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.

  • Stocks on Wall Street climbed further into record territory on Friday: The S&P 500 index rose 0.8 percent, bringing its gain for the week to 2.7 percent.

  • Shares of Amazon rose 2.2 percent after the company prevailed against a unionization drive at a warehouse in Alabama.

  • The relatively steady gains in the stock market have sent the VIX index, a measure of volatility, to its lowest level since February 2020. The index was below 17 points on Friday. In mid-March, as the pandemic shut down parts of the global economy, the VIX had spiked above 80.

  • The yield on 10-year Treasury notes jumped 4 basis points, or 0.04 percentage point, to 1.66 percent. The yield on 10-year government bonds rose across Europe, too.

  • On Thursday, Federal Reserve chair, Jerome Powell, reiterated his intention to keep supporting the economic recovery The rollout of vaccinations meant the United States economy could probably reopen soon, but the recovery was still “uneven and incomplete,” Mr. Powell said at the International Monetary Fund annual conference.

  • European stock indexes were mixed on Friday, though the Stoxx Europe 600 notched its sixth straight week of gains. The DAX index in Germany rose 0.2 percent after data showed an unexpected drop in industrial production. The FTSE 100 in London fell 0.4 percent.

  • Oil prices fell slightly with futures of West Texas Intermediate, the U.S. crude benchmark, 0.4 percent lower to $59.38 a barrel.

  • Just months after returning to the skies, Boeing’s troubled 737 Max jet is facing another setback. Boeing said Friday that it had notified 16 airlines and other customers of a potential electrical problem with the Max and recommended that they temporarily stop flying some planes. The company refused to say how many planes were affected, but four U.S. airlines said they would stop using nearly 70 Max jets. Boeing would not say how long the planes would be sidelined. The statement comes just months after companies resumed flying the jet, which had been grounded for nearly two years because of a pair of accidents that killed nearly 350 people.

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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Amazon Workers Defeat Union Effort in Alabama

The vote could lead to a rethinking of strategy inside the labor movement.

For years, union organizers have tried to leverage growing concerns about low-wage workers to break into Amazon. The Retail, Wholesale and Department Store Union had organized around critical themes of supporting Black essential workers in the pandemic. The union had estimated that 85 percent of the workers at the Bessemer warehouse were Black.

The inability to organize the warehouse also follows decades of unsuccessful and costly attempts to form unions at Walmart, the only American company that employs more people than Amazon. The repeated failures at two huge companies may push labor organizers to focus more on backing national policies, such as a higher federal minimum wage, than unionizing individual workplaces.

Democrats in Washington, who put their full weight behind the union effort, said the loss showed that they needed to push for changes to labor and antitrust laws. The House of Representatives passed an expansion of worker protections this year, but it is unlikely to be approved in the Senate.

“Workers cannot organize to scale in America absent labor law reform, full stop,” Representative Andy Levin of Michigan, who had visited Bessemer, said in an interview.

The Amazon warehouse, on the outskirts of Birmingham, opened a year ago, just as the pandemic took hold. It was part of a major expansion at the company that accelerated during the pandemic. Last year, Amazon grew by more than 400,000 employees in the United States, where it now has almost a million workers. Warehouse workers typically assemble and box up orders of items for customers.

The unionization effort came together quickly, especially for one aimed at such a large target. A small group of workers at the building in Bessemer approached the local branch of the retail workers’ union last summer. They were frustrated with how Amazon constantly monitored every second of their workday through technology and felt that their managers were not willing to listen to their complaints.

Organizers appeared to have strong support early on, getting at least 2,000 workers to sign cards saying they wanted an election, enough for the National Labor Relations Board, which conducts union elections, to approve a vote.

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Follow Live Amazon Union Vote Results

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.

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Jamie Dimon Sees a Boom Coming

The annual letter to shareholders by JPMorgan Chase’s chief Jamie Dimon was just published. The widely read letter is not just an overview of the bank’s business but also covers Mr. Dimon’s thoughts on everything from leadership lessons to public policy prescriptions.

“The U.S. economy will likely boom.” A combination of excess savings, deficit spending, a potential infrastructure bill, vaccinations and “euphoria around the end of the pandemic,” Mr. Dimon wrote, may create a boom that “could easily run into 2023.” That could justify high equity valuations, but not the price of U.S. debt, given the “huge supply” soon to hit the market. There is a chance that a rise in inflation would be “more than temporary,” he wrote, forcing the Fed to raise interest rates aggressively. “Rapidly raising rates to offset an overheating economy is a typical cause of a recession,” he wrote, but he hopes for “the Goldilocks scenario” of fast growth, gently increasing inflation and a measured rise in interest rates.

“Banks are playing an increasingly smaller role in the financial system.” Mr. Dimon cited competition from an already large shadow banking system and fintech companies, as well as “Amazon, Apple, Facebook, Google and now Walmart.” He argued those nonbank competitors should be more strictly regulated; their growth has “partially been made possible” by avoiding banking rules, he wrote. And when it comes to tougher regulation of big banks, he wrote, “the cost to the economy of having fail-safe banks may not be worth it.”

“China’s leaders believe that America is in decline.” While the U.S. has faced tough times before, today “the Chinese see an America that is losing ground in technology, infrastructure and education — a nation torn and crippled by politics, as well as racial and income inequality — and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals,” he wrote. “Unfortunately, recently, there is a lot of truth to this.”

a leveraged buyout offer from the private equity firm CVC Capital, sending its shares to a four-year high. Toshiba has had a series of scandals, and faces pressure from activist investors.

raising the corporate rate to help pay for President Biden’s infrastructure plans — though he didn’t mention the White House’s proposed rate, 28 percent. Other corporate chiefs are privately criticizing the potential tax rise.

The company behind the Johnson & Johnson vaccine mix-up has a history of errors. Emergent BioSolutions, which the U.S. relied on to produce doses by J.&J. and AstraZeneca, had a made manufacturing errors before. Experts worry this may leave some Americans more wary of getting vaccinated, even as Mr. Biden has moved up the eligibility deadline for U.S. inoculations.

An electric aircraft maker sues a rival for intellectual property theft. Wisk, which is backed by Boeing and the Google founder Larry Page, said that former employees downloaded confidential information before joining Archer, a competitor. Archer, which is going public by merging with a SPAC run by Moelis & Company and which counts United Airlines as an investor, denied wrongdoing and said it was cooperating with a government investigation.

A blistering start for venture capital in 2021. Start-ups set a fund-raising quarterly record in the first three months of the year, raising more than $62 billion, according to the MoneyTree report from PwC and CB Insights. That’s more than twice the total a year earlier and represents nearly half of what start-ups raised in all of 2020.

Voting in the union election at an Amazon warehouse in Bessemer, Ala., ended on March 29, and counting began the next day, but the outcome is still unknown. What’s going on? It’s less about the number of ballots than how they’re counted.

The stakes are high, for both Amazon and the labor movement. Progressive leaders like Bernie Sanders have argued a victory for the union, the first at an Amazon facility in the U.S., could inspire workers elsewhere to unionize. And Amazon is facing increased scrutiny for its market power and labor practices.

a painstaking process:

  • Once Amazon and the union have gone back and forth over disputed voters, the N.L.R.B. counts the uncontested ballots anonymously and by hand, on a video conference open to reporters. This could start today.


— Kristalina Georgieva, the managing director of the I.M.F., on how the uneven rollout of vaccines poses a threat to the global economic recovery.


After the 2008 financial crisis, Credit Suisse emerged battered by high-risk bets and promised to do better. A series of recent scandals suggests it hasn’t, The Times’s Jack Ewing writes.

A recap of the Swiss bank’s troubles over the past year or so:

  • A spying scandal that led to the ouster of Tidjane Thiam as C.E.O.

  • Ties to Greensill Capital, the SoftBank-backed lender that has filed for insolvency and will lead to losses at the Swiss bank.

  • Its involvement with Archegos, whose hugely leveraged stock bets went south, saddling the bank with a big hit.

30-day comment period on to-be-drafted regulations that would make it harder to obscure who controls a company. Among the details to be worked out are what entities should report and when; how to collect, protect and update information for a database; and the criteria for sharing with law enforcement.

“We could not be more excited,” Kenneth Blanco, the director of the Treasury’s Financial Criminal Enforcement Network (FinCEN), told bankers recently. The U.S. has been under pressure to address its vulnerability to money laundering and financial crimes:

New rules could make forming small businesses, special purpose vehicles and other closely held entities “significantly” more burdensome, said Steve Ganis of Mintz, an expert in anti-money laundering regulation. “FinCEN’s new regime will make things much more complicated for start-ups, where control and ownership are highly fluid,” he said. Public companies and many larger businesses would be exempt because they already face stricter scrutiny.

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Amazon Illegally Fired Activist Workers, Labor Board Finds

SEATTLE — Amazon illegally retaliated against two of its most prominent internal critics when it fired them last year, the National Labor Relations Board has determined.

The employees, Emily Cunningham and Maren Costa, had publicly pushed the company to reduce its impact on climate change and address concerns about its warehouse workers.

The agency told Ms. Cunningham and Ms. Costa that it would accuse Amazon of unfair labor practices if the company did not settle the case, according to correspondence that Ms. Cunningham shared with The New York Times.

“It’s a moral victory and really shows that we are on the right side of history and the right side of the law,” Ms. Cunningham said.

the agency told NBC News. The agency typically handles investigations in its regional offices.

While Amazon’s starting wage of $15 an hour is twice the federal minimum, its labor practices face heightened scrutiny in Washington and elsewhere. The focus has escalated in the past year, as online orders surged during the pandemic and Amazon expanded its U.S. work force to almost one million people. Amazon’s warehouse employees are deemed essential workers and could not work from home.

This week, the national labor board is counting thousands of ballots that will determine whether almost 6,000 workers will form a union at an Amazon warehouse outside Birmingham, Ala., in the largest and most viable labor threat in the company’s history. The union has said the workers face excessive pressure to produce and are intensely monitored by the company to make sure quotas are met.

wanted the company to do more to address its climate impact. The group, Amazon Employees for Climate Justice, got more than 8,700 colleagues to support its efforts.

Over time, Ms. Cunningham and Ms. Costa broadened their protests. After Amazon told them that they had violated its external communications policy by speaking publicly about the business, their group organized 400 employees to also speak out, purposely violating the policy to make a point.

They also began raising concerns about safety in Amazon’s warehouses at the start of the pandemic. Amazon fired Ms. Costa and Ms. Cunningham last April, not long after their group had announced an internal event for warehouse workers to speak to tech employees about their workplace conditions.

After the women were fired, several Democratic senators, including Elizabeth Warren of Massachusetts and Kamala Harris of California, wrote Amazon expressing their concerns over potential retaliation. And Tim Bray, an internet pioneer and a former vice president at Amazon’s cloud computing group, resigned in protest.

Mr. Bray said he was pleased to hear of the labor board’s findings and hoped Amazon settled the case. “The policy up to now has been ‘admit nothing, concede nothing,’” he said. “This is their chance to rethink that a little bit.”

Ms. Cunningham said that, despite the company’s denial, she believed that she and Ms. Costa were prime targets for Amazon because they were the most visible members of Amazon Employees for Climate Justice.

The labor board also upheld a complaint involving Jonathan Bailey, a co-founder of Amazonians United, a labor advocacy group. The agency filed a complaint against Amazon based on Mr. Bailey’s accusation that the company broke the law when it interrogated him after a walkout last year at the Queens warehouse where he works.

“They recognized that Amazon violated our rights,” Mr. Bailey said. “I think the message that it communicates that workers should hear and understand is, yes, we’re all experiencing it. But also a lot of us are fighting.”

Amazon settled Mr. Bailey’s case, without admitting wrongdoing, and agreed to post notices informing employees of their rights in the break room. Ms. Anderson, the Amazon spokeswoman, said the company disagreed with allegations made in Mr. Bailey’s case. “We are proud to provide inclusive environments, where employees can excel without fear of retaliation, intimidation or harassment,” she said.

Kate Conger contributed reporting.

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The Amazon union vote: What happens next.

The counting of votes that will determine whether a union can form at an Amazon warehouse in Bessemer, Ala., begins Tuesday. But the results of the union election, one of the most consequential in recent memory, may not be known until later this week or early next week because the vote can often involve a painstaking process that will be closely scrutinized by representatives from the union and Amazon.

The ballots, which were mailed out to workers in early February, must be signed and had to be received by the National Labor Relations Board at its Birmingham office by the end of Monday.

First, a staff member at the labor board will read the names of the workers, without opening an inner envelope with the actual ballot. Representatives from the union and Amazon will be on a private video conference. As each name is read, they will check the workers’ names against a staff list, and if either side contests whether that worker was eligible to vote, that ballot will be set aside. A representative from each side is also expected to be there in person to observe the process.

After the two sides have had the opportunity to make their objections about eligibility, the N.L.R.B. will begin counting the uncontested ballots. After every 100 votes, the labor board will count those ballots again until all the votes are counted. This portion will be open to reporters on a video conference line.

Retail Warehouse and Department Store union, which has led the organizing drive, and Amazon over the eligibility of each contested ballot. Each side has about a week to make its case before N.L.R.B. certifies the vote.

Either side can contest whether the vote was conducted fairly. The union, for instance, could argue that the company took steps to improperly sway the vote, by potentially making workers fearful of reprisal if they supported organizing.

If the union prevails, workers fear that the company may shut down the warehouse. Amazon has backed away from locations that brought it headaches before.

But the company has committed more than $360 million in leases and equipment for the Bessemer warehouse, and shutting down the vote of a large Black work force could publicly backfire, said Marc Wulfraat, a logistics consultant who closely tracks the company.

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Contentious Union Vote at Amazon Heads to a Count

SEATTLE — By the end of Monday, thousands of yellow envelopes mailed to a squat brick building in Birmingham, Ala., will hold the fate of one of the most closely watched union elections in recent history, one that could alter the shape of the labor movement and one of America’s largest employers.

The envelopes contain the ballots of workers at an Amazon warehouse near Birmingham. Almost 6,000 workers at the building, one of Amazon’s largest, are eligible to decide whether they form the first union at an Amazon operation in the United States, after years of fierce resistance by the company.

The organizers have made the case in a monthslong campaign that Amazon’s intense monitoring of workers infringes on their dignity, and that its pay is not commensurate with the constant pressure workers feel to produce. The union estimates that roughly 85 percent of the work force at the warehouse is Black and has linked the organizing to the struggle for racial justice.

Amazon has countered that its $15 minimum wage is twice the state minimum, and that it offers health insurance and other benefits that can be hard to find in low-wage jobs.

stopped construction on an office tower when Seattle wanted to tax the company, and backed out of plans to build a second headquarters in New York City after facing progressive opposition.

But the company has committed more than $360 million in leases and equipment for the Bessemer warehouse, and shutting down the vote of a large Black work force could publicly backfire, said Marc Wulfraat, a logistics consultant who closely tracks the company.

Regardless of the outcome, Mr. Wulfraat said that the election is a sign Amazon has work to do. “For most companies that end up with labor organizing in some capacity,” he said, “it didn’t come about because they were doing a fantastic job managing people.”

If the union loses, Amazon will lose at least one customer: Michael Render, the rapper who goes by Killer Mike. Appearing alongside Mr. Sanders on Friday, he said, “If that vote does not go through, if these conditions do not improve, I won’t be ordering from Amazon again.”

Sonam Vashi contributed reporting from Bessemer, Ala.

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The Week in Business: A Big Win for Marijuana

Good morning and happy Passover. Here’s what you need to know in business and tech news for the week ahead. — Charlotte Cowles

Credit…Giacomo Bagnara

A giant container ship that ran aground and blocked the Suez Canal in Egypt has created an international boat traffic jam. More than 100 vessels carrying oil and goods destined for ports around the world are now stuck midroute, adding more stress to supply chains already overburdened by the pandemic. Workers digging the stuck ship out of the sludge warned that it may not be movable until next week. The canal provides the most direct shipping passage between Europe and Asia; without it, ships have to circumnavigate Africa, adding significant time, costs and danger to their voyage.

Lawmakers grilled the leaders of Facebook, Google and Twitter for five hours on Thursday about the connection between misinformation spread on their platforms and the Jan. 6 riot at the Capitol. When asked directly, Twitter’s chief executive, Jack Dorsey, admitted publicly for the first time that his product had played a role in the uprising. (More characteristically, both Mark Zuckerberg of Facebook and Sundar Pichai of Google dodged the question.) The executives were also asked about how their companies enable racism and helped to spread falsehoods around Covid-19 vaccines. The hearing concluded with more calls to regulate the tech industry, but it remains to be seen what Congress will actually do.

feeling the chill of Chinese wallets snapping shut. The Chinese government is pushing consumers to boycott those companies after they pledged to stop using cotton produced in the region of Xinjiang, where the Chinese authorities are imprisoning ethnic minorities in detention camps. (The United States and several of its allies also imposed a new round of sanctions on Chinese officials earlier this month, citing human rights abuses that the Chinese government has continued to deny.) It’s unclear whether Beijing’s calls for a boycott will make a serious dent. Previous state-sponsored campaigns against brands like Apple and Starbucks haven’t had much success in deterring Chinese consumers from buying what they want.

Credit…Giacomo Bagnara

New York lawmakers reached a deal to legalize recreational marijuana for adults 21 and over, opening the state to a potential $4.2 billion industry that could create tens of thousands of jobs and become one of the largest markets in the country. The law may be approved as soon as this week, although the first legal sales are probably more than a year away. Once up and running, marijuana commerce is expected to generate millions of dollars in tax revenue for the strapped state. Lawmakers have promised to reinvest a major chunk of that money in minority communities that have been disproportionately punished by drug policing in the past.

Workers at an Amazon warehouse in Bessemer, Ala., will conclude a weekslong vote on Monday on whether to form a union. Notorious for its union-busting tactics (some of which are under legal scrutiny), Amazon has encouraged its workers to vote “no.” It also denied claims of harsh working conditions and lack of coronavirus safety protocols, and pointed out that its starting wage of $15 an hour is significantly higher than what workers could find elsewhere. If the union is approved, it would be a first for Amazon workers in the United States and could embolden labor movements across the country.

President Biden has outlined his next big plan for boosting the economy: a giant infrastructure package. The details are still in flux as administration officials shop around the proposal to members of Congress and industry leaders. But the broad strokes remain consistent with Mr. Biden’s campaign promises to make the economy more equitable, address climate change and bolster America’s manufacturing and technology industries in an escalating competition with China. Who will pay for the plan’s estimated $3 trillion costs? The administration has suggested that it may be financed in part through tax increases on corporations and the rich.

introducing Zoom-free Fridays. Meanwhile, many businesses are offering free or discounted products — including doughnuts, yogurt and beer — to people who can demonstrate that they’ve gotten Covid vaccines. And Elon Musk, the chief executive of Tesla, is in trouble with the National Labor Relations Board, which upheld a ruling that he broke the law by firing a worker involved in union organizing and threatening others if they followed suit.

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Dominion Accuses Fox News of Defamation in a Lawsuit: Live Updates

Smartmatic, another election tech company, filed a $2.7 billion lawsuit against Mr. Murdoch’s Fox Corporation and named several Fox anchors, including Maria Bartiromo and Lou Dobbs, as defendants.

In a 139-page complaint filed in Delaware Superior Court, Dominion’s legal team, led by the prominent defamation firm Clare Locke, portrayed Fox as an active player in spreading falsehoods that Dominion had manipulated vote counts and manipulated its machines to benefit Joseph R. Biden Jr. in the election.

Those claims were false, but they were relentlessly pushed by Mr. Trump’s lawyers, Rudolph Giuliani and Sidney Powell, including during appearances on Fox News programs. In January, Dominion individually sued Mr. Giuliani and Ms. Powell for defamation.

“The truth matters,” Dominion’s lawyers write in the complaint. “Lies have consequences. Fox sold a false story of election fraud in order to serve its own commercial purposes, severely injuring Dominion in the process. If this case does not rise to the level of defamation by a broadcaster, then nothing does.”

Fox News did not immediately respond on Friday to a request for comment.

In February, Fox Corporation filed a motion to dismiss the Smartmatic lawsuit, arguing that the false claims of electoral fraud made on its channels were part of news coverage of a matter of significant public interest. “An attempt by a sitting president to challenge the result of an election is objectively newsworthy,” Fox’s legal team wrote in the motion.

WeWork is merging with BowX Acquisition, a special purpose acquisition company, in a deal that will take the company public.
Credit…Kate Munsch/Reuters

After a failed initial public offering and the near implosion of its business in 2019, WeWork said Friday that it had agreed to a deal that would take the beleaguered co-working company onto the stock market.

Instead of a traditional I.P.O., WeWork is merging with BowX Acquisition, a special purpose acquisition company, in a type of deal that has become hugely popular in recent months.

WeWork leases office space and then effectively sublets it to its members. Its heady expansion was fueled by big investments from SoftBank, the Japanese conglomerate that became WeWork’s largest shareholder and rescued the company in 2019 just as it was about to run out of cash.

WeWork said the deal with BowX gives it an equity value of $7.9 billion, far less than the $40 billion value that investors placed on the company in 2019. WeWork will receive $1.3 billion in cash from the deal, including $800 million from Insight Partners, Starwood Capital Group, BlackRock and other investors.

The pandemic emptied WeWork’s offices, and has raised questions about the level of demand for its office space after many people have gotten used to working from home. The company said Friday that memberships fell to 476,000 last year, from 619,000 in 2019.

WeWork says it has improved its cost structure.

“WeWork has spent the past year transforming the business and refocusing its core, while simultaneously managing and innovating through a historic downturn,” Sandeep Mathrani, WeWork’s chief executive, said in a statement Friday.

A company presentation released Friday said WeWork had a net loss of $3.8 billion last year, more or less the same as in 2019. The 2020 loss included a $1.4 billion impairment charge. Last year, WeWork’s operations consumed $857 million of cash, more than the $448 million they used up in 2019.

The path to a deal was cleared last month when Adam Neumann, a co-founder of WeWork, and SoftBank settled a legal dispute. WeWork had called off its I.P.O. in 2019 after investors balked at its losses and criticized its governance practices.

SoftBank has been eager to take WeWork public via a special purpose acquisition company, or SPAC, a route to Wall Street that has become increasingly popular in recent months. As of Wednesday, 295 SPACs had gone public in 2021, raising $93 billion and breaking last year’s record in a matter of months.

Personal spending declined in February, but a fresh round of federal relief payments is expected to produce a renewed surge this month.
Credit…Laura Moss for The New York Times

Personal income and spending dipped last month as the effects of stimulus checks faded following a big jump in January, but both are expected to rebound as another round of federal payments arrived in March.

The government reported on Friday that personal income fell 7.1 percent in February from the previous month, while consumption dropped by 1 percent. Powered by $600 checks to most Americans from a December relief bill, income in January leapt by 10.1 percent, while consumption rose by 3.4 percent, a figure revised Friday from the originally reported 2.4 percent.

Despite the drop last month, a big pickup is expected in March with the arrival of $1,400 payments to most Americans from the $1.9 trillion relief package signed into law this month.

In the months ahead, most economists expect consumers to return in greater numbers to stores, restaurants and other gathering places as vaccination efforts gather speed and consumers put the stimulus money and lockdown-accumulated savings to work.

“In February, households were waiting for the bigger stimulus check coming in March and there will be a surge in consumer spending, particularly on services,” said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh.

All of the drop in spending last month was for goods, Mr. Faucher noted, as consumers pulled back on buying big-ticket items like automobiles and appliances. Services should benefit in the coming months, he added, as people have more opportunities to go out and life increasingly returns to normal more than one year after the pandemic hit.

“Consumer spending will be very strong for the remainder of this year and into 2022,” Mr. Faucher added. “There’s a lot of money saved up.”

Economists have improved their forecasts for U.S. economic growth, with Bank of America foreseeing a 7 percent increase this year in gross domestic product.

A GameStop store in New York. The retailer’s shares have been on a roller coaster this week after a disappointing earnings report.
Credit…Nick Zieminski/Reuters

Stocks rose on Friday, along with government bond yields, amid a bout of optimism about the economic recovery.

On Thursday, President Biden said he wanted the United States to administer 200 million vaccines by his 100th day in office, on April 30, a target the country is already on track to meet. The Federal Reserve vice chair, Richard Clarida, pushed back on concerns that the government’s spending plans would fuel higher sustained inflation.

In a victory for financial institutions, the central bank said that pandemic-era rules that restricted share buybacks and dividend payouts by banks would end midway through 2021 for most firms. On the economic front, gross domestic product data for the fourth quarter was also revised slightly higher on Thursday.

Elon Musk in 2019. The National Labor Relations Board ruled that a tweet with the phrase “why pay union dues & give up stock options for nothing?” was an unlawful attempt to coerce employees.
Credit…Jefferson Siegel for The New York Times

The National Labor Relations Board on Thursday upheld a 2019 ruling that Tesla had illegally fired a worker involved in union organizing and that the company’s chief executive, Elon Musk, had illegally threatened workers with the loss of stock options if they unionized.

The board ruled that the worker, Richard Ortiz, must be reinstated with back pay, and that Mr. Musk must delete his tweet. The company must also post a notice committing not to violate labor law in the future and announcing that it will undertake the mandated remedies.

Mr. Ortiz had been visibly involved in union organizing, including distributing leaflets in the parking lot of the company’s plant in Fremont, Calif., before he was fired in October 2017. The company said it fired him because he had posted screenshots of employees’ profiles in an internal platform to Facebook. An administrative law judge ruled that it was in retaliation for his organizing efforts.

The judge also found that the company had illegally issued a warning to another employee for taking the screenshots and sending them to Mr. Ortiz, a ruling that the board upheld on Thursday as well.

In May 2018, Mr. Musk posted his tweet, which included the clause, “why pay union dues & give up stock options for nothing?” Both the judge and the board deemed the post an unlawful attempt to coerce employees by threatening their compensation.

The board went further than the judge’s earlier ruling on some questions, finding that Tesla’s confidentiality agreement, which it required employees to sign, unlawfully prohibited them from speaking with the media about Tesla without authorization even if the material was public. The ruling on Thursday requires the company to amend its agreement.

Tesla did not respond to a request for comment.

An NFT collector who goes by the handle @3fmusic placed a last-minute winning bid of 350 ether.

A one-of-a-kind digital collectible item created out of a New York Times technology column sold for more than $500,000 in an auction, the first such sale in the history of the newspaper.

An image of the column — titled “Buy This Column on the Blockchain!” — was turned into a nonfungible token, or NFT, and sold in a heated auction that brought in more than 30 bids on the NFT marketplace website Foundation.

The NFT, a unique bit of digital code that is stored on the Ethereum blockchain and refers to a 14 megabyte graphic of the column hosted on a decentralized file hosting service, cannot be duplicated or counterfeited, making it potentially valuable for collectors. Some NFTs have sold for hundreds of thousands of dollars in recent weeks, with one such sale — a collection of art by the digital artist Beeple — bringing in more than $69 million at auction.

Along with the token, the winner of the auction — should they choose to identify themselves — will receive additional perks including a voice message from Michael Barbaro, the host of “The Daily” podcast. All proceeds from the auction will be donated to the Neediest Cases Fund, a Times-affiliated charity.

The winner of the auction, an NFT collector who goes by the handle @3fmusic, placed a last-minute winning bid of 350 ether, a digital currency, which translates to roughly $560,000 at Wednesday’s exchange rates. A link on the user’s profile led to the website of a Dubai-based music studio.

@3fmusic could not be reached as of Wednesday afternoon. The user appeared to be an avid collector of NFT artwork. In addition to the Times token, their collection on Foundation also includes such works as “The result of 2020,” an image of a sad-looking Kermit the Frog, and “Mushy’s Midafternoon Nap,” an image of a cartoon toadstool sitting on a log.

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Tech Executives Testify on Disinformation

Mark Zuckerberg of Facebook, Sundar Pichai of Google and Jack Dorsey of Twitter testified remotely before Congress on “misinformation and disinformation plaguing online platforms.”

“I don’t think anyone wants a world where you can only say things that private companies judge to be true.” “Our mission is to organize the world’s information, and make it universally accessible and useful.” “We believe in free debate and conversation to find the truth. At the same time, we must balance that with our desire for our service not to be used to sow confusion, division or destruction.” “There are two faces to each of your platforms. Facebook has family and friends, neighborhood, but it is right next to the one where there is a white nationalist rally every day. YouTube is a place where people share quirky videos, but down the street, anti-vaxxers Covid deniers, QAnon supporters and Flat Earthers are sharing videos.” “You’ve failed to meaningfully change after your platform has played a role in fomenting insurrection, and abetting the spread of the virus and trampling American civil liberties. And while it may be true that some bad actors will shout ‘fire’ in the crowded theater by promoting harmful content, your platforms are handing them a megaphone to be heard in every theater across the country and the world. Your business model itself has become the problem.” “How is it possible for you not to at least admit that Facebook played a central role or a leading role in facilitating the recruitment, planning and execution of the attack on the Capitol?” “Chairman, my point is that I think that the responsibility here lies with the people who took the actions to break the law, and take and do the insurrection and secondarily, also the people who spread that content, including the president, but others as well.” “Your platform bears some responsibility for disseminating disinformation related to the election and the ‘Stop the Steal’ movement that led to the attack on the Capitol. Just a yes or no answer.” “Congressman, it’s a complex question. We —” “OK, we’ll move on. Mr Dorsey.” “Yes, but you also have to take into consideration a broader ecosystem. It’s not just the technology platforms we use.” “We’re all aware of big tech’s ever-increasing censorship of conservative voices and their commitment to serve the radical progressive agenda by influencing a generation of children — removing, shutting down or canceling any news, books and even now, toys, that aren’t considered woke.” “First of all, do you recognize that there is a real concern, that there’s an anti-conservative bias on Twitter’s behalf? And would you recognize that this has to stop if this is going to be, Twitter is going to be viewed by both sides as a place where everybody is going to get a fair treatment?” “We don’t write policy according to any particular political leaning. If we find any of it, we route it out.”

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Mark Zuckerberg of Facebook, Sundar Pichai of Google and Jack Dorsey of Twitter testified remotely before Congress on “misinformation and disinformation plaguing online platforms.”CreditCredit…Via Reuters

Lawmakers grilled the leaders of Facebook, Google and Twitter on Thursday about the connection between online disinformation and the Jan. 6 riot at the Capitol.

Here’s what you need to know.

Credit…Chris Gash

Yields on 10-year Treasury notes have risen sharply in recent weeks, a sign that traders are taking the inflation threat more seriously. And if the trend continues, it would put bond investors on a collision course with the Biden administration, which wants to spend trillions more on infrastructure, education and other programs.

The potential confrontation made some market veterans recall the events of the 1990s when yields on Treasury securities lurched higher as the Clinton administration considered plans to increase spending, Nelson D. Schwartz reports for The New York Times. As a result, officials soon turned to deficit reduction as a priority.

Ed Yardeni, an independent economist, coined the term bond vigilante in the 1980s to describe investors who sell bonds amid signs of fiscal deficits getting out of hand.

“They seem to mount up and form a posse every time inflation is making a comeback,” Mr. Yardeni said. “Clearly, they’re back in the U.S. So while it’s fine for the Fed to argue inflation will be transitory, the bond vigilantes won’t believe it till they see it.”

Yet, evidence of inflation remains elusive, and the bond vigilantes remain outliers. Even many economists at financial firms who expect faster growth as a result of the stimulus package are not ready to predict inflation’s return.

Even if inflation goes up slightly, the Fed’s target for inflation, set at 2 percent, is appropriate, said Alan S. Blinder, a Princeton economist who was an economic adviser to former President Bill Clinton and a former top Fed official.

“Bond traders are an excitable lot and they go to extremes,” he said. “If they are true to form, they will overreact.”

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