It sometimes seems the city is determined to test his claim. The house at 7 Eccles Street — the fictional home of Leopold and Molly Bloom, the Everyman and Everywoman at the heart of “Ulysses” — was demolished in 1967 to make way for a private hospital.

And while the Joyce Tower in Sandycove, a decommissioned coastal fort where the novel begins, is a successful museum, its ownership, funding and management are currently uncertain, and it operates mainly through the work of volunteers, said Terence Killeen, a research scholar at the James Joyce Center of Dublin.

Some dare to wonder whether Joyce, his life’s work done, would have been resigned to the loss of his physical legacy. At the end of “The Dead” he wrote: “the solid world itself, which these dead had one time reared and lived in, was dissolving and dwindling.”

Thanks to silting and reclamation in the tidal Liffey, Usher’s Island itself has for centuries been joined to the mainland. Had he lived long enough, Joyce might himself have relished the legend, passed down among Dublin journalists since the 1960s, of a local photographer who was commissioned by a big London newspaper to provide photos of a murder on Usher’s Island: He is said to have charged the unwitting Brits a small fortune for “boat hire.”

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‘A Land Grab’ for a Piece of New York’s Marijuana Business

It has been only five weeks since New York State legalized the use of recreational marijuana. The board that will oversee the rollout has yet to be appointed, let alone rules set for how licenses will be issued to cannabis businesses. The sale of legal pot in the state is still a year away. And, of course, marijuana remains illegal on the federal level.

But already the rush is on to get a piece of what could be a $4.2 billion industry in the Empire State.

Brokers are talking to landlords about leasing storefronts to dispensaries. Representatives of out-of-state cannabis businesses are flying in to scope out properties. And suppliers of medical marijuana are expanding in the hope that they will be able to branch into recreational sales.

Agricultural land upstate is now marketed as being “in the green zone” for hemp farming or the construction of grow houses for cultivating marijuana.

may soon change.

heated discussions among local officials, some of whom “can’t fathom the idea of the devil’s lettuce businesses within their borders,” said Neil M. Willner, co-chair of the cannabis practice at Royer Cooper Cohen Braunfeld, a New York City law firm.

But the pandemic may have softened the stance of some officials, given the jobs and tax revenue that cannabis businesses can generate after the protracted health crisis has decimated both. The state estimates that the new industry could bring it $350 million in annual revenue and create 30,000 to 60,000 jobs.

Meanwhile, funding is pouring into the industry in anticipation of possible federal legalization, some lenders will now do business with cannabis companies, and real estate investment trusts have sprung up to serve marijuana interests.

an increase in purchasing over leasing in the past year.

“Going forward, when banking becomes more normalized for us — when we have the opportunity to get real estate debt in the way traditional industries do — we would have a preference for owning real estate,” said Barrington Rutherford, senior vice president of real estate and community integration at Cresco Labs, a cannabis company with operations in several states.

law firms, consultants, insurance agents and accountants specializes in helping clients jump through regulatory hoops. A listing service that is the industry’s answer to Zillow offers a wide range of real estate, from $65,000 lots in an industrial park in Lexington, Okla., to a $109 million, 45,000-square-foot grow house in San Bernardino, Calif.

The brick-and-mortar side of cannabis real estate has also evolved.

As cultivation of marijuana has become more sophisticated, grow houses have expanded — they can be 150,000 square feet or more, with high ceilings, heavy-duty ventilation, lighting and security. Processing typically occurs in separate buildings with high-tech machinery.

dispensaries are increasingly stylish, offering a rarefied retail experience. Accomplished architecture and design firms have gotten into the act. There are even companies that specialize in kitting out dispensaries and other cannabis real estate.

And as marijuana gains broader public acceptance — and some celebrity glamour, with Jay-Z’s Monogram and Seth Rogen’s Houseplant — stores are opening in prominent locations near traditional retailers.

“We’re next to Starbucks in downtown Chicago,” Mr. Rutherford said. “In Philadelphia, the store we’re opening is a half block from Shake Shack and down the block from Macy’s.”

“We are building a portfolio of sites that would be enviable by any retail organization,” he added.

The New York State law also provides for licenses for “consumption sites,” and this is expected to give rise to clublike lounges and cannabis cafes. The prospect of such convivial settings has led to predictions that New York City may become the next Amsterdam.

These new storefront uses would appear to be a godsend for New York’s retail real estate market, where availability has increased and rents have fallen.

“A few years ago, when the market was stronger, it was harder to find landlords willing to play ball,” said Benjamin S. Birnbaum, a broker at the real estate services firm Newmark. “What’s changed, because of the pandemic, is that every landlord is willing to talk about it.”

in a recent CNBC interview.

Regardless of size, opening a dispensary can be complicated and expensive, in part because states have required that would-be retailers have control of a site, through a lease or option to lease, before they can apply for a license. But the number of licenses in some states is limited, with no guarantee a business will get one.

In Oregon, some applicants had to wait so long — one or two years, said Andrew DeWeese, a lawyer with Green Light Law Group in Portland — they eventually gave up and essentially sold their place in line.

“It’s a Catch-22,” said Kristin Jordan, a cannabis lawyer in New York City. “You want to secure real estate, but you don’t want to jump the gun.”

Still, the prospect of operating in New York, a state with more than 19 million residents and a major tourist destination, is so enticing that cannabis companies are getting their ducks in row.

Companies that have medical dispensaries, which have been operating since 2016, are in an enviable position because it is believed they will have an advantage in securing additional licenses.

Cresco Labs has four medical dispensaries in New York, including one in the Williamsburg neighborhood of Brooklyn. It is unclear whether the state will allow recreational marijuana to be sold at those locations, but Mr. Rutherford is hedging his bets, adding parking and in some cases expanding by leasing a storefront next door to an existing space.

“We are making sure those stores are ready for the future adult use market,” he said.

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Day 1 of the End of the U.S. War in Afghanistan

KANDAHAR AIRFIELD, Afghanistan — On the morning of May 1, an Afghan transport aircraft landed at this sprawling military base in the country’s south. It was loaded with mortar shells, small-arms cartridges and 250-pound bombs to supply Afghan troops under frequent attack by the Taliban in the countryside.

Later, at midnight, a gray American C-130 transport aircraft taxied down the same runway, marking the end of the first official day of the U.S. military’s withdrawal from Afghanistan. The cargo plane was filled with munitions, a giant flat screen television from a C.I.A. base (known as Camp Gecko), pallets of equipment, and — in the real signal of the impending end of a long occupation — departing American troops. It was one of several aircraft that night removing what remained of the American war here.

Afghans continue fighting and dying with fleeting hopes of peace even while the Americans leave, adhering to a timeline laid out by President Biden to fully withdraw by Sept 11. The decision was opposed by his generals but begrudgingly stenciled on whiteboards in U.S. bases across Afghanistan, such as Kandahar Airfield, a former Soviet base that has been one of the Americans’ largest.

NATO troops were based here, and many more passed through as it became the main installation for the U.S.-led war in Afghanistan’s south. It stood beside rural villages from which the Taliban emerged; throughout it all, the province has remained an insurgent stronghold.

Now, half-demolished outdoor gyms and empty hangars were filled with nearly 20 years’ worth of matériel. The passenger terminal, where troops once transited between different parts of the war, was pitch black and filled with empty, dust-covered chairs. A fire alarm detector — its batteries weak — chirped incessantly. The mess halls were shuttered.

The boardwalk was nothing more than a few remaining boards.

The American withdrawal, almost quiet, and with a veneer of orderliness, belies the desperate circumstances just beyond the base’s wall. On one end of Kandahar Airfield that day, Maj. Mohammed Bashir Zahid, an officer in charge of a small Afghan air command center, sat in his office, a phone to each ear and a third in his hands as he typed messages on WhatsApp, trying to get air support for Afghan security forces on the ground and in nearby outposts threatened by Taliban fighters.

flight of F/A-18 fighter jets, stationed aboard the U.S.S. Eisenhower, a nuclear-powered aircraft carrier, were in the air, making their way toward Afghanistan from the Arabian Sea — a roughly two-hour flight up what is called “the boulevard,” a corridor of airspace in western Pakistan that serves as an air transit route.

Having received approval to strike, the jets swooped in, dropping a GPS-guided munition — a bomb that costs well over $10,000 — on the additional rockets that were somewhere in Kandahar, mounted on rudimentary rails and aimed at the airfield.

Inside the American headquarters building at the airfield, two Green Berets — part of the shrinking contingent who work there now — pulled up the video of the afternoon airstrike on one of their phones.

“Make sure that goes in the nightly brief,” one of them said. The Special Forces soldiers, bearded and clad in T-shirts, ball caps and tattoos, looked out of place among what was left of the cubicles and office furniture around them, much of which was being torn apart.

Televisions had been removed from walls, office printers sat on the curb, the insignia once plastered on the stone wall that heralded who was in charge of the headquarters, long gone. Even though there would soon be fewer and fewer service members around each day, one soldier noted that the flow of care packages from random Americans had not slowed down. He now possessed what seemed like an infinite supply of Pop-Tarts.

A group of American soldiers, tasked with loading an incoming cargo flight didn’t know when they were going home. Tomorrow? Sept. 11? Their job was to close Kandahar before moving on to the next U.S. base, but there were only so many installations left to dismantle. A trio of them played Nintendo while they waited. One talked about the dirt bike he was going to buy when he got home. Another traded cryptocurrency on his iPhone.

When asked about Maiwand, a district only about 50 miles away where Afghan forces were trying to fend off a Taliban offensive and Major Zahid was desperately trying to send air support, a U.S. soldier responded, “Who’s Maiwand?”

In the evening, the base loudspeaker chimed as one of the transport planes departed. “Attention,” someone out of view said. “There will be outgoing for the next 15 minutes.” The dull thud of mortar fire began. At what was unclear.

The end of the war looked nothing like the beginning of it. What started as an operation to topple the Taliban and kill the terrorists responsible for the attacks on Sept. 11, 2001, had swelled over 20 years into a multitrillion-dollar military-industrial undertaking, infused with so much money that for years it seemed impossible to ever conclude or dismantle.

Until now.

The Taliban’s often-repeated adage loomed over the day: “You have the watches, we have the time.”

In one of the many trash bags littering the base, there was a discarded wall clock, its second hand still ticking.

Najim Rahim and Jim Huylebroek contributed reporting.

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‘We’re Suffering’: How Remote Work Is Killing Manhattan’s Storefronts

“Not being able to have a flexible deal was making the business unsustainable,” Mr. Perillo said.

The landlord of his best store, Premier Equities, declined to comment on its dealings with Dr Smood. But property records show that Premier had amassed a big debt on the building that housed the store, which may have factored into its decision.

In 2014, Premier Equities paid $11.25 million for the building, financing the purchase with a $9 million mortgage. In 2017, Premier borrowed another $5 million against the building, the records show. Premier also declined to comment on the debt.

Some property owners have deeper pockets than others, and in big office buildings where retail income makes up a small fraction of overall rent, landlords are not hurting as badly because corporations, law firms and other tenants are still paying rent. These landlords can offer rent deals for longer to keep their properties looking lively.

Mark Strausman, a noted chef, went ahead last fall with plans for a new restaurant, Mark’s Off Madison. He could do so in part because his landlord, Rudin Management, is not charging him rent, except for the first month’s payment.

Nonetheless, the restaurant is losing money. But, Mr. Strausman said, “I don’t believe that after all of this, people want to stay home and cook.”

William C. Rudin, Rudin’s chief executive, said he wanted the restaurant to stay open in part so that employees in the offices above might feel better about returning. Mr. Rudin said he believed in Mr. Strausman’s vision but had not decided how long to keep waiving the rent. “Luckily, this is a small percentage of our portfolio, so it hasn’t impacted us, but for small owners, these are very difficult decisions to make,” Mr. Rudin said.

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Federal Aid to Renters Moves Slowly, Leaving Many at Risk

WASHINGTON — Four months after Congress approved tens of billions of dollars in emergency rental aid, only a small portion has reached landlords and tenants, and in many places it is impossible even to file an application.

The program requires hundreds of state and local governments to devise and carry out their own plans, and some have been slow to begin. But the pace is hindered mostly by the sheer complexity of the task: starting a huge pop-up program that reaches millions of tenants, verifies their debts and wins over landlords whose interests are not always the same as their renters’.

The money at stake is vast. Congress approved $25 billion in December and added more than $20 billion in March. The sum the federal government now has for emergency rental aid, $46.5 billion, rivals the annual budget of the Department of Housing and Urban Development.

Experts say careful preparation may improve results; it takes time to find the neediest tenants and ensure payment accuracy. But with 1 in 7 renters reporting that they are behind on payments, the longer it takes to distribute the money, the more landlords suffer destabilizing losses, and tenants risk eviction.

scheduled to expire in June.

“I’m impressed with the amount of work that unsung public servants are doing to set up these programs, but it is problematic that more money isn’t getting out the door,” said Ingrid Gould Ellen, a professor at New York University who is studying the effort. “There are downstream effects if small landlords can’t keep up their buildings, and you want to reach families when they first hit a crisis so their problems don’t compound.”

Estimates of unpaid rents vary greatly, from $8 billion to $53 billion, with the sums that Congress has approved at the high end of the range.

The situation illustrates the patchwork nature of the American safety net. Food, cash, health care and other types of aid flow through separate programs. Each has its own mix of federal, state and local control, leading to great geographic variation.

programs with discretionary money from the CARES Act, passed in March 2020. These efforts disbursed $4.5 billion in what amounted to a practice run for the effort now underway with 10 times the money.

Lessons cited include the need to reach out to the poorest tenants to let them know aid is available. Technology often posed barriers: Renters had to apply online, and many lacked computers or internet access.

nearly 1 renter household in 5 reported being behind on payments.

The national effort, the Emergency Rental Assistance Program, is run by the Treasury Department. It allocates money to states and also to cities and counties with populations of at least 200,000 that want to run their own programs. About 110 cities and 227 counties have chosen to do so.

The program offers up to 12 months of rent and utilities to low-income tenants economically harmed by the pandemic, with priority on households with less than half the area’s median income — typically about $34,000 a year. Federal law does not deny the aid to undocumented immigrants, though a few states and counties do.

Modern assistance seems to demand a mix of Jacob Riis and Bill Gates — outreach to the marginalized and help with software. Progress slowed for a month when the Biden administration canceled guidance issued under President Donald J. Trump and developed rules that require less documentation.

Other reasons for slow starts vary. Progressive state legislators in New York spent months debating the best way to protect the neediest tenants. Conservatives legislators in South Carolina were less focused on the issue. But the result was largely the same: Neither legislature passed its program until April, and neither state is yet accepting applications.

“I just don’t know why there hasn’t been more of a sense of urgency,” said Sue Berkowitz, the director of the South Carolina Appleseed Legal Justice Center. “We’ve been hearing nonstop from people worried about eviction.”

committee in the state House of Representatives found that after 45 days, the program had paid just 250 households.

By contrast, a program jointly run by the city of Houston and Harris County had spent about a quarter of its money and assisted nearly 10,000 households.

Not everyone is troubled by the pace. “Getting the money out fast isn’t necessarily the goal here, especially when we focus on making sure the money reaches the most vulnerable people,” said Diane Yentel, the director of the National Low Income Housing Coalition.

2018 study found the area had the country’s highest eviction rate. Charleston County ran three rounds of rental relief with CARES Act money, and the state ran two.

The second state program, started with $25 million in February, drew so many applications that it closed in six days. But South Carolina is still processing those requests as it decides how to distribute the new federal funds.

Antonette Worke is among the applicants awaiting an answer. She moved to Charleston from Denver last year, drawn by cheaper rents, warmer weather and a job offer. But the job fell through, and her landlord filed for eviction.

Ms. Worke, who has kidney and liver disease, is temporarily protected by the federal eviction moratorium. But it does not cover tenants whose leases expire, as hers will at the end of next month. Her landlord said he would force her to move, even if the state paid the $5,000 in overdue rent.

Still, she said the help was important: A clean slate would make it easier to rent a new apartment and relieve her of an impossible debt. “I’m stressing over it to the point where I’ve made myself sicker,” she said.

Moving faster than the state, Charleston County started its $12 million program two weeks ago, and workers have taken computers to farmers’ markets, community centers and a mall parking lot. Christine DuRant, a deputy county administrator, said the aid was needed to prevent foreclosures that could reduce the housing stock. But critics would pounce if the program sent payments to people who do not qualify, she said: “We will be audited,” possibly three times.

Latoya Green is caught where the desire for speed and accounting collide. A clerk who lost hours in the pandemic, she owes $3,700 in rent and utilities and is protected by the eviction moratorium only until her lease expires next month.

She applied for help on the day the county program started but has not completed the application. She said she is unsettled by the emails requesting her lease, which she lacks, and proof of lost income.

Still, Ms. Green does not criticize Charleston County officials. “I think they’re trying their best,” she said. “A lot of people run scams.”

With time running short, she added: “I just hope and pray to God they’ll be able to assist me.”

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The Village Voice Returns, and It’s ‘Very Village Voice-y’

New Yorkers may have noticed something strange in the last few days: copies of The Village Voice, fresh off the press and still free, on newsstands and in street boxes.

“It all makes sense,” said the longtime Voice columnist Michael Musto, who has a byline in the return issue. “New York is back, The Voice is back, I’m back.”

The new issue, which came out on Saturday, is the first print incarnation of the storied independent publication since August 2017, when its previous owner, Peter D. Barbey, took it digital-only a year before shutting it down. Brian Calle, the publisher of LA Weekly, bought The Voice in December and revived its dormant website in January.

“For us, putting a print issue out was a stake in the ground,” Mr. Calle said. “It really makes the relaunch of The Village Voice real in a way it wasn’t before.”

boycotts led by former writers for the publication and a lawsuit filed by an investor.

Mr. Musto said Mr. Calle was a fan of the paper’s old spirit. “He wants The Village Voice in all of its old, spunky, lefty history,” he said. “The new issue, to me, looks very Village Voice-y.”

Mr. Calle said anyone concerned about the latest iteration should read it and “judge for themselves.”

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Realtors Want to Sell You a Home. Their Trade Group Backs Evicting Others.

“Redfin has consistently been in favor of moratoriums,” said its chief executive, Glenn Kelman. “History will judge us.”

Zillow supports the C.D.C. edict, too, and it believes that moratoriums work most effectively when policies and relief programs include landlords and property managers in addition to renters. Last month, it published research suggesting that there could be as few as 130,000 evictions in the near future if everything goes right with legislation, regulations, their implementation and the economy. But it is a difficult figure to predict.

On the ground in Atlanta, Bilal Shareef also sees the wisdom of the coordinated approach that Zillow outlines. “I definitely wouldn’t feel as if we need to sue the government,” Mr. Shareef said. “Instead of displacing people who are renters, also provide assistance for landlords.”

Mr. Shareef is president of the Empire Board of Realtists, a trade organization with a pointed name that was founded in 1939, when other groups barred Black real estate professionals from their membership ranks. He’s also among the 1.4 million members of the N.A.R.

“Sometimes, we have to be on the inside to keep them honest about some things,” he said.

Warren Buffett’s Berkshire Hathaway is a big player in the Georgia real estate sales scene. Its chief executive there, Dan Forsman, said in an interview this week that he had not taken a public position on the eviction moratorium before I called him. But Mr. Forsman believes the moratorium should cease on June 30, the end of its current extension.

His is a nuanced view, because he had Covid himself. “I was scared to death,” he said. Last year, the moratorium made sense to him, when it was clear how worried some of his staff was. The unemployment rate was frightening, too. In the Atlanta region, it grew to 12.9 percent last April. By February, however, it had fallen to just 4.7 percent.

“I’m thankful for the leadership that the C.D.C. has shown,” Mr. Forsman said. “They’ve put their tails on the line and protected those who couldn’t protect themselves. And now it’s time to move on.”

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Saudi Aramco Sells Oil Pipeline Stake for $12.4 Billion

BJ’s Wholesale Club, died unexpectedly on Thursday of “presumed natural causes,” according to a statement released Friday by the company. He was 49.

“We are shocked and profoundly saddened by the passing of Lee Delaney,” said Christopher J. Baldwin, the company’s executive chairman, said in a statement. “Lee was a brilliant and humble leader who cared deeply for his colleagues, his family and his community.”

Mr. Delaney joined BJ’s in 2016 as executive vice president and chief growth officer. He was promoted to president in 2019 and became chief executive last year. Before joining BJ’s, he was a partner in the Boston office of Bain & Company from 1996 to 2016. Mr. Delaney earned a master’s in business administration from Carnegie Mellon University, and attended the University of Massachusetts, where he pursued a double major in computer science and mathematics.

Mr. Delaney led the company through the unexpected changes in consumer demand spurred by the pandemic, with many customers stockpiling wholesale goods as they hunkered down at home. “2020 was a remarkable, transformative and challenging year that structurally changed our business for the better,” Mr. Delaney said in the company’s last quarterly earnings report.

The BJ’s board appointed Bob Eddy, the chief administrative and financial officer, to serve as the company’s interim chief executive. Mr. Eddy joined the company in 2007 and became the chief financial officer in 2011, adding the job of chief administrative officer in 2018.

“Bob partnered closely with Lee and has played an integral role in transforming and growing BJ’s Wholesale Club,” Mr. Baldwin said. He said that the company would announce decisions about its permanent executive leadership in a “reasonably short timeframe.”

BJ’s, based in Westborough, Mass., operates 221 clubs and 151 BJ’s Gas locations in 17 states.

Revolut’s office in London in 2018. The banking start-up is offering its workers the opportunity to work abroad for up to two months a year.
Credit…Tom Jamieson for The New York Times

Before the pandemic, companies used to lure top talent with lavish perks like subsidized massages, Pilates classes and free gourmet meals. Now, the hottest enticement is permission to work not just from home, but from anywhere — even, say, from the French Alps or a Caribbean island.

Revolut, a banking start-up based in London, said Thursday that it would allow its more than 2,000 employees to work abroad for up to two months a year in response to requests to visit overseas family for longer periods.

“Our employees asked for flexibility, and that’s what we’re giving them as part of our ongoing focus on employee experience and choice,” said Jim MacDougall, Revolut’s vice president of human resources.

Georgia Pacquette-Bramble, a communications manager for Revolut, said she was planning to trade the winter in London for Spain or somewhere in the Caribbean. Other colleagues have talked about spending time with family abroad.

Revolut has been valued at $5.5 billion, making it one of Europe’s most valuable financial technology firms. It joins a number of companies that will allow more flexible working arrangements to continue after the pandemic ends. JPMorgan Chase, Salesforce, Ford Motor and Target have said they are giving up office space as they expect workers to spend less time in the office, and Spotify has told employees they can work from anywhere.

Not all companies, however, are shifting away from the office. Tech companies, including Amazon, Facebook, Google and Apple, have added office space in New York over the last year. Amazon told employees it would “return to an office-centric culture as our baseline.”

Dr. Dan Wang, an associate professor at Columbia Business School, said he did not expect office-centric companies to lose top talent to companies that allow flexible working, in part because many employees prefer to work from the office.

Furthermore, when employees are not in the same space, there are fewer spontaneous interactions, and spontaneity is critical for developing ideas and collaborating, Dr. Wang said.

“There is a cost,” he said. “Yes, we can interact via email, via Slack, via Zoom — we’ve all gotten used to that. But part of it is that we’ve lowered our expectations for what social interaction actually entails.”

Revolut said it studied tax laws and regulations before introducing its policy, and that each request to work from abroad was subject to an internal review and approval process. But for some companies looking to put a similar policy in place, a hefty tax bill, or at least a complicated tax return, could be a drawback.

After its initial public offering imploded, WeWork went public through a SPAC deal.
Credit…Kate Munsch/Reuters

After weeks of wading into the debate over how to regulate SPACS, the popular blank-check deals that provide companies a back door to public markets, the Securities and Exchange Commission is sending its first shot across the bow.

John Coates, the acting director of the corporate finance division at the S.E.C., issued a lengthy statement on Thursday about how securities laws apply to blank-check firms, the DealBook newsletter reports.

“With the unprecedented surge has come unprecedented scrutiny,” Mr. Coates wrote of the recent boom in blank-check deals.

In particular, he is interested in a crucial (and controversial) difference between SPACs and traditional initial public offerings: blank-check firms are allowed to publish often-rosy financial forecasts when merging with an acquisition target, while companies going public in an I.P.O. are not. Regulators consider such forecasts too risky for firms as yet untested by the public markets.

Investors raise money for SPACs via an I.P.O. of a shell company, and those funds are used within two years to merge with an unspecified company, which then also becomes a publicly traded company. Because the deal is technically a merger, it’s given the same “safe harbor” legal protections for its financial forecasts as a typical M.& A. deal. And that’s why there are flying-taxi companies with little revenue going public via a SPAC while promising billions in sales far in the future.

The S.E.C. thinks allowing financial forecasts for these deals might be a problem. They can be “untested, speculative, misleading or even fraudulent,” Mr. Coates wrote. And he concludes his statement by suggesting a major rethink of how the “full panoply” of securities laws applies to SPACs, which could upend the blank-check business model.

If the S.E.C. does not treat SPAC deals as the I.P.Os they effectively are, he writes, “potentially problematic forward-looking information may be disseminated without appropriate safeguards.”

The letter serves as a warning, but perhaps not much else — yet. Unless the S.E.C. issues new rules (as it did for penny stocks) or Congress passes legislation, SPAC projections will continue. But this strongly worded statement could moderate or even mute them.

“The S.E.C. has now put them on notice,” Lynn Turner, a former chief accountant of the agency, said.


Amazon Warehouse Unionization Votes

Either side needed 1,521 votes to win.

A total of 505 ballots were challenged; 76 were void.·Source: National Labor Relations Board

Amazon beat back the unionization drive at its warehouse in Bessemer, Ala., the counting of ballots in the closely watched effort showed on Friday.

A total of 738 workers voted “Yes” to unionize and 1,798 voted “No.” There were 76 ballots marked as void and 505 votes were challenged, according to the National Labor Relations Board. The union leading the drive to organize, the Retail, Wholesale and Department Store Union, said most of the challenges were from Amazon.

About 50 percent of the 5,805 eligible voters at the warehouse cast ballots in the election. Either side needed to receive more than 50 percent of all cast ballots to prevail.

The ballots were counted in random order in the National Labor Relations Board’s office in Birmingham, Ala., and the process was broadcast via Zoom to more than 200 journalists, lawyers and other observers.

The voting was conducted by mail from early February until the end of last month. A handful of workers from the labor board called out the results of each vote — “Yes” for a union or “No” — for nearly four hours on Thursday.

Sophia June and Miles McKinley contributed to this report.

A screenshot of a “vax cards” page on Facebook. 

Online stores offering counterfeit or stolen vaccine cards have mushroomed in recent weeks, according to Saoud Khalifah, the founder of FakeSpot, which offers tools to detect fake listings and reviews online.

The efforts are far from hidden, with Facebook pages named “vax-cards” and eBay listings with “blank vaccine cards” openly hawking the items, Sheera Frenkel reports for The New York Times.

Last week, 45 state attorneys general banded together to call on Twitter, Shopify and eBay to stop the sale of false and stolen vaccine cards.

Facebook, Twitter, eBay, Shopify and Etsy said that the sale of fake vaccine cards violated their rules and that they were removing posts that advertised the items.

The Centers for Disease Control and Prevention introduced the vaccination cards in December, describing them as the “simplest” way to keep track of Covid-19 shots. By January, sales of false vaccine cards started picking up, Mr. Khalifah said. Many people found the cards were easy to forge from samples available online. Authentic cards were also stolen by pharmacists from their workplaces and put up for sale, he said.

Many people who bought the cards were opposed to the Covid-19 vaccines, Mr. Khalifah said. In some anti-vaccine groups on Facebook, people have publicly boasted about getting the cards.

Other buyers want to use the cards to trick pharmacists into giving them a vaccine, Mr. Khalifah said. Because some of the vaccines are two-shot regimens, people can enter a false date for a first inoculation on the card, which makes it appear as if they need a second dose soon. Some pharmacies and state vaccination sites have prioritized people due for their second shots.

An empty conference room in New York, which is among the cities with the lowest rate of workers returning to offices.
Credit…George Etheredge for The New York Times

In only a year, the market value of office towers in Manhattan has plummeted 25 percent, according to city projections released on Wednesday.

Across the country, the vacancy rate for office buildings in city centers has steadily climbed over the past year to reach 16.4 percent, according to Cushman & Wakefield, the highest in about a decade. That number could climb further if companies keep giving up office space because of hybrid or fully remote work, Peter Eavis and Matthew Haag report for The New York Times.

So far, landlords like Boston Properties and SL Green have not suffered huge financial losses, having survived the past year by collecting rent from tenants locked into long leases — the average contract for office space runs about seven years.

But as leases come up for renewal, property owners could be left with scores of empty floors. At the same time, many new office buildings are under construction — 124 million square feet nationwide, or enough for roughly 700,000 workers. Those changes could drive down rents, which were touching new highs before the pandemic. And rents help determine assessments that are the basis for property tax bills.

Many big employers have already given notice to the owners of some prestigious buildings that they are leaving when their leases end. JPMorgan Chase, Ford Motor, Salesforce, Target and more are giving up expensive office space and others are considering doing so.

The stock prices of the big landlords, which are often structured as real estate investment trusts that pass almost all of their profit to investors, trade well below their previous highs. Shares of Boston Properties, one of the largest office landlords, are down 29 percent from the prepandemic high. SL Green, a major New York landlord, is 26 percent lower.

President Biden and Vice President Kamala Harris during a White House appearance on Thursday.
Credit…Amr Alfiky/The New York Times

President Biden proposed a vast expansion of federal spending on Friday, calling for a 16 percent increase in domestic programs as he tries to harness the government’s power to reverse what officials called a decade of underinvestment in the nation’s most pressing issues.

The proposed $1.52 trillion in spending on discretionary programs would significantly bolster education, health research and fighting climate change. It comes on top of Mr. Biden’s $1.9 trillion stimulus package and a separate plan to spend $2.3 trillion on the nation’s infrastructure.

Mr. Biden’s first spending request to Congress showcases his belief that expanding, not shrinking, the federal government is crucial to economic growth and prosperity. It would direct billions of dollars toward reducing inequities in housing and education, as well as making sure every government agency puts climate change at the front of its agenda.

It does not include tax proposals, economic projections or so-called mandatory programs like Social Security, which will all be included in a formal budget request the White House will release this spring.

Among its major new spending initiatives, the plan would dedicate an additional $20 billion to help schools that serve low-income children and provide more money to students who have experienced racial or economic barriers to higher education. It would create a multi-billion-dollar program for researching diseases like cancer and add $14 billion to fight and adapt to the damages of climate change.

It would also seek to lift the economies of Central American countries, where rampant poverty, corruption and devastating hurricanes have fueled migration toward the southwestern border and a variety of initiatives to address homelessness and housing affordability, including on tribal lands. And it asks for an increase of about 2 percent in spending on national defense.

The request represents a sharp break with the policies of President Donald J. Trump, whose budget proposals prioritized military spending and border security, while seeking to cut funding in areas like environmental protection.

All told, the proposal calls for a $118 billion increase in discretionary spending in the 2022 fiscal year, when compared with the base spending allocations this year. It seeks to capitalize on the expiration of a decade of caps on spending growth, which lawmakers agreed to in 2010 but frequently breached in subsequent years.

Administration officials would not specify on Friday whether that increase would result in higher federal deficits in their coming budget proposal, but promised its full budget would “address the overlapping challenges we face in a fiscally and economically responsible way.”

As part of that effort, the request seeks $1 billion in new funding for the Internal Revenue Service to enforce tax laws, including “increased oversight of high-income and corporate tax returns.” That is clearly aimed at raising tax receipts by cracking down on tax avoidance by companies and the wealthy.

Officials said the proposals did not reflect the spending called for in Mr. Biden’s infrastructure plan, which he introduced last week, or for a second plan he has yet to roll out, which will focus on what officials call “human infrastructure” like education and child care.

Congress, which is responsible for approving government spending, is under no requirement to adhere to White House requests. In recent years, lawmakers rejected many of the Trump administration’s efforts to gut domestic programs.

But Mr. Biden’s plan, while incomplete as a budget, could provide a blueprint for Democrats who narrowly control the House and Senate and are anxious to reassert their spending priorities after four years of a Republican White House.

Part of Saudi Aramco’s giant Ras Tanura oil terminal. The company said it would raise $12.4 billion from selling a minority stake in its oil pipeline business.
Credit…Ahmed Jadallah/Reuters

Saudi Aramco, the national oil company of Saudi Arabia, has reached a deal to raise $12.4 billion from the sale of a 49 percent stake in a pipeline-rights company.

The money will come from a consortium led by EIG Global Energy Partners, a Washington-based investor in pipelines and other energy infrastructure.

Under the arrangement announced on Friday, the investor group will buy 49 percent of a new company called Aramco Oil Pipelines, which will have the rights to 25 years of payments from Aramco for transporting oil through Saudi Arabia’s pipeline networks.

Aramco is under pressure from its main owner, the Saudi government, to generate cash to finance state operations as well as investments like new cities to diversify the economy away from oil.

The company has pledged to pay $75 billion in annual dividends, nearly all to the government, as well as other taxes.

Last year, the dividends came to well in excess of the company’s net income of $49 billion. Recently, Aramco was tapped by Crown Prince Mohammed bin Salman, the kingdom’s main policymaker, to lead a new domestic investment drive to build up the Saudi economy.

The pipeline sale “reinforces Aramco’s role as a catalyst for attracting significant foreign investment into the Kingdom,” Aramco said in a statement.

From Saudi Arabia’s perspective, the deal has the virtue of raising money up front without giving up control. Aramco will own a 51 percent majority share in the pipeline company and “retain full ownership and operational control” of the pipes the company said.

Aramco said Saudi Arabia would retain control over how much oil the company produces.

Abu Dhabi, Saudi Arabia’s oil-rich neighbor, has struck similar oil and gas deals with outside investors.

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Biden’s Corporate Tax Proposal Could Raise Trillions

The Biden administration has unveiled its corporate tax overhaul, intended to raise $2.5 trillion over 15 years to pay for an infrastructure program. “Debate is welcome. Compromise is inevitable. Changes are certain,” President Biden said, but he stressed that “inaction is not an option.”

“America’s corporate tax system has long been broken,” the Treasury secretary Janet Yellen wrote in a Wall Street Journal op-ed coinciding with the plan’s release. In addition to raising the headline corporate tax rate, the administration’s proposal takes aim at companies that shift profits abroad, especially to low-tax havens like Bermuda or Ireland. Some of the changes could be enacted by regulation, but things like raising the corporate tax rate will need the approval of Congress.

What’s in the plan? Here are the main provisions:

  • Raise the corporate tax rate to 28 percent. The increase from 21 percent would put the U.S. more in line with other big countries and, the administration says, lift corporate tax receipts that have fallen to their lowest levels as a share of the economy since World War II.

global minimum tax rate by midyear, but previous efforts have faltered when it came to nailing down the details.

  • Punish companies that headquarter in low-tax countries. A provision in the plan would target “inversions,” where American companies merge with a foreign entity in order to move headquarters to a low-tax country.

  • Replace fossil-fuel tax subsidies with clean-energy incentives. Previous attempts to eliminate subsidies on oil and gas met with stiff industry and congressional opposition.

  • Beef up the I.R.S. The agency’s enforcement budget has fallen by 25 percent over the past decade, and the proposal would bolster the budget for experts in complex corporate litigation.

What effect would it have? A Wharton School budget model concluded that the corporate tax rate increase would “not meaningfully affect the normal return on investment,” but when combined with the proposed minimum tax on book income, business investment would fall somewhat. All told, by 2050 the tax provisions would reduce government debt by more than 11 percent from the current baseline, but also reduce G.D.P. by 0.5 percent over that period.

“I’m actually OK at 28 percent.”

For more on this, see our sister newsletter, The Morning: “Corporate Taxes Are Wealth Taxes

The counting of votes in the Amazon union drive begins soon. The union seeking to represent workers at a warehouse in Alabama said that 3,215 ballots were cast, representing 55 percent of eligible workers. The hand count of the ballots will begin either later today or tomorrow.

Britain curbs the use of AstraZeneca’s vaccine for people under 30. The decision came as regulators increasingly suspect a link between the shot and rare blood clots. While Britain has enough vaccines from other makers to avoid a slowdown in its inoculation efforts, the concerns may dent vaccination efforts in developing countries.

Senator Mitch McConnell walks back his comments on companies and politics, sort of. The minority leader conceded that his criticism of companies for speaking out against voting restrictions was not spoken “artfully.” (Democrats noted that Republicans have benefited from corporate donations.) “They are certainly entitled to be involved in politics,” Mr. McConnell said.

Tencent’s biggest shareholder sells a slice of its holdings for $14.7 billion. Prosus, the Europe-based tech investor, sold 2 percent of its stake in the Chinese tech giant in the biggest-ever block trade (breaking its own record). Prosus still owns a 29 percent stake in the company.

hadn’t told top executives or his board of the arrangement. He is accused of having the gun-rights group file for Chapter 11 to stymie an investigation by New York State’s attorney general.

Many parts of the economy have held up during the pandemic — but corporate real estate isn’t one of them. Landlords and cities are worried that remote working will irreversibly sap demand for office space, The Times’s Peter Eavis and Matthew Haag report.

The numbers are grim for landlords. The national office vacancy rate in city centers has hit 16.4 percent, according to Cushman & Wakefield, a decade-long high. In Manhattan alone, over 17 percent of all office space is available, the most in over 30 years. And rents on existing space could also face pressure from new buildings coming online, representing 124 million square feet.

Some are staying hopeful. Landlords like Boston Properties and SL Green haven’t suffered big financial losses from the pandemic, thanks to many tenants being locked into long leases. They’re also betting many companies want their workers to meet in person to better collaborate and train younger employees.

The final damage won’t be known for some time. Companies are still trying to figure out their real estate needs, based on their work policies: While Amazon expects a return to an “office-centric culture,” JPMorgan Chase’s Jamie Dimon said that the bank may need only 60 seats for every 100 employees after the pandemic.


— Peter Thiel, the tech investor, on how cryptocurrency threatens the U.S. dollar. “China wants to do things to weaken it, so China’s long Bitcoin,” he added.

Florida and Texas banned them. Airlines, universities, event venues and other businesses are also testing various methods of vaccine verification. The starkly different approaches reflect a wider national and global debate on proof of health in the pandemic era.

“There are a lot of ways it could be done badly,” Jay Stanley of the American Civil Liberties Union told DealBook, but he suggested a “narrow path” to a certification system that could work. The ideal system would be paper-based with a digital supplement, Mr. Stanley argues, so that people who lack access to technology aren’t disadvantaged. Encrypted data would be stored on a decentralized network, protected with a public key for vaccine providers and private keys for users to ensure privacy. Fairness also demands a standardized approach, rather than the current variety of systems, which could result in “a mess for civil liberties, equity and privacy,” he said.

The Biden administration has said it won’t mandate vaccine passports, a point it reiterated this week, but it is working on standards the private sector can adopt. New York partnered with IBM on the state’s opt-in Excelsior Pass, which allows access to restricted activities and venues.

The certificates can raise a slew of social and legal issues, depending on who is asking for proof of vaccination and why, according to the Stanford law professor David Studdert. Government mandates trigger more concerns than opt-in programs, he noted, and companies will have different considerations if they seek certification from customers or workers. Given all the variations, he said, “within reason” the market should decide what works, and officials should avoid both mandates and bans: “Different communities and employers have a different tolerance for risk.”

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Amazon Union Votes Continue to Be Tallied: Live Updates

Unofficial Tally of Amazon Warehouse Unionization Votes 1,608 yes votes are needed for the union to win today. The New York Times·As of 7:19 p.m. Hundreds of ballots have been contested, which could delay either side from reaching the threshold. One ballot was marked as void. The ballots were being counted in random order in the National Labor Relations Board’s office in Birmingham, Ala., and the process was broadcast via Zoom to more than 200 journalists, lawyers and other observers.The voting was conducted by mail from early February until the end of last month. A handful of workers from the labor board called out the results of each vote “Yes” for a union or “No” for nearly four hours on Thursday.Amazon and the union had spent more than a week in closed sessions, reviewing the eligibility of each ballot cast with the labor board, the federal agency that conducts union elections. The union said several hundred ballots had been contested, largely by Amazon, and those ballots were set aside to be adjudicated and counted only if they were vital to determining an outcome. If Amazon’s large margin holds steady throughout the count, the contested ballots are likely to be moot.The incomplete tally put Amazon on the cusp of defeating the most serious organized-labor threat in the company’s history. Running a prominent campaign since the fall, the Retail, Wholesale and Department Store Union aimed to establish the first union at an Amazon warehouse in the United States. The result will have major implications not only for Amazon but also for organized labor and its allies.

Labor organizers have tapped into dissatisfaction with working conditions in the warehouse, saying Amazon’s pursuit of efficiency and profits makes the conditions harsh for workers. The company counters that its starting wage of $15 an hour exceeds what other employers in the area pay, and it has urged workers to vote against unionizing.

Amazon has always fought against unionizing by its workers. But the vote in Alabama comes at a perilous moment for the company. Lawmakers and regulators — not competitors — are some of its greatest threats, and it has spent significant time and money trying to keep the government away from its business.

The union drive has had the retailer doing a political balancing act: staying on the good side of Washington’s Democratic leaders while squashing an organizing effort that President Biden has signaled he supported.

Labor leaders and liberal Democrats have seized on the union drive, saying it shows how Amazon is not as friendly to workers as the company says it is. Some of the company’s critics are also using its resistance to the union push to argue that Amazon should not be trusted on other issues, like climate change and the federal minimum wage.

Sophia June contributed to this report.

Revolut’s office in London in 2018. The banking start-up is offering its workers the opportunity to work abroad for up to two months a year.
Credit…Tom Jamieson for The New York Times

Before the pandemic, companies used to lure top talent with lavish perks like subsidized massages, Pilates classes and free gourmet meals. Now, the hottest enticement is permission to work not just from home, but from anywhere — even, say, from the French Alps or a Caribbean island.

Revolut, a banking start-up based in London, said Thursday that it would allow its more than 2,000 employees to work abroad for up to two months a year in response to requests to visit overseas family for longer periods.

“Our employees asked for flexibility, and that’s what we’re giving them as part of our ongoing focus on employee experience and choice,” said Jim MacDougall, Revolut’s vice president of human resources.

Georgia Pacquette-Bramble, a communications manager for Revolut, said she was planning to trade the winter in London for Spain or somewhere in the Caribbean. Other colleagues have talked about spending time with family abroad.

Revolut has been valued at $5.5 billion, making it one of Europe’s most valuable financial technology firms. It joins a number of companies that will allow more flexible working arrangements to continue after the pandemic ends. JPMorgan Chase, Salesforce, Ford Motor and Target have said they are giving up office space as they expect workers to spend less time in the office, and Spotify has told employees they can work from anywhere.

Not all companies, however, are shifting away from the office. Tech companies, including Amazon, Facebook, Google and Apple, have added office space in New York over the last year. Amazon told employees it would “return to an office-centric culture as our baseline.”

Dr. Dan Wang, an associate professor at Columbia Business School, said he did not expect office-centric companies to lose top talent to companies that allow flexible working, in part because many employees prefer to work from the office.

Furthermore, when employees are not in the same space, there are fewer spontaneous interactions, and spontaneity is critical for developing ideas and collaborating, Dr. Wang said.

“There is a cost,” he said. “Yes, we can interact via email, via Slack, via Zoom — we’ve all gotten used to that. But part of it is that we’ve lowered our expectations for what social interaction actually entails.”

Revolut said it studied tax laws and regulations before introducing its policy, and that each request to work from abroad was subject to an internal review and approval process. But for some companies looking to put a similar policy in place, a hefty tax bill, or at least a complicated tax return, could be a drawback.

A screenshot of a “vax cards” page on Facebook. 

Online stores offering counterfeit or stolen vaccine cards have mushroomed in recent weeks, according to Saoud Khalifah, the founder of FakeSpot, which offers tools to detect fake listings and reviews online.

The efforts are far from hidden, with Facebook pages named “vax-cards” and eBay listings with “blank vaccine cards” openly hawking the items, Sheera Frenkel reports for The New York Times.

Last week, 45 state attorneys general banded together to call on Twitter, Shopify and eBay to stop the sale of false and stolen vaccine cards.

Facebook, Twitter, eBay, Shopify and Etsy said that the sale of fake vaccine cards violated their rules and that they were removing posts that advertised the items.

The Centers for Disease Control and Prevention introduced the vaccination cards in December, describing them as the “simplest” way to keep track of Covid-19 shots. By January, sales of false vaccine cards started picking up, Mr. Khalifah said. Many people found the cards were easy to forge from samples available online. Authentic cards were also stolen by pharmacists from their workplaces and put up for sale, he said.

Many people who bought the cards were opposed to the Covid-19 vaccines, Mr. Khalifah said. In some anti-vaccine groups on Facebook, people have publicly boasted about getting the cards.

Other buyers want to use the cards to trick pharmacists into giving them a vaccine, Mr. Khalifah said. Because some of the vaccines are two-shot regimens, people can enter a false date for a first inoculation on the card, which makes it appear as if they need a second dose soon. Some pharmacies and state vaccination sites have prioritized people due for their second shots.

An empty conference room in New York, which is among the cities with the lowest rate of workers returning to offices.
Credit…George Etheredge for The New York Times

In only a year, the market value of office towers in Manhattan has plummeted 25 percent, according to city projections released on Wednesday.

Across the country, the vacancy rate for office buildings in city centers has steadily climbed over the past year to reach 16.4 percent, according to Cushman & Wakefield, the highest in about a decade. That number could climb further if companies keep giving up office space because of hybrid or fully remote work, Peter Eavis and Matthew Haag report for The New York Times.

So far, landlords like Boston Properties and SL Green have not suffered huge financial losses, having survived the past year by collecting rent from tenants locked into long leases — the average contract for office space runs about seven years.

But as leases come up for renewal, property owners could be left with scores of empty floors. At the same time, many new office buildings are under construction — 124 million square feet nationwide, or enough for roughly 700,000 workers. Those changes could drive down rents, which were touching new highs before the pandemic. And rents help determine assessments that are the basis for property tax bills.

Many big employers have already given notice to the owners of some prestigious buildings that they are leaving when their leases end. JPMorgan Chase, Ford Motor, Salesforce, Target and more are giving up expensive office space and others are considering doing so.

The stock prices of the big landlords, which are often structured as real estate investment trusts that pass almost all of their profit to investors, trade well below their previous highs. Shares of Boston Properties, one of the largest office landlords, are down 29 percent from the prepandemic high. SL Green, a major New York landlord, is 26 percent lower.

A closed restaurant and pastry store in Tucson, Ariz. The Fed chair, Jerome Powell, said the economic recovery from the pandemic has been “uneven and incomplete.”
Credit…Rebecca Noble for The New York Times

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