ZHUOXI, Taiwan — The smell of damp earth filled the air on a recent moonless evening as the hunter wove through the dense mountain thicket, clutching a homemade rifle and with only the narrow white beam of a headlamp to illuminate his prey.
But the hunter, Vilian Istasipal, was confident. He knew this terrain well.
A member of the Bunun, one of 16 officially recognized Indigenous groups in Taiwan, Mr. Vilian, 70, has been hunting on this land for more than 60 years.
Some of his earliest memories growing up in Zhuoxi, a town of around 6,000 people in eastern Taiwan, involved going on dayslong hunts with his father deep into the mountains where he learned skills considered essential to being a Bunun man, like how to lay a trap, shoot a flying squirrel and skin a boar.
“We kill them, but we also pay respect to their lives,” Mr. Vilian said in the courtyard of his home in Zhuoxi, also known as Takkei in the Bunun language.
formally apologized to the island’s Indigenous people for centuries of “pain and mistreatment,” the first leader to do so.
Awi Mona, a professor and expert on Indigenous law at National Dong Hwa University in the eastern city of Hualien. “What we are actually discussing is the Indigenous right to self-government on natural resources.”
Hunting has always been a central part of Taiwan’s Indigenous culture. In Taiwan’s verdant East Rift Valley, the Bunun people maintained the practice even after they were forced out of their traditional mountain homes in the 1930s by the colonial Japanese government.
Many Bunun resettled in the foothills in towns like Zhuoxi, nestled among neatly tended millet and rice fields and scattered with papaya trees and pink bougainvillea.
Then, as now, Indigenous hunting culture was circumscribed by a complex web of taboos and rituals. Traditionally, only men can hunt. Among the Bunun, flatulence and sneezing are some of the many bad omens that might lead a man to call off a hunt. Same goes if a hunter has a bad dream.
In Bunun culture, hunting female deer in the spring, when they are likely to be pregnant, is off-limits. Hunting black bears, seen as friends, is also discouraged.
Among other groups, like the Seediq and the Truku, hunting culture is similarly restricted by long-held customs, at the heart of which is a belief in the fundamental balance between man and nature.
“When I see an animal, I feel that I’m destined to meet it,” said AlangTakisvilainan, 28, a Bunun hunter. He drew a distinction with hunting in America, where the use of semiautomatic rifles effectively amounted to bullying the animals, he said.
“That humans and animals can go head-to-head in a fair fight,” he said, “I think that’s an incredible thing.”
While only Indigenous people can use guns to hunt, they are barred from killing protected species like leopard cats and Formosan black bears, and are required to use certain types of traps, knives or old-fashioned homemade rifles that can jam easily and are some times unsafe. The simple firearms are modeled after those used long ago by Indigenous hunters and must be loaded with gunpowder before each shot.
They must also apply for permits, a process which includes answering questions some hunters regard as absurd. Asking what animals a hunter plans to target, for example, is considered an insult to the Indigenous belief that the animals are gifts from ancestors.
Although enforcement of the laws has been uneven, arrests have continued over the years. So just to be safe, Bayan Tanapima, 62, said he was applying for a gun permit even though he had been hunting since he was a teenager.
“It’s very strange — we have lived for so long in the mountains so why do we have to do this?” Mr. Bayan said. “It’s like they don’t approve of the Indigenous way of living.”
Conservationists have argued that loosening such restrictions would be ruinous for the environment and wildlife, and animal-rights advocates decry what they consider cruel practices. But defenders of local hunting traditions note that Indigenous people have been caretakers of Taiwan’s environment for thousands of years and that such expertise should be respected.
Ciang Isbabanal, a police officer who works on Indigenous issues in the nearby town of Yuli, said that while hunting laws were necessary to curb extreme behavior, the cultural taboos on hunting were so deeply rooted that close outside supervision was unnecessary.
“I hope the country can respect their culture and give them space to live freely,” said Mr. Ciang, a Bunun who also hunts when off-duty. “Having too many legal constraints doesn’t work.”
Back in the forest on a recent night, Mr. Vilian, the 70-year-old hunter, strode up the mountain to where he knew there’d be trees heavy with just-ripened olives — a favorite snack of deer and boars.
Mr. Vilian found a small boar writhing in a trap. According to tribal customs, it was too young to be killed just yet.
After wrapping it in his shirt, he headed home to a late-night feast of braised bamboo shoots and deer meat soup.
But before they could dig in, the ancestors needed to be thanked. Mr. Vilian, his son, Qaivang, and Mr. Bayan, his cousin, dipped their fingers in a bowl of rice wine. They sprinkled a few drops on the boar — now flailing in a rusty cage. The boar was later given to a relative to raise for several years.
“Today we are very happy,” the men chanted in the Bunun language. “To our ancestors and mountain gods, we thank you for giving us this food.”
The sharp rise in bond yields is forcing traders to consider that they may be holding two irreconcilable ideas in their heads.
One is that the Federal Reserve has no real control over bond market interest rates. The other is that the Fed can keep the stock market aloft as long as it tries to control interest rates.
The resilience of share prices — the S&P 500 rose 5.8 percent in the first quarter — suggests that those two ideas can coexist. But if yields continue to rise, the impact on companies, consumers and homeowners and the appeal that fatter bond yields may have to investors could produce a reckoning for stocks.
“The bond market is at an inflection point that eventually is going to be recognized by the stock market,” said Komal Sri-Kumar, president of Sri-Kumar Global Strategies. “Over the last 30 years, the bond market has only gone one way, but a change is occurring now, and it’s likely to be an abrupt one.”
CRB index, which measures a basket of commodities, rose 52 percent in the 12 months through March. Home prices rose 6 percent last year, according to the Federal Reserve Bank of St. Louis.
$1.9 trillion bill last month to help the economy after the ravages wrought by the pandemic, President Biden proposed spending $2 trillion more on infrastructure projects, albeit over several years.
That $4 trillion, give or take, would be “going into an economy saturated with $6 trillion of stimulus spending from the Trump administration,” Mr. Sri-Kumar said. So much spending is likely to push up inflation and bond yields, he said.
Michael Hartnett, chief investment strategist at Bank of America Global Research, does not expect such concerns to diminish soon.
Because of such factors as “new central bank mandates, excess fiscal stimulus,” as well as “less globalization, fading deflation from disruption, demographics, debt, we believe inflation rises in the 2020s and the 40-year bull market in bonds is over,” Mr. Hartnett said in a report.
Commodities and other hard assets should outperform in the long term, in his view, along with shares of smaller companies, value stocks and foreign stocks. The dollar, shares of big companies and bonds should do worse.
David Giroux, a portfolio manager and head of investment strategy at T. Rowe Price, said he is worried that the bill will come due for much of the government spending.
“There’s a high likelihood we will have higher corporate taxes next year,” Mr. Giroux said. “That will be a headwind for corporate earnings.”
That persuades him to avoid shares of economically sensitive companies for which “a lot of really good news is already priced in.”
He prefers “stocks with really good business models that have been left behind,” including technology giants that are off their highs, such as Amazon and Google, and companies like utilities. Other favorites include regional banks such as PNC and Huntington Bancshares.
Ms. Bitel at William Blair foresees long-term higher returns by big growth stocks. But she throws in an immense caveat: Because rising interest rates tend to force down valuations, especially on the most expensive segments of the market, there could be a sharp decline before the erstwhile Wall Street darlings excel again.
“Retail investors will be able to buy their favorite growth stocks at a 40 percent discount, but that leadership will resume,” she said, emphasizing that the 40 percent was a ballpark figure.
Ms. Bitel also suggested holding foreign stocks, in particular shares of Chinese health care companies and Japanese software companies.
Mr. Paolini recommends banks, energy and real estate, and said he is avoiding carmakers, industrial companies and home builders.
Considering the investment landscape more broadly, he said, “The outlook for the next one to three years is quite good.” Then he seemed to try to talk himself out of that belief.
“The idea that you can simply print money and everything is fine isn’t sustainable,” Mr. Paolini said. “At some point, we will realize too much has been done and the market is too high, and the situation will change quite fast. I don’t know what that level is or how far away we are from it.”
Fifteen months ago I traveled to Portland, Ore., to visit the childhood haunts and homes of Beverly Cleary, the beloved and award-winning author of more than 40 books for children and young adults. I was accompanied by my husband and our daughter, all three of us aficionados of Ramona Quimby, us parents having read all the books as children, before rereading them aloud to our kid.
With an overseas move on the horizon, we had decided to visit the city that plays its own subtle but essential role in the author’s most popular novels: Portland, with its moody rain and splashy puddles, its streets named after regional Native American tribes, its welcoming libraries and worm-filled parks. The Oregon of Ms. Cleary’s childhood clearly inspired her imagination — among her books, close to half of them are set in Portland.
So in the last days of December 2019, we took a trip to the City of Roses, visiting the northeastern Grant Park and Hollywood neighborhoods of Ms. Cleary’s childhood. I didn’t know then that it would be our last family vacation before the coronavirus pandemic — and I couldn’t have imagined how often I would return to those memories during the months of our confinement.
When Ms. Cleary died on March 25 at the age of 104, my sorrow at the loss of an adored author who was declared a “Living Legend” by the Library of Congress in 2000 was coupled with memories of our journey. Scrolling through the photos of our trip, the simple scenes of Craftsman homes, verdant parks, and crowded children’s libraries evoked a lost innocence.
As a child, I loved Ms. Cleary’s books because they didn’t condescend. Her characters are ordinary kids succumbing to ordinary temptations, such as squeezing an entire tube of toothpaste into the sink, or taking the first, juicy bite out of every apple in the crate.
As an adult, rereading the books aloud to my daughter, I was struck by their sense of timelessness — sisters struggling with sibling rivalry, parents grappling with financial worries and job loss. The author’s own father lost his Yamhill farm when she was 6, moving the family of three about 40 miles northeast to Portland — the “city of regular paychecks, concrete sidewalks instead of boardwalks, parks with lawns and flower beds, streetcars instead of a hack from the livery stable, a library with a children’s room that seemed as big as a Masonic hall,” she wrote in her 1988 memoir, “A Girl From Yamhill.”
I thought of that when I saw one of Ms. Cleary’s cherished childhood homes, a modest,bungalow near Grant Park, on a block lined with closely set houses. She romped with a gang of “children the right age to play with,” and their escapades made her yearn for stories about the neighborhood kids. “I longed for books about the children of Hancock Street,” she wrote in “A Girl from Yamhill.” In her stories, she changed Hancock Street to Klickitat Street “because I had always liked the sound of the name when I had lived nearby.”
We found the Klickitat Street of the books nearby, along with Tillamook Street, both named after Native American tribes of the Pacific Northwest. As my 6-year-old daughter raced along, searching for vintage hitching rings, I pictured Ramona — or even a young Beverly — on these same sidewalks, stumping on stilts made from two-pound coffee cans and twine, or perching on the curb to watch the Rose Festival parade.
Over the next few days, we found the author’s former elementary school, a brick building now named the Beverly Cleary School, Fernwood Campus. We stopped by the Multnomah County Central Library, a stately brick structure downtown where she did summer “practice work” as a student librarian (and where the children’s section also bears her name). We ate doughnuts and pizza. We visited Grant Park, where the local artist Lee Hunt created a trio of bronze sculptures depicting three of Ms. Cleary’s cherished characters: Henry Huggins, his dog, Ribsy, and Ramona, posed, as if in motion.
Though it was a typical Portland winter day — wet — nothing could dampen my daughter’s joy when she saw her favorite characters rendered slightly larger than life. She ran to hold Ramona’s hand, beaming, and the picture I snapped will be forever burned on my heart.
For my daughter, the best part of the trip was our visit to the Willamette Valley town of Yamhill, where we glimpsed the turreted Victorian house in which Ms. Cleary spent the first six years of her life. We spent the night in a vintage trailer park nearby, sleeping in a 1963 Airstream Overlander, as I imagined the author might have done with her own young family. For dinner, we roasted hot dogs and marshmallows, a meal that my daughter still describes as one of the best of her life.
These are the memories I’ve turned to over the past year as the pandemic has stolen away life’s simple pleasures. A wet afternoon at the park. Warming up at the library story hour. A cup of hot chocolate sipped at a crowded cafe. The rain beating on the metal roof of our camper van, reminding me of the creative inspiration that Ms. Cleary described in “A Girl From Yamhill”: “Whenever it rains, I feel the urge to write. Most of my books are written in winter.”
Before our trip, I had wondered if my daughter was too young for a literary pilgrimage — and perhaps she was, for there were moments when searching for yet another filament of the author’s girlhood tried her patience. And yet, though it was only a few days, our trip has captured her memory. She speaks of it now with crystalline precision, reminiscing of the last days before the strangest year of our lives began.
Our last morning in Portland found us a weary group of travelers as we waited to board our pre-dawn flight. We queued at the airport coffee counter for muffins and hot drinks — but when I tried to pay, the cashier told me that an anonymous stranger had bought us breakfast.
“Mama! It’s just like in the book!” exclaimed my daughter. It took me a few minutes to realize she was talking about a scene from “Ramona Quimby, Age 8,” when the Quimby family — worn down by financial worries, family squabbles and dreary weather — try to cheer themselves up with a hamburger dinner they can barely afford, only to have a kindly gentleman anonymously pick up their check.
That moment seems like a dream now, disconnected as we are from one another, all of us existing in our bubbles. But one day soon we will meet again and touch each other’s lives, not just as friends and family, but also as strangers. In the meantime, we have Beverly Cleary’s books to remind us.
Ann Mah, the author of the novel, The Lost Vintage, lives in Hanoi, Vietnam.
More large companies have voiced their opposition to Republican-led efforts to restrict voting, this time in Texas.
On Thursday, American Airlines and Dell Technologies declared their objections to proposals in the state that would restrict local measures intended to make voting easier, such as by extending early voting hours.
The pushback in Texas came just a day after Delta Air Lines and Coca-Cola spoke out against similar efforts in Georgia, though both companies waited until after Georgia’s governor had already signed the law to criticize it.
“I need to make it crystal clear that the final bill is unacceptable and does not match Delta’s values,” Ed Bastian, Delta’s chief executive, wrote in an internal memo to employees on Wednesday that the company has posted on its website. Delta is Georgia’s largest employer.
Coca-Cola, which had also declined to take a position on the legislation before it passed, made a similarly worded statement.
Those comments came a day after a group of Black executives, led by the former chief executive of American Express and the current chief executive of the drugmaker Merck, called on companies to oppose proposed bills making it more difficult to vote across the country — saying that they would particularly impact the voting rights of Black Americans.
On Thursday, American Airlines and Dell each addressed separate bills making their way through the Texas legislature.
“Earlier this morning, the Texas State Senate passed legislation with provisions that limit voting access, ” the airline said in a statement on Thursday, referring to Senate Bill 7. “To make American’s stance clear: We are strongly opposed to this bill and others like it.”
Michael Dell, the chief executive of the Round Rock, Texas-based company that bears his name, took to Twitter to voice his company’s opposition to House Bill 6, a measure that would stop local election officials from proactively sending out applications for mail-in ballots.
“Free, fair, equitable access to voting is the foundation of American democracy,” Mr. Dell wrote on Thursday. “Those rights — especially for women, communities of color — have been hard-earned. Governments should ensure citizens have their voices heard. HB6 does the opposite, and we are opposed to it.”
Southwest Airlines, which is based in Dallas, declined to comment on specific legislation. “In our view, the right to vote is foundational to our democracy and a right coveted by all,” the company said in a statement on Friday. “We believe every voter should have a fair opportunity to let their voice be heard.”
Tesla said on Friday that it more than doubled the number of cars it delivered in the first quarter, bouncing back after the pandemic 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 with 102,672 in the first quarter of 2020.
The company’s sales numbers, which cover the entire world, come a day after General Motors and Ford Motor reported that their U.S. sales were up modestly. Tesla does not break out its sales by region and a lot of its recent growth has been in China, where electric cars make up a much larger share of the auto market than in the United States.
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.
Tesla has halted production of the Model S and Model X while preparing its plant in Fremont, Calif., to build updated versions of the cars. The company said in a statement that it was “in the early stages of ramping production” of the new models, which generate much more profit than the Model 3 and Model Y.
The first-quarter sales numbers could lift Tesla shares, which have lost more than a quarter of their value since January when they hit a high of about $900. The impact won’t be known until next week, however, because the stock market is closed in observance of Good Friday. On Thursday, Tesla’s stock fell about 1 percent, closing at $661.75.
Analysts were surprised by the jump in sales. Most had been expecting deliveries of about 172,000 vehicles.
“The company yet again defied the skeptics and bears,” Dan Ives, a Wedbush analyst, said in a report. “It’s been a brutal sell-off for Tesla and EVs, but we believe that will now be in the rear view mirror.”
President Biden’s ambitious plan to increase corporate taxes does more than just reverse much of the overhaul pushed through by his predecessor. It also offers a profoundly different vision of how to make the United States more competitive and how to foot the bill.
When President Donald J. Trump and a Republican Congress rewrote the tax code in 2017, most of the benefits went to the wealthiest Americans, with lower rates on businesses and on profits from investments. The guiding principle, proponents argued, was that cutting taxes on corporations and investors would encourage businesses to expand, creating more jobs and generating more wealth for everyone.
By contrast, the animating idea behind the tax plan put forward by the Biden administration on Wednesday is that the best way to increase America’s competitiveness and foster economic growth is to raise corporate taxes to finance huge investments in transportation, broadband, utilities and more.
The Business Roundtable, the U.S. Chamber of Commerce and the National Association of Manufacturers all welcomed the idea of pumping money into repairing and building the nation’s infrastructure, but recoiled at raising corporate taxes to do so.
said in a statement.
The biggest and most eye-catching proposal is to trim the sizable reduction in the corporate tax rate enacted under Mr. Trump. In 2017, Republicans shrank the rate to 21 percent from 35 percent. Mr. Biden wants to nudge the rate part of the way back — to 28 percent.
The increase will “ensure that corporations pay their fair share of taxes,” and fund critical investments “to maintain the competitiveness of the United States and grow the economy,” the White House stated in outlining the plan.
The other provisions are primarily intended to ensure that multinational corporations cannot avoid taxes on profits generated overseas. The hope is that this will reduce the temptation to set up operations or offices in foreign tax havens.
Wall Street has been wary of possible tax increases since the presidential election and has hoped that gridlock in Washington would moderate Mr. Biden’s agenda. On Wednesday, a spokesman for JPMorgan Chase said the bank’s chief executive, Jamie Dimon, believed that “the corporate tax rate for companies in the U.S. has to be competitive globally, which it is now.”
Supporters countered that the changes would do much more to promote growth and go a long way in curbing excesses of the 2017 tax legislation. Democrats have argued that the low-tax approach has failed to deliver broad economic gains, with only those at the very top benefiting. Targeted government spending on workers, students and infrastructure, they argue, would offer much more bang for the buck. What’s more, businesses base their decisions on a range of factors besides tax rates.
Even economists favoring low rates on business acknowledge that the 2017 tax cuts did not produce much of an increase in investment. Gross domestic product grew at a rate of 2.4 percent in the two years leading up to the law and 2.4 percent in the two years after it passed.
“There’s essentially no evidence that the tax change boosted investment,” said William Gale, co-director of the Urban-Brookings Tax Policy Center. He argued that investment went up in 2018 only because oil prices rose. And while the tax law favored investments in equipment and structures, it turned out that the biggest investments were not in those areas but in intellectual capital.
11.3 percent on their 2018 income.
pass through income to their owners or shareholders. (They pay taxes at the ordinary rate on their individual returns.)
The Biden administration has indicated that tax increases for the wealthy will help fund the second phase of the infrastructure plan, which is expected to be announced next month and will focus on priorities like education, health care and paid leave.
Gillian Friedman and Lauren Hirsch contributed reporting.
METOVNICA, Serbia — The well in the retired couple’s yard, their only source of clean water, began to dry up two years ago. Last year, dead fish started washing up on the banks of the river that runs by their home in a bucolic village in southeastern Serbia.
But most disturbing of all for Verica Zivkovic and her husband, Miroslav, are the ever-widening cracks in the walls of the house they built after moving to the countryside more than a decade ago to raise goats.
“We came here for the peace and quiet,” said Ms. Zivkovic, 62, but that all changed when a Chinese company arrived.
In 2018, the company, the Zijin Mining Group, took control of a money-losing copper smelter in the nearby city of Bor and began blasting away in the nearby hills in search of copper and gold.
pro-democracy group Freedom House downgraded Serbia in 2019 from “free” to “partly free,” citing a tightening grip on politics, civil liberties and the media.
In January, 26 members of the European Parliament demanded a review of the “growing impact of China’s economic footprint in Serbia,” including “reckless projects with potentially devastating multiple impacts on the wider environment as well as surrounding population.”
The roots of Serbia’s tilt toward China date to 1999, during the Kosovo war, when U.S. warplanes mistakenly bombed the Chinese embassy in Belgrade, killing three Chinese journalists. On that site now stands a huge Chinese cultural center. A marble memorial stone outside bears inscriptions in Serbian and Chinese hail China’s “martyrs.”
But memories of shared suffering at American hands have faded in places like Bor, site of the Chinese-owned smelter.
Pollution from the Bor plant skyrocketed to many times the legally permitted level in 2019 and 2020, setting off a series of street protests and prompting Zijin Mining’s general manager in Serbia to tell his managers last October that he was “very dissatisfied” with the “frightening” level of pollution, according to leaked minutes of the meeting.
He blamed the bad publicity, which he said had damaged “the government of the People’s Republic of China,” on “people who are in favor of the West and receive support” who “have stood in opposition to our work.”
Bor’s mayor, Aleksandar Milikic, a Vucic loyalist, initially dismissed the protests as the work of political agitators.
But, apparently worried about losing votes, he announced last year that he would file a court case against Zijin for negligence. It is not clear whether he actually did so. The mayor declined to be interviewed. Zijin Mining did not respond to requests for comment.
Milenko Jovanovic, an air pollution expert, said he was fired in November from Serbia’s Environmental Protection Agency after raising concerns about dangerously high levels of sulfur dioxide and arsenic in the air around Bor.
The government, he said, rejected anything that might upset China and its investors. “It lets them do whatever they want to do,” he said.
A court in Belgrade ruled this month that Mr. Jovanovic had been unfairly dismissed and ordered that he be given his job back.
Activists concede that air pollution levels in Bor have fallen since protests, but say that the main danger has now shifted to towns and villages to the south, where hundreds of Chinese workers brought in by Zijin are developing one of the world’s biggest unexploited copper deposits, and digging for gold.
The earth around the new mine trembles from blasting work and the heavy trucks, driven by Chinese workers, that rumble along roads adorned with China’s red national flag. Rivers and streams are discolored by effluent.
The government has added to public anger by issuing expropriation orders so that Zijin can build access roads and expand its mine. Dragan Viacic, a farmer, said he had received a letter from Serbia’s finance ministry informing him that he must sell 13 acres of his land at a fraction of the market price.
“They said this was necessary in the public interest but in reality this is just the interest of the Chinese,” he said.
In Metovnica, a village near the mine, Mr. Zivkovic and his wife used to have 25 goats but, with no clean water on hand after their well dried up, they now keep just one.
“Why don’t we have any water anymore? Why are there no fish in the river?” The answer, he said, is Zijin Mining Group.
Pointing to fissures radiating across the wall of his house that appeared last year after Chinese miners started using explosives, Mr. Zivkovic said: “It was a tiny crack at first but then it spread.”
Confident that it has the support of Mr. Vucic and his officials, the mining company and other Chinese ventures in Serbia have mostly ignored complaints and shrouded their operations in secrecy.
Sasa Stankovic, an environmental activist and elected member of the Bor regional council, said he had tried unsuccessfully to contact Zijin to discuss pollution levels. The copper smelter in Bor, he said, had been hazardous to health for decades, but the dangers jumped sharply after Zijin arrived and ramped up production.
Bor now accounts for a stunning 80 percent of Serbian exports to China, repeating a pattern widely seen in Africa of Chinese firms extracting natural resources for shipment back to China.
At Slatina, a village down the road, Miodrag Zivkovic, a local farmer stood on a rickety bridge over the Bor River, its waters thick with sludge and garbage, and said: “We didn’t go to the Chinese mine but the mine came to us.”
All the same, he said, given the few jobs available in the region, his son would still like to get work at the smelter, which pays relatively well. “Everyone here needs a salary and is ready to risk everything,” he lamented.
Cao Li contributed reporting from Hong Kong and Monika Pronczuk from Brussels.
PARIS — Blinded by its fears of losing influence in Africa and by a colonial view of the continent’s people, France remained close to the “racist, corrupt and violent regime’’ responsible for the 1994 genocide in Rwanda, and bears “serious and overwhelming” responsibilities, according to a report released Friday.
But the report — commissioned by President Emmanuel Macron in 2019 and put together by 15 historians with unprecedented access to French government archives — cleared France of complicity in the genocide that led to the deaths of 800,000 ethnic Tutsis and contributed to decades of conflicts and instability in Central Africa.
“Is France an accomplice to the genocide of the Tutsi? If by this we mean a willingness to join a genocidal operation, nothing in the archives that were examined demonstrates this,’’ said the report, which was presented to Mr. Macron on Friday afternoon.
But the commission said that France had long been involved with Rwanda’s Hutu-led government even as that government prepared the genocide of the Tutsis, regarding the country’s leadership as a crucial ally in a French sphere of influence in the region.
Paul Kagame, the Tutsi leader who has controlled Rwanda for nearly a quarter century.
Mr. Macron, who has spoken of his desire to reset France’s relations with a continent where it was a colonial power, is believed to have commissioned the report to try to improve relations with Rwanda.
Though the 992-page report presents fresh information from the French government archives, it is unlikely to resolve the debate over France’s role during the genocide, said Filip Reyntjens, a Belgian expert on the genocide.
“This will not be good enough for one side, and it won’t be good enough for the other side,’’ Mr. Reyntjens said. “So my guess is that this will not settle the issue.’’
According to the report, François Mitterrand, the French president at the time, maintained a “strong, personal and direct relationship’’ with Juvenal Habyarimana, the longtime Hutu president of Rwanda, despite his “racist, corrupt and violent regime.’’
Mr. Mitterrand and members of his inner circle believed that Mr. Habyarimana and the Hutus were key allies in a French-speaking bloc that also included Burundi and the Democratic Republic of the Congo, known then as Zaire.
The French saw Mr. Kagame and other Tutsi leaders — who had spent years in exile in neighboring Anglophone Uganda — as allies in an American push into the region.
“The principal interest of this country for France is that it be francophone,’’ a high-ranking military official wrote in 1990, according to the report, which concluded: “France’s interpretation of the Rwandan situation can be viewed through the prism of defending la Francophonie.’’
French leaders at the time viewed the Hutus and Tutsis through a colonial lens, ascribing to each group stereotypical physical traits and behavior, compounding their misinterpretation of the events that led to the genocide, according to the report.
In one of the report’s most damning conclusions, its authors wrote, “The failure of France in Rwanda, the causes of which are not all its own, can be likened in this respect to a final imperial defeat, all the more significant because it was neither expressed nor acknowledged.’’
Smartmatic, another election tech company, filed a $2.7 billion lawsuit against Mr. Murdoch’s Fox Corporation and named several Fox anchors, including Maria Bartiromo and Lou Dobbs, as defendants.
In a 139-page complaint filed in Delaware Superior Court, Dominion’s legal team, led by the prominent defamation firm Clare Locke, portrayed Fox as an active player in spreading falsehoods that Dominion had manipulated vote counts and manipulated its machines to benefit Joseph R. Biden Jr. in the election.
Those claims were false, but they were relentlessly pushed by Mr. Trump’s lawyers, Rudolph Giuliani and Sidney Powell, including during appearances on Fox News programs. In January, Dominion individually sued Mr. Giuliani and Ms. Powell for defamation.
“The truth matters,” Dominion’s lawyers write in the complaint. “Lies have consequences. Fox sold a false story of election fraud in order to serve its own commercial purposes, severely injuring Dominion in the process. If this case does not rise to the level of defamation by a broadcaster, then nothing does.”
Fox News did not immediately respond on Friday to a request for comment.
In February, Fox Corporation filed a motion to dismiss the Smartmatic lawsuit, arguing that the false claims of electoral fraud made on its channels were part of news coverage of a matter of significant public interest. “An attempt by a sitting president to challenge the result of an election is objectively newsworthy,” Fox’s legal team wrote in the motion.
After a failed initial public offering and the near implosion of its business in 2019, WeWork said Friday that it had agreed to a deal that would take the beleaguered co-working company onto the stock market.
Instead of a traditional I.P.O., WeWork is merging with BowX Acquisition, a special purpose acquisition company, in a type of deal that has become hugely popular in recent months.
WeWork leases office space and then effectively sublets it to its members. Its heady expansion was fueled by big investments from SoftBank, the Japanese conglomerate that became WeWork’s largest shareholder and rescued the company in 2019 just as it was about to run out of cash.
WeWork said the deal with BowX gives it an equity value of $7.9 billion, far less than the $40 billion value that investors placed on the company in 2019. WeWork will receive $1.3 billion in cash from the deal, including $800 million from Insight Partners, Starwood Capital Group, BlackRock and other investors.
The pandemic emptied WeWork’s offices, and has raised questions about the level of demand for its office space after many people have gotten used to working from home. The company said Friday that memberships fell to 476,000 last year, from 619,000 in 2019.
WeWork says it has improved its cost structure.
“WeWork has spent the past year transforming the business and refocusing its core, while simultaneously managing and innovating through a historic downturn,” Sandeep Mathrani, WeWork’s chief executive, said in a statement Friday.
A company presentation released Friday said WeWork had a net loss of $3.8 billion last year, more or less the same as in 2019. The 2020 loss included a $1.4 billion impairment charge. Last year, WeWork’s operations consumed $857 million of cash, more than the $448 million they used up in 2019.
The path to a deal was cleared last month when Adam Neumann, a co-founder of WeWork, and SoftBank settled a legal dispute. WeWork had called off its I.P.O. in 2019 after investors balked at its losses and criticized its governance practices.
SoftBank has been eager to take WeWork public via a special purpose acquisition company, or SPAC, a route to Wall Street that has become increasingly popular in recent months. As of Wednesday, 295 SPACs had gone public in 2021, raising $93 billion and breaking last year’s record in a matter of months.
Personal income and spending dipped last month as the effects of stimulus checks faded following a big jump in January, but both are expected to rebound as another round of federal payments arrived in March.
The government reported on Friday that personal income fell 7.1 percent in February from the previous month, while consumption dropped by 1 percent. Powered by $600 checks to most Americans from a December relief bill, income in January leapt by 10.1 percent, while consumption rose by 3.4 percent, a figure revised Friday from the originally reported 2.4 percent.
Despite the drop last month, a big pickup is expected in March with the arrival of $1,400 payments to most Americans from the $1.9 trillion relief package signed into law this month.
In the months ahead, most economists expect consumers to return in greater numbers to stores, restaurants and other gathering places as vaccination efforts gather speed and consumers put the stimulus money and lockdown-accumulated savings to work.
“In February, households were waiting for the bigger stimulus check coming in March and there will be a surge in consumer spending, particularly on services,” said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh.
All of the drop in spending last month was for goods, Mr. Faucher noted, as consumers pulled back on buying big-ticket items like automobiles and appliances. Services should benefit in the coming months, he added, as people have more opportunities to go out and life increasingly returns to normal more than one year after the pandemic hit.
“Consumer spending will be very strong for the remainder of this year and into 2022,” Mr. Faucher added. “There’s a lot of money saved up.”
Economists have improved their forecasts for U.S. economic growth, with Bank of America foreseeing a 7 percent increase this year in gross domestic product.
Stocks rose on Friday, along with government bond yields, amid a bout of optimism about the economic recovery.
On Thursday, President Biden said he wanted the United States to administer 200 million vaccines by his 100th day in office, on April 30, a target the country is already on track to meet. The Federal Reserve vice chair, Richard Clarida, pushed back on concerns that the government’s spending plans would fuel higher sustained inflation.
In a victory for financial institutions, the central bank said that pandemic-era rules that restricted share buybacks and dividend payouts by banks would end midway through 2021 for most firms. On the economic front, gross domestic product data for the fourth quarter was also revised slightly higher on Thursday.
Stocks & Bonds
The S&P 500 index rose nearly half a percent in early trading, on track to end the week with a small gain. Bank stocks fared better than the broad market, with the KBW Bank index up about 1.5 percent.
The Stoxx 600 Europe rose 0.6 percent, set for a fourth consecutive week of gains.
The yield on 10-year Treasury notes rose 4 basis points, or 0.04 percentage points, to 1.67 percent.
Personal income and spending in the United States dipped last month as the effects of stimulus checks faded following a big jump in January, but both are expected to rebound as another round of federal payments arrived in March.
Retail sales in Britain rose 2.1 percent in February, rebounding from a slump of 8.2 percent the month before, when the country entered a third national lockdown.
A survey of German business expectations rose to the highest level in nearly three years.
Oil prices rose with futures of Brent crude, the global benchmark, climbing 1.7 percent to $63 a barrel.
The National Labor Relations Board on Thursday upheld a 2019 ruling that Tesla had illegally fired a worker involved in union organizing and that the company’s chief executive, Elon Musk, had illegally threatened workers with the loss of stock options if they unionized.
The board ruled that the worker, Richard Ortiz, must be reinstated with back pay, and that Mr. Musk must delete his tweet. The company must also post a notice committing not to violate labor law in the future and announcing that it will undertake the mandated remedies.
Mr. Ortiz had been visibly involved in union organizing, including distributing leaflets in the parking lot of the company’s plant in Fremont, Calif., before he was fired in October 2017. The company said it fired him because he had posted screenshots of employees’ profiles in an internal platform to Facebook. An administrative law judge ruled that it was in retaliation for his organizing efforts.
The judge also found that the company had illegally issued a warning to another employee for taking the screenshots and sending them to Mr. Ortiz, a ruling that the board upheld on Thursday as well.
In May 2018, Mr. Musk posted his tweet, which included the clause, “why pay union dues & give up stock options for nothing?” Both the judge and the board deemed the post an unlawful attempt to coerce employees by threatening their compensation.
The board went further than the judge’s earlier ruling on some questions, finding that Tesla’s confidentiality agreement, which it required employees to sign, unlawfully prohibited them from speaking with the media about Tesla without authorization even if the material was public. The ruling on Thursday requires the company to amend its agreement.
Tesla did not respond to a request for comment.
A one-of-a-kind digital collectible item created out of a New York Times technology column sold for more than $500,000 in an auction, the first such sale in the history of the newspaper.
An image of the column — titled “Buy This Column on the Blockchain!” — was turned into a nonfungible token, or NFT, and sold in a heated auction that brought in more than 30 bids on the NFT marketplace website Foundation.
The NFT, a unique bit of digital code that is stored on the Ethereum blockchain and refers to a 14 megabyte graphic of the column hosted on a decentralized file hosting service, cannot be duplicated or counterfeited, making it potentially valuable for collectors. Some NFTs have sold for hundreds of thousands of dollars in recent weeks, with one such sale — a collection of art by the digital artist Beeple — bringing in more than $69 million at auction.
Along with the token, the winner of the auction — should they choose to identify themselves — will receive additional perks including a voice message from Michael Barbaro, the host of “The Daily” podcast. All proceeds from the auction will be donated to the Neediest Cases Fund, a Times-affiliated charity.
The winner of the auction, an NFT collector who goes by the handle @3fmusic, placed a last-minute winning bid of 350 ether, a digital currency, which translates to roughly $560,000 at Wednesday’s exchange rates. A link on the user’s profile led to the website of a Dubai-based music studio.
@3fmusic could not be reached as of Wednesday afternoon. The user appeared to be an avid collector of NFT artwork. In addition to the Times token, their collection on Foundation also includes such works as “The result of 2020,” an image of a sad-looking Kermit the Frog, and “Mushy’s Midafternoon Nap,” an image of a cartoon toadstool sitting on a log.
Lawmakers grilled the leaders of Facebook, Google and Twitter on Thursday about the connection between online disinformation and the Jan. 6 riot at the Capitol.
Here’s what you need to know.
Jack Dorsey, Twitter’s chief executive, said that the site played a role in the storming of the Capitol, in what appeared to be the first public acknowledgment by a top social media executive of the influence of the platforms on the riot. When a Democratic lawmaker asked the executives to answer with a “yes” or a “no” whether the platforms bore some responsibility for the misinformation that had contributed to the riot, Mr. Dorsey said “yes.” Neither Mark Zuckerberg of Facebook nor Sundar Pichai of Google would answer the question directly.
As lawmakers on Thursday threatened to strip the liability protection encoded in Section 230 of the Communications Decency Act, the chieftains of the biggest social networks couldn’t agree on how to fix the act, or if it even needs fixing. Mr. Zuckerberg urged Congress to take on “thoughtful reform” of Section 230. He said the law needed to be updated for the modern age. Mr. Pichai said while regulation has a role to play in “addressing harm and improving accountability,” he cautioned that recent proposals to change Section 230 would have unintended consequences.
Democratic lawmakers accused the chief executives of making money by allowing disinformation to run rampant online, reflecting their mounting frustration about the spread of extremism, conspiracy theories and falsehoods online in the aftermath of the riot at the Capitol.
Republican lawmakers came into the hearing steaming about the Capitol riot, but their animus was focused on the decisions by the platforms to ban right-wing figures, including former President Donald J. Trump, for inciting violence. The decisions to ban Mr. Trump, many of his associates and other conservatives, they said, amounted to liberal bias and censorship.
Yields on 10-year Treasury notes have risen sharply in recent weeks, a sign that traders are taking the inflation threat more seriously. And if the trend continues, it would put bond investors on a collision course with the Biden administration, which wants to spend trillions more on infrastructure, education and other programs.
The potential confrontation made some market veterans recall the events of the 1990s when yields on Treasury securities lurched higher as the Clinton administration considered plans to increase spending, Nelson D. Schwartz reports for The New York Times. As a result, officials soon turned to deficit reduction as a priority.
Ed Yardeni, an independent economist, coined the term bond vigilante in the 1980s to describe investors who sell bonds amid signs of fiscal deficits getting out of hand.
“They seem to mount up and form a posse every time inflation is making a comeback,” Mr. Yardeni said. “Clearly, they’re back in the U.S. So while it’s fine for the Fed to argue inflation will be transitory, the bond vigilantes won’t believe it till they see it.”
Yet, evidence of inflation remains elusive, and the bond vigilantes remain outliers. Even many economists at financial firms who expect faster growth as a result of the stimulus package are not ready to predict inflation’s return.
Even if inflation goes up slightly, the Fed’s target for inflation, set at 2 percent, is appropriate, said Alan S. Blinder, a Princeton economist who was an economic adviser to former President Bill Clinton and a former top Fed official.
“Bond traders are an excitable lot and they go to extremes,” he said. “If they are true to form, they will overreact.”
“I don’t think anyone wants a world where you can only say things that private companies judge to be true.” “Our mission is to organize the world’s information, and make it universally accessible and useful.” “We believe in free debate and conversation to find the truth. At the same time, we must balance that with our desire for our service not to be used to sow confusion, division or destruction.” “There are two faces to each of your platforms. Facebook has family and friends, neighborhood, but it is right next to the one where there is a white nationalist rally every day. YouTube is a place where people share quirky videos, but down the street, anti-vaxxers Covid deniers, QAnon supporters and Flat Earthers are sharing videos.” “You’ve failed to meaningfully change after your platform has played a role in fomenting insurrection, and abetting the spread of the virus and trampling American civil liberties. And while it may be true that some bad actors will shout ‘fire’ in the crowded theater by promoting harmful content, your platforms are handing them a megaphone to be heard in every theater across the country and the world. Your business model itself has become the problem.” “How is it possible for you not to at least admit that Facebook played a central role or a leading role in facilitating the recruitment, planning and execution of the attack on the Capitol?” “Chairman, my point is that I think that the responsibility here lies with the people who took the actions to break the law, and take and do the insurrection and secondarily, also the people who spread that content, including the president, but others as well.” “Your platform bears some responsibility for disseminating disinformation related to the election and the ‘Stop the Steal’ movement that led to the attack on the Capitol. Just a yes or no answer.” “Congressman, it’s a complex question. We —” “OK, we’ll move on. Mr Dorsey.” “Yes, but you also have to take into consideration a broader ecosystem. It’s not just the technology platforms we use.” “We’re all aware of big tech’s ever-increasing censorship of conservative voices and their commitment to serve the radical progressive agenda by influencing a generation of children — removing, shutting down or canceling any news, books and even now, toys, that aren’t considered woke.” “First of all, do you recognize that there is a real concern, that there’s an anti-conservative bias on Twitter’s behalf? And would you recognize that this has to stop if this is going to be, Twitter is going to be viewed by both sides as a place where everybody is going to get a fair treatment?” “We don’t write policy according to any particular political leaning. If we find any of it, we route it out.”