Biden Takes On Sagging Safety Net With Plan to Fix Long-Term Care

President Biden’s $400 billion proposal to improve long-term care for older adults and those with disabilities was received as either a long overdue expansion of the social safety net or an example of misguided government overreach.

Republicans ridiculed including elder care in a program dedicated to infrastructure. Others derided it as a gift to the Service Employees International Union, which wants to organize care workers. It was also faulted for omitting child care.

For Ai-jen Poo, co-director of Caring Across Generations, a coalition of advocacy groups working to strengthen the long-term care system, it was an answer to years of hard work.

“Even though I have been fighting for this for years,” she said, “if you would have told me 10 years ago that the president of the United States would make a speech committing $400 billion to increase access to these services and strengthen this work force, I wouldn’t have believed it would happen.”

knocking millions of women out of the labor force — or deplete their resources until they qualify for Medicaid.

Whatever the limits of the Biden proposal, advocates for its main constituencies — those needing care, and those providing it — are solidly behind it. This would be, after all, the biggest expansion of long-term care support since the 1960s.

“The two big issues, waiting lists and work force, are interrelated,” said Nicole Jorwic, senior director of public policy at the Arc, which promotes the interests of people with disabilities. “We are confident we can turn this in a way that we get over the conflicts that have stopped progress in past.”

And yet the tussle over resources could reopen past conflicts. For instance, when President Barack Obama proposed extending the Fair Labor Standards Act of 1938 to home care workers, which would cover them with minimum-wage and overtime rules, advocates for beneficiaries and their families objected because they feared that states with budget pressures would cut off services at 40 hours a week.

“We have a long road ahead of passing this into law and to implementation,” Haeyoung Yoon, senior policy director of the National Domestic Workers Alliance, said of the Biden proposal. Along the way, she said, supporters must stick together.

half of adults would need “a high level of personal assistance” at some point, typically for two years, at an average cost of $140,000. Today, some six million people need these sorts of services, a number the group expects to swell to 16 million in less than 50 years.

In 2019, the National Academy of Social Insurance published a report suggesting statewide insurance programs, paid for by a dedicated tax, to cover a bundle of services, from early child care to family leave and long-term care and support for older adults and the disabled.

This could be structured in a variety of ways. One option for seniors, a catastrophic insurance plan that would cover expenses up to $110 a day (in 2014 dollars) after a waiting period determined by the beneficiary’s income, could be funded by raising the Medicare tax one percentage point.

Mr. Biden’s plan doesn’t include much detail. Mr. Gleckman of the Urban Institute notes that it has grown vaguer since Mr. Biden proposed it on the campaign trail — perhaps because he realized the tensions it would raise. In any event, a deeper overhaul of the system may eventually be needed.

“This is a significant, historic investment,” Mr. Espinoza said. “But when you take into account the magnitude of the crisis in front of us, it’s clear that this is only a first step.”

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Retail Sales Jump and Jobless Claims Drop in New Signs of Recovery: Live Updates

filed first-time claims for state unemployment benefits last week, the Labor Department said Thursday, a decrease of 153,000 from the previous week.

In addition, 132,000 filed for Pandemic Unemployment Assistance, a federal program that covers freelancers, part-timers and others who do not routinely qualify for state benefits. That was a decline of 20,000 from the previous week.

Neither figure is seasonally adjusted.

In another sign of the recovery underway, retail sales surged in March, the Commerce Department said on Thursday, as Americans spent their latest round of government stimulus checks and the continued roll out of coronavirus vaccines lured more people back into stores.

The 9.8 percent increase last month was a strong comeback from the nearly 3 percent drop in February.

With the pandemic’s end seemingly in sight, the economy is poised for a robust comeback. But weekly applications for unemployment claims have remained stubbornly high for months, frustrating the recovery even as businesses reopen and vaccination rates increase.

“The job market conditions for job seekers have really improved extremely quickly between January and now,” said Julia Pollak, a labor economist at the job site ZipRecruiter. “But there are still huge barriers to returning to work.”

Jobless claims for the next few months could remain much higher than they were before the pandemic as the labor market adjusts to a new normal.

Concerns about workplace safety persist, especially for workers who are not yet vaccinated. Many children are still attending schools remotely, complicating the full-time work prospects for their caregivers.

But there is hope on the horizon as those barriers begin to fall. President Biden moved up the deadline for states to make all adults eligible for vaccination to April 19, and every state has complied. Students who have been learning remotely will begin to return to the classroom in earnest.

“This was the deepest, swiftest recession ever, but it’s also turning into the fastest recovery,” Ms. Pollak said. “And I don’t think we should lose sight of that just because some of the measures are a little stubborn.”

A store in Lower Manhattan. Retail sales rebounded in March, highlighting the importance of stimulus payments to consumer spending.
Credit…Gabby Jones for The New York Times

Retail sales surged in March, the Commerce Department said on Thursday, as Americans spent their latest round of government stimulus checks and the continued roll out of coronavirus vaccines lured more people back into stores.

The 9.8 percent increase last month was a strong comeback from the nearly 3 percent drop in February, when previous stimulus money had dissipated and a series of winter storms made travel difficult across much of the United States.

The rebound in March sales shows how, a year after the nation’s economy locked down to prevent the spread of the virus, consumer spending remains highly dependent on government support. It also reflects that many areas of consumption frozen by the pandemic have bounced back. Sales of clothing and accessories rose 18 percent, while restaurants and bars saw a 13 percent increase.

President Biden’s $1.9 trillion American Rescue Plan, which was signed into law last month, provides direct payments of $1,400 to lower-income Americans. Many of these checks began arriving in households toward the end of last month, when economists saw signs that spending was ramping up again, such as increased hotel occupancy and travel through airports.

Economists at Morgan Stanley had predicted that core retail sales would jump 6.5 percent in March, driven by the stimulus checks that started arriving in people’s bank accounts around March 17. The investment bank said 30 percent of consumers tend to spend their checks within the first 10 days, suggesting that many other consumers have yet to spend their checks, which could strengthen April sales.

More broadly, American consumers are also feeling increasingly optimistic as more people become vaccinated and venture out more frequently. One measure of consumer confidence, tabulated by the Conference Board, said confidence increased about 20 points in March from February, fueled by increased income and stronger business and employment expectations.

The Thomson Reuters offices in Times Square. The company’s media organization will begin charging for access to its website.
Credit…Andrew Kelly/Reuters

Reuters will begin charging for access to its website as it tries to capture a slice of the digital subscription business.

The company, one of the largest news organizations in the world, announced the new paywall on Thursday, as well as a redesigned website aimed at a “professional” audience wanting business, financial and general news.

After registration and a free preview period, a subscription to Reuters.com will cost $34.99 a month, the same as Bloomberg’s digital subscription. The Wall Street Journal’s digital subscription costs $38.99 a month, while The New York Times costs $18.42 monthly.

Reuters.com attracts 41 million unique visitors a month. Months of audience research showed that those readers were divided in two separate groups: those wanting breaking news and professionals looking for context and analysis about how news affected their industry, Josh London, chief marketing officer at Reuters, said in an interview.

Reuters will roll out new sections on its website for subscribers in coming weeks that include coverage of legal news, sustainable business, energy, health care and the auto industry. It also plans to introduce industry-specific newsletters.

Mr. London described the new website as “the largest digital transformation at Reuters in a decade.” He declined to provide specifics on digital subscription goals but said that it represented “a major opportunity for us.”

Arlyn Gajilan, the digital news director at Reuters, said she expected to expand the digital team working on the revamped website.

On Monday, Reuters announced that Alessandra Galloni, a global managing editor, would become its next editor in chief. Ms. Galloni, who will be the first woman to helm the news agency in its history, starts her new role on Monday. She takes over from Stephen J. Adler, who retired after running Reuters for a decade.

Ms. Gajilan said that Ms. Galloni had been closely involved in the new direction of Reuters.com.

“She’s a very strong advocate for all things digital at Reuters,” Ms. Gajilan said.

Coinbase’s market debut was displayed on the Nasdaq tower in Times Square on Wednesday.
Credit…Gabby Jones for The New York Times

U.S. stocks are set to rise when trading begins on Thursday as more companies report first-quarter earnings and retail sales data is expected to show a big increase in spending in March.

The S&P 500 was expected to open 0.5 percent higher, futures indicated.

After a bumper market debut, Coinbase shares rose 11 percent in premarket trading. On Wednesday, the cryptocurrency exchange ended its first day of trading at $328.28 a share, valuing the company at nearly $86 billion — more than 10 times its last valuation as a private company.

Shares in Bank of America rose 2.5 percent in premarket trading after the company reported better-than-expected revenue from sales and trading. The bank joins its peers in reporting a jump in earnings. On Wednesday, executives at Goldman Sachs, JPMorgan Chase and Wells Fargo all delivered upbeat economic forecasts.

Retail sales rose 5.8 percent in March, according to economists surveyed by Bloomberg, rebounding from a 3 percent drop the previous month.

  • Yields on 10-year U.S. Treasury notes dropped to 1.61 percent. On Wednesday, Jerome H. Powell, the chair of the Federal Reserve, reiterated the central bank’s intention of keeping monetary policy accommodative for a long time. He said the bank would probably slow its bond-buying program “well before” it lifts its policy interest rate.

  • European stock indexes also rose. The Stoxx Europe 600 index increased for a third straight day. It was up 0.3 percent to a record high.

  • The Russian ruble dropped 1.2 percent against the dollar on Thursday. The Biden administration is expected to announce a string of measures against Russia, including financial sanctions for the hacking of government and private networks and a range of other activity.

Dan Rozycki, president of the Transtec Group in Texas, is looking at alternatives for his semiconductor supplies.
Credit…Ilana Panich-Linsman for The New York Times

Shortages of semiconductors, fueled by pandemic interruptions and production issues at multibillion-dollar chip factories, have sent shock waves through the economy. Questions about chips are reverberating among both businesses and policymakers trying to navigate the world’s dependence on the small components.

Most attention has focused on temporary closings of big U.S. car plants. But the chips are in everything from cash registers and kitchen appliances, and the problem is affecting many other sectors, particularly the server systems and PCs used to deliver and consume internet services that became crucial during the pandemic, Don Clark reports for The New York Times.

“Every aspect of human existence is going online, and every aspect of that is running on semiconductors,” said Pat Gelsinger, the new chief executive of the chip maker Intel who attended the meeting with the president on Monday. “People are begging us for more.”

The chip shortage potentially affects just about any company adding communications or computing features to products. Many examples were described in 90 comments filed by companies and trade groups to a supply chain review by President Biden, including a laundry list of needs from industry giants like Amazon and Boeing.

Dan Rozycki is the president of a small engineering firm, that sells small sensors used to monitor construction sites to ensure concrete is hardening properly. His firm is for now among the lucky chip users. It planned ahead and has enough chips to keep making the roughly 50,000 sensors it supplies each year to construction sites. But his distributor has warned him it might not be able to deliver more of them until late 2022, he said.

“Is that going to halt those projects?” Mr. Rozycki asked. He is scouring the market for other distributors that might have the two needed chips in stock. Other possibilities include redesigning the sensors to use different chips.

Instagram is developing a service for children as a way to keep those under 13 off its main platform.
Credit…Jenny Kane/Associated Press

An international coalition of 35 children’s and consumer groups called on Instagram on Thursday to scrap its plans to develop a version of the popular photo-sharing app for users under age 13.

Instagram’s push for a separate children’s app comes after years of complaints from legislators and parents that the platform has been slow to identify underage users and protect them from sexual predators and bullying.

But in a letter to Mark Zuckerberg, the chief executive of Facebook — the company that owns the photo-sharing service — the nonprofit groups warned that a children’s version of Instagram would not mitigate such problems. While 10- to 12-year-olds with Instagram accounts would be unlikely to switch to a “babyish version” of the app, the groups said, it could hook even younger users on endless routines of photo-scrolling and body-image shame.

“While collecting valuable family data and cultivating a new generation of Instagram users may be good for Facebook’s bottom line,” the groups, led by the Campaign for a Commercial-Free Childhood in Boston, said in the letter to Mr. Zuckerberg, “it will likely increase the use of Instagram by young children who are particularly vulnerable to the platform’s manipulative and exploitative features.”

The coalition of nonprofit groups also includes the Africa Digital Rights’ Hub in Ghana; the Australian Council on Children and the Media; the Center for Digital Democracy in Washington; Common Sense Media in San Francisco; the Consumer Federation of America; and the 5Rights Foundation in Britain.

Stephanie Otway, a Facebook spokeswoman, said that Instagram was in the early stages of developing a service for children as part of an effort to keep those under 13 off its main platform. Although Instagram requires users to be at least 13, many younger children have lied about their age to set up accounts.

Ms. Otway said that company would not show ads in any Instagram product developed for children younger than 13, and that it planned to consult with experts on children’s health and safety on the project. Instagram is also working on new age-verification methods to catch younger users trying to lie about their age, she said.

“The reality is that kids are online,” Ms. Otway said. “They want to connect with their family and friends, have fun and learn, and we want to help them do that in a way that is safe and age-appropriate.”

  • A former editor at Vanity Fair has been working to create a new digital publication, in which writers will share in subscription revenue — Vanity Fair meets Substack. The new company behind the publication, Heat Media, hopes to unveil it in the coming months, four people with knowledge of the matter said. The start-up is partly the brainchild of Jon Kelly, a former editor at Vanity Fair. One of the backers is the private equity firm TPG, which would take three seats on the Heat Media board, the people said. Another investor is 40 North, a related investment arm of Standard Industries, a global industrials company, the people said. Heat Media has raised around $7 million so far, according to the people.

  • Kimberly Godwin, a veteran CBS News executive, was named the next president of ABC News on Wednesday, making her the first Black woman to lead a major broadcast network’s news division. Ms. Godwin succeeds James Goldston, who announced his departure from ABC in January. She will begin in her job in early May. Ms. Godwin most recently served as CBS’s executive vice president of news.

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Mark Zuckerberg is urged to scrap plans for an Instagram for children.

An international coalition of 35 children’s and consumer groups called on Instagram on Thursday to scrap its plans to develop a version of the popular photo-sharing app for users under age 13.

Instagram’s push for a separate children’s app comes after years of complaints from legislators and parents that the platform has been slow to identify underage users and protect them from sexual predators and bullying.

But in a letter to Mark Zuckerberg, the chief executive of Facebook — the company that owns the photo-sharing service — the nonprofit groups warned that a children’s version of Instagram would not mitigate such problems. While 10- to 12-year-olds with Instagram accounts would be unlikely to switch to a “babyish version” of the app, the groups said, it could hook even younger users on endless routines of photo-scrolling and body-image shame.

“While collecting valuable family data and cultivating a new generation of Instagram users may be good for Facebook’s bottom line,” the groups, led by the Campaign for a Commercial-Free Childhood in Boston, said in the letter to Mr. Zuckerberg, “it will likely increase the use of Instagram by young children who are particularly vulnerable to the platform’s manipulative and exploitative features.”

The coalition of nonprofit groups also includes the Africa Digital Rights’ Hub in Ghana; the Australian Council on Children and the Media; the Center for Digital Democracy in Washington; Common Sense Media in San Francisco; the Consumer Federation of America; and the 5Rights Foundation in Britain.

Stephanie Otway, a Facebook spokeswoman, said that Instagram was in the early stages of developing a service for children as part of an effort to keep those under 13 off its main platform. Although Instagram requires users to be at least 13, many younger children have lied about their age to set up accounts.

Ms. Otway said that company would not show ads in any Instagram product developed for children younger than 13, and that it planned to consult with experts on children’s health and safety on the project. Instagram is also working on new age-verification methods to catch younger users trying to lie about their age, she said.

“The reality is that kids are online,” Ms. Otway said. “They want to connect with their family and friends, have fun and learn, and we want to help them do that in a way that is safe and age-appropriate.”

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How Working From Home Changed Wardrobes Around the World

Have months of self-isolation, lockdown and working from home irrevocably changed what we will put on once we go out again? For a long time, the assumption was yes. Now, as restrictions ease and the opening up of offices and travel is dangled like a promise, that expectation is more like a qualified “maybe.” But not every country’s experience of the last year was the same, nor were the clothes that dominated local wardrobes. Before we can predict what’s next, we need to understand what was. Here, eight New York Times correspondents in seven different countries share dispatches from a year of dressing.

Italian Vogue called “a luxury version of classic two-piece sweats.”

Fabio Pietrella, the president of Confartigianato Moda, the fashion arm of the association of artisans and small businesses, said that while consumer trends indicated a shift from “a business look to comfort,” it was “not too much comfort.” Italian women, he said, had eschewed sportswear for “quality knitwear” that guarantees freedom of movement but with “a minimum of elegance.”

flyest city on the planet.

In the Senegalese capital, at Africa’s westernmost tip, men in pointy yellow slippers and crisp white boubous — loosefitting long tunics — still glide down streets dredged with Saharan dust. Young women still sit in cafes sipping baobab juice in patterned leggings and jeweled hijabs. Everyone from consultants to greengrocers still wears gorgeous prints from head to toe.

Occasionally they now wear a matching mask.

While much of the world was shut up at home, many people in West Africa were working or going to school as normal. Lockdown in Senegal lasted just a few months. It was impossible for many people here to keep it up. They depend on going out to earn their living.

the poet and revolutionary Amílcar Cabral loved.

joint report by the Boston Consulting Group and Retailers Association of India.

While infections were low during the winter, the past few weeks have seen cases rising to staggering levels in many parts of the country. Right now, it looks as though many people will be working from home for most of 2021 too.

For Ritu Gorai, who runs a moms network in Mumbai, that means she has barely shopped at all, instead using accessories like scarves, jewelry and glasses to jazz up her look and add a little polish.

For Sanshe Bhatia, an elementary schoolteacher, it has meant trading her long kurtas or formal trousers and blouses for caftans and leggings. In order to encourage her class of 30 kids to get dressed in the morning rather than attending lessons in their pajamas, she takes care to look neat and makes sure her long hair is brushed properly.

into a tailspin,” interviews with a range of Parisians suggest a compromise of sorts had been reached.

When Xavier Romatet, the dean of the Institut Français de la Mode, France’s foremost fashion school, went back to work, he didn’t wear a suit, but he did wear a white shirt under a navy blue cashmere sweater and beige chinos, as he would at home. He paired his outfit with sneakers by Veja, a French eco-friendly brand.

Similarly, Anne Lhomme, the creative director of Saint Louis, the luxury tableware brand, dresses the same whether remotely or in person. A favorite look, she said, includes a camel-colored cashmere poncho “designed by a friend, Laurence Coudurier, for Poncho Gallery” and loosefitting plum silk pants. Also lipstick, earrings and four Swahili rings she found in Kenya.

light blue or white shirts, which I buy at Emile Lafaurie or online from Charles Tyrwhitt, with a round-collar sweater if it’s cold” — and, from the waist down, “Uniqlo pants in stretch fabric.”

And Sophie Fontanel, a writer and former fashion editor at Elle, said, “I am often barefoot at home, alone, wearing a very pretty dress.”

Daphné Anglès

Fifth, as well as high-fashion labels, have focused on bright satin, silk and linen shirts with bow ties or stand-up collars, striped patterns or gathered sleeves. The trend for such showy tops has led to a boom in clothing subscription services.

One such platform, AirCloset, announced that 450,000 users had subscribed in October 2020, three times more than in the same period in 2019. Often users request tops only (one bottom item is usually included), and there is now a limit of three in any one order.

“Customers prefer brighter colors to basics such as navy or beige for online meetings, or they prefer asymmetric design tops,” said Mari Nakano, the AirCloset spokeswoman. About 40 percent of subscribers are working mothers for whom the subscription service saved time because they didn’t have to be bothered with washing. They just put the tops in a bag, return them and then wait for the next package to arrive with their new items.

Hisako Ueno

Ushatava, an independent label of sleek, geometrically tailored sleek designs in mostly muted natural colors. It was founded in Yekaterinburg, a city in the Ural Mountains that in the last few years has turned into a Russian fashion hub. 12Storeez, another rising brand from Yekaterinburg, saw its turnover balloon by 35 percent over the last year, even as the market overall shrank by a quarter, said Ivan Khokhlov, one of the founders.

Nastya Gritskova, the head of a P.R. agency in Moscow, said the effect of the pandemic was that for the first time in the Russian capital people stopped “paying attention at who wears what.” Yet last fall, when the government eased coronavirus-related restrictions, things started going back to normal.

“There isn’t a pandemic that can make Russian women stop thinking about how to look beautiful,” she said.

Ivan Nechepurenko


Elisabetta Povoledo, Ruth Maclean, Mady Camara, Flávia Milhorance, Shalini Venugopal Bhagat, Daphné Anglès, Hisako Ueno and Ivan Nechepurenko contributed reporting.

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John Naisbitt, Business Guru and Author of ‘Megatrends,’ Dies at 92

His marriage to Ms. Senior ended in divorce, as did his second, to Patricia Aburdene. Along with his daughter, he is survived by his third wife, Doris (Dinklage) Naisbitt; his sons James, David and John; another daughter, Nana Naisbitt; a stepdaughter, Nora Rosenblatt; 11 grandchildren and two step-grandchildren.

Mr. Naisbitt ran out of money after only two semesters, and with his first child on the way he dropped out of college to take a job writing speeches for executives at Eastman Kodak, in Rochester, N.Y.

He and his family moved to Chicago in 1957, where he worked in public relations jobs. He worked in Washington between 1963 and 1966, first as an assistant to the director of the National Education Commission, then as an assistant to the secretary of health, education and welfare.

It was during an assignment to assess the impact of various Great Society programs under President Lyndon B. Johnson, he said, that he first developed his method of trend analysis. A fan of American history, he had been reading books about the Civil War by Bruce Catton, who had relied heavily on contemporary newspapers to get a sense of the country’s mood during the war.

“I went out to a newsstand and I bought about 50 out-of-town newspapers,” he told The Christian Science Monitor in 1982. “And I was absolutely stunned what I learned in three hours about what was going on in America.”

He called it “content analysis,” and after he returned to Chicago, he put it into practice with his first firm, the Urban Research Corporation. Long before computers made such work nearly instantaneous, Mr. Naisbitt employed a small army of analysts to read through scores of newspapers a day, clipping stories about urban protests, crime and campus unrest, which he drew on to write reports for nonprofit and corporate clients.

With his first marriage ending and his company losing money, he moved back to Washington in the mid-1970s and opened another, similar firm. It also failed, leading him to file for personal bankruptcy in 1977.

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Bernie Madoff, Architect of Largest Ponzi Scheme in History, Dead at 82

More than money was lost. At least two people, in despair over their losses, committed suicide. A major Madoff investor suffered a fatal heart attack after months of contentious litigation over his role in the scheme. Some investors lost their homes. Others lost the trust and friendship of relatives and friends they had inadvertently steered into harm’s way.

Mr. Madoff was not spared in these tragic aftershocks. His older son, Mark, committed suicide in his Manhattan apartment early on the morning of Dec. 11, 2010, the second anniversary of his father’s arrest. He was characterized by his lawyer, Martin Flumenbaum, as “an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.” One of Mark Madoff’s last messages before his death was to Mr. Flumenbaum: “Nobody wants to believe the truth. Please take care of my family.”

In June 2012, Bernard Madoff’s brother, Peter, a lawyer by training, pleaded guilty to federal tax and securities fraud charges related to his role as the chief compliance officer at his older brother’s firm, but he was not accused of knowingly participating in the Ponzi scheme. In December 2012, he forfeited all his personal property to the government to compensate his brother’s victims and was sentenced to a 10-year prison term. And on Sept. 3, 2014, Mr. Madoff’s younger son, Andrew, died of cancer at the age of 48. He had blamed the stress of the scandal for the return of the cancer he had fought off in 2003.

Besides the human toll, professional reputations were destroyed. More than a dozen prominent hedge funds and money managers, including J. Ezra Merkin and the Fairfield Greenwich Group, had to admit that they had forwarded their clients’ money to Mr. Madoff and lost it all. Swiss private bankers, global commercial banks and major accounting firms were dragged into court by clients who had relied on them to monitor their Madoff investments.

The Securities Investor Protection Corporation, the industry-financed organization set up in 1970 to provide limited protection to brokerage customers, spent more on the Madoff bankruptcy than on all its earlier liquidations combined — and was fiercely attacked by victims who felt they had been wrongly denied compensation.

And for the Securities and Exchange Commission, which unsuccessfully investigated more than a half-dozen credible tips about Mr. Madoff’s fraud scheme since at least 1992, it was the most humiliating failure in its 75-year history.

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Fervor Over Coinbase I.P.O. Spreads: Live Business Updates

Coinbase, a company that allows people and companies to buy and sell various digital currencies, begins publicly trading on Wednesday, after its shares received a reference price of $250 each on Tuesday evening.

Coinbase, which makes money through transaction fees, estimated it took in $1.8 billion in revenue in the first three months of the year as crypto prices have soared. On Wednesday, the fervor continued: Dogecoin, a cryptocurrency which started as a joke, jumped to a new high (albeit just 14 cents), and Bitcoin, the largest cryptocurrency, climbed above $64,000 to its own record high.

Shares in blockchain-linked companies also rose in premarket trading. Riot Blockchain shares rose nearly 5 percent. Shares in Bit Digital, a Chinese bitcoin mining company, rose nearly 25 percent in premarket trading in the United States.

Brian Armstrong, co-founder and chief executive of Coinbase, at the company’s office in San Francisco in 2017.
Credit…Michael Short/Bloomberg

Coinbase, the cryptocurrency exchange, is set to begin trading on the Nasdaq on Wednesday — and probably at a much higher valuation than the $65 billion preliminary estimate set last night. Here’s what you need to know about crypto’s move into the mainstream.

The company is the first major crypto business to trade publicly in the U.S. Its size means that its stock is likely to be held by mainstream index funds, giving average investors (indirect) exposure to the world of crypto. “Hopefully Coinbase going public and having its direct listing is going to be viewed as kind of a landmark moment for the crypto space,” Brian Armstrong, Coinbase’s chief executive, told Andrew in a CNBC interview.

Digital currency, once mocked as a tool for criminals and reckless speculators, is sliding into the mainstream. On Wednesday, Coinbase, a start-up that allows people to buy and sell cryptocurrencies, goes public on Nasdaq, marking the biggest step yet toward wider acceptance.

From Crypto Art to Trading Cards, Investment Manias Abound

Each market frenzy seems crazier than the last. But all have the same roots.

Why an Animated Flying Cat With a Pop-Tart Body Sold for Almost $600,000

A fast-growing market for digital art, ephemera and media is marrying the world’s taste for collectibles with cutting-edge technology.

Coinbase Users Say Crypto Start-Up Ignored Their Pleas for Help

As Coinbase prepares to be the first major cryptocurrency company to go public, it is struggling with basic customer service, users said.

Cryptocurrency Start-Up Underpaid Women and Black Employees, Data Shows

An analysis of internal pay data at the San Francisco company Coinbase shows disparities that were much larger than those in the tech industry.

Satoshi Tsunakawa, the chairman of Toshiba, in 2017. He will succeed Nobuaki Kurumatani, the company’s chief executive and president, whose departure was announced Wednesday.
Credit…Toru Hanai/Reuters

Toshiba announced on Wednesday the resignation of its top executive, Nobuaki Kurumatani, a move that comes as the Japanese conglomerate faces a potential buyout and a shareholder-initiated investigation into its management practices.

The board appointed Satoshi Tsunakawa — the current chairman and previous president — to replace Mr. Kurumatani, the company said in a brief statement. It did not explain the reason for the change.

Toshiba, once among the crown jewels of Japanese industry, a maker of products ranging from personal printers to railroad locomotives, has struggled in recent years, overshadowed by the legacy of a major accounting scandal and its acquisition of the American nuclear power company Westinghouse, which declared bankruptcy in 2017.

Seeking to rebuild, Toshiba looked for a new leader from outside its own ranks, and in 2018 it appointed Mr. Kurumatani, an executive with CVC Capital Partners, a private equity company based in Europe, as chief executive. It was an unusual decision for a company that had long been headed by company insiders. Last year, he was appointed president, solidifying his control over the firm.

During a news conference Wednesday, board member Osamu Nagayama deflected questions about the resignation, saying that Mr. Kurumatani, 63, had been considering the move for months and had come to the decision with his family. Unusually, Mr. Kurumatani did not make an appearance, but in a letter that was read aloud to reporters, he said he had chosen to resign after “achieving my mission to rebuild the company.”

The announcement on Wednesday followed months of unrest at Toshiba as disgruntled shareholders agitated for reforms aimed at improving the company’s performance and increasing its value.

Toshiba investors tried to shake up the company’s management at the annual general meeting last summer. But Mr. Kurumatani was re-elected — albeit with less than 60 percent of the vote — following a showdown that angered some key shareholders and raised questions about whether the company had inappropriately interfered in the decision.

Effissimo Capital Management, a Singapore-based hedge fund that holds about 10 percent of the company and had led the campaign to unseat its management team, subsequently called for an investigation into the outcome. Other shareholders agreed, voting, over management’s objections, to begin an independent inquiry in March.

Earlier this month, Toshiba announced that it had received a buyout offer from CVC Capital Partners for a reported $20 billion, a substantial premium on the company’s share price. The offer has raised questions of conflict of interest, as Mr. Kurumatani had previously served as president of CVC’s Japan office.

In recent years, Japanese companies have increasingly been the focus of activist investors from abroad, who believe that sclerotic management and opaque governance practices have prevented many of Japan’s blue chip firms from achieving their full value.

Hisako Ueno contributed reporting.

Lemonade, which sells insurance to consumers online, went public in July. Individual investors make up about half of its shareholder base.
Credit…Associated Press

Dozens of companies are suddenly paying more attention to individual investors.

Small investors who buy single stocks have not been a major force in financial markets for the better part of half a century. They were growing in influence before the pandemic, partly because of the popularity of free trading apps such as Robinhood.

But with millions of Americans stuck at home during the pandemic, the trading trend escalated, Matt Phillips reports for The New York Times.

“Retail trading now accounts for almost as much volume as mutual funds and hedge funds combined,” Amelia Garnett, an executive at Goldman Sachs’s Global Markets Division, said on a recent podcast produced by the firm. “So, the retail impact is really meaningful right now.”

Tesla has long eschewed traditional communications with Wall Street. Ark Investment Management — the high-flying, tech-focused exchange-traded fund company run by the investor Cathie Wood — and Palantir Technologies, are also trying to reach small investors directly.

Before Lemonade, a company that sells insurance to consumers online, went public in July, it went on a traditional tour of Wall Street, meeting big investors and talking up its prospects. However, the company has since discovered that more than half of its shares are held by small investors, excluding insiders who own the stock, said Daniel Schreiber, its chief executive.

That has prompted a strategy adjustment. In addition to spending time communicating with analysts whose “buy” or “sell” ratings on the stock can move its price, Mr. Schreiber said, he has made a point of doing interviews on podcasts, websites and YouTube programs popular with retail investors.

“I think that they are, today, far more influential on, and command far more following in terms of stock buying or selling power than the mighty Goldman Sachs does,” Mr. Schreiber said. “And we’ve seen that in our own stock.”

East Austin, Texas, in February, when a huge storm left more than $10 billion in losses that insurers could dispute.
Credit…Bronte Wittpenn/Austin American-Statesman, via Associated Press

Two months after the storm crippled large swaths of Texas, insurers are sketching out a legal strategy to pin the costs on utilities and power companies that they say failed to adequately prepare for bitterly cold weather.

At stake could be more than $10 billion in insured losses for insurers and their business partners, as well as almost-certain premium increases for property owners if the insurers have to pay for the damage themselves, Mary Williams Walsh reports for The New York Times.

But decades of deregulation have made the state’s power grid a dizzying web of companies that could make determining fault tricky. Insurers will also have to show that the damage was the result of “gross negligence.” And there are dozens of small companies in the supply chain — some of which have gone bankrupt since the storm — that interact with one another in myriad ways.

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Toshiba CEO Resigns Amid Company Turmoil

Toshiba announced on Wednesday the resignation of its top executive, Nobuaki Kurumatani, a move that comes as the Japanese conglomerate faces a potential buyout and a shareholder-initiated investigation into its management practices.

The board appointed Satoshi Tsunakawa — the current chairman and previous president — to replace Mr. Kurumatani, the company said in a brief statement. It did not explain the reason for the change.

Toshiba, once among the crown jewels of Japanese industry, a maker of products ranging from personal printers to railroad locomotives, has struggled in recent years, overshadowed by the legacy of a major accounting scandal and its acquisition of the American nuclear power company Westinghouse, which declared bankruptcy in 2017.

Seeking to rebuild, Toshiba looked for a new leader from outside its own ranks, and in 2018 it appointed Mr. Kurumatani, an executive with CVC Capital Partners, a private equity company based in Europe, as chief executive. It was an unusual decision for a company that had long been headed by company insiders. Last year, he was appointed president, solidifying his control over the firm.

During a news conference Wednesday, board member Osamu Nagayama deflected questions about the resignation, saying that Mr. Kurumatani, 63, had been considering the move for months and had come to the decision with his family. Unusually, Mr. Kurumatani did not make an appearance, but in a letter that was read aloud to reporters, he said he had chosen to resign after “achieving my mission to rebuild the company.”

The announcement on Wednesday followed months of unrest at Toshiba as disgruntled shareholders agitated for reforms aimed at improving the company’s performance and increasing its value.

Toshiba investors tried to shake up the company’s management at the annual general meeting last summer. But Mr. Kurumatani was re-elected — albeit with less than 60 percent of the vote — following a showdown that angered some key shareholders and raised questions about whether the company had inappropriately interfered in the decision.

Effissimo Capital Management, a Singapore-based hedge fund that holds about 10 percent of the company and had led the campaign to unseat its management team, subsequently called for an investigation into the outcome. Other shareholders agreed, voting, over management’s objections, to begin an independent inquiry in March.

Earlier this month, Toshiba announced that it had received a buyout offer from CVC Capital Partners for a reported $20 billion, a substantial premium on the company’s share price. The offer has raised questions of conflict of interest, as Mr. Kurumatani had previously served as president of CVC’s Japan office.

In recent years, Japanese companies have increasingly been the focus of activist investors from abroad, who believe that sclerotic management and opaque governance practices have prevented many of Japan’s blue chip firms from achieving their full value.

Hisako Ueno contributed reporting.

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