start of 2007, the bottom half of the wealth distribution held 2.1 percent of the nation’s riches, compared to 29.7 percent for the top 1 percent. By the start of 2020, the bottom half had 1.8 percent, while the top 1 percent held 31 percent.

Researchers debate whether monetary policy actually worsens wealth divides in the long run — especially since there’s the hairy question of what would have happened had the Fed not acted — but monetary policymakers generally agree that their policies can’t stop a pre-existing trend toward ever-worse wealth inequality.

By offering a more targeted boost from the very start of the recovery, fiscal policy can. Or, at a minimum, it can prevent wealth gaps from deepening so much.

Monetary policy “is naturally trickle-down,” said Joseph Stiglitz, an economist at Columbia and Nobel laureate. “Fiscal policy can work from the bottom and middle up.”

That’s what the Biden administration is gambling on. Paired with packages from December and last April, Congress’s recent package will bring the amount of economic relied that Congress has approved during the pandemic to more than $5 trillion. That dwarfs the amount spent in the last recovery.

The legislation is a mosaic of tax credits, stimulus checks and small business support that could leave families at the lower end of the income and savings distribution with more money in the bank and, if its provisions work as advertised, with a better chance of getting back to work early in the recovery.

There is no guarantee Mr. Biden’s broader economic proposals, totaling about $4 trillion, will clear a narrowly divided Congress. Republicans have balked at his plans and this week offered a counterproposal on infrastructure that is only a fraction the size of what Mr. Biden wants to spend. A bipartisan group of House moderates is pushing the president to finance infrastructure spending through an increased gas tax or something similar, which hits the poor harder than the rich.

Still, the president’s new proposals could have long-term impacts, working to retool workers’ skills and lift communities of color in hopes of putting the economy on more equal footing. The president is set to outline his so-called American Family Plan, which is focused on the work force, before his first address to a joint session of Congress next week.

While details have yet to be finalized, programs like universal prekindergarten, expanded subsidies for child care and a national paid leave program would be paid for partly by raising taxes on investors and rich Americans. That could also affect the wealth distribution, shuffling savings from the rich to the poor.

The plan, which must win support in a Congress where Democrats have just a narrow margin, would raise the top marginal income tax rate to 39.6 percent from 37 percent, and raise taxes on capital gains — the proceeds of selling an asset, like a stock — for people making more than $1 million to 39.6 percent from 20 percent. Counting in an Obamacare-related tax, the taxes they pay on profits would rise above 43 percent.

The new policies won’t necessarily cut wealth inequality, which has been on an inexorable upward march for decades, but they could keep poorer households from falling behind by as much as they would have otherwise.

Betting big on fiscal policy to return the economy to strength is a gamble. If the economy overheats, as some prominent economists have warned it could, the Fed might have to rapidly lift interest rates to cool things down. Rapid adjustments have historically caused recessions, which consistently throw vulnerable groups out of jobs first.

But administration officials have repeatedly said the bigger risk is underdoing it, leaving millions on the labor market’s sidelines to struggle through another tepid recovery. And they say the spending provisions in both the rescue package and the infrastructure could help to fix longstanding divides along racial and gender lines.

“We think of investment in racial equity, and equity in general, as good policy, period, and integral to all the work we do,” Catherine Lhamon, a deputy director of the Domestic Policy Council, said in an interview.

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A Computer Chip Shortage Has Hobbled the Auto Industry

Around the world, auto assembly lines are going quiet, workers are idle and dealership parking lots are looking bare.

A shortage of semiconductors, the tiny but critical chips used to calibrate cars’ fuel injection, run infotainment systems or provide the brains for cruise control, has sent a shudder through the automaking world.

A General Motors plant in Kansas City closed in February for lack of chips, and still hasn’t reopened. Mercedes-Benz has begun to hoard its chips for expensive models and is temporarily shutting down factories that produce lower-priced C-Class sedans. Porsche warned dealers in the United States this month that customers might have to wait an extra 12 weeks to get their cars, because they lack a chip used to monitor tire pressure.

The French automaker Peugeot, part of the newly formed Stellantis automaking empire, has gone so far as to substitute old-fashioned analog speedometers for digital units in some models.

consumer electronics, which tend to be more lucrative customers.

German economic research institutes warned in a joint report this month.

The crisis has exposed not only how dependent the car industry is on a few suppliers, but also how vulnerable it is to disruptions. Supply chain managers shuddered last month when an early-morning fire knocked out production at a factory owned by Renesas Electronics in Hitachinaka, Japan, north of Tokyo. Renesas is a crucial supplier of chips used to monitor brake functioning, control power steering, trigger airbags and in many other tasks.

Storms in Texas earlier in the year temporarily forced the shutdown of three semiconductor factories. And Taiwan is in the midst of a severe drought, analysts at IHS Markit warned in a recent report. Chip manufacturing requires large amounts of very pure water.

Even without a pandemic and supply chain disruptions, the auto industry is in turmoil. In the United States, sales have been basically flat since the early 2000s. Profit margins are slim. Some big automakers may not survive the shift to electric cars.

“If I were a chip manufacturer I wouldn’t start investing in a new plant unless I got free money from the government,” said ManMohan S. Sodhi, who teaches supply chain management at the business school at City, University of London.

Ford Motor said Wednesday that it would keep several U.S. plants idle longer than expected because of the chip shortage.

The auto industry has been paralyzed by supply chain disruptions before. Mr. Källenius recalled an episode when a hurricane struck Puerto Rico and shut down production at a factory that, to his surprise and pretty much everyone else’s, was the only source of a coating essential to some kinds of auto electronics.

Automobiles have tens of thousands of parts and so many layers of suppliers and sub-suppliers and sub-sub-suppliers that even carmakers have trouble keeping track of every component’s provenance.

The economics of the industry are such that only suppliers with the highest volume survive. Smaller suppliers tend to die out because they can’t produce parts or materials as cheaply as the big players, leaving the industry dependent on one or two manufacturers of high-pressure fuel lines, for example, or a certain specialized plastic.

The current semiconductor shortage may not be the last. The auto industry’s need for semiconductors is expected to explode in coming years because of autonomous driving features and the increasing popularity of electric vehicles, which are more reliant on software than internal combustion engines.

Mr. Källenius said, though, that the most sophisticated chips were not the ones currently giving him headaches. “We are missing the most simple of chips, that maybe only cost cents or dollars,” he said. “That’s holding us up from building a product that costs $75,000.”

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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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    Biden Will Seek Tax Increase on Rich to Fund Child Care and Education

    WASHINGTON — The next phase of President Biden’s $4 trillion push to overhaul the American economy will seek to raise taxes on millionaire investors to fund education and other spending plans, but it will not take steps to expand health coverage or reduce prescription drug prices, according to people familiar with the proposal.

    Administration officials had planned to include a health care expansion of up to $700 billion, offset by efforts to reduce government spending on prescription drugs. But they have decided to instead pursue health care as a separate initiative, a move that sidesteps a fight among liberals on Capitol Hill but that risks upsetting some progressive groups that have pushed Mr. Biden to prioritize health issues.

    The president is set to outline his so-called American Family Plan, which includes measures aimed at helping Americans gain skills throughout life and have more flexibility in the work force, before his first address to a joint session of Congress next week. Its details remain a work in progress and could change in the days before the announcement.

    But after weeks of work, administration officials have closed in on the final version of what will be the second half of Mr. Biden’s sweeping economic agenda, which also includes the $2.3 trillion American Jobs Plan the president described last month. That plan focused largely on physical infrastructure spending, like repairing bridges and water pipes and building electric vehicle charging stations, and was funded by tax increases on corporations.

    expanded tax credit for parents — which is essentially a monthly payment from the government for most families — that was created on a temporary basis by the $1.9 trillion economic aid package Mr. Biden signed into law last month. The duration of that extension was earlier reported by The Washington Post.

    Democrats on Capitol Hill have urged Mr. Biden to instead make permanent that credit, which analysts say will drastically cut child poverty this year. Those pushing Mr. Biden include Senators Michael Bennet of Colorado, Cory Booker of New Jersey and Sherrod Brown of Ohio, along with Representatives Rosa DeLauro of Connecticut, Suzan DelBene of Washington and Ritchie Torres of New York.

    “Expansion of the child tax credit is the most significant policy to come out of Washington in generations, and Congress has an historic opportunity to provide a lifeline to the middle class and to cut child poverty in half on a permanent basis,” the lawmakers said this week in a joint statement. “No recovery will be complete unless our tax code provides a sustained pathway to economic prosperity for working families and children.”

    The family plan will also include some type of extension for an expanded Earned Income Tax Credit, which was included in the earlier aid package on a one-year basis.

    The plan’s spending and tax credits will total around $1.5 trillion, according to administration estimates, in keeping with early versions of the two-step agenda first reported last month by The New York Times.

    To offset that cost, Mr. Biden will propose several tax increases he included in his campaign’s “Build Back Better” agenda. That starts with raising the top marginal income tax rate to 39.6 percent from 37 percent, the level it was cut to by President Donald J. Trump’s tax overhaul in 2017. Mr. Biden would also raise taxes on capital gains — the proceeds of selling an asset like a stock or a boat — for people earning more than $1 million, effectively increasing the rate they pay on that income to 39.6 percent from 20 percent.

    The president will also propose eliminating a provision of the tax code that reduces taxes for wealthy heirs who sell assets they inherit, like art or property, that have gained value over time. And he would raise revenue by increasing enforcement at the Internal Revenue Service to bring in more money from wealthy Americans who evade taxes.

    Administration officials were debating other possible tax increases that could be included in the plan this week, like capping deductions for wealthy taxpayers or increasing the estate tax on wealthy heirs.

    All of the tax provisions would keep with Mr. Biden’s campaign promise not to raise taxes on individuals or households earning less than $400,000 a year.

    Previous versions of the family plan, circulated inside the White House, also called for raising revenues by enacting measures to reduce the cost of prescription drugs bought using government health care programs. That money would have funded a continued expansion of health coverage subsidies for insurance bought through the Affordable Care Act, which were also temporarily expanded by the economic aid bill earlier this year. Speaker Nancy Pelosi of California had pushed for that continued expansion.

    Mr. Biden’s team was under pressure from Senator Bernie Sanders, independent of Vermont and the chairman of the Budget Committee, to instead focus his health care efforts on a plan to expand Medicare. Mr. Sanders has pushed the administration to lower Medicare’s eligibility age and expand it to cover vision, dental and hearing services.

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    Three Electric S.U.V.s With Tesla in Their Sights

    An electric trickle is turning into a flood: As many as 100 new E.V. models are coming to showrooms by 2025. Heavyweights including Volkswagen, General Motors and Ford are floating promises of all-electric lineups within a decade.

    The end times of gasoline can almost seem a fait accompli, except for one pesky issue: Even given Tesla’s strides, we’re still waiting for the first genuine E.V. sales hit, let alone a mass exodus from unleaded.

    In 2014, Nissan sold a mere 30,200 Leafs, and that’s still the American record for any non-Tesla model. Ford routinely sells more than 800,000 F-Series pickups. A single gasoline sport utility vehicle, the Toyota RAV4, finds well over 400,000 annual buyers, compared with roughly 250,000 sales last year for all E.V.s combined — 200,000 of which were Teslas.

    Automakers insist we’re “this close” to a tipping point. E.V. market share is expected to grow to as much as 50 percent by 2032, from just 1.7 percent last year, said Scott Keogh, president and chief executive of Volkswagen of America. While Tesla captured 80 percent of the U.S. market for electric vehicles in 2020, VW and other global giants — with war chests built on internal-combustion engines and unmatched scale and manufacturing know-how — are well positioned to take a piece of Tesla’s pie.

    prices and charging times of E.V.s, while bolstering driving range, until consumers see no reason to stick with polluting gasoline models whose energy-and-operating costs exceed the plug-in alternatives.

    Like the Rolling Stones pushing the Beatles, Mr. Keogh said, healthy competition will ultimately benefit all E.V. fans and creators. And when consumers sees E.V.s proliferate in their neighbors’ driveways, and take their first test drive, there will be no going back.

    Mach-E seems the most straight-up rival yet to Tesla’s Model Y, in not only price and performance but also the Ford’s maximum 300-mile driving range.

    Consumers have noticed: Ford sold 3,729 Mach-Es in February, the first full month of sales, almost single-handedly chopping Tesla’s dominant E.V. share to 69 percent, from 80 percent. If Ford could maintain that pace for a full year, the Mach-E would easily set a sales record for an E.V. not built by Tesla.

    Tesla’s 326-mile Model Y Long Range still squeezes a few more miles from each onboard kilowatt-hour, owing to the carmaker’s expertise in aerodynamics, motor and battery efficiency, and to “simple” stuff that’s anything but: Its 4,416-pound curb weight undercuts the Ford by about 400 pounds. And Tesla rules the public charging space, with its Supercharger network that has rivals — now with a potential infrastructure lift from the Biden administration — racing to catch up.

    The Ford fires back with a sculpted exterior versus the dad-bod Model Y, a tech-savvy interior with superior materials and craftsmanship, and winning performance of its own. With 346 horsepower from dual motors, the Mach-E Premium A.W.D. that I drove shot to 60 miles an hour in 4.8 seconds. Even the new Shelby GT500 — history’s mightiest Mustang, with 760 horsepower — won’t equal the 3.5-second 0-to-60 m.p.h. blast of this summer’s Mach-E GT Performance version.

    Voltswagen, as the company briefly convinced some media and car fans in a marketing stunt gone bad. Regarding historic names, VW calls the ID.4 its most significant model since the original Beetle. But where the Beetle was a revolutionary leader, the ID.4 feels like a follower.

    Based on my drive, the VW can easily top its 250-mile range rating, with 275 miles within reach. A rear-drive, 201-horsepower model rolls to 60 m.p.h. in 7.6 seconds. That’s on a par with gasoline sport utilities like the Honda CR-V, but pokey by E.V. standards. Dual-motor, all-wheel-drive models arrive later this year, promising 60 m.p.h. in under six seconds.

    From a company famed for fun-to-drive German cars, the ID.4’s generic performance and styling are letdowns. Its infotainment system is even more disappointing: The clunky, vexing touch screen can’t touch the onscreen wizardry of the Ford, Volvo or Tesla.

    The VW’s snappiest performance came during a fast-charging session at a Target in New Jersey, replenishing its 77 kilowatt-hour battery from 20 to 80 percent in an impressive 31 minutes. That growing network of Electrify America chargers is funded by VW’s $2 billion, court-ordered penance for its diesel emissions scandal. And VW is offering indulgences to ID.4 buyers, with three years of free public charging.

    Thrifty virtues include a $41,190 base price, or $33,690 after the $7,500 federal tax break. That’s $2,800 less than the most-affordable Mach-E. It’s also less money, after credits, than a smaller Chevrolet Bolt. The more powerful ID.4 with all-wheel drive will start at $37,370, postcredit.

    Still, as Tesla’s triumph and Chevy’s lukewarm Bolt have proved, there’s more to electric success than an attractive price. VW is aggressively investing $80 billion to develop E.V.s, but the ID.4 feels less like a market splash and more like a toe in the water. We’ll see if VW erred by not kicking off with a recognizable design that truly connects its nostalgic, weed-hazed past to today’s green virtues: the electric ID.Buzz Microbus, due in 2023.

    Volvo seems such a natural fit for E.V.s. And the progressive-minded brand brings us the XC40 Recharge, an electrified take on its gasoline XC40.

    The Recharge is like that perfect dining table in a shelter magazine: You’re not sure why it costs so much, but you want it anyway.

    The Recharge’s wedgy Scandinavian styling tops every S.U.V. in this group, as does its lovely interior. That includes soft Nappa leather, versus the ascetic “vegan” materials of many E.V.s.

    The drive is similarly breezy, with 402 horses and a quicksilver, 4.7-second flight to 60 m.p.h. The biggest tech talking point may be Android Automotive OS: The Recharge (and Volvo’s electric Polestar 2) introduces a cloud-based Google operating system that works like a dream, with Google Maps, search, an ultra-capable voice assistant and more. (Don’t confuse this with the ubiquitous Android Auto, which simply mirrors phone apps on a car’s screen.)

    Several major automakers, including G.M. and Ford, plan to make Android Automotive the nerve centers of coming cars. If only the Volvo itself were as efficient.

    The Recharge is an electron guzzler, with a 208-mile range that seems optimistic in real-world use. I drove the Recharge in frigid New York weather, which explained some but not all of its hunger for power: No matter how I babied the throttle, the Volvo stayed on a pace for 190 miles, at best, covering about 2.4 miles for each kilowatt-hour in the batteries. I can achieve 3.6 miles per kilowatt-hour with little effort in the Tesla Model Y and above 3.2 in the Ford.

    Environmental Protection Agency numbers bear that out: Despite having virtually the same-size battery, the Tesla brings 326 miles of maximum range, 118 more than the Volvo. The Recharge is also expensive for its intimate size: $54,985 to start, and nearly $60,000 for the model I drove. That $7,500 federal tax break softens the blow. Yet if the Volvo indulges bourgeois buyers, they’ll also need to indulge its profligate ways.

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    Your Thursday Morning

    President Biden will pledge today to cut U.S. emissions nearly in half by the end of the decade, a target that would require transformative change to the American economy and way of life.

    The target is timed to a closely watched two-day summit meeting, beginning on Earth Day, that Mr. Biden is hosting to show that the U.S. is rejoining international efforts to combat climate change.

    The leaders of nearly 40 other countries will also attend, including those of Brazil, China, India and Canada, the only Group of 7 nation whose greenhouse gas emissions have increased since the Paris agreement. Brazil is seeking billions from the international community to support its promise to end illegal deforestation by 2030, a pledge that has been met with skepticism.

    Challenges: To meet the goal, which nearly doubles a prior pledge made by the Obama administration, significant actions across the U.S. economy would be required, particularly involving cars and power plants, the two biggest sources of emissions.

    world’s fastest-growing Covid-19 crisis, with new daily coronavirus cases nearing 300,000 on Wednesday and surpassing even the records from the height of the U.S. surge.

    The country’s health care system is buckling under the strain, with one of the most alarming aspects of India’s second wave being a dwindling oxygen supply. Many hospital officials said they were just hours away from running out, and 22 people died from loss of oxygen in one hospital after an accident.

    Britain has also imposed such restrictions, and the U.S. is advising against travel to India.

    Here are the latest updates and maps of the pandemic.

    In other developments:


    warned the West not to cross what he called a “red line” or risk provoking a powerful “asymmetric” response from Russia. He reminded Western leaders once again of the fearsomeness of his country’s modernized nuclear arsenal. And he asserted Russia’s moral superiority over the West.

    But on the country’s streets, thousands of citizens defied a heavy police presence to challenge his rule, as rallies organized to protest the prison treatment of the prominent opposition leader Aleksei Navalny seemed to mushroom into something more. Before the rallies, the authorities had arrested dozens of protest leaders in 20 cities.

    Tensions: Ukraine’s president, Volodymyr Zelensky, warned on Tuesday of a possible war with Russia. In a national address, he said Moscow’s buildup of troops on the border had created “all the preconditions for escalation.” (See pictures from the front line.)

    “a skeleton walking.” He is insisting that he be allowed to be seen by doctors of his choosing.

    killed by another Black model, George Koh.

    From prison, Koh still sounds bewildered by what he has done. “I kind of thought, OK, let me just show Harry that I’m a big man — and that’s how it escalated.”

    Here’s an excerpt from our climate team’s definitive answers to big questions about our warming world — and how we know what we know.

    How bad are the effects of climate change going to be?

    It depends on how aggressively we act to address climate change. If we continue with business as usual, by the end of the century, it will be too hot to go outside during heat waves in the Middle East and South Asia. Droughts will grip Central America, the Mediterranean and southern Africa. And many island nations and low-lying areas, from Texas to Bangladesh, will be overtaken by rising seas.

    Conversely, climate change could bring welcome warming and extended growing seasons to the upper Midwest, Canada, the Nordic countries and Russia. Farther north, however, the loss of snow, ice and permafrost will upend the traditions of Indigenous peoples and threaten infrastructure.

    kill jobs and cripple the economy. But that implies that there’s an alternative in which we pay nothing for climate change. And unfortunately, there isn’t.

    In reality, not tackling climate change will cost a lot and will cause enormous human suffering and ecological damage, while transitioning to a greener economy would benefit many people and ecosystems around the world.

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    Deadly Blast Hits Pakistan Hotel, Missing China’s Envoy

    ISLAMABAD, Pakistan — A powerful explosion apparently from a suicide bomber struck the parking lot of a luxury hotel in southwest Pakistan frequented by high-level guests on Wednesday, and officials said at least four people had been killed and 12 wounded. China’s ambassador to Pakistan may have missed the blast by mere minutes.

    The ambassador, Nong Rong, was leading a Chinese delegation that had been visiting the area and staying at the hotel, the Serena, in Quetta, capital of Baluchistan province.

    “The Chinese were staying at Serena Hotel but they were not present at the hotel at the time of the attack,” Sheikh Rashid Ahmed, Pakistan’s interior minister, told local news media.

    The Chinese delegation was safe and all casualties were of Pakistani nationals, officials said. Two senior civilian officials were among the wounded.

    an important ally of Pakistan and has undertaken several infrastructure projects along with a deep seaport in Baluchistan province.

    An intelligence official, who spoke on condition of anonymity to discuss security matters, said the Chinese ambassador had attended a dinner with senior Pakistani army officials and was en route back to the hotel and was only minutes away when the blast occurred.

    There was no immediate official confirmation that the attack had been carried out by a suicide bomber, as claimed by the TTP. Officials said the initial investigation suggested that explosives had been inside a vehicle that exploded in the parking lot.

    The blast was heard at a long distance and heavily damaged more than a dozen vehicles in the parking lot of the luxury hotel. It is in a heavily guarded neighborhood with many important government buildings.

    president of Vizier Consulting, a New York-based political risk advisory company. “But if the group is indeed responsible, the attack reflects a strengthening of its capability to strike high-security urban targets in Pakistan.”

    He also observed that the TTP’s claim of responsibility did not specifically refer to Chinese nationals or interests, so it was possible “that the attackers were actually unaware of their presence.”

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    Deadly Blast Hits Pakistan Hotel, Missing China’s Envoy by Perhaps Just Minutes

    ISLAMABAD, Pakistan — A powerful explosion apparently from a suicide bomber struck the parking lot of a luxury hotel in southwest Pakistan frequented by high-level guests on Wednesday, and officials said at least four people had been killed and 12 wounded. China’s ambassador to Pakistan may have missed the blast by mere minutes.

    The ambassador, Nong Rong, was leading a Chinese delegation that had been visiting the area and staying at the hotel, the Serena, in Quetta, capital of Baluchistan province.

    “The Chinese were staying at Serena Hotel but they were not present at the hotel at the time of the attack,” Sheikh Rashid Ahmed, Pakistan’s interior minister, told local news media.

    The Chinese delegation was safe and all casualties were of Pakistani nationals, officials said. Two senior civilian officials were among the wounded.

    an important ally of Pakistan and has undertaken several infrastructure projects along with a deep seaport in Baluchistan province.

    An intelligence official, who spoke on condition of anonymity to discuss security matters, said the Chinese ambassador had attended a dinner with senior Pakistani army officials and was en route back to the hotel and was only minutes away when the blast occurred.

    There was no immediate official confirmation that the attack had been carried out by a suicide bomber, as claimed by the TTP. Officials said the initial investigation suggested that explosives had been inside a vehicle that exploded in the parking lot.

    The blast was heard at a long distance and heavily damaged more than a dozen vehicles in the parking lot of the luxury hotel. It is in a heavily guarded neighborhood with many important government buildings.

    president of Vizier Consulting, a New York-based political risk advisory company. “But if the group is indeed responsible, the attack reflects a strengthening of its capability to strike high-security urban targets in Pakistan.”

    He also observed that the TTP’s claim of responsibility did not specifically refer to Chinese nationals or interests, so it was possible “that the attackers were actually unaware of their presence.”

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