an analysis by Climate Observatory.

After the country’s vice president, Hamilton Mourão, announced the government’s first target for deforestation reduction earlier this month, experts pointed out that reaching the goal would leave Brazil by the end of 2022 with a level of deforestation 16 percent higher than the one Mr. Bolsonaro inherited in 2019.

The Bolsonaro administration is backing a bill that would give land grabbers amnesty, a move that would open up a swath of the Amazon at least the size of France to largely unregulated development. Another initiative it is pressing in Congress would make it easier for companies to get environmental licenses and would pave the way for legal mining operations in Indigenous territories.

And there is deep distrust toward Mr. Salles among environmentalists and public servants in the field. A senior federal police official in the Amazon recently accused the minister of obstructing a law enforcement operation against illegal loggers.

Private sector leaders are among the most concerned over the government’s record on the environment. Though China buys almost a third of Brazil’s exports, Americans are crucial investors in companies whose supply chains are vulnerable to deforestation.

In an open letter, the heads of dozens of major Brazilian companies, including the meatpacker JBS and the Itaú bank, urged the government to set more ambitious carbon emission reduction targets.

“Any work that reduces illegal deforestation benefits the private sector,” said Marcello Brito, the president of the Brazilian Agribusiness Association, which was among the signatories. “What I fear is a boycott by the market.”

That’s a prospect Mr. Chapman, the American ambassador, has underscored.

“If things don’t go well, it’s not about what happens with the American government, it’s about what happens with the world,” he said. “Many companies in the United States now, their shareholders are demanding an answer.”

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A Very Rare Conviction

The murder conviction of a police officer is an exceedingly rare event.

There have been only seven murder convictions of officers for fatal police shootings since 2005, according to Philip Stinson of Bowling Green State University. That suggests the chances of a killing by the police leading to a murder conviction are about one in 2,000.

Yet a jury in Minneapolis yesterday convicted Derek Chauvin of second-degree murder (as well as two other charges) for killing George Floyd last May. A typical sentence for that felony in Minneapolis is 12½ years in prison, although prosecutors have asked for more and the maximum is 40 years. A judge will sentence Chauvin in about eight weeks.

Floyd’s relatives said they felt relieved by the verdict. “I finally have the opportunity to hopefully get some sleep,” Philonise Floyd, George’s brother, said.

Chauvin’s conviction does not automatically signal a new era of police accountability. The Floyd case was the exception of all exceptions. A video, watched around the world, showed Chauvin pressing his knee onto Floyd for more than nine minutes. That footage led to weeks of protests that were among the largest in U.S. history. And at the trial, the so-called blue wall of silence — that is, many officers’ willingness to protect colleagues, regardless of their misbehavior — crumbled. “For so many, it feels like it took all of that for the judicial system to deliver just basic accountability,” President Biden said late yesterday.

that have not lead to a murder or manslaughter conviction.

Still, the Chauvin trial is not guaranteed to be simply a one-off event, either. Some of the same factors that make it distinct could also cause it to have a wider impact. Before Floyd’s death, it was hard to think of a signature trial of an American police officer, one that received sustained national attention, as the trial of a celebrity might.

This trial, of course, did receive such attention. Television networks halted their normal coverage yesterday to broadcast the verdict, and the president of the United States organized his schedule around it.

That attention has made it clear that a police officer can be charged with murder and convicted of it. It’s an idea that will linger in the minds of prosecutors and future jurors. Perhaps most important, it may affect the thinking of other officers, when they find themselves considering whether to use physical force when it is not necessary.

The Times’s Kevin Roose writes.

Lives Lived: In 1980, Chuck Geschke and a colleague created a way to send documents between a computer and a printer. The company they founded, Adobe, got the attention of Apple, and the rest is history. Geschke died at 81.

turned to gardening last year, fueled by a desire for a hobby, self-sufficiency, or both. Celebrities and other brands took notice: Kate Hudson’s vodka brand teamed up with a plant delivery service to release a potted “love fern.” HGTV added shows on gardening, like “Martha Knows Best,” Martha Stewart’s reality series about life on her estate in Bedford, N.Y., and a coming topiary competition series.

writes in The Times. “Someone needs to explain the difference between a shovel and a spade.”

play online.

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Afghan Women Fear The Worst after U.S. Withdrawal

KABUL, Afghanistan — Farzana Ahmadi watched as a neighbor in her village in northern Afghanistan was flogged by Taliban fighters last month. The crime: Her face was uncovered.

“Every woman should cover their eyes,” Ms. Ahmadi recalled one Taliban member saying. People silently watched as the beating dragged on.

Fear — even more potent than in years past — is gripping Afghans now that U.S. and NATO forces will depart the country in the coming months. They will leave behind a publicly triumphant Taliban, who many expect will seize more territory and reinstitute many of the same oppressive rules they enforced under their regime in the 1990s.

The New York Times spoke to many Afghan women — members of civil society, politicians, journalists and others — about what comes next in their country, and they all said the same thing: Whatever happens will not bode well for them.

military and police, held political office, become internationally recognized singers, competed in the Olympics and on robotics teams, climbed mountains and more — all things that were nearly impossible at the turn of the century.

President Biden made his final decision to pull out all U.S. troops by September, some lawmakers and military officials argued that preserving women’s rights was one reason to keep American forces there.

more than 1,000 schools have closed in recent years.

“It was my dream to work in a government office,” said Ms. Ahmadi, 27, who graduated from Kunduz University two years ago before moving to a Taliban-controlled village with her husband. “But I will take my dream to the grave.”

If there is one thing that decades of war have taught Afghans, it is that conflict was never a good way to achieve human or women’s rights. Since the Soviets invaded Afghanistan in 1979, war has continuously fueled more war, eventually undermining any humanitarian achievements.

Under the U.S. occupation, education opportunities, cultural shifts, employment and health care have benefited some and barely affected others, especially in rural areas. In those places, some of the war’s most brutal chapters played out with many civilians dead and livelihoods devastated.

Often, women’s opinions are unclear in these parts, where roughly three-quarters of Afghanistan’s 34 million people live, and are often unreachable because of geographical, technological and cultural constraints.

report released in February said. “U.S. efforts to support women, girls and gender equality in Afghanistan yielded mixed results.”

Still, the Taliban’s harshly restrictive religious governing structure virtually ensures that the oppression of women is baked into whatever iteration of governance they bring.

The Taliban’s idea of justice for women was solidified for Ms. Ahmadi when she saw the insurgents beat the unveiled woman in front of her in Kunduz Province.

For many other Afghan women, the government’s judicial system has been punishment of a different kind.

Farzana Alizada believes that her sister, Maryam, was murdered by her abusive husband. But a police investigation of any sort took months to start, thwarted by absent prosecutors and corruption, she said. Ms. Alizada’s brother-in-law even pressured her to drop the charges by accusing her of stealing. The police asked her why she was pushing the case if her sister was dead.

Domestic violence remains an enduring problem in Afghanistan. About 87 percent of Afghan women and girls experience domestic abuse in their lifetimes, according to a Human Rights Watch report.

“I lost all the hope I have in this government. In some cases, maybe the Taliban is better than this system.” Ms. Alizada said. “No one is on my side.”

Ms. Alizada’s sentiments were similarly portrayed in Doha, Qatar, at the peace talks between the Afghan government and the Taliban. Despite months of negotiations, there has been little progress, especially when it comes to discussing women’s rights, which neither side has made a priority.

At a separate peace conference held in Moscow in March between the Afghan government, political power brokers and the Taliban, only one woman, Habiba Sarabi, was on the 12-member delegation sent by the Afghan government. And only four are a part of the 21-person team in Doha.

“Moscow — and Doha, as well, with its small number of women representatives — laid bare the thin veneer of support for genuine equality and the so-called post-2001 gains when it comes to who will decide the country’s future,” said Patricia Gossman, the associate Asia director for Human Rights Watch.

But one of the gains that is almost indisputable has been Afghanistan’s access to the internet and the news media. Cellphone coverage extends across much of the country, meaning that Afghan women and girls have more space to learn and connect outside their familial bubbles and villages. The Afghan news media, too, has blossomed after large investments from foreign governments and investors, and many women have become nationally known journalists and celebrities.

But even their futures are uncertain.

Lina Shirzad is the acting managing director of a small radio station in Badakhshan, in Afghanistan’s restive north. She employs 15 women and fears, given the growing insecurity, that they will lose their jobs. Even some of the larger national outlets are looking to relocate employees or move some operations outside the country.

“With the withdrawal of foreign forces in the next few months, these women that are the breadwinners for their family will be unemployed,” Ms. Shirzad said. “Will their values and achievements be maintained or not?”

Fahim Abed contributed reporting from Kabul, and Taimoor Shah from Kandahar.

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Afghan Women Fear the Worst, Whether War or Peace Lies Ahead

KABUL, Afghanistan — Farzana Ahmadi watched as a neighbor in her village in northern Afghanistan was flogged by Taliban fighters last month. The crime: Her face was uncovered.

“Every woman should cover their eyes,” Ms. Ahmadi recalled one Taliban member saying. People silently watched as the beating dragged on.

Fear — even more potent than in years past — is gripping Afghans now that U.S. and NATO forces will depart the country in the coming months. They will leave behind a publicly triumphant Taliban, who many expect will seize more territory and reinstitute many of the same oppressive rules they enforced under their regime in the 1990s.

The New York Times spoke to many Afghan women — members of civil society, politicians, journalists and others — about what comes next in their country, and they all said the same thing: Whatever happens will not bode well for them.

military and police, held political office, become internationally recognized singers, competed in the Olympics and on robotics teams, climbed mountains and more — all things that were nearly impossible at the turn of the century.

President Biden made his final decision to pull out all U.S. troops by September, some lawmakers and military officials argued that preserving women’s rights was one reason to keep American forces there.

more than 1,000 schools have closed in recent years.

“It was my dream to work in a government office,” said Ms. Ahmadi, 27, who graduated from Kunduz University two years ago before moving to a Taliban-controlled village with her husband. “But I will take my dream to the grave.”

If there is one thing that decades of war have taught Afghans, it is that conflict was never a good way to achieve human or women’s rights. Since the Soviets invaded Afghanistan in 1979, war has continuously fueled more war, eventually undermining any humanitarian achievements.

Under the U.S. occupation, education opportunities, cultural shifts, employment and health care have benefited some and barely affected others, especially in rural areas. In those places, some of the war’s most brutal chapters played out with many civilians dead and livelihoods devastated.

Often, women’s opinions are unclear in these parts, where roughly three-quarters of Afghanistan’s 34 million people live, and are often unreachable because of geographical, technological and cultural constraints.

report released in February said. “U.S. efforts to support women, girls and gender equality in Afghanistan yielded mixed results.”

Still, the Taliban’s harshly restrictive religious governing structure virtually ensures that the oppression of women is baked into whatever iteration of governance they bring.

The Taliban’s idea of justice for women was solidified for Ms. Ahmadi when she saw the insurgents beat the unveiled woman in front of her in Kunduz Province.

For many other Afghan women, the government’s judicial system has been punishment of a different kind.

Farzana Alizada believes that her sister, Maryam, was murdered by her abusive husband. But a police investigation of any sort took months to start, thwarted by absent prosecutors and corruption, she said. Ms. Alizada’s brother-in-law even pressured her to drop the charges by accusing her of stealing. The police asked her why she was pushing the case if her sister was dead.

Domestic violence remains an enduring problem in Afghanistan. About 87 percent of Afghan women and girls experience domestic abuse in their lifetimes, according to a Human Rights Watch report.

“I lost all the hope I have in this government. In some cases, maybe the Taliban is better than this system.” Ms. Alizada said. “No one is on my side.”

Ms. Alizada’s sentiments were similarly portrayed in Doha, Qatar, at the peace talks between the Afghan government and the Taliban. Despite months of negotiations, there has been little progress, especially when it comes to discussing women’s rights, which neither side has made a priority.

At a separate peace conference held in Moscow in March between the Afghan government, political power brokers and the Taliban, only one woman, Habiba Sarabi, was on the 12-member delegation sent by the Afghan government. And only four are a part of the 21-person team in Doha.

“Moscow — and Doha, as well, with its small number of women representatives — laid bare the thin veneer of support for genuine equality and the so-called post-2001 gains when it comes to who will decide the country’s future,” said Patricia Gossman, the associate Asia director for Human Rights Watch.

But one of the gains that is almost indisputable has been Afghanistan’s access to the internet and the news media. Cellphone coverage extends across much of the country, meaning that Afghan women and girls have more space to learn and connect outside their familial bubbles and villages. The Afghan news media, too, has blossomed after large investments from foreign governments and investors, and many women have become nationally known journalists and celebrities.

But even their futures are uncertain.

Lina Shirzad is the acting managing director of a small radio station in Badakhshan, in Afghanistan’s restive north. She employs 15 women and fears, given the growing insecurity, that they will lose their jobs. Even some of the larger national outlets are looking to relocate employees or move some operations outside the country.

“With the withdrawal of foreign forces in the next few months, these women that are the breadwinners for their family will be unemployed,” Ms. Shirzad said. “Will their values and achievements be maintained or not?”

Fahim Abed contributed reporting from Kabul, and Taimoor Shah from Kandahar.

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The Oscars Are a Week Away, but How Many Will Watch?

Mr. Soderbergh did acknowledge that there is only so much the producers can do.

“People’s decision-making process on whether to watch or not doesn’t seem to be connected to whether or not the show is fantastic or not,” he said, pointing to the strong critical response for this year’s Grammys, which notably featured a risqué performance by Megan Thee Stallion and Cardi B.

The Oscars telecast, on the other hand, saw its ratings peak in 1998, when 57.2 million people tuned in to see the box office juggernaut “Titanic” sweep to best-picture victory. Since the turn of the century, the most highly rated year was 2004, when the academy honored another box office behemoth, “Lord of the Rings: The Return of the King.”

Analysts point to a litany of challenges propelling the decline. Old broadcast networks like ABC are not as relevant, especially to young people. The ceremonies, even if kept to a relatively brisk three hours, are too long for contemporary attention spans. Last year’s Oscars ran three hours and 36 minutes (the equivalent of 864 videos on TikTok).

Why slog through the show when you can just watch snippets on Twitter and Instagram?

Moreover, the Oscars have become overly polished and predictable. “The Oscars used to be the only time when you got to see movie stars in your living room, and very frequently it was a hoot,” Ms. Basinger, the Hollywood historian, said. “Some seemed a little drunk. Some wore weird clothes. A few had hair hanging in their face.”

Increasingly, the ceremonies are less about entertainment honors and more about progressive politics, which inevitably annoys those in the audience who disagree. One recent producer of the Oscars, who spoke on the condition of anonymity to discuss confidential metrics, said minute-by-minute post-show ratings analysis indicated that “vast swaths” of people turned off their televisions when celebrities started to opine on politics.

And there is simply awards show fatigue. There are at least 18 televised ceremonies each year, including the MTV Video Music Awards, BET Awards, Teen Choice Awards, Academy of Country Music Awards, Billboard Music Awards, CMT Music Awards, Tony Awards, People’s Choice Awards, Kids’ Choice Awards and Independent Spirit Awards.

With ratings expected to tumble for the coming telecast, ABC has been asking for $2 million for 30 seconds of advertising time, down about 13 percent from last year’s starting price. Some loyal advertisers (Verizon) are returning, but others (Ferrero chocolates) are not.

“We’re really not getting much advertiser interest,” said Michelle Chong, planning director at Atlanta-based agency Fitzco, “and it’s not something we’ve been pushing.”

Tiffany Hsu contributed reporting.

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The Covid-19 Plasma Boom Is Over. What Did We Learn From It?

Scott Cohen was on a ventilator struggling for his life with Covid-19 last April when his brothers pleaded with Plainview Hospital on Long Island to infuse him with the blood plasma of a recovered patient.

The experimental treatment was hard to get but was gaining attention at a time when doctors had little else. After an online petition drew 18,000 signatures, the hospital gave Mr. Cohen, a retired Nassau County medic, an infusion of the pale yellow stuff that some called “liquid gold.”

In those terrifying early months of the pandemic, the idea that antibody-rich plasma could save lives took on a life of its own before there was evidence that it worked. The Trump administration, buoyed by proponents at elite medical institutions, seized on plasma as a good-news story at a time when there weren’t many others. It awarded more than $800 million to entities involved in its collection and administration, and put Dr. Anthony S. Fauci’s face on billboards promoting the treatment.

A coalition of companies and nonprofit groups, including the Mayo Clinic, Red Cross and Microsoft, mobilized to urge donations from people who had recovered from Covid-19, enlisting celebrities like Samuel L. Jackson and Dwayne Johnson, the actor known as the Rock. Volunteers, some dressed in superhero capes, showed up to blood banks in droves.

took a long time to measure its effectiveness. Eventually, studies did emerge to suggest that under the right conditions, plasma might help. But enough evidence has now accumulated to show that the country’s broad, costly plasma campaign had little effect, especially in people whose disease was advanced enough to land them in the hospital.

N.I.H. recently halted an outpatient trial of plasma because of a lack of benefit.

Doctors have used the antibodies of recovered patients as treatments for more than a century, for diseases including diphtheria, the 1918 flu and Ebola.

So when patients began falling ill with the new coronavirus last year, doctors around the world turned to the old standby.

In the United States, two hospitals — Mount Sinai in New York City and Houston Methodist in Texas — administered the first plasma units to Covid-19 patients within hours of each other on March 28.

Dr. Nicole M. Bouvier, an infectious-disease doctor who helped set up Mount Sinai’s plasma program, said the hospital had tried the experimental treatment because blood transfusions carry a relatively low risk of harm. With a new virus spreading quickly, and no approved treatments, “nature is a much better manufacturer than we are,” she said.

As Mount Sinai prepared to infuse patients with plasma, Diana Berrent, a photographer, was recovering from Covid-19 at her home in Port Washington, N.Y. Friends began sending her Mount Sinai’s call for donors.

thousands of Orthodox Jewish people were getting tested for coronavirus antibodies and showing up to donate. Coordinating it all was exhausting.

“April,” Mr. Lebovits recalled with a laugh, “was like 20 decades.”

Two developments that month further accelerated plasma’s use. With the help of $66 million in federal funding, the F.D.A. tapped the Mayo Clinic to run an expanded access program for hospitals across the country. And the government agreed to cover the administrative costs of collecting plasma, signing deals with the American Red Cross and America’s Blood Centers.

news releases announcing those deals got none of the flashy media attention that the billion-dollar contracts for Covid-19 vaccines did when they arrived later in the summer. And the government did not disclose how much it would be investing.

American Red Cross and America’s Blood Centers since last April.

“The convalescent plasma program was intended to meet an urgent need for a potential therapy early in the pandemic,” a health department spokeswoman said in a statement. “When these contracts began, treatments weren’t available for hospitalized Covid-19 patients.”

As spring turned to summer, the Trump administration seized on plasma — as it had with the unproven drug hydroxychloroquine — as a promising solution. In July, the administration announced an $8 million advertising campaign “imploring Americans to donate their plasma and help save lives.” The blitz included promotional radio spots and billboards featuring Dr. Fauci and Dr. Hahn, the F.D.A. commissioner.

provided access to its advertising agency, which created the look and feel for the Fight Is In Us campaign, which included video testimonials from celebrities.

although he later corrected his remarks following criticism from the scientific community.

the Infectious Diseases Society of America recommended that plasma not be used in hospitalized patients outside of a clinical trial. (On Wednesday, the society restricted its advice further, saying plasma should not be used at all in hospitalized patients.) In January, a highly anticipated trial in Britain was halted early because there was not strong evidence of a benefit in hospitalized patients.

narrowed the authorization for plasma so that it applied only to people who were early in the course of their disease or who couldn’t make their own antibodies.

Dr. Marks, the F.D.A. regulator, said that in retrospect, scientists had been too slow to adapt to those recommendations. They had known from previous disease outbreaks that plasma treatment is likely to work best when given early, and when it contained high levels of antibodies, he said.

“Somehow we didn’t really take that as seriously as perhaps we should have,” he said. “If there was a lesson in this, it’s that history actually can teach you something.”

pandemic exceptionalism” — had drained valuable time and attention from discovering other treatments.

“Pandemic exceptionalism is something we learned from prior emergencies that leads to serious unintended consequences,” she said, referring to the ways countries leaned on inadequate studies during the Ebola outbreak. With plasma, she said, “the agency forgot lessons from past emergencies.”

While scant evidence shows that plasma will help curb the pandemic, a dedicated clutch of researchers at prominent medical institutions continue to focus on the narrow circumstances in which it might work.

Dr. Arturo Casadevall, an immunologist at Johns Hopkins University, said many of the trials had not succeeded because they tested plasma on very sick patients. “If they’re treated early, the results of the trials are all consistent,” he said.

found that giving plasma early to older people reduced the progression of Covid-19. And an analysis of the Mayo Clinic program found that patients who were given plasma with a high concentration of antibodies fared better than those who did not receive the treatment. Still, in March, the N.I.H. halted a trial of plasma in people who were not yet severely ill with Covid-19 because the agency said it was unlikely to help.

With most of the medical community acknowledging plasma’s limited benefit, even the Fight Is In Us has begun to shift its focus. For months, a “clinical research” page about convalescent plasma was dominated by favorable studies and news releases, omitting major articles concluding that plasma showed little benefit.

the website has been redesigned to more broadly promote not only plasma, but also testing, vaccines and other treatments like monoclonal antibodies, which are synthesized in a lab and thought to be a more potent version of plasma. Its clinical research page also includes more negative studies about plasma.

Nevertheless, the Fight Is In Us is still running Facebook ads, paid for by the federal government, telling Covid-19 survivors that “There’s a hero inside you” and “Keep up the fight.” The ads urge them to donate their plasma, even though most blood banks have stopped collecting it.

Two of plasma’s early boosters, Mr. Lebovits and Ms. Berrent, have also turned their attention to monoclonal antibodies. As he had done with plasma last spring, Mr. Lebovits helped increase acceptance of monoclonals in the Orthodox Jewish community, setting up an informational hotline, running ads in Orthodox newspapers, and creating rapid testing sites that doubled as infusion centers. Coordinating with federal officials, Mr. Lebovits has since shared his strategies with leaders in the Hispanic community in El Paso and San Diego.

And Ms. Berrent has been working with a division of the insurer UnitedHealth to match the right patients — people with underlying health conditions or who are over 65 — to that treatment.

“I’m a believer in plasma for a lot of substantive reasons, but if word came back tomorrow that jelly beans worked better, we’d be promoting jelly beans,” she said. “We are here to save lives.”’

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How Can the City of London Survive Brexit?

LONDON — Coming out of Brexit this year, Britain’s government needed a new blueprint for the future of the nation’s financial services as cities like Amsterdam and Paris vied to become Europe’s next capital of investment and banking.

For some, the answer was Deliveroo, a London-based food delivery company with 100,000 riders on motor scooters and bicycles. Although it lost more than 226 million pounds (nearly $310 million) last year, Deliveroo offered the raw promise of many fast-growing tech start-ups — and it became a symbol of Britain’s new ambitions by deciding to go public and list its shares not in New York but on the London Stock Exchange.

Deliveroo is a “true British tech success story,” Rishi Sunak, Britain’s top finance official, said last month.

It was a false start. Deliveroo has since been called “the worst I.P.O. in London’s history.” On the first day of trading, March 31, the shares dropped 26 percent below the initial public offering price. (It has gotten worse.)

impacts from Brexit were immediate: On the first working day of 2021, trading in European shares shifted from venues in London to major cities in the bloc. Then London’s share of euro-denominated derivatives trading dropped sharply. There’s anxiety over what could go next.

Financial services are a vital component of Britain’s economy, making up 7 percent of gross domestic product — £132 billion in 2019, or some $170 billion. Exporting financial and other professional services is something Britain excels at. Membership in the European Union allowed London to serve as a financial base for the rest of the continent, and the City’s business ballooned. Four-tenths of financial services exports go to the European Union.

The government has begun hunting for ideas to bolster London’s reputation as a global finance center, in a series of reviews and consultations on a variety of issues, including I.P.O.s and trading regulations.

For many, the changes can’t come soon enough.

“The United Kingdom is not going to sit still and watch its financial services move across” to other European cities, said Alasdair Haynes, the founder of Aquis, a trading venue and stock exchange for equities in London. This will make the next three or four years exciting, he said.

But this optimism isn’t universal. The prospects of a warm and close relationship between Britain and the European Union have considerably dimmed. The two sides recently finished negotiations on a memorandum of understanding to establish a forum to discuss financial regulation, but the forum is voluntary, and the document has yet to be signed.

Duff & Phelps found that fewer see London as the world’s leading financial center but that it topped the leader board for regulatory environment.

Here are some of the plans.

Mr. Sunak told Parliament on March 3, the same day a review commissioned by the government recommended changes designed to encourage tech companies to go public in London. It proposed ideas, common in New York, that would let founders keep more control of their company after they began selling shares.

For example: allowing companies with two classes of shares and different voting rights (like Facebook) to list in the “premium” section of the London Stock Exchange, which could pave the way for them to be included in benchmark indexes. Or: allowing a company to go public while selling a smaller proportion of its shares than the current rules require.

The timing of Deliveroo’s I.P.O. wasn’t a coincidence. It listed with dual-class shares that give its co-founder William Shu more than half of the voting rights for three years — a structure set to “closely align” with the review’s recommendations, the company said.

But the idea may be a nonstarter among some of London’s institutional investors. Deliveroo flopped partly because they balked at the offer of shares with minimal voting rights.

the latest craze in financial markets, having taken off with investors and celebrities alike. SPACs are public shell companies that list on an exchange and then hunt for private companies to buy.

London has been left behind in the SPAC fervor. Last year, 248 SPACs listed in New York, and just four in London, according to data by Dealogic. In March, Cazoo, a British used car retailer, announced that it was going public via a SPAC in New York.

Already there are signs that Amsterdam could steal the lead in this booming business for Europe. There have been two SPACs each in London and Amsterdam this year, but the value of the listings in Amsterdam are five times that of London.

Britain’s financial regulatory agency said it would start consultations on SPACs soon and aim to have new rules in place by the summer.

regain ground lost to Germany, France and other European countries on the issuing of green bonds to finance projects to tackle climate change.

London’s finance industry isn’t in danger of imminent collapse, but because of Brexit a cornerstone of the British economy isn’t looking as formidable as it once did. And as London tries to keep up with New York, it is looking over its shoulders at the financial technology coming out of Asia.

The government has continuously billed Brexit as an opportunity to do more business with countries outside of the European Union. This will be essential as international companies begin to ask whether they want to base their European business in London or elsewhere.

When it comes to the future of Britain, it’s “almost a back-to-the-future approach of London as an international center as opposed to being an international and European center,” said Miles Celic, the chief executive of the CityUK, which represents the industry. “It’s doubling down on that international business.”

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Why Coinbase’s IPO Is a Cryptocurrency Coming-Out Party

SAN FRANCISCO — Digital currency, once mocked as a tool for criminals and reckless speculators, is sliding into the mainstream.

Traditional banks are helping investors put their money into cryptocurrency funds. Companies like Tesla and Square are hoarding Bitcoin. And celebrities are leading the way in a digital-art spending spree using a technology called an NFT.

On Wednesday, digital or cryptocurrencies will take their biggest step yet toward wider acceptance when Coinbase, a start-up that allows people to buy and sell cryptocurrencies, goes public on Nasdaq. Coinbase shares received a reference price of $250 each on Tuesday evening, which would value the company at $65 billion based on all its outstanding shares.

Call it crypto’s coming-out party. Coinbase, founded in San Francisco, is the first major cryptocurrency start-up to go public on a U.S. stock market. It is doing so at a valuation that tops that of Capital One Financial Corporation or Moody’s, the ratings agency.

plan to “create an open financial system for the world” and “increase economic freedom.”

But so far, cryptocurrency is mostly a vehicle for financial speculation and trading. Few people want to use Bitcoin for everyday purchases like coffee because its price is so volatile. Many early buyers have become wildly rich by simply holding their crypto or “buying the dip” when prices fall. Others ruefully relay tales of the sushi dinner they bought with Bitcoin years ago that would be worth $200,000 today or the million-dollar pizza.

Coinbase eases that trading by acting as a central exchange. Before it and similar services were created, people had to set up their own digital wallets and wire money.

“Can it be anything more than an asset class?” Mr. Tusk asked. “That’s still very much up in the air.”

Silk Road, a marketplace for buying and selling drugs and weapons with Bitcoin until the federal authorities shut it down, and Mt. Gox, a crypto exchange that collapsed under accusations of theft and embezzlement, further tarnished the young industry.

Coinbase tried to change that. The company joined Y Combinator, a prestigious start-up program, and raised money from top venture capital firms including Union Square Ventures and Andreessen Horowitz.

Mr. Armstrong was one of the few people in the industry who seemed prepared to comply with inevitable regulations, rather than cut corners to avoid them, said Nick Tomaino, who dropped out of business school to join Coinbase in 2013.

Coinbase also persuaded well-known retailers to accept Bitcoin. “It was good for credibility when people saw you could actually use a Bitcoin to buy a mattress at Overstock,” Mr. Tomaino, who left in 2016, said. Coinbase earned money on transaction fees.

But Bitcoin’s wildly volatile price and a slow computer network that managed it made transactions difficult, and people began to see the currency as an investment. In 2015, Ethereum, a cryptocurrency network with more tech abilities, was introduced, enticing enthusiasts to build companies and funds around the technology.

Soon after, a flood of “initial coin offerings,” where companies sold tokens on the promise of the technology they planned to build, created a new boom in cryptocurrency trading. But it quickly deflated after many projects were found to be frauds and U.S. regulators deemed the offerings to be securities, requiring that they comply with financial rules.

Tesla to buy $1.5 billion worth of Bitcoin and the payments company Square to spend $170 million. In March, Morgan Stanley began offering its wealthy clients access to three Bitcoin funds, and Goldman announced that it would soon offer similar access. The mayor of Miami has proposed that the city accept tax payments in Bitcoin and invest city funds in the asset.

The stock trading app Robinhood announced that 9.5 million of its customers had traded cryptocurrency in the first three months of the year — up more than fivefold from the previous three months. Venture funding for crypto-related start-ups surged to its highest-ever level in the first quarter to $3 billion, according to PitchBook.

PayPal recently added a crypto trading and shopping feature for its customers in the United States. The company was motivated by consumer interest and advances in the technology that made transactions faster. It plans to quickly expand the offering to customers around the world.

“It feels like the time is right,” said Jose Fernandez da Ponte, head of PayPal’s blockchain, crypto and digital currencies group. “We think this has the potential to revolutionize payments and financial systems in general.”

Still, the so-called revolution faces some challenges. Coinbase has sometimes struggled to keep up with demand, with some customers who lost access to their accounts complaining that the company has been unresponsive. It has also received criticism for its treatment of female and Black employees.

Treasury Secretary Janet L. Yellen has threatened harsher regulation of the currencies, including limiting their use.

And a big drop in prices could again send speculators fleeing. In its financial prospectus, Coinbase warned that its business results would fluctuate with the volatility of crypto assets, “many of which are unpredictable and in certain instances are outside of our control.”

The industry’s biggest issue — fulfilling the promise that the technology is more than just a place to park money — could take another decade to play out.

“There’s no doubt we’re in the latest boom, and I don’t know if that’s going to turn tomorrow or two years from now,” Mr. Tomaino said. “But the busts and booms are always higher than the last.”

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Epic Games, the maker of Fortnite, raises $1 billion in a funding round.

Epic Games, the video game developer that produced the hit game Fortnite, said Tuesday that it had raised $1 billion in funding, valuing the company at $28.7 billion.

Sony, the creator of the PlayStation game console, invested $200 million, Epic said, and Appaloosa Management, Baillie Gifford and Fidelity Management were also among the investors.

Epic’s most recent funding round came last summer, when it raised $1.78 billion to value the company at $17.3 billion. Sony invested $250 million at the time.

Epic, based in Cary, N.C., was founded in 1991 by Tim Sweeney, the company’s chief executive. It found success with Unreal Engine, a platform other developers could use to create games, and with the Gears of War video game franchise in the mid-2000s. Tencent, the Chinese internet giant, owns a 40 percent stake in the company.

most popular video games, and spawned a new generation of livestreaming. It made gamers who broadcast their play of Fortnite, like Tyler Blevins — known as Ninja — into wealthy celebrities.

Evan Van Zelfden, the managing director for Games One, an advisory firm, said Epic’s latest funding round was another indicator of the success the gaming industry had seen since the pandemic forced people indoors and glued them to their screens.

He speculated that the eventual next stage for Epic could be an initial public offering, a move that would “break the market.”

Epic’s funding round comes as the company prepares to take Apple to court next month in a dispute over the App Store commission that Apple collects from app developers, including on purchases made within Fortnite when users are playing on their iPhones.

Last August, Epic encouraged Fortnite players to pay the company directly rather than go through Apple or Google, prompting the two companies to boot Fortnite from their respective app stores. Epic responded with lawsuits.

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Without Parties, There’s No Place to Show Off That Expensive Watch

With so many people awash in content streaming into their homes in the pandemic, brands are struggling to figure out a way to connect.

That has been particularly true in the marketing of expensive luxury goods — the type of items people like to be seen wearing and using. For the last year, the parties and the cultural and charitable events, where the wealthy can see and be seen, have not been happening.

“Why do I put on a $200,000 timepiece if I have a clock on my microwave and haven’t left my house in four months?” said Chris Olshan, global chief executive of the Luxury Marketing Council, an organization that promotes luxury brands. “What’s the value of a $10,000 Brioni suit when I’m not going out and no one is seeing it?”

He said brands were being forced to explain why a new product was worth their interest and their money. “It’s, ‘Hey, you can dive in this watch, and it has this button that if you press it we’ll come rescue you off of an island,’” he said. “It has to be more than another Swiss watch. It has to have something more to justify the value.”

dates to the 1870s, has been the leading maker of golf shoes since 1945, with a classic image akin to Audemars Piguet. But that image has been challenged with social media influencers promoting more athletic-looking golf shoes.

Max Homa, a younger professional who rose to social media prominence in the pandemic with his gently sarcastic Twitter takes on people’s golf swings.

“My brand is to take the seriousness out of golf but also play at a high level,” said Mr. Homa, 30, who won his second PGA Tour event in February at the Genesis Invitational in Los Angeles. “I want people to understand there are a lot of ways to go about it.”

The shoemaker announced on Thursday that it was also teaming with Todd Snyder, a men’s wear designer who favors camouflage and doesn’t golf but has a large social media following and can bring in different types of consumers.

“We’re contrasting Adam Scott, who’s out of central casting, and layering on someone like Max Homa,” said Ken LaRose, senior vice president of brand and consumer experience at FootJoy. “But we’re also looking for style influencers outside of the world of golf.”

cost more than $1,000, is looking at an affluent demographic of young mothers who live in cities and will be doing a lot of walking with their stroller.

“People want to see real people using our product,” said Schafer Stewart, head of marketing in the United States for Bugaboo. “We’re looking for those people who marry up with our aesthetic. We’re never paying for it.”

(Influencers, like Bruna Tenório, a Brazilian model who just had her first baby, do get free products.)

“We’ve been talking a lot about ways to market without spending one red cent,” Mr. Olshan said. “A lot of brands are panicked about doing anything. How do you engage inexpensively?”

Brands have also been helping one another, with Le Creuset, the French cookware company, promoting General Electric’s high-end appliance brand, Café, and vice versa.

“Look, if you’re buying pots and pans from me, you’re buying the oven from someone else,” Mr. Olshan said. “We’re seeing a lot of partnerships of noncompeting brands.”

In tough times, even luxury brands need to rethink their age-old strategies.

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