CVS, which merged with the insurance provider Aetna three years ago, aims to reduce overall health costs with its mental health pilot program, Dr. Knecht said. Mental health issues that are not addressed become crises, he added, “so our aspiration is to make mental health services accessible and locally available so we can address these issues before they continue to expand and result in substantial morbidity and poor outcomes.”
Removing obstacles to mental health care by making providers more accessible is helpful, said Vaile Wright, senior director of health care innovation at the American Psychological Association, “but they are never the No. 1 barrier to accessing treatment,” she said. “Cost is.”
Psychiatrists are less likely to take insurance than other types of physicians, and many psychologists, social workers and others who offer therapy likewise decline insurance because they say payments by insurers are relatively low and managed care companies sometimes subject them to intrusive audits.
The mental health services provided by the CVS MinuteClinics are covered by many major health insurers and Employee Assistance Program plans, a spokeswoman said.
“Pricing options without insurance range between $129 for an initial assessment to $69 for a 30-minute session, with many options in between,” she added.
At Walmart, the initial therapy session is $60 and the 45-minute follow-up sessions cost $45, according to the company’s website.
If you’re considering using a retail location to receive therapy, be sure to ask the same questions you would of any new therapist, experts advise. Some examples include:
Where were you trained?
What kind of license do you have?
What is your specialty?
How will we monitor my progress?
How long will my session last, and how many sessions are available to me?
Is there follow-through if I need a referral?
How much will this cost?
How will my data be stored and shared?
In addition, if you identify as L.G.B.T. or are a member of another minority group — or if you already know that you suffer from a particular condition like anxiety or depression — it’s helpful to know whether the therapist has worked with similar populations in the past and whether they have had cultural competence training, said Alfiee Breland-Noble, a health disparities researcher and founder of the AAKOMA Project, a mental health nonprofit for teenagers and their families.
From the moment he was elected president in 2016 through his failed campaign for re-election, Donald J. Trump invoked the stock market as a report card on the presidency.
The market loved him, Mr. Trump said, and it hated Democrats, particularly his opponent, Joseph R. Biden Jr. During the presidential debate in October, Mr. Trump warned of Mr. Biden: “If he’s elected, the market will crash.” In a variety of settings, he said that Democrats would be a disaster and that a victory for them would set off “a depression,” which would make the stock market “disintegrate.”
So far, it hasn’t turned out that way.
To the extent that the Dow Jones industrial average measures the stock market’s affection for a president, its early report card says the market loves President Biden’s first days in office considerably more than it loved those of President Trump.
Mr. Biden would get an A for this early period; Mr. Trump would receive a B for the market performance during his first days as president, though he would get a higher mark for much of the rest of his term.
signs that the United States is recovering briskly from the pandemic, early returns for Mr. Biden’s actual time in office have also been exceptional. The stock market’s rise from its close on Inauguration Day to its close on Thursday marked the best start for any presidency since that of another Democrat, Lyndon B. Johnson.
For those too young to remember the awful day of Nov. 22, 1963, Johnson, the vice president, was sworn in as president that afternoon after President John F. Kennedy was assassinated in Dallas. Measuring stock market performance from the end of the day they were all sworn into office allows us to include Johnson as well as Theodore Roosevelt, who became president on Sept. 14, 1901, after President William McKinley died of gunshot wounds.
The Republican Party has long claimed that it is the party of business, and that Republican rule is better for stocks. But the historical record demonstrates that the market has generally performed better under Democratic presidents since the start of the 20th century.
Over all, the market under President Biden ranks third for all presidents during a comparable time in office since 1901, according to a tally through Thursday (the Biden administration’s 109th day) by Paul Hickey, co-founder of Bespoke Investment Group.
These are the top performers:
Franklin D. Roosevelt, inaugurated March 4, 1933: 78.1 percent.
Johnson, inaugurated Nov. 22, 1963: 13.8 percent.
Mr. Biden, inaugurated Jan. 20, 2021: 10.8 percent.
William H. Taft, inaugurated March 4, 1909: 9.6 percent.
Note that three of the top four — Roosevelt, Johnson and Mr. Biden — were Democrats. That fits an apparent pattern. Since 1900, the median stock market gain for Democrats for the start of their presidencies is 7.9 percent; for Republicans, only 2.7 percent.
cited an investment analysis that suggested the stock market might perform quite well in a Biden presidency, despite Mr. Trump’s claims to the contrary. Those factors included more vigorous and efficient management of the coronavirus crisis, which would promote economic recovery and corporate profits; generous fiscal stimulus programs, with the possibility of colossal infrastructure-building; a return to international engagement accompanied by a reduction in trade friction; and a renewal of America’s global climate-change commitments.
So far, that analysis is holding up. But will it lead to strong returns through the Biden administration?
I have no idea. Alas, none of this tells us where the stock market is heading. All we know is that it has risen more than it has fallen over the long run, but has moved fairly randomly, day to day, and has sometimes veered into long declines. Another decline could happen at any time, regardless of what any president does.
The only approach to investing I’d actively embrace is passive: using low-cost stock and bond index funds to build a well-diversified portfolio and hang on for the long run. And I’d try to ignore the exhortations of politicians, especially those who would tie their own electoral fortunes to the performance of the stock market.
HUEHUETENANGO, Guatemala — In a small village in the Guatemalan highlands, a father smiled into the tiny screen of a cellphone and held up a soccer jersey for the camera, pointing to the name emblazoned on the back: Adelso.
In Boca Raton, Fla., on the other end of the video chat, his son — Adelso — started to cry.
“I’ll send it to you,” the father, David, said during the call in March. “You need to be strong. We’re going to hug and talk together again. Everything’s going to be fine.”
migrant children who are in the United States but separated from their parents, according to lawyers working on the issue. There are at least another 445 who were taken from parents who have not been located.
The separated families received a jolt of hope in early February when President Biden signed an executive order to reunify the migrant families by bringing the deported parents into the United States.
This week, as migrant apprehensions at the southwest border approach a near 20-year high, the Department of Homeland Security announced that it would bring a handful of separated parents to the U.S. in the coming days. The process of reunifying them all could take months or years, and questions remain about what benefits will be offered to each of those families.
Adelso has lived the last three years with his aunt, Teresa Quiñónez, in Boca Raton, Fla., where she works as a real estate agent. She had come to the United States herself at 17, without her parents.
a 2020 investigation by Physicians for Human Rights, many children separated from a parent at the border exhibited symptoms and behavior consistent with trauma: post-traumatic stress disorder, anxiety disorder and major depressive disorder. In some cases, the trauma stemmed partly from experiences in the child’s home country, but researchers found it was likely linked to the separation itself.
Dr. Falcón-Banchs currently treats eight children between the ages of 6 and 16 who were separated from a parent in 2017 and 2018. Five of those children received a diagnosis of PTSD, anxiety and-or depression. Adelso is faring better and has shown resilience and coping skills, she said.
In one case, a boy from Honduras who is now 13 suffered severe anxiety and PTSD after being separated from his mother for several months and placed in foster care. Being reunited with her didn’t improve his condition right away, Falcón-Banchs said.
“When his mom first took him to school in the U.S., his brain responded in such a way that he began screaming and panicking and wanted to leave,” she said. “When he was separated, he was told that he was ‘lost in the system’ and wouldn’t be able to be reunited with his mom. So he was just crying, perhaps because of that association.”
the Trump administration did not track after separation.
And many families whose whereabouts were known have since moved or changed phone numbers, compounding the challenge of possible reunification.
Further complicating the task is that most migrants come from Central America, and three countries there — Guatemala, Honduras and El Salvador — have experienced lockdowns during the pandemic, as well as widespread internal displacement from two hurricanes, Eta and Iota.
“We must find every last family and will not stop until we do,” said Lee Gelernt, the lead attorney for immigrant rights at the A.C.L.U.
But the process has been “extremely difficult and slow,” he said, adding that “many of the parents can only be found through on-the-ground searches.”
During a visit to a small Guatemalan town, a Times reporter learned of three parents who said they were forcibly separated from their children by U.S. border officials in 2018 and then deported. Two had already made the perilous return trip to the U.S., spending $15,000 on a journey to reunite with their children in Florida.
“They returned for the kids, because they were left alone there,” said Eusevia Quiñónez, whose husband, Juan Bernardo, left with his older brother for Fort Lauderdale, Fla., on Jan. 8. “Thank God, they arrived OK.”
Another father, Melvin Jacinto, was contacted by KIND, a children’s defense group, more than a year ago, but he doubts they will be able to help him. He again wants to try to enter the United States to reunite with his son, Rosendo, in Minneapolis and to find work to support his family. He said talking on the phone with his son, who turned 18 last month and from whom he has been separated for three years, is emotionally difficult for him. He can’t help but cry.
“It’s like I’m traumatized or something,” Mr. Jacinto said. “I’m not good. I don’t sleep, not at all.”
Psychologists working with separated families say that family reunification is just one step in the healing process, and that the parents have as much need for mental health counseling as the children. Many parents blame themselves for the separation, and after reunification the children, too, often blame the parents.
David, who has suffered from stress-induced gastritis and other health complications since the separation, said he had also considered hiring a smuggler to get back to the U.S. to reunite with Adelso.
“I need to see my son,” he said. “And he needs me.”
Braylon Dedmon was 3 days old when his mother, Talasheia, was offered $1,000 to open a college savings account in his name.
“I was like, ‘What?’” Ms. Dedmon recalled. Her skeptic’s antennae tingled. “I was a little scared.” Was this a scam?
It wasn’t. The offer was the beginning of a far-reaching research project begun in Oklahoma 14 years ago to study whether creating savings accounts for newborns would improve their graduation rates and their chances of going to college or trade school years later.
A few weeks after that initial conversation in 2007, the first statement arrived, showing $1,000 in Braylon’s name. “I was shocked,” said Ms. Dedmon, who now lives in Muskogee. “They started sending me statements every three months, and have been sending me them since then.”
Research about the Oklahoma project published this month by the Center for Social Development at Washington University in St. Louis, which created SEED OK, found that families that had been given accounts were more college-focused and contributed more of their own money than those that hadn’t been. And the effects are strongest among low-income families.
The approach breaks with most social policy programs created over the last half-century, which focus on income supplements. Child savings accounts, by contrast, concentrate on accumulating assets over the long term.
Michael Sherraden, the founder of the center at Washington University, said the idea was to give everyone a stake — an investment — in the future. Benefits of the program extend not just to bank accounts but also to behavior. Households with the seed money — especially poorer ones with parents who did not attend college — have greater expectations about higher education, are more optimistic, have lower rates of depression and save more.
College savings accounts known as 529 plans, which restrict withdrawals and grow tax-free, are used by only a tiny share of American households, mostly in the upper reaches of the income ladder.
Assets and the Poor,” has been pushing for savings accounts, also known as development accounts, that would automatically be opened for every child born in the United States. Canada, Israel, South Korea and Singapore have established versions of the idea.
“We need to create structures to enable people to accumulate assets over the long term,” Mr. Sherraden said. He argues that a universal program is necessary to sustain political support, but that it would nonetheless deliver disproportionate gains at the lower end of the economic spectrum.
“You will reduce the difference in the gap between the highest and lowest group over time,” he said.
In Maine, the private Harold Alfond Foundation started offering every child born in the state a $500 grant in 2009. Mr. Alfond, who founded the Dexter Shoe Company before selling it to Warren E. Buffett, had been writing a $500 check to each of his newborn grandchildren.
California has allocated $25 million for a similar program.
Rhode Island and Nevada are among the states that have established child development account programs. There are several other programs of varying scope and size across the United States, according to the nonprofit group Prosperity Now. Several programs include incentives and subsidies for lower-income families, which are disproportionately Black and Latino.
Automatic enrollment in a saving program, with the ability to opt out, turns out to have a much higher participation rate than relying on individuals to take the initiative. In the first years of the Maine program, when families had to open accounts themselves, participation never rose above 50 percent. In 2013, the Alfond Foundation switched to automatic enrollment, and since then, pretty much every newborn in the state has gotten an account.
William Elliott III, a professor of social work at the University of Michigan and a co-author of “Making Education Work for the Poor,” said knowledge about how to administer savings accounts and their impact had jumped over the last decade.
“It’s one of the best delivery systems” to help low-income children build assets and direct them toward college, Mr. Elliott said. He added that there was more rigorous data on the positive impact of child savings accounts than there was on student loans, government Pell grants and free college.
“A savings account for a low-income kid means a lot more to them than it does for a wealthy kid,” Mr. Elliott said, and establishing it early can transform expectations about the future.
Kandynace Boyd, who lives in Oklahoma City, hasn’t been able to contribute any additional money to her son Manuel’s account. She works part time in an acute care facility and is struggling to keep up with bills. But she said Manuel, 13, was already talking about going to culinary school.
“He’s got nearly $2,000 in it,” she said of the account. “I wish I could do it for my other two kids.”
Female domestic workers, who are often isolated, are particularly vulnerable to abuse, according to rights groups.
With their already minimal freedoms further diminished by the pandemic and their isolation growing, the domestic workers are unflinchingly using TikTok to tell the world how they are being treated even though it could be dangerous to do so.
Some women use the posts simply to blow off steam. Others are seeking to spread the word of their often dire working conditions, frequently with a fatalistic sense of humor. Their audience, many of them also foreign workers, say that scrolling through funny videos is a way to ease loneliness and can provide a brief respite from stress, anxiety or depression.
“Many here are suffering,” said Merygene Cajoto, 35, a Filipino worker in Saudi Arabia who poststo more than 18,000 followers. “The way they express their depression, their stress from their work, is through TikTok. Friends send me videos and advice. It’s a kind of help line.”
Ms. Dama started posting on TikTok about a year ago, documenting the travails of workers like her in the Middle East.Before the “Don’t Got It” video went viral, she had fewer than 20,000 followers. After it came out, that number jumped by about 5,000 within days, and she now has more than 32,000.
Her videos, often tinged with sarcasm, dissect some of the weighty problems facing domestic laborers in the Gulf.
In another video, Ms. Dama dons a head scarf to mimic her Saudi employer. Her boss accused her of stealing money because she “comes from poverty back home,” according to Ms. Dama.
Inside a state-of-the-art lab, tucked in an industrial neighborhood on Vancouver Island in British Columbia, employees wearing protective suits move around two clear boxes, careful not to disrupt the tubes and sensors that keep temperature and humidity constant. Inside the boxes are mushrooms.
But not just any mushrooms. They are psychedelic — “magic” — mushrooms that the start-up Numinus Wellness believes one day may be used to treat mental health conditions as varied as depression, substance abuse and anxiety.
Welcome to the ’Shroom Boom. While Numinus is using mushrooms to make mind-altering therapies, other mushroom growers are promising other benefits, like strengthening immune systems or reducing inflammation. Mushrooms are showing up in all sorts of wellness products, pushing them into the mainstream and making mushrooms a major force in the flourishing, multibillion-dollar wellness market.
legalize psilocybin, the main active ingredient in “magic” mushrooms, for the treatment of certain mental health conditions in supervised settings. In March, the New York City mayoral candidate Andrew Yang said New York State should legalize psychedelic mushrooms, a stance he raised in 2019 when he was a Democratic presidential candidate.
Regulators in the United States and Canada are taking baby steps toward allowing limited use of psychedelic mushrooms, which produce visual and auditory hallucinations over a few hours after ingestion, for the treatment of certain mental health conditions. Popular as part of the counterculture in the 1960s, magic mushrooms were deemed illegal in the United States in the 1970s.
public offering. Another psychedelic company, MindMed, has financial backing from Kevin O’Leary of “Shark Tank.”
New York in March. But some analysts and many of the companies themselves caution that the path for psychedelics will most likely be very different.
study by researchers at Johns Hopkins Medicine that found use of psilocybin relieved anxiety and depression in people with a life-threatening cancer diagnosis. A second, small study involving 24 participants conducted by Johns Hopkins researchers that was published in JAMA Psychiatry found that those who received psilocybin-assisted therapy showed improvement as well.
“The magnitude of the effect we saw was about four times larger than what clinical trials have shown for traditional antidepressants on the market,” Alan Davis, adjunct assistant professor of psychiatry and behavioral sciences at the Johns Hopkins University School of Medicine, said in an announcement about the study’s results.
The Food and Drug Administration has put at least two psychedelic mushroom compounds on the fast track for approval to treat depression.
Last year, Canada began allowing a limited number of people with terminal illness to use psychedelic mushrooms. Currently, Numinus is working toward a psilocybin-assisted therapy trial for patients with substance abuse disorders.
And while regulators in the United States are taking a new look at psychedelic mushrooms, psilocybin is still a Schedule 1 drug and would need to be reclassified by regulators.
Despite those hurdles, though, Mr. Nyquvest sees the potential for a broader use of psychedelic mushrooms around wellness, beyond what he called “treating really heavy indicators” of substance abuse and depression.
“The same way you go to the dentist to take care of the teeth, we need to think about taking care of the brain and mental well being.”
The coronavirus pandemic has threatened to rapidly expand yawning gaps between the rich and the poor, throwing lower-earning service workers out of jobs, costing them income, and limiting their ability to build wealth. But by betting on big government spending to pull the economy back from the brink, United States policymakers could limit that fallout.
The $1.9 trillion economic aid package President Biden signed into law last month includes a wide range of programs with the potential to help poor and middle-class Americans to supplement lost income and save money going forward. That includes monthly payments to parents, relief for renters and help with student loans.
Now, the administration is rolling out additional plans that would go even further, including a $2.3 trillion infrastructure package and about $1.5 trillion in spending and tax credits to support the labor force by investing in child care, paid leave, universal prekindergarten and free community college. The measures are explicitly meant to help left-behind workers and communities of color who have faced systemic racism and entrenched disadvantages — and they would be funded, in part, by taxes on the rich.
Forecasters predict that the government spending — even just what has been passed so far — will fuel what could be the fastest annual economic growth in a generation this year and next, as the country recovers and the economy reopens from the Covid-19 pandemic. By jump-starting the economy from the bottom and middle, the response could make sure the pandemic rebound is more equitable than it would be without a proactive government response, analysts said.
disproportionately hurt women of all races and men of color, she said, “If we tailor the relief to those who are most affected, we are going to be addressing racial and ethnic gaps.”
From its first days, the pandemic set the stage for a K-shaped economy, one in which the rich worked from home without much income disruption as poorer people struggled. Workers in low-paying service jobs were far more likely to lose jobs, and among racial groups, Black people have experienced a much slower labor market rebound than their white counterparts. Globally, the downturn probably put 50 million people who otherwise would have qualified as middle class into lower income levels, based on one recent Pew Research analysis.
But data suggest the U.S. policy response — including relief legislation that passed under the Trump administration last year — has helped to mitigate the pain.
“The CARES Act to the American Rescue plan have helped to support more households than I would have imagined,” Charles Evans, the president of the Federal Reserve Bank of Chicago, told reporters during a call earlier this month, referring to the early 2020 and early 2021 pandemic relief packages.
across the board after slumping early last year, foreclosures have remained low, and household consumption has been shored up by repeated stimulus checks.
While the era has been fraught with uncertainty and people have slipped through the cracks, this downturn looks very different for poorer Americans than the post-financial crisis period. That recession ended in 2009, and America’s wealthiest households recovered precrisis wealth levels by 2012, while it took until 2017 for the poorest to do the same.
income inequality — the gap between how much the poor and the rich earn each year — might soon decline. Lower income inequality could, in theory, lead to lower wealth inequality over time, as households have the wherewithal save more evenly.
start of 2007, the bottom half of the wealth distribution held 2.1 percent of the nation’s riches, compared to 29.7 percent for the top 1 percent. By the start of 2020, the bottom half had 1.8 percent, while the top 1 percent held 31 percent.
Researchers debate whether monetary policy actually worsens wealth divides in the long run — especially since there’s the hairy question of what would have happened had the Fed not acted — but monetary policymakers generally agree that their policies can’t stop a pre-existing trend toward ever-worse wealth inequality.
By offering a more targeted boost from the very start of the recovery, fiscal policy can. Or, at a minimum, it can prevent wealth gaps from deepening so much.
Monetary policy “is naturally trickle-down,” said Joseph Stiglitz, an economist at Columbia and Nobel laureate. “Fiscal policy can work from the bottom and middle up.”
That’s what the Biden administration is gambling on. Paired with packages from December and last April, Congress’s recent package will bring the amount of economic relied that Congress has approved during the pandemic to more than $5 trillion. That dwarfs the amount spent in the last recovery.
The legislation is a mosaic of tax credits, stimulus checks and small business support that could leave families at the lower end of the income and savings distribution with more money in the bank and, if its provisions work as advertised, with a better chance of getting back to work early in the recovery.
There is no guarantee Mr. Biden’s broader economic proposals, totaling about $4 trillion, will clear a narrowly divided Congress. Republicans have balked at his plans and this week offered a counterproposal on infrastructure that is only a fraction the size of what Mr. Biden wants to spend. A bipartisan group of House moderates is pushing the president to finance infrastructure spending through an increased gas tax or something similar, which hits the poor harder than the rich.
Still, the president’s new proposals could have long-term impacts, working to retool workers’ skills and lift communities of color in hopes of putting the economy on more equal footing. The president is set to outline his so-called American Family Plan, which is focused on the work force, before his first address to a joint session of Congress next week.
While details have yet to be finalized, programs like universal prekindergarten, expanded subsidies for child care and a national paid leave program would be paid for partly by raising taxes on investors and rich Americans. That could also affect the wealth distribution, shuffling savings from the rich to the poor.
The plan, which must win support in a Congress where Democrats have just a narrow margin, would raise the top marginal income tax rate to 39.6 percent from 37 percent, and raise taxes on capital gains — the proceeds of selling an asset, like a stock — for people making more than $1 million to 39.6 percent from 20 percent. Counting in an Obamacare-related tax, the taxes they pay on profits would rise above 43 percent.
The new policies won’t necessarily cut wealth inequality, which has been on an inexorable upward march for decades, but they could keep poorer households from falling behind by as much as they would have otherwise.
Betting big on fiscal policy to return the economy to strength is a gamble. If the economy overheats, as some prominent economists have warned it could, the Fed might have to rapidly lift interest rates to cool things down. Rapid adjustments have historically caused recessions, which consistently throw vulnerable groups out of jobs first.
But administration officials have repeatedly said the bigger risk is underdoing it, leaving millions on the labor market’s sidelines to struggle through another tepid recovery. And they say the spending provisions in both the rescue package and the infrastructure could help to fix longstanding divides along racial and gender lines.
“We think of investment in racial equity, and equity in general, as good policy, period, and integral to all the work we do,” Catherine Lhamon, a deputy director of the Domestic Policy Council, said in an interview.
put forward last month by a rival railroad operator, Canadian Pacific.
The competing offers underline the riches expected to come from trade flows after the United States-Mexico-Canada Agreement was passed into law last year. A merger with either suitor would create a railroad line that stretches from Canada to Mexico. In the already consolidated railroad industry, few lines are left to bid on — let alone deals that will be approved by regulators.
Canadian National said in a letter to Kansas City board that the company had spent “considerable time and resources analyzing a potential combination of our two companies.” It argues its offer represents “an unparalleled opportunity to create a premier railway for the 21st century.”
The offer gives Kansas City Southern a valuation 21 percent higher than Canadian Pacific’s bid, which had been agreed on by the companies’ boards.
For Canadian National, the proposal would be a chance to stop its smaller domestic competitor from gaining significant scale. Unlike Canadian Pacific, Canadian National already has track agreements extending to the Gulf of Mexico.
The rival bid is one further challenge to Canadian Pacific’s offer, which was already facing regulatory scrutiny. The U.S. Department of Justice has urged the Surface Transportation Board — which must approve the offer — to examine the deal under tough industry guidelines put in place in 2001 and expressed concern over its use of a voting trust that would it allow it close the deal even before getting regulatory approval.
Canadian Pacific has argued that there should be no regulatory trouble, given the two railroads have no overlap and in some cases create new markets. It said its smaller size compared with other major North American railroads should exempt it from the guidelines.
Three rival names in the European luxury sector have established a new blockchain consortium that will allow shoppers to track the provenance of their purchases and authenticate goods.
LVMH Moët Hennessy Louis Vuitton, which first unveiled plans for a global blockchain-based system in 2019, will be joined by Prada Group and Compagnie Financière Richemont in the Aura Blockchain Consortium, a nonprofit group that will promote the use of a single blockchain solution open to all luxury brands worldwide.
Many sectors are looking at the possibility of using blockchain, the distributed ledger system that underpins Bitcoin and other cryptocurrencies. Because blockchains are unchangeable and decentralized, the data stored on them is trustworthy and secure.
In this case, each product will be given a unique digital code during the manufacturing process that will be recorded on the Aura ledger. When customers make a purchase, they will be given login details to a platform that will provide the history of the product, including its origin, components, environmental and ethical information, proof of ownership, a warranty and care instructions.
Bulgari, Cartier, Hublot, Louis Vuitton and Prada are already using the system, with “advanced conversations” being held with a number of other luxury brands, according to a statement released Tuesday. Participating luxury brands pay an annual licensing fee and a volume fee. Aura, based in Geneva, was developed in partnership with Microsoft and ConsenSys, a blockchain software technology company in New York.
“The Aura Consortium represents an unprecedented cooperation in the luxury industry,” said Cartier’s chief executive, Cyrille Vigneron, adding that he invited “the entire profession” to join the consortium.
“The luxury industry creates timeless pieces and must ensure that these rigorous standards will endure and remain in trustworthy hands,” he said.
Just as workers across the country begin to return to the office, two of the largest furniture design companies will merge.
Herman Miller agreed to acquire its rival Knoll in a cash and stock deal valued at $1.8 billion.
The merger combines two furniture giants that share a modern design element. Herman Miller, best known for its Eames chair and ottoman, and Knoll for its Barcelona chair, together hope to capture an even bigger share of the renovations occurring at home and in offices as many companies and employees look to a future of splitting their time between the two in the post-pandemic world.
“As distributed working models become the new normal for companies, businesses are reimagining the office to foster collaboration, culture and focused work, while supporting a growing remote employee base,” Andi Owen, president and chief executive of Herman Miller, said in a statement Monday. “At the same time, consumers are making significant investments in their homes.”
Based in Zeeland, Mich., Herman Miller traces its roots to 1905 when it began selling bedroom suites. During the depression, when the company was struggling to survive, its then-chief executive, Dirk Jan De Pree, met the designer Gilbert Rohde, who persuaded him to move away from traditional design and toward more modern design and the office furniture market. In 1942, Herman Miller introduced the Executive Office Group, designed by Mr. Rohde, that featured modular pieces that could be configured in different ways.
After Mr. Rohde died in 1944, Mr. De Pree worked with a range of designers, including Charles Nelson, Charles and Ray Eames and Isamu Noguchi. The Eames Executive Chair, a plush, padded, leather chair that was released in 1961 and commissioned for the ultramodern lobby of the Time Life building in New York, can be purchased today for $4,895.
Likewise, Knoll’s history in furniture dates back more than 80 years when the husband-and-wife founders, Hans and Florence Knoll, embraced the creativity of the Bauhaus School in Weimar, Germany, and later, the Cranbrook Academy of Art in Bloomfield Hills, Mich., teaming up with a variety of architects, sculptors and designers.
After the expected close of the transaction later this year, Ms. Owen will become the president and chief executive of the combined company. Andrew Cogan, Knoll’s chairman and chief executive, will depart after 30 years with the company.
Xi Jinping, China’s top leader, called for cooperation and openness to an audience of business and financial leaders on Tuesday. He also had some warnings, presumably for the United States.
Speaking electronically to a largely virtual audience at China’s annual Boao Forum, Mr. Xi warned that the world should not allow “unilateralism pursued by certain countries to set the pace for the whole world.”
The audience included American business leaders including Tim Cook of Apple and Elon Musk of Tesla, as well as two Wall Street financiers, Ray Dalio and Stephen Schwarzman. Long a platform for China to show off its economic prowess and leadership, the Boao Forum is held annually on the southern Chinese island of Hainan. (Last year’s was canceled amid the pandemic.)
In recent years, Mr. Xi has used the forum to portray himself as an advocate of free trade and globalization, calling for openness even as many in the global business community have become increasingly vocal about growing restrictions in China’s own domestic market.
On Tuesday, he also reiterated his earlier message opposing efforts by countries to weaken their economic interdependence with China.
“Attempts to ‘erect walls’ or ‘decouple’” would “hurt others’ interests without benefiting oneself,” Mr. Xi said, in what appeared to be a reference to the United States and the Biden administration’s plans to support domestic high-tech manufacturing in the United States.
The White House held a meeting with business executives last week to discuss a global chip shortage and plan for semiconductor “supply chain resilience.” Speaking to executives from Google, Intel and Samsung, Mr. Biden said “China and the rest of the world is not waiting, and there’s no reason why Americans should wait.”
China is pursuing its own program for self-sufficiency in chip manufacturing.
Mr. Xi also pledged to continue to open the Chinese economy for foreign businesses, a promise that big Wall Street banks like Goldman Sachs and Morgan Stanley have clung to even as foreign executives complain that the broader business landscape has become more challenging.
Lululemon said on Tuesday that it would introduce an apparel trade-in program in Texas and California in May, as clothing chains pay more attention to secondhand clothing. It will accept “gently used” Lululemon garments from customers at more than 80 stores and through the mail in exchange for gift cards to the retailer. The cards will range in value from $5 to $25, and a typical pair of leggings would fetch $10. The effort is part of a sustainability initiative called “Lululemon Like New,” and will expand to include a resale business in the same markets in June.
United Airlines said Monday that it lost nearly $1.4 billion in the first three months of the year, but added that a turnaround was close as bookings picked up. The airline said it had stopped spending more money than it collected in March from operations, investing and financing activities — losses known as its “cash burn.” United also said it expected to turn a profit sometime this year.
JPMorgan Chase’s role as the financial backer of the so-called Super League, a breakaway soccer league made up of top clubs from England, Italy and Spain, has made it a target for a storm of criticism. Soccer’s organizing bodies and domestic leagues, European heads of state, former players and supporter groups of the clubs involved were among those speaking out against the plan.
Tribune Publishing said Monday that it had ended talks to sell itself to Newslight, the company set up last month by the Maryland hotel executive Stewart W. Bainum Jr. and the Swiss billionaire Hansjörg Wyss, after Mr. Wyss withdrew from a planned offer on Friday. Tribune Publishing’s special committee, which evaluates the bids, said in a news release on Monday that the Newslight bid could no longer “reasonably be expected to lead to a ‘superior proposal’” than the nonbinding agreement the company had reached in February with Alden Global Capital.
Dogecoin, a cryptocurrency started as a joke, now has a market value that can’t be laughed at: more than $50 billion. On Tuesday, traders of Dogecoin were trying to push up the price to coincide with 4/20, or April 20, a date associated with smoking cannabis.
On Twitter, the hashtags #DogeDay and #Doge420 were trending. Dogecoin’s price, which has surged lately, fluctuated between gains and losses on Tuesday, trading at about 40 cents, according to Coindesk. A month ago, it was about 5 cents.
The ripple effects of the boom in crypto markets are being felt far and wide. Coinbase, the cryptocurrencies exchange that went public last week and is helping the industry move into the mainstream, has a market value of $66 billion. Central banks have ramped up plans to explore digital currencies to offer people a secure alternative to cryptocurrencies, which are out of their control. On Monday, the Bank of England was the latest to announce it was looking into a central bank digital currency.
On Tuesday morning, prices of cryptocurrencies and related stocks slipped. Bitcoin fell 1 percent, trading just above $55,000. Shares in Coinbase and Riot Blockchain were slightly lower in premarket trading.
Elsewhere in markets
U.S. stocks followed European and Asian stock indexes lower. The S&P 500 index dropped 0.3 percent in early trading, but it’s still less than a percentage point away from the record high reached on Friday. The Stoxx Europe 600 index dropped 1.1 percent.
Oil prices rose. Futures on West Texas Intermediate, the U.S. crude benchmark, rose slightly to about $63.55 a barrel.
Shares in British American Tobacco dropped 8 percent on Tuesday, the worst performance in the FTSE 100, after The Wall Street Journal reported on Monday that the Biden administration is considering making tobacco companies cut the nicotine in cigarettes so they aren’t addictive. American tobacco companies saw their shares fall on Monday
HOUSTON — Under growing pressure from investors to address climate change, Exxon Mobil on Monday proposed a $100 billion project to capture the carbon emissions of big industrial plants in the Houston area and bury them deep beneath the Gulf of Mexico.
Exxon, the largest U.S. oil company, wants to create a profit-making business out of the capture of carbon emitted by petrochemical plants and other industries. But its plan would require significant government support and intervention, including the introduction of a price or tax on carbon dioxide emissions, an idea that has failed to attract enough support in Congress in the past.
The company already captures carbon, which it injects into older fields to produce more oil. Exxon now wants to use its expertise to store the carbon dioxide generated by other industries. But without a price on emitting carbon, many businesses would have little financial incentive to pay Exxon to capture and store their carbon.
The Obama administration failed to enact a cap-and-trade system, which raises costs for polluting companies by forcing them to buy tradable permits to release greenhouse gases into the atmosphere. California, the European Union and 11 states in the Northeast use versions of cap-and-trade. Other governments, including British Columbia and Britain, have imposed a per-ton tax on emissions.
Exxon wants to capture carbon from industrial plants along the Houston Ship Channel and pipe it offshore where it would stored up to 6,000 feet below the Gulf of Mexico. The effort would be paid for by industry and the government, and would eventually store 100 million tons of carbon annually — equivalent to the emissions of 20 million cars, according to Exxon.
The company has discussed its idea with national and Texas policymakers and Republicans and Democrats in Congress, Exxon’s chief executive, Darren Woods, said in an interview. “They see the opportunity and appeal of this idea,” he said. “The question is, how do you translate the concept into practice?”
Exxon said its proposal complements President Biden’s climate efforts, but it would require the administration to embrace a price on carbon, something it has not done.
“The concept of a price on carbon is critical,” Mr. Woods said. “There has to be a way to incentivize the investment.”
Offshore storage has already gained traction in Europe, where governments have put carbon prices in place and lawmakers are more willing to spend taxpayer money to address climate change.
Mr. Woods said that, given the right policies, carbon capture projects could be a major business for Exxon around the world. “The potential for these markets is very, very large to the extent that demand continues to increase to decarbonize society,” he said.
Last year’s pandemic-induced production delays, combined with a continued shortage of computer chips and other automotive components, have tightened the supply of new models — especially popular sport utility vehicles and pickup trucks.
That means it may be challenging to find a new ride with the colors and features you want at a price you can afford, Ann Carrns reports for The New York Times. “It’s harder to get exactly what you want,” said Ivan Drury, senior manager of insights at Edmunds. “Don’t expect heavy discounts.”
So if new cars are too expensive, you can just buy a used car, right?
Yes, but deals may be elusive there as well. Fewer people bought new cars last year, so fewer used cars were traded in. And the short supply of new cars is pushing more buyers to consider used cars, raising those prices, analysts say. The average price paid for a used car is well above $20,000, Edmunds says.
On the plus side, if you have a car to trade in, its value is probably higher, especially if it’s a popular model. The average value for trade-ins, including leased cars turned in early, was about $17,000 in March, up from about $14,000 a year earlier, according to Edmunds. The average age of trade-ins was five and a half years.
Various online services, like Kelly Blue Book, TrueCar and Carvana, will supply a trade-in estimate based on your location and your car’s age, mileage and general condition, and offer more tailored appraisals if you provide details like the vehicle identification number. Some even offer to buy your car outright.
Around the world, governments are moving simultaneously to limit the power of tech companies with an urgency and breadth that no single industry had experienced before.
Their motivation varies. In the United States and Europe, it is concern that tech companies are stifling competition, spreading misinformation and eroding privacy; in Russia and elsewhere, it is to silence protest movements and tighten political control; in China, it is some of both.
Nations and tech firms have jockeyed for primacy for years, but the latest actions have pushed the industry to a tipping point that could reshape how the global internet works and change the flows of digital data, Paul Mozur, Cecilia Kang, Adam Satariano and David McCabe report for The New York Times.
“It is unprecedented to see this kind of parallel struggle globally,” said Daniel Crane, a law professor at the University of Michigan and an antitrust expert. Now, Mr. Crane said, “the same fundamental question is being asked globally: Are we comfortable with companies like Google having this much power?”
Underlying all of the disputes is a common thread: power. The 10 largest tech firms, which have become gatekeepers in commerce, finance, entertainment and communications, now have a combined market capitalization of more than $10 trillion. In gross domestic product terms, that would rank them as the world’s third-largest economy.
Governments agree that tech clout has grown too expansive, but there has been little coordination on solutions. Competing policies have led to geopolitical friction. Last month, the Biden administration said it could put tariffs on countries that imposed new taxes on American tech companies.
Tech companies are fighting back. Amazon and Facebook have created their own entities to adjudicate conflicts over speech and to police their sites. In the United States and in the European Union, the companies have spent heavily on lobbying.
In today’s On Tech newsletter, Shira Ovide looks at a health technology nonprofit organization that is turning the approach to vaccination credentials on its head.