KYIV — The rave had been planned for weeks, with the space secured and the D.J.s, the drinks, the invites and the security all lined up.
But after a recent missile strike far from the front lines killed more than 25 people, including children, in central Ukraine, an attack that deeply unsettled all Ukraine, the rave organizers met to make a hard, last-minute decision. Should they postpone the party?
They decided: No way.
“That’s exactly what the Russians want,” said Dmytro Vasylkov, one of the organizers.
a city that already enjoyed a reputation for being cool, it gets easier to find a party. A hip-hop event the other night became a sea of bobbing heads. The party was held outdoors. For a spell, it started raining. But that didn’t matter. The party was on. On the dance floor, bodies were bumping.
Pink Freud, a bar, the war keeps coming up. Small talk between a young woman and Mr. Chehorka, the bartender, who also works as a psychotherapist, led to a conversation about hobbies that led to a discussion about books that led, inexorably, to the Russians.
Mr. Chehorka told the young woman that he was selling his large collection of Russian language books because he never wanted to read Russian again.
“This is my own war,” he explained.
He added that he felt the city’s whole psyche had changed. “Kyiv’s different now,” he said. “People are more polite, more friendly. They’re not drinking as hard.”
A yearning for close connection, for something meaningful amid a seismic, terrifying event that won’t end, is what brought two dozen people to a recent“cuddle” party.
Cuddle parties started before the war, but the people who came two Sundays ago — a mix of men and women from their early 20s to mid-60s — said they really needed them now.
The cuddlers gathered in a large, tent-like structure near the river, and as new age music played, they lied on floor cushions in a big warm heap. Some stroked their neighbor’s hair. Others clutched each other tightly, eyes closed, like it was the last embrace they’d ever share with anyone. After about 15 to 20 minutes, the heap stirred awake.
The cuddlers opened their eyes, untangled themselves, stood up and smoothed out their pants. The whole idea is to seek bodily comfort from curling up with a stranger. They found new cuddling partners and new positions.
The instructor was clear that none of this was supposed to be sexual or romantic. But still, it looked like a G-rated orgy.
This cuddling is another dimension of Kyiv’s party scene at the moment: Many social gatherings are specifically engineered to provide solace.
Maksym Yasnyi, a graphic designer, just held a 24-hour yoga party, which he said was “really cool” but it wasn’t like going out before the war.
“Before the war, Kyiv nightlife was sparkling with different colors,” he said. “You could spend the whole night going from party to party. If I allow myself to think about this, I’ll make myself really upset.”
Now, when it hits 10, Kyiv radiates a nervous energy. People drinking on the street, or out by the river, check their watches. They cap the clear plastic bottles of cider they were swigging, get up and walk quickly.
Cars move faster. More run yellow lights. The clock is ticking.
Uber prices triple, if you can find one.
Some young people, seeing the impossibility of hailing a ride, say bye to their friends and duck their heads and start running home, desperate to beat curfew.
At the stroke of 11, Kyiv stops. Nothing moves. The sidewalks lie empty.
All that energy that was building, building, building, suddenly plunges into a stunning, citywide hush.
Myanmar’s military regime, which seized power in a coup last year, announced Monday that it had executed four pro-democracy activists, including an ousted member of Parliament, for what it called “brutal and inhumane terror acts.” They were the country’s first executions in more than 30 years.
The four men, including the popular activist U Kyaw Min Yu, better known as Ko Jimmy, and U Phyo Zeya Thaw, a former hip-hop artist who was elected to Parliament, were previously sentenced to death during closed-door trials in a military court without attorneys present. They were executed in secret on Saturday.
All four men had been held at the notorious Insein Prison on the outskirts of Yangon, Myanmar’s largest city. Members of the prison staff confirmed that the executions had taken place and that the four were executed by hanging.
transferred from house arrest to Naypyidaw Prison, where she is being tried in a prison courtroom.
The executions of the four activists drew harsh condemnation from Myanmar opposition leaders, international human rights groups and the United Nations special rapporteur on human rights in Myanmar, Thomas Andrews, who urged foreign leaders to take tougher action against the regime.
“My heart goes out to their families, friends and loved ones and indeed all the people in Myanmar who are victims of the junta’s escalating atrocities,” he said. “These depraved acts must be a turning point for the international community.”
CAIRO — The song starts out like standard fare for Egyptian pop music: A secret infatuation between two young neighbors who, unable to marry, sneak flirtatious glances at each other and commit their hearts in a bittersweet dance of longing and waiting.
But then the lyrics take a radical turn.
“If you leave me,” blasts/explodes/shouts the singer, Hassan Shakosh, “I’ll be lost and gone, drinking alcohol and smoking hash.”
The song, “The Neighbors’ Daughter,” has become a giant hit, garnering more than a half- billion views of its video on YouTube alone and catapulting Mr. Shakosh to stardom. But the explicit reference to drugs and booze, culturally prohibited substances in Egypt, has made the song, released in 2019, a lightning rod in a culture war over what is an acceptable face and subject matter for popular music and who gets to decide.
The battle, which pits Egypt’s cultural establishment against a renegade musical genre embraced by millions of young Egyptians, has heated up recently after the organization that licenses musicians barred at least 19 young artists from singing and performing in Egypt.
arrested teenage girls who posted videos of themselves dancing, which is a crime there. And in 2020, Northwestern University in Qatar called off a concert by a Lebanese indie rock band whose lead singer is openly gay.
But online streaming and social media platforms have poked giant holes in that effort, allowing artists to bypass state-sanctioned media, like television and record companies, and reach a generation of new fans hungry for what they see as more authentic and relevant content.
Iran’s draconian restrictions on unacceptable music have produced a flourishing underground rock and hip-hop scene. The question facing Egypt is who now has the power to regulate matters of taste — the 12 men and one woman who run the syndicate, or the millions of fans who have been streaming and downloading mahraganat.
Mahraganat first rose out of the dense, rowdy working-class neighborhoods of Cairo more than a decade ago and is still generally made in low-tech home studios, often with no more equipment than a cheap microphone and pirated software.
DJ Saso, the 27-year-old producer of Mr. Shakosh’s blockbuster hit.
Many lawyers and experts say the syndicate has no legal right to ban artists, insisting that Egypt’s Constitution explicitly protects creative liberty. But these arguments seem academic in the authoritarian state of President Abdel Fattah el-Sisi, which has stifled freedom of speech, tightened control on the media and passed laws to help monitor and criminalize immoral behavior on the internet.
The syndicate’s executive members have adamantly defended their move, arguing that a key part of their job is to safeguard the profession against inferior work that they say is made by uncultured impostors who tarnish the image of the country.
He is one of the Arab world’s leading performers. Since he was barred, he has performed in Saudi Arabia, Qatar and Iraq, and “The Neighbors’ Daughter” has become one of the biggest Arabic hits to date.
“It’s not the same old love songs,” said Yasmine el-Assal, a 41-year-old bank executive, after attending one of Mr. Shakosh’s concerts before the ban. “His stage presence, the music, the vibe, it’s fresh and it’s all about having fun.”
Mr. Shakosh would not agree to be interviewed, preferring to keep a low profile, his manager said, rather than to appear to publicly challenge the authorities. The ban has been harder on other artists, many of whom do not have the wherewithal or the international profile to tour abroad.
They have mostly kept quiet, refusing to make statements that they fear could ruffle more feathers.
Despite the squeeze, however, many are confident that their music falls beyond the grip of any single authority or government.
Kareem Gaber, a 23-year-old experimental music producer known by the stage name El Waili, is still burning tracks, sitting in his bedroom with a twin mattress on the floor, bare walls and his instrument, a personal computer with $100 MIDI keyboard.
“Mahraganat taught us that you can do something new,” he said, “and it will be heard.”
A small group of friends and family gathered under a yellow canopy by a small pool, but the main audience was really the cameras: This was content for the wedding highlight video.
Dr. Pfizer danced her way to the poolside to a band of live drummers that led the way. She danced more and posed as the Steadicams rushed forward for a special-effect shot, and then stepped back to pan out. There were plenty of close-ups of her hands decorated in henna, which had taken six hours to paint.
When she took her seat under the canopy for friends and family to rub turmeric on her face, she wore aviators and danced in her seat as the D.J. cranked up another hit song from across the pool — this one drawing on London and Big Ben, to praise beauty.
You are like our own Queen Victoria
You are the clock, the Big Ben
When you dance,
The entire London dances with you.
As the guests took their seats in the hall for the evening ceremony, the dance troupe changed costumes repeatedly — a Sufi entrance with the groom, a Punjabi bhangra number that included a cameo by the bride, a mash-up of the latest hits where the dancers displayed their hip-hop moves. Another group, all women, performed a traditional Keralan Muslim dance, oppana, a hip-hop dance in jeans and T-shirts, and a flamenco-inspired routine.
In between, the tall wedding singer, wearing a turtleneck and chic glasses with transparent rims, entertained the crowd. He announced the bride’s first entrance.
The heads turned to the back, where Dr. Pfizer, surrounded by the female troupe of dancers, beamed with excitement in a dazzling ocean-green dress paired with stunning jewelry. Mobile phones came out for pictures. Music blared as the dancers shimmied and snapped their fingers, parting the aisle for the bride.
But before the bride had climbed the stage to take her seat, someone realized that the main camera that films the “wedding highlight” for YouTube and Instagram wasn’t set up yet.
“We’re going to stop it from going into more private hands and actually open-source it, make it a public good,” said Alice Ma, one of the organizers.
In truth, ConstitutionDAO is more a symbolic gesture to decentralization technology than a real-world demonstration of it. Some in the group had initially hoped to make participants fractional owners of the Constitution, but that plan fell apart, possibly because it could run afoul of securities laws. The current plan is to issue crypto tokens, called $PEOPLE, that will entitle participants to vote on certain decisions governing the Constitution’s use, but won’t confer any actual ownership.
In addition, since Sotheby’s accepts only government-issued currency and doesn’t allow DAOs to bid on auctions directly, the group plans to work with a crypto exchange that will convert its Ether to dollars before the bid, and a crypto nonprofit that will place the bid on the group’s behalf. According to the group’s FAQ document, a limited liability corporation will take control of the Constitution temporarily while the DAO figures out a long-term ownership structure.
Many DAOs are speculative in nature; investors buy in hoping that the assets the group acquires will be worth more later on. But ConstitutionDAO’s organizers say making money is not a goal.
“No one is talking about anything related to speculation,” said Will Papper, a San Francisco crypto entrepreneur who is helping to organize the bid. “Everyone’s talking about how we should steward the Constitution.”
Well, that and about a million other things. A spin through the group’s Discord server on Tuesday revealed a torrent of chaotic chatter, debates over fine print and a shocking number of memes involving Nicolas Cage. (Mr. Cage starred in a movie about a plot to steal the Declaration of Independence, which appears to be close enough to the Constitution for the group’s taste.)
There was an audio channel where a man read the entire Constitution, line by line, over a soundtrack of soothing hip-hop beats. There were channels filled with questions for the organizers, which ranged from boring (“Has the L.L.C. structure been run by a tax advisor?”) to intriguing (“Is there a safeguard to make sure the DAO doesn’t vote to eat the constitution? Or other method of destruction?”)
AUCKLAND, New Zealand — Rawiri Jansen, a Maori doctor, had an urgent message for the 150 people, mostly patch-wearing members of New Zealand’s plentiful street gangs and their families, who sat before him on a bright Saturday afternoon.
Covid is coming for them, he said. Cases in New Zealand’s hospitals are rising rapidly. Soon, dozens of new infections a day might be hundreds or even a thousand. People will die. And vaccination is the only defense. “When your doctors are scared, you should be scared,” he said.
By the end of the day, after an exhaustive question-and-answer session with other health professionals, roughly a third of those present chose to receive a dose then and there.
Having abandoned its highly successful “Covid-zero” elimination strategy in response to an outbreak of the Delta variant, New Zealand is now undergoing a difficult transition to trying to keep coronavirus cases as low as possible. On Friday, the country set a target of getting at least 90 percent of the eligible population fully vaccinated — a goal, the highest in the developed world, whose success hinges on persuading people like those who gathered to hear Dr. Jansen.
intensely criticized, including by police leaders.
Pfizer-BioNTech, Moderna and Johnson & Johnson vaccines. Pfizer and Moderna recipients who are eligible for a booster include people 65 and older, and younger adults at high risk of severe Covid-19 because of medical conditions or where they work. Eligible Pfizer and Moderna recipients can get a booster at least six months after their second dose. All Johnson & Johnson recipients will be eligible for a second shot at least two months after the first.
Yes. The F.D.A. has updated its authorizations to allow medical providers to boost people with a different vaccine than the one they initially received, a strategy known as “mix and match.” Whether you received Moderna, Johnson & Johnson or Pfizer-BioNTech, you may receive a booster of any other vaccine. Regulators have not recommended any one vaccine over another as a booster. They have also remained silent on whether it is preferable to stick with the same vaccine when possible.
The C.D.C. has said the conditions that qualify a person for a booster shot include: hypertension and heart disease; diabetes or obesity; cancer or blood disorders; weakened immune system; chronic lung, kidney or liver disease; dementia and certain disabilities. Pregnant women and current and former smokers are also eligible.
The F.D.A. authorized boosters for workers whose jobs put them at high risk of exposure to potentially infectious people. The C.D.C. says that group includes: emergency medical workers; education workers; food and agriculture workers; manufacturing workers; corrections workers; U.S. Postal Service workers; public transit workers; grocery store workers.
Yes. The C.D.C. says the Covid vaccine may be administered without regard to the timing of other vaccines, and many pharmacy sites are allowing people to schedule a flu shot at the same time as a booster dose.
Chris Hipkins, the minister responsible for New Zealand’s Covid-19 response, acknowledged earlier this month that the decision to enlist gang leaders was an unusual one.
“Our No. 1 priority here is to stop Covid-19 in its tracks, and that means doing what we need to do to get in front of the virus,” he said. “Where we have been able to enlist gang leaders to help with that, and where they have been willing to do so, we have done that.”
Some gang leaders have acted independently to help the vaccination effort. They have connected members of their community to health officials, organized events with health professionals like Dr. Jansen, and streamed events on Facebook Live to allow an open forum for questions about rare health risks. In some cases, they have taken vaccines to communities themselves.
“Our community is probably less well informed; they’re probably not as health literate,” said Mr. Tam, the Mongrel Mob member, who is a former civil servant and who received the border exemption. Constant media criticism has turned them off from reading traditional news outlets, he added.
“They then resort to social media, because they have much greater control,” he said. “It’s also a space that perpetuates conspiracy theories and false information and all the rest of it.” Health advice has to come from trusted individuals and leaders in the community, he said.
In the past week, Mr. Tam has traveled almost the length of the country organizing pop-up vaccination events for members and their communities, as well as coordinating with other chapter leaders to get their members vaccinated, he said.
It was difficult work that put him at personal risk, he said, and that invited intense skepticism from people who thought of gangs only as violent or connected to organized crime.
“Why do we bother?” Mr. Tam said. “We bother because we care about those people that others don’t care about, as simple as that. They can talk about my gang affiliation, all the rest of it. But it’s that affiliation that allows me to have that penetration, that foot in the door. I can do the stuff that they can’t do.”
The music should be pumping and the burgers and jerk chicken wings flying out of the kitchen this holiday weekend at the Rambler Kitchen and Tap in the North Center neighborhood of Chicago.
To wash it down, patrons might go with a mixed drink or one of the 20 craft beers the bar sells. But many will order a hard seltzer. The Rambler expects to sell close to 500 cans in flavors like peach, pineapple and grapefruit pomelo.
“We’ll sell a lot of buckets of White Claw and Truly seltzers,” said Sam Stone, a co-owner of the Rambler. “It’s going to be a big summer for hard seltzer.”
The Memorial Day weekend kicks off what many hope will be a more normal summer, when kids start counting down the number of days left in school, people head back to the beach and grills heat up for backyard parties that went poof last year because of the pandemic. And for the hard seltzer industry, it’s the start of a dizzying period when dozens of old and new competitors vie to be the boozy, bubbly drink of the season.
ad campaign with the British pop singer Dua Lipa. This spring, the hip-hop star Travis Scott released Cacti, a seltzer made with blue agave syrup, in a partnership with Anheuser-Busch. It quickly sold out in many locations.
“People were lining up outside of the stores to buy Cacti and share pictures of themselves with their carts full of Cacti,” said Marcel Marcondes, the chief marketing officer for Anheuser-Busch.
Also this spring, Topo Chico Hard Seltzer was released. A partnership between Coca-Cola and Molson Coors Beverage, it hit shelves in 16 markets across the country, chasing the cult following of Topo Chico’s seltzer water in the South.
“I feel like I can walk into a party saying, ‘Oh, yeah, I brought the Topo Chico,’” said Dane Cardiel, 32, who works in business development for a podcast company and lives in Esopus, N.Y., about 60 miles south of Albany.
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How flavored bubbly water with alcohol became a national phenomenon is partly due to social media videos that went viral and clever marketing that sold hard seltzers as a “healthier” alcohol choice.
White Claw’s slim cans prominently state that the drinks contain only 100 calories, are gluten free and have only two grams each of carbohydrates and sugar. The brand is owned by the Canadian billionaire Anthony von Mandl, who created Mike’s Hard Lemonade.
“The health and wellness element is front and center in terms of the visual marketing,” said Vivien Azer, an analyst at the Cowen investment firm. “Every brand’s packaging features its relatively low carb and sugar data.”
On top of that, the alcohol content in most hard seltzers, about 5 percent, or the same as 12 ounces of a typical beer, is less than a glass of wine or a mixed drink. That makes it easier for people to sip at a party or while watching a game without getting intoxicated or winding up with the belly-full-of-beer feeling.
“It’s a nice drink for an afternoon on the patio,” said Shelley Majeres, the general manager of Blake Street Tavern in downtown Denver. “You can drink four or five of them in an afternoon and not have a big hangover or get really drunk.”
Blake Street, an 18,000-square-foot sports bar, started selling hard seltzers two years ago. Today, they make up about 20 percent of its can and bottle sales.
The industry has also neatly sidestepped the gender issue that plagued earlier, lighter alcoholic alternatives like Zima, which became popular with women but struggled to be adopted by men.
“I’ve got just as many men as women drinking it,” said Nick Zeto, the owner of Boston Beer Garden in Naples, Fla. “And it started with the millennials, but now I have people in their 40s, 50s and 60s ordering it.”
That kind of broad appeal is attractive to beer, wine and spirits companies.
“We view ourselves as the challenger brand,” said Michelle St. Jacques, the chief marketing officer of Molson Coors, which has been making beer since the late 1700s but hopes to end this year with 10 percent of the hard seltzer market.
Last spring, the company released Vizzy, a hard seltzer that contains vitamin C. Top Chico came this spring. “We feel like we’re making great progress in seltzer by not trying to bring me-too products, but rather products and brands that have a clear difference,” Ms. St. Jacques said.
While grocery and liquor stores have made plenty of space available to the hard seltzer brands that people drink at home, the competition to get into restaurants and bars is fierce. Most want to offer only two or three brands to their customers.
“Oh, my god, I get presented with new hard seltzer whenever they can get my attention,” said Mr. Stone, who sells six brands at the Rambler. The crowd favorite, he said, is the vodka-based High Noon Sun Sips peach, made by E.&J. Gallo Winery. “Everybody, from the big brands to small, new ones, are getting into the hard seltzer game.”
Last February, when Glauber Contessoto decided to invest his life savings in Dogecoin, his friends had concerns.
“They were all like, you’re crazy,” he said. “It’s a joke coin. It’s a meme. It’s going to crash.”
Their skepticism was warranted. After all, Dogecoin is a joke — a digital currency started in 2013 by a pair of programmers who decided to spoof the cryptocurrency craze by creating their own virtual money based on a meme about Doge, a talking Shiba Inu puppy. And investing money in obscure cryptocurrencies has, historically, been akin to tossing it onto a bonfire.
But Mr. Contessoto, 33, who works at a Los Angeles hip-hop media company, is no ordinary buy-and-hold investor. He is among the many thrill-seeking amateurs who have leapt headfirst into the markets in recent months, using stock-trading apps like Robinhood to chase outsize gains on risky, speculative bets.
In February, after reading a Reddit thread about Dogecoin’s potential, Mr. Contessoto decided to go all in. He maxed out his credit cards, borrowed money using Robinhood’s margin trading feature and spent everything he had on the digital currency — investing about $250,000 in all. Then, he watched his phone obsessively as Dogecoin became an internet phenomenon whose value eclipsed that of blue-chip companies like Twitter and General Motors.
disavowed the coin, and even Mr. Musk has warned investors not to over-speculate in cryptocurrency. (Mr. Musk recently sent the crypto markets into upheaval again, after he announced that Tesla would no longer accept Bitcoin.)
What explains Dogecoin’s durability, then?
There’s no doubt that Dogecoin mania, like GameStop mania before it, is at least partly attributable to some combination of pandemic-era boredom and the eternal appeal of get-rich-quick schemes.
But there may be more structural forces at work. Over the past few years, soaring housing costs, record student loan debt and historically low interest rates have made it harder for some young people to imagine achieving financial stability by slowly working their way up the career ladder and saving money paycheck by paycheck, the way their parents did.
Instead of ladders, these people are looking for trampolines — risky, volatile investments that could either result in a life-changing windfall or send them right back to where they started.
posted a screenshot of his cryptocurrency trading app, showing that he’d bought more. And on Thursday, when the value of his Dogecoin holdings fell to $1.5 million, roughly half what it was at the peak, he posted another screenshot of his account on Reddit.
LONDON — For Aimée Felone, whose children’s bookstore in London stocks tales with ethnically diverse characters, the Black Lives Matter protests last summer were, in a word, overwhelming.
“We had attention like we’ve never had before,” Ms. Felone said. People across the country clamored for books about antiracism and sought out Black-owned businesses like her store, Round Table Books, as a way to help reverse years of economic racial inequality. In early June, the store’s sales went through the roof.
But pandemic restrictions had shuttered the store’s warehouse. After two weeks, the four-person team was struggling to fulfill online orders. A publishing company affiliated with the bookstore, which Ms. Felone also co-founded, sold out of every book it had published. New customers grew impatient.
“The sales were wonderful,” Ms. Felone said. The problem was “the additional stresses that I think a lot of people don’t realize they’re putting” on the small Black businesses they are trying to help.
the largest social movement in U.S. history and quickly spread across the globe, businesses are looking for ways to convert that chaotic surge of interest into regular, reliable sales.
In Britain, one effort was created by Swiss, a British rapper. He calls it Black Pound Day, and the idea is simple: Once a month, people should spend money with Black businesses.
according to a study conducted by Jamii, a company supporting Black businesses, and Translate Culture, a marketing agency.
pardner. Small groups still use it to save together outside the banking system.
Swiss, 38, whose real name is Pierre Neil, grew upin South London. His grandparents had come to Britain from Barbados and Jamaica. At 17, he found fame with So Solid Crew, a garage and hip-hop group with dozens of members. In 2001, their song “21 Seconds” topped the British charts.
But the group’s reputation was always entwined with gang culture and violence — a point Swiss pushed back against in “Broken Silence,” a song he co-wrote describing how the group felt that it had been mistreated by the media and government and unfairly blamed for its low socioeconomic status.
“I’ve been making socially conscious tunes from back when I was a teenager,” Swiss said, adding that he was inspired by the rappers Tupac and Nas.
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Swiss said he had mulled over the idea for Black Pound Day for years, noting how few businesses that Black people appeared to own.
A study by the British Business Bank, a state-owned bank supporting small businesses, and the consulting firm Oliver Wyman found that entrepreneurs who come from an ethnic minority background face systemic disadvantages, and that the average annual revenue for a Black entrepreneur was 10,000 pounds less than it was for white business owners in 2019.
0.02 percent of venture capital money invested in Britain from 2009 to 2019 went to Black female founders. That’s 10 women in a decade.
Those barriers contribute to large income and wealth gaps between Black and white households in Britain. The total wealth for a median household headed by a white British person (including property, investments and pension) is £313,900 ($436,000). For a Black Caribbean household, it’s £85,900 and just £34,000 for a Black African household, the national statistics agency estimates.
Ms. Ismain, the founder of Jamii, which offers a one-stop shopping site for Black businesses, said her organization and initiatives like Black Pound Day sought to remind consumers to keep Black businesses in mind even when antiracism protests weren’t front-page news.
“When it’s not trending, you don’t always think about it, you fall into old habits, and if you can’t find alternatives to things you are already buying anyway it’s just not very sustainable,” Ms. Ismain said. “That’s the thought process behind Jamii — making it super easy to find businesses.”
For Afrocenchix, a hair care brand for natural Afro hair, Black Pound Day has been transformative. Every month on Black Pound Day, the company gets two or three times its normal sales. To promote the day, it offers customers free delivery and a packet of tea and biscuits — a.k.a. cookies in the United States — with their order.
“We got trolled a bit on the first Black Pound Day by lots of people telling us we were racist and not British,” said Rachael Corson, a co-founder of Afrocenchix. So in response, she said, she and her co-founder, Jocelyn Mate, thought: “What’s more quintessentially British than tea and biscuits?”
Since the first Black Pound Day, they have doubled their number of customers, and in 2020, Afrocenchix’s sales were five times that of the previous year.
“It made a huge difference in terms of brand awareness for us,” Ms. Corson said.
And the influx of customers and revenue should help Afrocenchix’s founders with their next goal of overcoming the venture capital fund-raising odds. They are trying to raise £2 million.
For others, the advantages of Black Pound Day have dipped with time, and they speculate that consumer interest has been spread across more Black businesses. But Natalie Manima, the founder of Bespoke Binny, a housewares brand sold online, said the attention her company had gotten since people sought out Black-owned retailers during last summer’s protests had been “life changing.”
The interest “didn’t end,” Ms. Manima said. “It’s not the same barrage that it was, but I have not ever gone back to pre-protest level of sales.”
She recalled the day in early June when she woke up to hundreds of orders for her products, which include lampshades, oven mitts and blankets. It took her a few days to track the source of the surge — a list of Black-owned businesses circulating on Instagram at the height of the Black Lives Matter protests.
Because Britain was under lockdown, the manufacturer of her products was closed, as was her daughter’s nursery school. So Ms. Manima was packing orders herself, late at night and early in the morning, until she sold out of everything and had to pause taking orders.
But once the manufacturers reopened and her business was running smoothly again, customers have kept coming back. She has since moved into a larger office (twice) and hired a team.
“I have gone from a one-woman show to this, and I know that it’s all down to what happened in June,” she said.
That said, the experience at Round Table Books, the children’s bookstore, is a testament to how hard it can be to permanently alter people’s spending habits, even with the help of initiatives like Black Pound Day. The store has been shut all winter in line with government restrictions. It sells books online, but it’s still hard to compete against giants like the British bookseller Waterstones and Amazon.
“When you don’t have the physical bookshops open, I find that a lot of the attention goes to the bigger brands,” Ms. Felone said. But she said that the store will reopen in early May and that she still supported Black Pound Day.
President Biden is expected to unveil a $1.5 trillion “human infrastructure” plan next week that will focus on education, child care and paid leave for workers, among other things. It would be paid for in part by new taxes on the rich, including the end of a tax break that lawmakers have tried to eliminate for years.
The White House will propose a major change to capital gains taxes, with people earning more than $1 million per year paying the top marginal tax rate on their investment gains. Mr. Biden wants to raise that rate to 39.6 percent.
The carried interest loophole might finally disappear. Profits earned from funds owned by real estate investors and managers of private equity and venture capital firms are taxed as capital gains at about 20 percent, instead of as regular income, which is taxed at more than double that rate when state levies and other taxes are taken into account.
Financial industry executives and their lobbyists have long asserted that carried interest merely represents a return on investment, not income, an argument that survived challenges as recently as 2017. (Here’s Andrew back in 2007 writing about how lawmakers were trying, unsuccessfully, to end the “longstanding, but little understood, practice.”)
In a 2015 DealBook Op-Ed, the law professor Victor Fleischer, a top proponent for raising taxes on carried interest, estimated that such a move could raise $180 billion.
In a 2011 Times Op-Ed, Warren Buffett decried the treatment of carried interest, which allowed him to report a lower tax rate than his secretary. A minimum tax on millionaires was proposed shortly thereafter and dubbed the “Buffett rule.”
JPMorgan Chase’s Jamie Dimon has been a regular critic of carried interest, even though it benefits many of the bank’s clients. In his latest letter to shareholders, he said it could be seen as “another example of institutional bias and favoritism toward special interest groups.”
Other changes to the tax code could be in the works, including to the estate tax. Private equity executives are also worried that the Biden administration may limit the tax deductibility of corporate interest payments, which would be another hit to their business model.
they may be on board with eliminating some business tax loopholes. The White House wants that tax revenue to fund the infrastructure bill it unveiled last month. But another group of Republican senators yesterday proposed a much smaller infrastructure bill — $568 billion, versus Mr. Biden’s $2.3 trillion — that would do away with any corporate tax increases.
HERE’S WHAT’S HAPPENING
U.S. health officials may soon lift the pause on Johnson & Johnson’s vaccine. A committee of outside experts will meet today to discuss whether to resume giving the shot; they’re expected to vote in favor. But the damage may be done: The Biden administration has reportedly written off the J&J shot’s importance to U.S. vaccination efforts.
President Biden sets a new climate goal. At the first day of a climate summit that the U.S. convened, he pledged to cut America’s emissions in half by 2030, compared with 2005 levels, and offered more funding for developing countries to help them meet their targets. Swiss Re estimated that climate change could cost the global economy as much as $23 trillion in the coming decades.
Airlines see clearer skies ahead. Carriers expect travel to return almost to normal levels by the summer, with the largest airlines expected to offer as many seats this July as they did in July 2019, by one estimate. The industry plans to call back thousands of employees and hire hundreds of pilots.
Scrutiny over a fatal Tesla crash intensifies. Two senators asked regulators to create recommendations for autonomous vehicle software, following the deaths of two men in a Tesla, in which police said no one was behind the wheel. Consumer Reports said it was able to trick Tesla’s Autopilot into operating without anyone in the driver’s seat.
AT&T gains ground in the streaming race. The company added 2.7 million subscribers to HBO and HBO Max in the first quarter. Also worth noting: AT&T collects nearly three times more revenue per streaming user than Disney, and trails only Netflix by that measure.
reckoning on corporate political donations that will be a prominent feature of proxy season, with many shareholder proposals demanding greater disclosure of company spending.
Today in Business
“Companies are reading the writing on the wall,” Thomas DiNapoli, New York State’s comptroller and trustee for the state’s public pension fund, told DealBook. “Political and social polarization are bad for their business, and they need to decide if political donations are worth the risk.”
“Time will tell if their increased attention to these issues is lip service or if it represents a sincere change in corporate culture,” Mr. DiNapoli said. “At a minimum, investors need disclosure of this spending.” New York’s public pension fund is the third-largest in the U.S. and since 2010 it has filed more than 155 shareholder proposals on political spending, winning more than 40 adoptions or agreements, including from Bank of America, Delta Air Lines and Pepsi. Three of five resolutions it has advanced this year have already been withdrawn, with the companies agreeing to make changes without putting them to a vote. That’s a 60 percent hit rate, and companies that wouldn’t engage before are now at least responsive, a spokesperson for the fund said.
The fund got CMS Energy, a Michigan public utility, to agree to be more transparent about political spending, DealBook is first to report; First Energy, an Ohio utility, and the multinational brewer Molson Coors also agreed to more disclosure.
“Companies are now expected to have core values — almost personalities,” said Bruce Freed, the president of the Center for Political Accountability, a nonprofit that partners with shareholders on proposals. Recent agreements, like the ones brokered by Mr. DiNapoli, are a “strong indication” that corporations are feeling “real pressure,” he said. Nine of 30 companies (including those noted above) have agreed this year to provide more disclosure on political donations. Last year, eight of 40 companies facing similar proposals agreed to act instead of putting the question to shareholders in a vote. The Capitol riot “raised the stakes,” Mr. Freed said, and the pressure on companies has not relented since.
read this comprehensive account by The Times’s Tariq Panja and Rory Smith.
Chicago, Flat Rock, Mich., and Kansas City, Mo., through the first two weeks of May. The Kansas City factory makes the F-150 pickup, Ford’s most profitable model.
G.M. has kept its factory in Kansas City, Kan. — which makes the Chevy Malibu sedan — closed since February, and has cut production at other plants.
Daimler has temporarily halted production at two plants in Germany that produce lower-cost C-class vehicles.
Jaguar Land Rover, Britain’s biggest carmaker, will temporarily shut two of its factories there starting next week.
Renault scrapped production forecasts, and said it was prioritizing the manufacturing of its most profitable models.
The shortage is unlikely to end anytime soon, according to Intel’s C.E.O., Pat Gelsinger: “This will take a while until people can put more capacity in the ground,” he told The Wall Street Journal.
In the papers
Some of the academic research that caught our eye this week, summarized in one sentence:
Exclusive: Master P to invest in racial equity
Percy Miller, better known to hip-hop fans as Master P, plans to invest $10 million in companies led by or serving people who are Black, Indigenous and people of color, DealBook is first to report. He sees ownership and equity as keys to bridging racial wealth gaps, and wants other investors to follow his lead.
“This is all about economic empowerment,” Mr. Miller told DealBook. Early in his career, Mr. Miller opened a record store from which he launched No Limit Records, once one of the largest independent labels. More recent projects have been aimed at social entrepreneurship, like an “Uncle P” line of food products to replace Aunt Jemima and Uncle Ben’s (both have since been renamed) that would dedicate a portion of profits to supporting Black communities.
Mr. Miller wants to invest in an array of industries, with education, including financial literacy, a priority. “I always tell people, product outweighs talent — at the same time, education and wisdom are so important,” he said. “That’s the longevity of my success.”
UBS will help connect him to potential prospects. “Our DNA is around entrepreneurship, and our DNA is around facilitating capitalism, and that’s exactly what we’re talking about here,” said Mark Wilkins, a private wealth manager at the bank. The two are treating the initiative as an investment, on which they’re planning to make a return.
THE SPEED READ
Blackstone reported $1.75 billion in profit in its latest quarter, setting a record and swinging from a $1 billion loss a year ago. (WSJ)
L Brands may seek as much as $5 billion in a sale of Victoria’s Secret, far more than the failed deal with Sycamore Partners last year. (Bloomberg)
Politics and policy
The U.S. Supreme Court unanimously limited the F.T.C.’s ability to seek financial relief for consumers wronged by deceptive business practices. (CNBC)
Union officials reportedly told Senate Democrats to back legislation strengthening protections for organizing efforts — or risk losing their political support. (Politico)
Norway has led the world in going cashless. Now its central bank is testing out a digital currency. (Insider)
Is Europe’s approach to tech regulation visionary, or misguided? (NYT On Tech)
Best of the rest
Inside Elon Musk’s $150 million philanthropy blitz. (Recode)
The Hamptons property market is on fire: A summer rental went for $2 million, while a 42-acre estate sold for over $100 million. (CNBC)
Do you need to wear a mask outside? (NYT)
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