“There’s a race right now between these variants of concern and vaccines,” she said during a webcast event Tuesday. She urged “global cooperation and attention” to how disparities in vaccine distribution affect inequality and economic recoveries.

The I.M.F. agrees. Vitor Gaspar, the fund’s director of fiscal affairs, said that advanced economies would continue to be at risk even if the virus were raging in developing countries that are not major economic powers, noting that the virus cannot be eradicated anywhere until it is eradicated everywhere. For that reason, he said, investing in vaccinations is critical.

“Global vaccination is probably the global public investment with the highest return ever considered,” Mr. Gaspar said in an interview. “Vaccination policy is economic policy.”

While global policy bodies are warning about diverging growth and public health outcomes, some Wall Street economists have taken a more optimistic tone.

“We think market participants underestimate the likely pace of improvement in both the public health situation and economic activity in the remainder of 2021,” Jan Hatzius at Goldman Sachs wrote in an April 5 research note.

Vaccinations are high or progressing in Canada, Australia, Britain and the euro area. In emerging markets, Mr. Hatzius wrote, Goldman economists expect 60 to 70 percent of the population to have “at least some immunity” by the end of the year when counting prior coronavirus infection and vaccine proliferation.

“The laggards are China and other Asian countries, although this is mainly because Asia has been so successful in virus control,” he wrote.

How fast global recoveries proceed could be critical to the policy outlook, both in government support spending and in central bank monetary help.

From the Fed to the European Central Bank and Bank of Japan, monetary authorities have employed a mix of rock-bottom rates, huge bond purchases and other emergency settings to try to cushion the pandemic’s fallout.

Organizing bodies have echoed Ms. Yellen’s comment: They argue that it’s important to see the recovery through, rather than pulling back on economic help early.

Global policymakers “generally view the risks to financial stability associated with early withdrawal of support measures as currently greater than those associated with a late withdrawal,” Randal K. Quarles, the Federal Reserve’s vice chair for supervision and head of the global Financial Stability Board, said in a letter released Tuesday.

The I.M.F. said on Tuesday that it was keeping a close eye on interest rates in the United States, which could pose financial risks if the Fed raises them unexpectedly. It also urged countries to maintain targeted fiscal support — and to be ready to provide more if future waves of the virus emerge.

“For all countries, we’re not out of the woods, and the pandemic is not over,” said Gita Gopinath, the I.M.F.’s chief economist.

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Robert A. Mundell, a Father of the Euro and Reaganomics, Dies at 88

His ideas were promoted with evangelical fervor in the 1970s particularly by two economists: Arthur Laffer, who became known for the “Laffer curve,” postulating that lower tax rates would generate higher government revenues, and Jude Wanniski, an editorial writer for The Wall Street Journal, whose opinion pages took up Professor Mundell’s cause after a series of lunches and dinners at the Midtown Manhattan restaurant Michael’s, which were later described by Robert Bartley, The Journal’s opinion editor, in his book “The Seven Fat Years” (1992).

Professor Mundell’s argument gained ground in part because mainstream Keynesian economists were on the defensive, having a hard time accounting for the unexpected combination of slower growth and rising inflation during much of the 1970s. Professor Mundell argued, in contrast to the conventional wisdom, that low tax rates and easy fiscal policies should be used to spur economic expansion, and that higher interest rates and tight monetary policy were the proper tools to curb inflation.

That approach, with results that are still being debated today, was embraced in the 1980s by President Ronald Reagan, who, in policy moves that came to be known as Reaganomics, cut tax rates sharply and backed the Federal Reserve Chairman Paul A. Volcker as he raised interest rates to bring inflation under control.

Throughout his career, Professor Mundell frequently battled with the giants of the profession, including Milton Friedman of the University of Chicago and Martin Feldstein of Harvard. But he also craved recognition and welcomed the prestige — and the $1 million award — that the Nobel Prize conferred.

In his 2006 interview, he said that winning the Nobel “was particularly pleasing to me as my work has been quite controversial and no doubt stepped on a lot of intellectual toes.”

He added: “Even more than that, when I say something, people listen. Maybe they shouldn’t, but they do.”

At the Nobel banquet, Professor Mundell, dressed in white tie and tails and accompanied by Ms. Natsios-Mundell and their 2-year-old son, Nicholas, ended his speech by serenading the surprised but delighted guests with a verse from Frank Sinatra’s signature song.

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China’s New Rules Worry Foreign Banks and Companies

SHANGHAI — To defend against accusations by Washington and others that it doesn’t play fair on trade, Beijing could point to the banks. Chinese leaders have been steadily lowering the barriers they had erected around the country’s vast financial system, giving Wall Street and European lenders a greater shot at winning business in the world’s second-largest economy.

Now the walls are going up again.

New Chinese rules have sharply limited the ability of foreign banks to do business there, making them less competitive against local rivals, according to three people with knowledge of the directives. One set of rules enacted in December and January restricts how much money foreign banks can transfer into China from overseas. Another that took effect on Wednesday required many foreign banks to make fewer loans and sell off bonds and other investments, two of the people said.

The new rules have caused a stir among the global bank executives and foreign companies in China that depend on those lenders for money, the people said. Among other concerns, they worry that the rules could make foreign-owned businesses more dependent on China’s state-run banking system for the money they need to grow. That dependence could give Beijing another potential pressure point to use as it squares off against Washington and others over trade, human rights, geopolitics and other sticky issues.

Banks and trade groups have been reluctant to speak publicly for fear of triggering further regulatory measures. But in a January letter to China’s central bank that was reviewed by The New York Times, the European Union Chamber of Commerce in China raised concerns about the money transfer limits.

encouraged boycotts of foreign businesses like H&M, the Swedish retailer, and Nike, the American athletic brand, after they vowed not to use cotton made by forced labor in Xinjiang.

The reasons behind China’s new banking rules aren’t clear, though they appear to have little to do with the tense political environment. They seem to be aimed instead at stemming big, potentially disruptive flows of money into the country.

surpassed the United States last year by taking in $163 billion worth of direct investments in factories, office buildings, companies and other assets.

Big money flows into a country can also make its currency rise in value — and China appears to working hard to counter that.

China’s currency, the renminbi, rose sharply in value against the U.S. dollar in the second half of last year. In May, $1 was worth about 7.15 renminbi. By year’s end, $1 bought about 6.5 renminbi. That rise was bad news for China’s exporters because it made their goods less competitive overseas.

But since the Chinese government enacted its new banking rules, the currency has begun to weaken. It now stands at about 6.6 renminbi to the dollar.

The new rules alone aren’t likely significant enough to account for the sudden halt to the renminbi’s rise. But they join other moves made by the Chinese government in recent months that have made moving money into China slightly harder and moving it out slightly easier. Combined, they could put pressure on the renminbi to weaken.

“This has started since last October, and they are all on the same side,” said Michael Pettis, a finance professor at Peking University.

Outside factors have likely contributed to the renminbi’s shift, including the resurgence of the U.S. economy, which could lead investors to steer their money there instead.

Chinese officials have stressed in recent months that their country is open to foreign investment, particularly banking.

“The inflow of foreign capital is inevitable, but so far, the scale and speed are still within our control,” Guo Shuqing, the chairman of the China Banking and Insurance Regulatory Commission, which has worked closely with the central bank on the new policies, said during a news conference on March 2. “We continue to encourage foreign financial institutions to enter China for shared development.”

In an unsuccessful attempt to head off a trade war with the Trump administration, China gradually relaxed or removed limits on foreign banks, insurers and money management firms. Big banks responded by expanding their mainland operations, including Citigroup, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan Chase, Morgan Stanley and UBS.

The global financial environment has encouraged money flows into China. With near zero interest rates elsewhere, international banks borrowed cheaply abroad. Until the new rules kicked in, they could send that money to China and lend or invest it there, reaping higher returns.

The first of the new rules, issued in a memo to banks in December, appeared to be aimed at that trend. That rule limited the ability of global banks to raise money overseas and move it into China. The rule is being phased in through November but was written in a way that has already had a big effect on financial contracts involving bets on the renminbi’s direction, said the people familiar with the notice.

Another measure communicated directly by Chinese regulators to foreign banks three weeks ago concerned the size of bank balance sheets, two of the people said.

Concerned about the rapid growth of credit in the Chinese economy, regulators ordered domestic and foreign banks to limit their balance sheets by Wednesday night to show only slight growth from last year. Because China has recently loosened limits on foreign purchases of bonds, many foreign banks had been buying more bonds for sale to foreign customers, expanding their balance sheets.

The full impact of the new rules will depend on how long they stay in place. Eswar Prasad, a Cornell University economist, predicted that China would eventually resume opening up to foreign financial institutions.

“They don’t want to scare off foreign investors in the medium to long term,” he said.

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Companies Quiet on Georgia Voting Law Face Boycotts

Companies were quick to speak out during the racial justice protests last year, putting out statements of solidarity and posting black squares on Instagram. But after Georgia Republicans passed broad voting restrictions, Atlanta’s corporate giants have been much more muted — and activists are now talking boycotts, The Times’s David Gelles writes.

Among the targets:

  • Delta, which has publicly defended gay rights and said it stood with Black people after the police killings of George Floyd and others. But on the voting legislation, the airline has only issued a statement about a need for broader voter participation. It told employees that it had “engaged extensively” with lawmakers in creating the legislation, and that the measure had “improved considerably” during the process, though it noted that “concerns remain.”

  • Coca-Cola, which pledged last summer to “invest our resources to advance social justice causes.” When it came to the recent bill, Coke said that it was aligned with local chambers of commerce, which also spoke mainly of increasing voter participation and avoided sharp criticism. (Late yesterday, Coke said it was “disappointed” in the new law, but added, “We don’t see this as the final chapter.”)

“It’s not as though corporations are unwilling to speak powerfully about social justice issues,” Sherrilyn Ifill, the president of the NAACP Legal Defense, told David. Companies spoke out forcefully against bills on gender and bathroom access, even threatening to pull out of states like Indiana and, yes, Georgia.

What changed? Companies may be shying away from political fights, after spending four years speaking out against the Trump administration. And the Georgia laws were spearheaded by mainstream Republicans, making executives less eager to cross lawmakers they may need on other issues.

  • Ms. Ifill raised a provocative third potential reason. “Why is it that corporations that could speak so powerfully and unequivocally in opposition to discrimination against the L.G.B.T.Q. community and immigrants are not speaking as clearly about the disenfranchisement of Black people?” she said. “This is a race issue.”

For activists, the next step is calling for boycotts on companies with big Georgia presences, including Coke, Delta, Home Depot and UPS. If “Coca-Cola wants Black and brown people to drink their product, then they must speak up when our rights, our lives and our very democracy as we know it is under attack,” Bishop Reginald Jackson of the African Methodist Episcopal Church told The Atlanta Journal-Constitution.

The Suez Canal is clear. Now what? The 224,000-ton Ever Given was freed from the vital shipping passage days after being stuck, hindering global trade. After the celebrations will come two big questions: What happened, and how can the disruptions be sorted out?

prevented 90 percent of Covid-19 infections by two weeks after the second shot. But President Biden and the head of the C.D.C., Dr. Rochelle Walensky, urged Americans to maintain virus safety measures in the face of “impending doom” from a potential fourth wave of cases.

The White House pushes for tax increases to pay for its infrastructure and jobs plan. As it rolls out its multitrillion-dollar spending initiative, the Biden administration is likely to call for about $3 trillion in new taxes, The Washington Post reports.

President Tayyip Reccip Erdogan of Turkey fired another top central bank official. The removal of Murat Cetinkaya, a deputy governor, was announced with no explanation. It came 10 days after Mr. Erdogan fired the bank’s chief, setting off a sell-off in Turkey’s currency.

The Supreme Court wonders what to do in an investor fraud lawsuit against Goldman Sachs. Justices noted that both sides agree that general statements about professional integrity could be the basis for a lawsuit, and that their positions had moved closer over the course of litigation.

huge stock sales tied to Archegos Capital Management, one thing has become clear: Cooperation is not the finance industry’s strong suit.

Archegos’ main lenders met on Thursday to discuss an orderly wind-down of the firm’s trades, according to The Wall Street Journal. The idea was to limit the damage from several banks dumping huge blocks of stock in ViacomCBS and other companies, potentially tanking prices and hurting their own balance sheets.

You can guess what happened next. Credit Suisse and Morgan Stanley sold small amounts of stock after that meeting. But Goldman Sachs opened the floodgates the next day, quickly followed by Morgan Stanley. By market close, the two had sold nearly $20 billion worth of Archegos assets.


Kevin Hartz, the founder of Eventbrite, believes in the value of SPACs: In February, his first SPAC (named “One”) acquired the industrial 3-D printing company Markforged in a $2.1 billion deal. His second blank-check fund — named “Two,” of course — raised $200 million yesterday. Still, he told DealBook that he believes some SPACs pose risks to retail investors.

Below are edited excerpts from their conversation.

On why S.E.C. scrutiny is needed:

Because people are getting hurt. “For some millennial family to invest in a SPAC, or invest in a SPAC merger, and then see that crater is why we need the S.E.C. to be more involved here,” he said.

What could happen next:

Mr. Hartz pointed to the dot-com bubble as a warning: “We still kind of point to 1999, 2000 as an indicator of what SPACs will need to go through, unfortunately, and that is kind of extreme euphoria, followed by the reality of most losing money for investors.”

corporations and governments has grown in recent years. Yet when it comes to the Supreme Court, some are resisting efforts to allow more sunlight into the institution, as demonstrated in the debate over a bipartisan bill that aims to televise the court’s proceedings.

No Supreme Court hearing has ever been filmed, though Congress has been trying to get cameras in federal courts since 1937. Most state courts allow cameras, and some federal circuit courts permit video with limits. But Chief Justice John Roberts and the five other veterans on the bench have said they fear that the presence of cameras would transform oral arguments into showy performances. (The court’s three most recent appointees have said they would consider it.)

Seeing arguments in “monumental cases” shouldn’t be a privilege of the few, said Senator Dick Durbin, the Democratic chairman of the Judiciary Committee, who is sponsoring the Sunshine in the Courtroom Act. Adding cameras “opens our democracy and gives millions of Americans a window into the room where decisions are made that have lasting effects for generations,” he told DealBook.

Then again, the court has adapted during the pandemic, allowing live audio feeds of arguments. Justices may clamp down on the public’s access to the court when the pandemic lifts, but the tech precedent may make that more difficult.

replace President Andrew Jackson on the bill. “The primary reason currency is redesigned is for security against counterfeiting,” Lydia Washington, a representative for the Bureau of Engraving and Printing, told DealBook. “The redesign timeline is driven by security feature development.”

The Obama administration said it would unveil a design “concept” by 2020, to coincide with the centennial of the 19th Amendment, which gave women the right to vote. Extensive redesign work was reportedly done, but in 2019 President Trump’s Treasury secretary, Steven Mnuchin, said the project would be delayed until at least 2026. (Insiders said they had always doubted that the 2020 deadline could be met).

It turns out that the complex design and testing process for currency can’t be hurried. “No final images have been selected,” Ms. Washington said. (The Treasury Department did not respond to a request for comment).

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Dominion Accuses Fox News of Defamation in a Lawsuit: Live Updates

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.

WeWork is merging with BowX Acquisition, a special purpose acquisition company, in a deal that will take the company public.
Credit…Kate Munsch/Reuters

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 spending declined in February, but a fresh round of federal relief payments is expected to produce a renewed surge this month.
Credit…Laura Moss for The New York Times

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.

A GameStop store in New York. The retailer’s shares have been on a roller coaster this week after a disappointing earnings report.
Credit…Nick Zieminski/Reuters

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.

Elon Musk in 2019. The National Labor Relations Board ruled that a tweet with the phrase “why pay union dues & give up stock options for nothing?” was an unlawful attempt to coerce employees.
Credit…Jefferson Siegel for The New York Times

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.

An NFT collector who goes by the handle @3fmusic placed a last-minute winning bid of 350 ether.

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.

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Tech Executives Testify on Disinformation

Mark Zuckerberg of Facebook, Sundar Pichai of Google and Jack Dorsey of Twitter testified remotely before Congress on “misinformation and disinformation plaguing online platforms.”

“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.”

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Mark Zuckerberg of Facebook, Sundar Pichai of Google and Jack Dorsey of Twitter testified remotely before Congress on “misinformation and disinformation plaguing online platforms.”CreditCredit…Via Reuters

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.

Credit…Chris Gash

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.”

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Crypto token of New York Times column sells for $560,000.

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.

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Britain Unveils £50 Bill Honoring Alan Turing, Famed Code Breaker

LONDON — The mathematician Alan Turing spent World War II cracking German codes, and is credited by many historians with helping to hasten the end of the conflict. But a conviction under Victorian indecency laws for his homosexuality left his postwar life in ruins.

On Thursday, the Bank of England unveiled a bill featuring Mr. Turing, one of a series of efforts by Britain in recent years to posthumously right some of the wrongs inflicted on Mr. Turing during his lifetime.

Mr. Turing’s scientific contributions embodied “the spirit of the nation” and “showed us the way to the future,” said Andrew Bailey, governor of the Bank of England, as he introduced the bill. “By placing him on this new £50 bank note, we celebrate him for his achievements and the values he symbolizes, for which we can all be very proud.”

The new bill, worth about $68, features an image of Mr. Turing taken in 1951 by the photography studio Elliott & Fry and includes a 1949 quotation by him about one of his computer inventions: “This is only a foretaste of what is to come, and only the shadow of what is going to be.” The bill will start circulating on June 23, Mr. Turing’s birthday.

the British government apologized for the “appalling” treatment of Mr. Turing, and Queen Elizabeth II granted him a royal pardon in 2013. A law in his name, which pardoned men convicted in the past for homosexuality, was passed in 2017.

The Bank of England announced in 2019 that it had chosen Mr. Turing for the £50 bill. The bill was last overhauled in 2011 to feature James Watt, who helped develop the steam engine, and Matthew Boulton, his backer.

Paper currency in Britain has Queen Elizabeth’s face on one side, and honors different notables from British history on the other, depending on the denomination.

Ada Lovelace; the physician Stephen Hawking; and Margaret Thatcher, the former prime minister. The new bill will be made out of a polymer, which allows for more security measures and makes it harder to counterfeit.

Mr. Bailey, the bank’s governor, on Monday applauded Mr. Turing as “someone who, not content with abstract ideas, applied himself to the physical embodiment of those ideas,” adding, “from his sheer force of will came enormous leaps of progress.”

Mr. Turing’s face on the bill marked a “landmark moment in our history,” Jeremy Fleming, director of GCHQ, a government intelligence and security organization, said in a statement about the design. The honor celebrated Mr. Turing’s scientific genius and “confirms his status as one of the most iconic L.G.B.T.+ figures in the world.”

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After History of Erratic Economic Policy, Erdogan Plunges Turkey Into Fresh Turmoil

Turkey’s economy is facing fresh turmoil after the surprise ouster of the central bank governor by President Recep Tayyip Erdogan added another chapter to years of unpredictable economic policy, spooking foreign investors and possibly sowing the seeds of a financial crisis.

Last Friday, Mr. Erdogan replaced Naci Agbal with Sahap Kavcioglu, a former member of parliament for Erdogan’s Justice and Development Party, who publicly sided with the president’s calls for lower interest rates, despite inflation hitting 15.6% annually in February.

Mr. Erdogan, who has fired three central bank chiefs in less than two years, prefers low rates as a part of a strategy to encourage growth.

He opposed policies set by Mr. Agbal, who raised interest rates in an effort to fight inflation and help Turkey pull back from the brink of crisis. Mr. Agbal’s policies encouraged investors to pour billions of dollars back into the country since he was appointed in November.

The dismissal of Mr. Agbal triggered on Monday one of the worst single-day selloffs of Turkish lira-denominated assets, as investors scaled back their exposure to the currency. The lira fell 7.5% against the dollar in one day. Mr. Kavcioglu has sought to reassure markets by saying he would curb inflation but hasn’t said whether interest rates will change.

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Tesla will accept Bitcoin as payment, Elon Musk says.

Elon Musk, the chief executive of Tesla who recently added the title “Technoking,” said on Wednesday that the company would accept Bitcoin as payment for cars in the United States.

Tesla will hold the digital currency, rather than convert payments to dollars, and handle the crypto transactions internally, Mr. Musk said.

“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” Mr. Musk explained in a tweet. That means when someone buys a Tesla with Bitcoin, the price of the car could well rise — or fall — over time. In other words, Tesla is turning one-time payments into assets with shifting value, or, essentially, investments.

Buyers outside the United States will have the option to use Bitcoin “later this year,” Mr. Musk said.

$1.5 billion in Bitcoin for its treasury. The announcement on Wednesday confirms speculation in the crypto community that Tesla would not simply contract out payments to a third-party processor and treat Bitcoin like dollars.

Since Tesla’s initial Bitcoin purchase in February, the price of Bitcoin and other cryptocurrencies has soared to record highs, but trading has been volatile.

It’s clever marketing insofar as it makes the crypto community even more enthusiastic about their investments and Tesla, but as blockchain developer Mariano Conti told The New York Times in February, “I expect more people would rather hold their Bitcoin than use it to buy a Tesla.”

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Some Nations Could Wait Years for Covid Shots. That’s Bad for Everyone.

NAIROBI, Kenya — The nurse lay in bed this month, coughing, wheezing and dizzy with fever.

It was three months after rich countries began vaccinating health workers, but Kenyans like the nurse, Stella Githaiga, had been left behind: Employed in the country’s largest public hospital, she caught the coronavirus on an outreach trip to remote communities in February, she believes, sidelining her even as Kenya struggles with a vicious third surge of infections.

Ms. Githaiga and her colleagues are victims of one of the most galling inequities in a pandemic that has exposed so many: Across the global south, health workers are being sickened and killed by a virus from which doctors and nurses in many rich countries are now largely protected.

That is just the most visible cost of a rich-poor divide that has deepened in the second year of the pandemic. Of the vaccine doses given globally, roughly three-quarters have gone to only 10 countries. At least 30 countries have not yet injected a single person.

Scientists have long warned that such unfair treatment could not only haunt poorer countries, but also rich ones, if the continued spread of the virus allows it to mutate in ways that undermine vaccines. But the greatest human costs will almost surely be borne by less wealthy nations.

the vaccine doses given globally.

“I don’t think we have the capacity, as a country and even as Africa, to treat our own,” said Hazel Miseda Mumbo, vice chancellor of the Great Lakes University of Kisumu in Kenya, who has studied the country’s health system. “While these countries in the West are still scrambling for vaccines, Africa will have to wait. It may be a sad situation.”

In a worrisome sign of how uneven distribution is, even Kenya, one of the continent’s wealthier countries, is faring badly.

dangerous variants circling the world. President Biden has promised to have vaccines for all adults in the United States by the end of May. Israel has vaccinated 60 percent of its people, and Britain has inoculated 41 percent.

Like many developing countries, Kenya is relying on the global mechanism for procuring and distributing vaccines known as Covax. The program was built on the idea that many countries, including richer ones, would use it to purchase shots as a way of spreading their bets across vaccine makers. Instead, dozens of wealthy nations bought doses straight from pharmaceutical companies, elbowing the international effort out of the way and delaying shipments to the developing world.

flight suspensions and school shutdowns that eventually forced children to repeat the school year — kept the virus from overwhelming the country last year, as did its relatively young population.

But control measures like lockdowns, available to rich and poor countries alike, are no longer the best defense against the coronavirus. The most valuable currency is now vaccines, opening a yawning gap between those that can afford them, and those that cannot.

The pandemic has worsened in Africa since a variant first seen in South Africa, shown to be able to reinfect people, began driving up cases in southern parts of the continent.

“Before that, it was believed that Africa had escaped this pandemic,” said Tulio de Oliveira, a geneticist at the Nelson Mandela School of Medicine in South Africa. “Unfortunately, it didn’t.”

With cases soaring in Kenya, vaccine delays will cost more lives. The number of reported Covid-19 cases — more than 120,000 infections that have led to around 2,000 deaths — is thought to be an undercount.

Kenya had also ignored other countries’ worries about being used as “guinea pigs” and participated in vaccine trials, raising expectations for earlier shipments.

“The clinical trials resulted in vaccines,” said Dr. David Ngira, a postdoctoral researcher in global health law at Cardiff University, who has been tracking vaccine rollouts in Africa. “And on this premise, the Kenyan participants, as well as the surrounding communities and country at large, should have been given some priority in vaccine access.”

But that has not happened. Even Kenya’s low expectations have been scaled back: A promised 4.1 million doses from Covax by May has been cut to 3.6 million doses. The country has ordered a total of 24 million doses.

Health officials say they are grateful, but even Covax shots come with a hitch. Vaccines covering the first 20 percent of Kenya’s population were free, but only on the grounds that the government pay for enough doses to cover another 10 percent of its people.

global economy could suffer losses exceeding $9 trillion, nearly half of which would fall on rich countries like Britain, Canada and the United States.

heart specialist in Zimbabwe — a mentor to younger doctors and a pillar of the country’s health system — was killed by Covid-19. That same month, a senior doctor in northern Nigeria died from the virus, confined to an isolation center.

Kenya’s health system was already hobbled last year by mistreatment of doctors and nurses. Many health workers, unpaid for months in some cases and often given inadequate protective equipment, walked off the job, forcing some hospitals to go months without nurses. One had to close its Covid-19 isolation unit and send patients home. In December, a 28-year-old doctor died from Covid-19 after having worked without a salary for months.

“It’s a moral emergency to protect health workers worldwide,” Gavin Yamey, associate director for policy at the Duke Global Health Institute, said. “Sickness and death of health workers in systems that are already weak could exacerbate those problems even further.”

For Nyachira Muthiga, a public hospital doctor who worked on a Covid-19 ward in Nairobi last year, the arrival of Kenya’s first vaccines brought a sense of relief. But the crushing experiences of the last year have made her wary.

Before contracting the illness herself, she lost many patients. Substandard protective equipment left her vulnerable, she said. And reports of corruption that cheated hospitals of much-needed money, she said, broke something in her.

Though she got the vaccine last week, she worries that those same endemic problems in the health system — combined with vaccine hoarding by rich nations — could put shots out of the reach of ordinary Kenyans for much longer.

“I am still hopeful,” she said, “that the health of our citizens will be a high priority at some point.”

Abdi Latif Dahir reported from Nairobi and Benjamin Mueller from London.

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