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The New Weddings in India’s South: ‘Expect Some Magic’

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.

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They Love Crypto. They’re Trying to Buy the Constitution.

“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?”)

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New Zealand Wants a 90% Vaccination Rate. Its Street Gangs May Hold the Key.

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.”

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‘It’s Going to Be a Big Summer for Hard Seltzer’

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.

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.”

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He’s a Dogecoin Millionaire. And He’s Not Selling.

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.

“If I can hodl, you can HODL!” the caption read.

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Black Pound Day Aims to Support U.K. Black-Owned Businesses

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 up in 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.

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.

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Biden May Eliminate the Carried Interest Loophole

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.

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.

“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.

“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.


    Some of the academic research that caught our eye this week, summarized in one sentence:


    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.”

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    China and the Climate

    When I was last in China, in 2019, I met an entrepreneur named Gao Jifan, who told me a story that I’ve been reflecting on during President Biden’s climate summit this week.

    Back in the 1990s, Gao received a letter from an old friend who was living in the United States. The letter included a photo clipped from a newspaper, showing President Bill Clinton as he announced a plan to outfit one million homes with solar power.

    “It was like a light bulb,” Gao recalled, as we were sitting in his office in Changzhou, about 100 miles northwest of Shanghai. Clinton’s initiative caused Gao — a chemist by training — to think that he should start a company to meet the coming demand for solar equipment. That company, Trina Solar, has since made Gao a billionaire.

    For the inspiration, Gao is grateful to the U.S. But he is also befuddled by the American approach to climate change.

    the sharp policy changes from one to the next. Those changes, he added, had hurt the solar industry and other clean-energy efforts: If the U.S. took a more consistent approach, the global struggle to slow climate change would be easier.

    Many Americans have come to believe a different story — namely, that U.S. climate policy hardly matters compared with the actions of China, India and other countries that account for a growing share of emissions. As some congressional Republicans have been asking this week, why should the U.S. act to slow climate change unless other countries do so first?

    But that view is not consistent with history, either the recent history of climate diplomacy or the broader history of American influence.

    “There aren’t many other areas of policy where we say, ‘Why don’t we let everyone else lead, and we’ll follow?’” as Nathaniel Keohane of the Environmental Defense Fund says. The U.S., for all its problems, remains the world’s most powerful country. When it wants to influence the policies of other countries, it can often do so, especially when those countries see it as being in their own interests to change.

    more reliant on coal than Biden administration officials wish. But the U.S. can often have an effect. Relative to many other issues, in fact, climate diplomacy is sometimes easier: President Xi Jinping has largely rejected U.S. entreaties on Hong Kong, Xinjiang and the South China Sea, but he has been willing to deal on climate change.

    President Barack Obama and Xi came to multiple agreements that involved both countries moving to reduce emissions. They started small, with the relatively narrow topic of refrigerants, and expanded from there. As my colleague Brad Plumer says, “There’s a reasonable argument the Obama administration’s and China’s joint agreement on climate change in 2014 helped set the table for the Paris climate agreement.”

    Crucial to these efforts was a U.S. willingness to act at home: It’s much easier to agree to take economic risks when your main global competitor is doing the same. And the U.S. still leads the world in per-person emissions, about 75 percent above China, according to recent numbers.

    The Trump administration slowed global efforts on climate change by dismissing it as a threat and allowing more pollution at home. A Chinese official last week mocked the U.S. for “the lost four years.” The Biden administration is now trying to reverse course, with an emissions-reduction goal that’s larger than many advocates expected.

    The cynical view — that the U.S. can only follow, not lead, on climate policy — has it backward. As Gao told me, one of the biggest obstacles to progress on climate change has been the lack of consistent American leadership.

    More on the climate:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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