seychelles stood at 2,613.38, compared to 5.55 in Israel, according to The World In Data project.
Wavel Ramkalawan, the president of Seychelles, defended the country’s vaccination program, saying that the Sinopharm and AstraZeneca vaccines have “served our population very well.” He pointed out that the Sinopharm vaccine was given to people age 18 to 60, and in this age group over all, 80 percent of the patients who needed to be hospitalized were not vaccinated.
according to the Seychelles News Agency. Sinopharm did not respond to a request for comment.
an article from The Wall Street Journal on Seychelles, a spokeswoman for China’s foreign ministry blamed Western media for trying to discredit Chinese vaccines and “harboring the mentality that ‘everything involving China has to be smeared.’”
In a news conference, Kate O’Brien, director of immunizations at the World Health Organization, said the agency is evaluating the surge of infections in Seychelles and called the situation “complicated.” Last week, the global health group approved the Sinopharm vaccine for emergency use, raising hopes of an end to a global supply crunch.
She said that “some of the cases that are being reported are occurring either soon after a single dose or soon after a second dose or between the first and second doses.”
According to Ms. O’Brien, the W.H.O. is looking into the strains that are currently circulating in the country, when the cases occurred relative to when somebody received doses and the severity of each case. “Only by doing that kind of evaluation can we make an assessment of whether or not these are vaccine failures,” she said.
But some scientists say it is increasingly clear that the Sinopharm vaccine does not offer a clear path toward herd immunity, particularly when considering the multiple variants appearing around the world.
Governments using the Sinopharm vaccine “have to assume a significant failure rate and have to plan accordingly,” said John Moore, a vaccine expert at Cornell University. “You have to alert the public that you will still have a decent chance of getting infected.”
Many in Seychelles say the government has not been forthcoming.
“My question is: Why did they push everyone to take it?” said Diana Lucas, a 27-year-old waitress who tested positiveon May 10. She said she received her second dose of the Sinopharm vaccine on Feb. 10.
Emmanuelle Hoareau, 22, a government lawyer, tested positiveon May 6 after getting the second dose of the Sinopharm vaccine in March. “It doesn’t make sense,” she said. She said the government had failed to give the public enough information about the vaccines.
“They are not explaining to the people about the real situation,” she said. “It’s a big deal — a lot of people are getting infected.”
Ms. Hoareau’s mother, Jacqueline Pillay, is a nurse in a private clinic in Victoria, the capital. She said she believes there is a new variant in Seychelles because of an influx of foreigners who have arrived in recent months. The tourism-dependent country opened its borders on March 25 to most travelers without any quarantine.
“People are very scared now,” said Ms. Pillay, 58. “When you give people the right information, then people would not speculate.”
Health officials have recently appeared on television to encourage those who have only taken the first dose of the Sinopharm vaccine to return for the second shot. But Ms. Pillay said she is frustrated that the public health commissioner has not addressed why the vaccines don’t appear to be working as well as they should.
“I think a lot of people aren’t coming back,” said Ms. Pillay.
Marietta Labrosse, Elsie Chen and Claire Fu contributed research.
He said he first became concerned about his company’s financial health in December, when a German regulatory agency said a bank that Greensill Capital had acquired needed to reduce its exposure to one customer.
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The request “was going to be impossible for us to comply with,” Mr. Greensill said.
Greensill’s business model has raised concerns and even accusations of fraud. Its main offering was supply chain finance, in which a middleman advances payments to suppliers and then the money is repaid by the buyer. It’s a long-established kind of financing, usually provided by banks, but Greensill added a twist. It packaged the invoices and other receivables by the suppliers into assets that were then sold to investors through funds. The company also provided financing to companies based on “future receivables,” which were based on transactions that hadn’t yet happened.
In Tuesday’s hearing, held virtually, Mr. Greensill strongly defended the business model.
“Every asset we ever sold was correctly described,” he said, adding that all investors would have had complete information about what they were buying.
But he made a small admission to failures he had made. He told lawmakers that one of his company’s innovations was taking information directly from company accounts to make fast lending decisions. This “absolutely is the future but the way that I did it definitely had flaws,” he said without specifying what they were.
In March, as the insurance coverage came to an end, Credit Suisse shut down $10 billion worth of supply chain finance funds it sold that were put together by Greensill. The Swiss bank has returned just under half the amount to investors but is still exposed to billions of dollars in potential losses.
“I bear complete responsibility for the collapse of Greensill Capital,” Mr. Greensill said, adding that he was “desperately saddened” that more than 1,000 of his employees had lost their jobs. But he added: “It’s deeply regrettable we were let down by our leading insurer, whose actions assured Greensill’s collapse.”
The Financial Conduct Authority, Britain’s chief financial regulator, said in a letter to the committee that it was “formally investigating” Greensill because some of the allegations about its failure are “potentially criminal in nature.” The authority is also working with regulators in Germany, Australia and Switzerland, Nikhil Rathi, the regulator’s chief executive, wrote.
Novavax, one of the first players in the race to vaccinate the world against Covid, delivered disheartening news on Monday, saying that its highly protective vaccine would not be authorized in the United States or Britain until at least July, and that it would not reach peak production until the end of the year.
The delays, announced during an earnings call with investors, are the latest setback for the little-known Maryland company, which was granted up to $1.6 billion from the U.S. federal government last year and whose product has shown robust results in clinical trials. Despite these wins, the company has struggled to demonstrate that it can deliver on its promise to supply the world with 2 billion doses this year. Novavax has never brought a vaccine to market in its 34-year history.
On the call, the company’s president and chief executive, Stanley C. Erck, said that the regulatory and manufacturing hurdles causing the delay have now been resolved. “Nearly all of the major challenges have been overcome, and we can clearly see the light at the end of the tunnel,” he said.
Investors did not appear to agree: By Tuesday morning, the company’s stock had fallen to $133.86, down nearly 17 percent, although it rebounded somewhat later in the day.
finalized a deal with Gavi, a public-private global vaccine partnership, to supply 1.1 billion doses of its shot to low- and middle-income countries. Novavax has struck other deals with countries like South Korea, Japan and Australia, and has set up agreements with eight production plants around the world.
In January, the company estimated that it would hit its full production capacity of 150 million doses a month by the middle of this year, a prediction it later revised after facing a shortage of supplies like filters and the giant single-use bags that are used in vaccine manufacturing. On Monday, the company delayed its estimate again, saying it expected to reach production of 100 million doses a month by the end of the third quarter, and to make 150 million a month by the fourth quarter.
One of its major manufacturing partners, the Serum Institute in India, has faced its own production and geopolitical challenges. A fire at the facility earlier this year reduced its capacity, and in April, Serum’s chief executive, Adar Poonawalla, called out the United States for restricting access to raw vaccine ingredients. And though Novavax’s deal with Serum is intended to supply the rest of the world through its arrangement with Gavi, the Indian government has banned exports of vaccines from the country as it struggles with a deadly second wave of Covid-19.
which is tracking global vaccine deals. “I think particularly for countries in South and Southeast Asia, as well as countries in Africa, it is hard to overstate the impact that this is having.”
Regulatory hurdles have also set Novavax back. On Monday, company executives said that a now-resolved issue with an “assay” — a test that was needed to confirm that their product can be consistently manufactured at commercial scale across multiple production plants — was delaying regulatory approvals around the world, and that countries like Britain and the United States would not grant authorization until at least July. Company officials once said they hoped to gain authorization for their vaccine in April.
persuaded Novavax to set up a trial there last year in part by promising speed in clinical development and regulatory approval. But time is running out: About two-thirds of British adults have received a first dose of a coronavirus vaccine, most made by AstraZeneca, and every adult is expected to be offered one by the end of July.
The vaccine’s role in Britain depends in part on how quickly Novavax can start distributing its shot. A British factory making the vaccines has said that it would be ready by the summer. The country has recently turned away from the AstraZeneca shot in younger people because of the risk of very rare blood clots, leaving room for Novavax to be an alternative for people under 40.
The country is also studying the effects of administering a second dose of the Novavax vaccine in people who have already received a first dose from either Pfizer or AstraZeneca.
the company was on the verge of closing after a major trial failure for another vaccine, and it was forced to sell off its manufacturing facility to raise money.
Last year, the Trump administration placed a major bet on the tiny company as part of its Operation Warp Speed project, signing a $1.6 billion contract for delivery of 110 million doses by early this year. In April, the total amount of the deal was increased to $1.75 billion, according to Novavax’s financial filings. The company’s large trial in the United States and Mexico has still not been completed, although executives said on Monday that they expected results from that study “in a few weeks.”
Novavax officials said they now did not expect to deliver those doses until the end of this year or early 2022. A spokeswoman for Novavax said there was no penalty for later delivery in its contract with the U.S. government.
Novavax’s spotty track record does not offer confidence that it can rise to the challenge of producing billions of doses, said Les Funtleyder, a health care portfolio manager at E Squared Capital Management who invests in domestic and emerging markets. “It seems they were really unprepared for a challenge of this magnitude,” he said.
Recent news of internal turnover — such as the departure last month of Novavax’s chief financial officer, five months after taking the role, for personal reasons — does not help, Mr. Funtleyder said. “It’s a bad look,” he said.
children older than 12, in an effort to catch up to Moderna and Pfizer, which have already tested their products in that age group.
The vaccine can also be stored at normal refrigeration temperatures, without the freezing temperatures required by Pfizer and Moderna’s vaccines.
“By the end of 2021 there will still be a great need for safe and effective vaccines that can travel well,” said Ms. Taylor, of Duke University. “Novavax looks like it can fit that description.”
Dr. Saad B. Omer, the director of the Yale Institute for Global Health, noted that when concerns were raised over the Johnson & Johnson and AstraZeneca vaccines because of links to blood clots, countries with multiple vaccines available were able to switch to other options.
“It’s good to hedge our bets,” he said. “If we want to avoid, for example, body blow after body blow to low-income countries in many parts of the world that has an impact on everyone, we need to vaccinate a huge chunk of the world.”
Benjamin Mueller and Noah Weiland contributed reporting.
Exclusive: L Brands will spin off Victoria’s Secret
L Brands has decided to spin off Victoria’s Secret rather than sell it, DealBook is first to report. The company said last year it was considering separating Victoria’s Secret from the rest of its business, and we previously reported that it was testing private equity’s interest. Ultimately, sources say, L Brands has decided to split itself into two independent, publicly listed companies: Victoria’s Secret and Bath & Body Works. The deal is expected to close in August.
Bids didn’t match what Victoria’s Secret expects to get in a spinoff. DealBook hears that L Brands received several bids north of $3 billion. It turned them down, because it expects to be valued somewhere between $5 billion and $7 billion in a spinoff to L Brands shareholders. Analysts at Citi and JPMorgan recently valued Victoria’s Secret as a stand-alone company at $5 billion.
The pandemic torpedoed a sale last year for much less. That agreement, announced in February 2020 with the investment firm Sycamore Partners, valued Victoria’s Secret at $1.1 billion. Apart from a pandemic that was about to upend the retail industry, Victoria’s Secret was dealing with a series of challenges: a brand that had fallen out of touch, accusations of misogyny and sexual harassment in the workplace and revelations about the ties between Les Wexner, the company’s founder and former chairman, and Jeffrey Epstein. (Wexner stepped down as C.E.O. last year and said in March that he and his wife are not running for re-election on the company’s board.)
As the pandemic shuttered stores and battered sales, Sycamore sued L Brands to get out of the deal, and L Brands countersued to enforce it, heralding a spate of similar battles between buyers and sellers. Eventually, in May 2020, the sides agreed to call off the deal.
Dick’s Sporting Goods, Michaels and others were able to accelerate digital transformations that may have otherwise taken years. Direct sales at Victoria’s Secret in North America rose to 44 percent of the total last year, from 25 percent the year before. It’s unclear whether pandemic shopping trends will stick, and “it would be reasonable to expect some reversion,” Stuart Burgdoerfer, the L Brands C.F.O., said at a March event. “But I also think that people have very much enjoyed some of the benefits that were forced on us or triggered through the pandemic.”
bump in inflation and that factory-gate prices in China rose more than expected last month. April’s Consumer Price Index data is set to be released today, and is expected to show a sharp rise from a pandemic-depressed level last year.
China’s birthrate slows again. The country’s population is growing at its slowest pace in decades, posing grave social and economic risks to the world’s second-largest economy. While the U.S. also reported a drastic slowdown in population expansion, China “is growing old without first having grown rich,” The Times’s Sui-Lee Wee writes.
President Biden defends federal unemployment benefits. He rejected claims that $300-a-week supplemental payments are deterring unemployed Americans from seeking work, but he ordered the Labor Department to help reinstate work search requirements. Separately, Chipotle said it was raising wages, to an average of $15 an hour, to attract workers.
The Colonial Pipeline is expected to “substantially” reopen within days. The pipeline, which supplies nearly half of the East Coast’s fuel, is expected to restore most services by the weekend after a ransomware attack. U.S. authorities formally blamed a hacker group and pledged to “disrupt and prosecute” the perpetrators.
12- to 15-year-olds in the U.S., potentially helping reopen schools and other parts of the economy more quickly. But while cases are declining worldwide, they are surging in countries that lack vaccines. And the W.H.O. labeled a virus variant spreading fast in India as “of concern.”
Does Amazon need more money?
Amazon sold $18.5 billion worth of bonds yesterday, joining other corporate giants taking advantage of ultralow interest rates to raise money because … well, why not? The e-commerce titan sold some of its debt at a record-low interest rate for a corporate issuer — barely above what the U.S. government pays.
About $1 billion worth of two-year bonds has a yield just 0.1 percentage points above the equivalent in Treasuries. That’s a huge vote of confidence in Amazon, which has emerged as a winner during the pandemic. The company also set a record for yields on a 20-year bond, besting Alphabet. Over all, investors placed $50 billion worth of orders, underscoring enthusiasm for debt that yields next to nothing.
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It raised another $1 billion in the form of a sustainability bond, which is meant to finance investments in environmentally minded projects like zero-carbon infrastructure and cleaner transportation. Amazon is the latest company to sell bonds aimed at E.S.G. investors, a market that reached $270 billion last year and could double this year.
To be sure, the bulk of the offering will finance typical corporate maneuvers like share buybacks, acquisitions and capital expenditures, according to the bond prospectus. It will add to the nearly $34 billion in cash that Amazon had on hand at the end of March — as will profits that are growing at extraordinary rates for a company of its size.
a bold bet by the beleaguered retailer that shoppers and workers will flood back there after the pandemic.
offshore tax evasion. “The tax gap is a massive problem, especially the part driven by ultrarich individuals and corporations stashing income overseas,” Senator Sheldon Whitehouse of Rhode Island, the subcommittee chair, told DealBook. That gap “could be as much as a trillion dollars,” he said. “That’s trillion with a ‘T.’” This money would help fund President Biden’s spending plans, which also run into the trillions.
It’s difficult to quantify just how much money goes uncollected each year, officials say. Corporate tax collections in the U.S. are “at historic lows and well below what other countries collect,” according to a recent Treasury report. U.S. multinational companies can be taxed at a 50 percent discount compared with their domestic peers, an incentive to shift profits abroad. “Bermuda, a country of merely 64,000 people, shows 10 percent of all reported U.S. multinational foreign profit,” the report explained.
“The Biden administration is serious about stopping tax cheats and so are we,” Whitehouse said. The hearing, which features I.R.S. and Treasury officials, will discuss legislation to end corporate tax breaks that incentivize profit shifting, a proposed $80 billion investment in I.R.S. enforcement, a new approach to international tax diplomacy and proposed changes to the tax code.
THE SPEED READ
The investment firm TPG named Jon Winkelried as its sole C.E.O.; Jim Coulter, who previously shared the role, will become executive chairman and lead the firm’s E.S.G.-focused funds. (Bloomberg)
Vice Media is closing in on a deal to merge with a SPAC at a $3 billion valuation, which would leave existing investors in control. (WSJ)
Elliott Management has reportedly taken a stake in Duke Energy and plans to push for a change in strategy, after the utility rejected a takeover bid by NextEra Energy. (WSJ)
Politics and policy
In Wall-Streeters-seeking-political-office news: Glenn Youngkin, the former Carlyle Group co-C.E.O., won the Republican nomination for Virginia governor; and Alex Lasry, the son of the hedge fund mogul Marc Lasry, is running for the U.S. Senate in Wisconsin as a Democrat. (NYT, WaPo)
Big semiconductor makers and their customers have formed a new group to push for billions in federal funding to promote chip manufacturing in the U.S. (NYT)
Forty-four state attorneys general warned Facebook against plans to introduce a version of Instagram for children. (NYT)
The Pentagon reportedly may scrap its JEDI cloud-computing program, the subject of a lawsuit by Amazon and criticism from lawmakers. (WSJ)
Veteran traders are bringing old Wall Street tricks to crypto market-making. (Bloomberg)
Best of the rest
NBC said it won’t air next year’s Golden Globes ceremony, the biggest blow yet to the awards show as its organizers face criticism over a lack of diversity. (NYT)
An American court rejected an Australian company’s bid to scrap Ugg as a U.S. trademark. In Australia, it’s a catchall term for sheepskin boots with fleece linings. (NYT)
“How the Zoom era has ruined conversation” (WaPo)
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MELBOURNE, Australia — An Australian company’s long-shot bid to scrap a U.S. trademark on the word “Ugg” has suffered another blow after an American appeals court rejected its argument, in a loss that could have far-reaching consequences for Australian makers of the sheepskin boots.
It’s the latest step in a five-year, high-stakes legal battle between the brand’s owner in the United States, Deckers Outdoor Corporation, and a company called Australian Leather. They have been wrangling over ownership of the name of a shoe that has been derided as unfashionable and downright ugly but that has still found its way onto the feet of celebrities like Oprah Winfrey and Tom Brady.
The Australian news media called the lawsuit a “David vs. Goliath” battle, and the case hit a nerve for many Australians, who consider the footwear a national, albeit unfashionable, symbol. The case also illustrated how global access to products on the internet could create clashes between local legal systems.
Australian Leather’s owner, Eddie Oygur, said after the court ruling on Friday that he would take the case to the U.S. Supreme Court.
2020 annual report.
The stakes for both companies were high. Before the verdict, Nicole Murdoch, an intellectual property lawyer at Eaglegate Lawyers in Brisbane, Australia, said a legal success for Mr. Oygur would have a “catastrophic effect for Deckers,” costing the company the trademark on which it had built its brand.
Mr. Oygur said before the verdict, “All the ugg boot makers in Australia will turn to imports because of the prices, and Australia will lose what’s been Australian since the 1930s.”
Personally, he had put everything on the line: the business he had run for nearly 40 years and a house he had mortgaged to pay his legal fees. He said he had spent over a million dollars on the case, lost the majority of his staff and seen the legal challenge scare off many of his customers.
“God help me, I’m not going to back down,” he said. “They gave me no choice. Absolutely no choice.”
Debris from a large Chinese rocket landed in the Indian Ocean near the Maldives early Sunday morning, China’s space administration announced.
It said most of the debris had burned up on re-entry. It was not immediately clear whether any of what remained had landed on any of the Maldives’s 1,192 islands.
The possibility, however slight, that debris from the rocket could strike a populated area had led people around the world to track its trajectory for days. The administrator of NASA, Bill Nelson, issued an unusual rebuke after China’s announcement, accusing the country of “failing to meet responsible standards regarding their space debris.”
The rocket, a Long March 5B, launched the main module of China’s next space station, Tiangong, on April 29. Usually, the large booster stages of rockets immediately drop back to Earth after they are jettisoned, but the 23-ton core stage of the Long March 5B accompanied the space station segment all the way to orbit.
tracks the comings and goings of objects in space, said on Twitter that an ocean splashdown had always been the most likely outcome, but that the episode raised questions about how China designs its space missions.
“It appears China won its gamble (unless we get news of debris in the Maldives),”he wrote. “But it was still reckless.”
What is the rocket and what was it launching?
Long March 5B is China’s largest rocket, and one of the largest currently in use by any nation. The country’s space program needed a large, powerful vehicle to carry Tianhe, the main module of Tiangong, the new space station, which is to be operational by 2022 after more pieces are launched and connected in orbit.
routinely fell on rural areas downrange, occasionally causing damage. China has since moved many of its launches, including the Long March 5B’s, to a new site in Wenchang, a city on Hainan, an island off the southeastern coast.
Last year, the first launch of a Long March 5B rocket lifted a prototype of China’s crewed space capsule. The booster from that rocket also made an uncontrolled re-entry, with some debris raining down on a village in Ivory Coast.
an international legal framework based on treaties from the 1960s and ’70s in which a country can demand payment for damage caused by another country’s falling rocket.
That has happened once, after Cosmos 954, a Soviet satellite that was powered by a nuclear reactor, crashed in Canada in 1978. Canada billed the Soviet Union for part of the cost of cleaning up the radioactive debris.
What else is China doing in space?
In recent years, China has completed a series of impressive achievements in spaceflight. Months ago, it put a spacecraft — Tianwen-1 — in orbit around Mars, and in December it also collected rocks from the surface of the moon and brought them back to Earth.
In May or June, it hopes to further advance its Mars mission by landing a robotic rover, Zhurong, on the red planet’s surface. So far only the United States has had lasting success during attempts to land on Mars.
As it works to make steady progress on space station construction, China could also launch a crew to orbit next month in a spacecraft called Shenzhou. Once in space, they are to dock with the Tianhe module.
Australia will resume repatriation flights for Australian nationals in India after May 15, Prime Minister Scott Morrison said on Friday.
The resumption will end a travel ban that made it a criminal offense for citizens and residents of Australia to enter the country from India. No other democratic nation has issued a similar ban on all arrivals.
Australians who test positive for the coronavirus will not be allowed to travel, officials said, and the government has introduced a pre-departure testing regime in India in an effort to catch infections before they reach Australia.
Critics of the travel ban have accused the government of racism and insensitivity, but officials have said that the restrictions are necessary to prevent transmission from the devastating outbreak in India.
Australian officials initially said that anyone trying to return from India faced up to five years in prison and nearly 60,000 Australian dollars ($46,300). But as the measure came under withering criticism this week, Mr. Morrison said it was “highly unlikely” that those seeking to return home would actually face jail.