For over a year, a special team of editors within The Wall Street Journal analyzed the state of the newsroom and produced a detailed, lengthy report on what the paper is doing right, and, more important, what the paper is doing wrong.
The stakes are high. Subscriptions to The Journal are growing — but not fast enough. News Corp, the company that owns The Journal, wants the broadsheet to double its readership. The study, called The Content Review, concluded that that goal would be difficult without sweeping changes.
The Journal, it said, needs to rethink how it gathers news, what kinds of topics it covers and who its audience is. The report was intended to serve as a blueprint for how the paper should remake itself for the digital age and insure its future.
But the company has effectively shelved the report, which was completed last summer; most people in the newsroom have not seen it.
What The Content Review is about.
Section One: The Mission and The Audience
The Journal needs to find better ways to connect with its audiences instead of relying on what the report calls its “heavy readers,” the hard-nosed executives, intense Wall Street traders and retirees who make up a bulk of its audience.
Subsisting on this group alone has created a traffic ceiling. The paper can’t seem to break the barrier of 50 million readers a month when it needs twice that amount.
Who is The Journal’s audience?
Section Two: Recommendations
The Journal needs new readers — specifically, women, people of color and younger professionals.
What The Journal should do, and what it shouldn’t.
Section Three: Coverage Goals
The report laid out in stark terms how much more traffic and engagement each department will have to deliver to hit The Journal’s target of 100 million monthly readers. The report added that the paper needed to reach 55 million readers a month over the next year. Spread over its six main coverage areas — corporate, Washington, arts, finance, national, international — each department, it said, will “need to bring in about 1.9 million more nonsubscribers above where we were last Fall.”
When these sorts of companies enact work-life policies, why don’t they seem to stick?
Look at the reward structure. You have an OK base salary, but then the bonus is allocated based on how you’re stacking up at the end of the year against your peers. It’s like a tournament. It’s like a race. And all you know is that the people next to you, against whom you will be measured, are just as smart as you. They work just as hard. And so the only lever you have is try to outwork them. These reward structures perpetuate this work ethic.
When an organization says “we value work-life balance, we want our people to not work on weekends, we want blah blah blah” — there is still this competitive structure where people have an incentive to work all they can because others are doing the same thing, and only winners get rewarded.
Churning through talent may work for a company. But you found that many employees choose these grueling schedules, even when they come at great personal cost. One associate told you: “I work hard because I want to.”
The people who get hired at banks have been through performance competitions all their lives. When I talk to students at the beginning of their undergraduate career and ask them, “what do you want to be?” very few want to go into banking.
So what happens? When these firms descend onto campus, people start competing because that’s what they have been conditioned to do throughout their lives. They chase after what everyone else chases after, regardless of whether they actually care about the work. Regardless of whether there are consequences or not, these people want to win.
This is maybe the final part that locks people into these intense work schedules. It is the idea that there is a cadre of individuals who are the best and brightest, and if you don’t keep up the pace you’ll end up at some kind of second-tier firm — part of an undefinable “rest.”
What’s so bad about that?
The people in the best and the brightest group, they have opportunities, they earn a lot, they work with other interesting people, they work on global deals. The rest push paper with uninteresting colleagues and over time, you’ll become like them. That’s what people sincerely believe. They believe that if you don’t work for an elite organization, you fall into an abyss of personal social status descent.
The Church, a nonprofit arts center in Sag Harbor, N.Y., founded by the artists Eric Fischl and April Gornik, will begin to welcome visitors on April 15. Two tours of the center, a former Methodist church built in 1832, will be offered daily, Thursday through Monday.
“This opening is the culmination of the vision of a lifetime,” Fischl, a longtime resident of the area, said in a statement. “We want the Church to stand as a beacon of hope and renewal through continual exploration and reinterpretation, which is the domain of the arts.”
The center’s first guests will have the opportunity to view art by Kerry James Marshall and Awol Erizku as they become acquainted with the 10,048-square-foot space. The two pieces, “Untitled” (2008) by Marshall and “Teen Venus” (2012) by Erizku, have been arranged by Fischl and Sara Cochran, the Church’s executive director and chief curator, as an installation meant to stimulate “dialogue about nature, beauty, history and race.”
A collection of portraits by Fischl, of 20 cultural luminaries who had strong connections to Sag Harbor, which is on Long Island’s East End, will also be on view — on the building’s windows. Subjects include Betty Friedan, Langston Hughes and Herman Melville. “This is a way of celebrating an ongoing tradition and the heritage of Sag Harbor,” Cochran said. “Eric calls them our saints — I like to think of them as our rogues gallery.”
The tours are the first in a series of events planned for the coming months that will celebrate the Church’s renovation (led by the architect Lee Skolnick) and the official beginning of the building’s life as an exhibition venue, artist residency site and community resource.
In February, the center inaugurated its residency programming by welcoming the Martha Graham Dance Company for a two-week stay. The painter Jim Gingerich is currently in residence in the building’s studio space.
The executive, Eric Brion, did not deny making such comments. But because the two did not work together, Mr. Brion argued the comments did not amount to sexual harassment and sued Ms. Muller for defamation. A ruling in 2019 that ordered Ms. Muller to pay 15,000 euros in damages, around $17,650, was overturned last week.
In 2019, the court said that Ms. Muller had “surpassed the acceptable limits of freedom of expression, as her comments descended into a personal attack.” This time, the judges found that Ms. Muller had acted in good faith, adding that the “#balancetonporc and #MeToo movements had drawn a lot of attention, had been hailed by diverse officials and personalities and had positively contributed to letting women speak freely.”
Camille Froidevaux-Metterie, a leading feminist philosopher, said that it was significant that the men now under investigation were leaders in a diversity of fields. Revelations surrounding them have undermined the myths of Frenchmen as great seducers and of a refined romantic culture where “we, French, in our interplay of seduction, know how to interpret nonverbal signs and we have this art of seduction, a gentle commerce between the sexes,” she said.
“These are men who all embody, in some ways, the old patriarchal order of things — of men of power and men who have used and abused their power to sexually exploit the bodies of others, whether they be women or young men,” Ms. Froidevaux-Metterie said, adding, “Perhaps we are experiencing the first real shock to that system.”
Some conservative intellectuals regard the ever-growing list of accused prominent men as evidence of the contamination of French society by American ideas on gender, race, religion and postcolonialism.
Pierre-André Taguieff, a historian and a leading critic of the American influence, said in an email that “neo-feminist and neo-antiracist ideologues denounce universalism, especially French republican universalism, as a fraud, a deceitful mask of imperialism, sexism and racism.”
SEOUL — In his last year in office, President Moon Jae-in of South Korea has seen his approval ratings in a tailspin. His trademark North Korea diplomacy remains in tatters. Citizens are fuming over his repeatedly botched attempts to arrest soaring housing prices.
And on Wednesday, voters in South Korea’s two biggest cities dealt another crushing blow to the beleaguered leader.
Mr. Moon’s Democratic Party lost the mayoral elections in Seoul and Busan to the conservative opposition, the People Power Party. Critics are calling the results of the two by-elections a referendum on Mr. Moon and his government.
“The people vented their anger at the Moon government through these elections,” said Kim Chong-in, head of the People Power Party, referring to large margins by which its candidates won.
policy of engagement toward North Korea.
Wednesday’s mayoral elections showed that the Democratic Party faces steep challenges as voters once loyal to Mr. Moon — especially those in their 20s and 30s — abandon it in droves.
Oh Se-hoon, the People Power Party candidate, won the race in Seoul, the capital city of 10 million people. He routed Park Young-sun, the Democratic Party candidate and a former member of Mr. Moon’s cabinet, by more than 18 percentage points, according to voting results announced by the National Election Commission.
The Seoul mayor is considered South Korea’s second-most powerful elected official after the president.
died by suicide last year following accusations of sexual harassment. The former mayor of Busan, Oh Keo-don, stepped down last year amid accusations of sexual misconduct from multiple female subordinates.
The former mayors were both members of Mr. Moon’s Democratic Party and the president’s close allies. Their downfall weakened the moral standing of Mr. Moon’s progressive camp, which has cast itself as a clean, transparent and equality-minded alternative to its conservative opponents. Mr. Moon’s two immediate predecessors — Park Geun-hye and Lee Myung-bak — were both conservatives and are now in prison following convictions on corruption charges.
Mr. Moon was elected in 2017, filling the power vacuum created by Ms. Park’s impeachment. As a former human rights lawyer, he enthralled the nation by promising a “fair and just” society. He vehemently criticized an entrenched culture of privilege and corruption that he said had taken root while conservatives were in power, and vowed to create a level playing field for young voters who have grown weary of dwindling job opportunities and an ever-expanding income gap.
Mr. Moon spent much of his first two years in power struggling to quell escalating tension between North Korea and the United States, successfully mediating diplomacy between the two countries. He shifted more of his attention to domestic issues after the two summit meetings between North Korea’s leader, Kim Jong-un, and President Donald J. Trump failed to produce a deal on nuclear disarmament or the easing of tensions on the Korean Peninsula.
But things quickly turned sour on the home front as well.
In 2019, huge outdoor rallies erupted over accusations of forgery and preferential treatment in college and internship applications surrounding the daughter of Cho Kuk, Mr. Moon’s former justice minister and one of his closest allies.
The scandal flew in the face of Mr. Moon’s election promise of creating “a world without privilege,” and prompted outrage against the “gold-spoon” children of the elite, who glided into top-flight universities and cushy jobs while their “dirt-spoon” peers struggled to make ends meet in South Korea’s hobbled economy.
won by a landslide in parliamentary elections last year as Mr. Moon leveraged his surging popularity around South Korea’s largely successful battle against the coronavirus. But Mr. Moon’s virus campaign has lost its luster.
In recent months, South Koreans have grown frustrated with prolonged social-distancing restrictions, a distressed economy and the government’s failure to provide vaccines fast enough. On Wednesday, the government reported 668 new coronavirus infections, the highest one-day increase in three months.
Mr. Moon’s most devastating setback came last month when officials at the Korea Land and Housing Corporation — the state developer — were accused of using privileged insider information to cash in on government housing development programs. Kim Sang-jo, Mr. Moon’s chief economic policy adviser, stepped down last month when it was revealed that his family had significantly raised the rent on an apartment in Seoul just days before the government imposed a cap on rent increases.
“People had hoped that even if they were incompetent, the Moon government would at least be ethically superior to their conservative rivals,” said Ahn Byong-jin, a political scientist at Kyung Hee University in Seoul. “What we see in the election results is the people’s long-accumulated discontent over the ‘naeronambul’ behavior of the Moon government exploding. Moon has now become a lame duck president.”
The real-estate scandal dominated the campaign leading up to Wednesday’s election. Opposition candidates called Mr. Moon’s government a “den of thieves.” Mr. Moon’s Democratic Party called Mr. Oh, the new mayor in Seoul, an incorrigible “liar.”
resigned as Seoul mayor in 2011 after his campaign to end free lunches for all schoolchildren failed to win enough support.
Pre-election surveys this month showed that voters who planned to vote for Mr. Oh would do so not because they considered him morally superior to his Democratic Party rival. Instead, it was because they wanted to “pass judgment on the Moon Jae-in government.”
Over the course of the pandemic, some of the most dangerous activities were those many Americans dearly missed: scarfing up nachos, canoodling with a date or yelling sports scores at a group of friends at a crowded, sticky bar inside a restaurant.
Now, as more states loosen restrictions on indoor dining and expand access to vaccines, restaurant employees — who have morphed from cheerful facilitators of everyone’s fun to embattled frontline workers — are scrambling to protect themselves against the new slosh of business.
“It’s been really stressful,” said Julia Piscioniere, a server at Butcher & Bee in Charleston. “People are OK with masks, but it is not like it was before. I think people take restaurants and their workers for granted. It’s taken a toll.”
The return to economic vitality in the United States is led by places to eat and drink, which also suffered among the highest losses in the last year. Balancing the financial benefits of a return to regular hours with worker safety, particularly in states where theoretical vaccine access outstrips actual supply, is the industry’s latest hurdle.
priority groups this spring. Immigrants, who make up a large segment of the restaurant work force, are often fearful of signing up, worrying that the process will legally entangle them.
Some states have dropped mask mandates and capacity limits inside establishments — which the Centers for Disease Control and Prevention still deem a potentially risky setting — further endangering employees.
“It is critical for food and beverage workers to have access to the vaccine, especially as patrons who come have no guarantee that they will be vaccinated and obviously will not be masked when eating or drinking,” said Dr. Alex Jahangir, the chairman of a coronavirus task force in Nashville. “This has been a major concern for me as we balance the competing interests of vaccinating everyone as soon as possible before more and more restrictions are lifted.”
Servers in Texas are dealing with all of the above. The state strictly limited early eligibility for shots, but last week opened access to all residents 16 and over, creating an overwhelming demand for slots. The governor recently dropped the state’s loosely enforced mask mandate, and allowed restaurants to go forth and serve all comers, with zero limitations.
require their workers be vaccinated in the future.
Many business sectors were battered by the coronavirus pandemic, but there is broad agreement that hospitality was hardest hit and that low wage workers sustained some of the biggest blows. In February 2020, for instance, restaurant worker hours were up 2 percent over a previously strong period the year before; two months later those hours were cut by more than half.
While hours and wages have recovered somewhat, the industry remains hobbled by rules that most other businesses — including airlines and retail stores — have not had to face. The reasons point to a sadly unfortunate reality that never changed: indoor dining, by nature of its actual existence, helped spread the virus.
report by the C.D.C. found that after mask and other restrictions were lifted, on-premise restaurants led to daily increase in cases and death rates between 40 and 100 days later. Although other settings have turned into super-spreading events — funerals, wedding and large indoor events — many community outbreaks have found their roots in restaurants and bars.
“Masks would normally help to protect people in indoor settings but because people remove masks when dining,” said Christine K. Johnson, professor of epidemiology and ecosystem health at the University of California, Davis, “there are no barriers to prevent transmission.”
Not all governments have viewed restaurant workers as “essential,” even as restaurants have been a very active part of the American food chains — from half-open sites to takeout operations to cooking for those in need — during the entire pandemic. The National Restaurant Association helped push the C.D.C. to recommend that food service workers be included in priority groups of workers to get vaccines although not all states followed the guidelines.
Almost every state in the nation has accelerated its vaccination program, targeting nearly all adult populations.
“Most people in our government have considered restaurants nonessential luxuries,” said Rick Bayless, the well-known Chicago restaurateur, whose staff scoured all vaccines sites for weeks to get workers shots. “I think that’s shortsighted. The human race is at its core social and when we deny that aspect of our nature, we do harm to ourselves. Restaurants provide that very essential service. It can be done safely, but to minimize the risk for our staff, we should be prioritized for vaccination.”
Texas did not designate as early vaccine recipients any workers beyond those in the health care and education sectors, but is now open to all.
the Breadfruit and Rum Bar, declined unemployment insurance, and have shied from signing up for a shot. “Before you can even make an appointment you have to put in your name and date of birth and email,” Ms. Leoni said. “Those are questions that are deterrents for people trying to keep a low profile.”
In Charleston, Mr. Shemtov was inspired by accounts of the immunization program in Israel, which was considered successful in part because the government took vaccines to job sites. “If people can’t get appointments, let’s bring them to them.”
Other restaurants are devoting hours to making sure workers know how to sign up, locating leftover shots and networking with their peers. Some offer time off for a shot and the recovery period for side effects.
Katie Button, the owner of Curate and La Bodega in Asheville, N.C.
Still, some owners are not taking chances. “If we go out of business because we are one of the few restaurants in Arizona that won’t reopen, so be it,” Ms. Leoni said. “Nothing is more important than someone else’s health or safety.”
Unions representing employees at two prominent podcasting companies owned by Spotify, the audiostreaming giant, announced Wednesday that they had ratified their first labor contracts.
The larger of the two unions, with 65 employees, is at The Ringer, a sports and pop culture website with a podcasting network. The second union, at the podcast production company Gimlet Media, has just under 50 employees. The two groups were among the first in the podcasting industry to unionize, and both are represented by the Writers Guild of America, East.
Lowell Peterson, the guild’s executive director, said the contracts showed that the companies’ writers, producers and editors “bring enormous value to the major platforms for whom they create content.”
The contracts establish minimum base pay of $57,000 for union members at The Ringer and $73,000 at Gimlet Media, annual pay increases of at least 2 percent, and a minimum of 11 weeks of severance pay.
complained about a lack of Black writers and editors after the company’s founder, Bill Simmons, hosted a podcast in which a colleague ham-handedly discussed the aftermath of the George Floyd killing and praised Mr. Simmons’s commitment to diversity.
At Gimlet, the company recently canceled the final two episodes of a four-part series on racial inequity at the food magazine Bon Appétit after staffers complained that Gimlet itself suffered from similar problems.
Employees at both companies unionized in 2019, and the contract negotiations were at times contentious. Management refused to give ground on a top union priority — rights to work that writers and podcasters create, which the companies will retain — but the unions nonetheless ratified the contracts unanimously, according to the writers guild.
“We began this process with the aim of improving working conditions and compensation at the company, especially for our lowest-paid members,” the Ringer Union said in a statement. “We’re thrilled to have achieved that goal with this contract.”
Spotify did not immediately respond to a request for comment.
NANDIGRAM, India — The challenger arrived with police vehicles, a band of drummers and the backing of the country’s powerful prime minister. The crowd joined him in full-throated chants of glory to the Hindu god Ram: “Jai Shree Ram!” He brought a warning: If Hindus did not unite around him, even their most basic religious practices would be in danger in the face of Muslim appeasement.
In another part of town, the incumbent took the stage in a wheelchair, the result of what she said was a politically motivated assault. Though her injuries kept her from stalking the stage in her white sari and sandals as usual, she still regaled the audience with taunts for the opposition. And she had a warning of her own: Her defeat would be a victory for an ideology that has no place for minorities like Muslims.
The monthlong election unfolding in the eastern Indian state of West Bengal is deeply personal. Mamata Banerjee, the state’s chief minister for the past decade, is facing off against her former protégé of 20 years, Suvendu Adhikari. He and dozens of other local leaders have defected from her party and are now allied with Narendra Modi, India’s prime minister.
But the heated vote could indicate something broader: whether anybody can stop Mr. Modi’s movement to reshape India’s secular republic into a Hindu-first nation.
state victories. His Bharatiya Janata Party has reduced the main opposition group, the Indian National Congress, to a shadow of its past glory, pushing the country toward becoming a one-party democracy.
West Bengal represents a test of Mr. Modi’s Hindu nationalist reach. The state of 90 million people remains deeply proud of its Indigenous culture and tolerance of minorities. It is run by a strong regional leader with the heft and profile to challenge Mr. Modi directly.
has chronicled the rise of the B.J.P.
“They would have shown that the B.J.P. is an all-India party, that our Hindu nationalism is capable of vernacular adaptation,” Mr. Sitapati said. “And that is a powerful symbol.”
beat her head with metal rods. She trounced the Communists in elections nevertheless.
Last month, in the midst of a jostling crowd, a car door slammed on Ms. Banerjee’s leg. She declared the incident a politically motivated attack, a contention her opponents have questioned. Still, her party has made her cast a symbol of a leader putting her body on the line for her cause.
Mithun Chakraborty, a Bengali actor famous for movies like “Disco Dancer” and “Cobra.”
“I am a pure cobra,” Mr. Chakraborty told one recent rally, as B.J.P. leaders behind him applauded. “One bite, and you will be at the cremation ground!”
Ms. Banerjee’s iron grip over state politics looms over the vote. The B.J.P. is trying to ride anti-incumbent sentiment fueled by her party’s corruption scandals and the way its members have used extortion and violence to keep power.
But Mr. Adhikari and many of the B.J.P.’s local candidates for the state’s 294-seat local assembly were themselves, until recently, members of her party. After decades of heavy-handedness by the Communists and Ms. Banerjee, Mr. Modi’s party began actively expanding in West Bengal only after he became prime minister in 2014, though its infrastructure is still lacking. One joke in the state holds that Trinamool will win a third term even if the B.J.P. prevails.
Ms. Banerjee’s success could depend on convincing voters that her party’s bad apples now work for the B.J.P. The B.J.P.’s dependence on Trinamool defectors has also led to a revolt among local Modi supporters who saw their presence as an insult to their years of work in the face of intimidation by the same people now chosen to represent them.
One defector, an 89-year-old assembly member named Rabindranath Bhattacharya, said he had switched parties only because Ms. Banerjee didn’t nominate him to serve a fifth term.
“I changed my party, but I am not changed,” Mr. Bhattacharya said in an interview at his house. Trinamool flags still hung from the trees and gate.
His candidacy moved hundreds of B.J.P. workers and supporters to pressure Mr. Bhattacharya to step aside. They went on a hunger strike, painted over party signs and ransacked the home of the local B.J.P. chief.
“We started here when no one dared speak as a B.J.P. member,” said Gautam Modak, who has worked for the B.J.P. in the district since 2003. “He got the party ticket three days after joining the B.J.P.”
Mr. Adhikari has said he defected from Ms. Banerjee’s camp because she and her nephew and heir-apparent, Abhishek Banerjee, use other party leaders as “employees” without sharing power. Still, in recent rallies he has put greater emphasis on identity politics, ending with chants of “Jai Shree Ram!”
Voting took place on Saturday in the town of Nandigram, a lush agricultural area, and both candidates were there. At rallies, crowds energized by their moment of power over sometimes abusive politicians braved the heat to listen, cheer and support. Turnout totaled 88 percent.
Satish Prasad Jana, a 54-year-old B.J.P. supporter at Mr. Adhikari’s rally, said he mainly supported Mr. Modi. He had no dispute with Ms. Banerjee except that she couldn’t control the abuse of her party workers, and he knew that some of those same people now work for Mr. Adhikari.
“I have 90 percent faith in Modi, 10 percent faith in Adhikari,” he said.
Hours later, a large rally of Ms. Banerjee’s supporters took place in a school courtyard surrounded by coconut trees. Women in colorful saris outnumbered men. They praised Ms. Banerjee’s government for paving the road that led to the school, for distributing rice at low prices and for making payments to families to keep their girls in school and prevent child marriage, among other initiatives.
But the energy was focused squarely on teaching Mr. Adhikari a lesson.
“You said Mamata is like your mother. The mother made you a leader, a minister, and in charge of the whole district,” said Suhajata Maity, a local leader, addressing Mr. Adhikari.
“Then, you stabbed the mother in her back.”
To resounding applause, she ended her speech with a call to the mothers in the crowd: “Will you teach him such a lesson that he abandons politics all together?”
WASHINGTON — The global economy is rebounding from the coronavirus pandemic faster than previously expected, largely thanks to the strength of the United States. But the International Monetary Fund warned on Tuesday that an uneven rollout of vaccines posed a threat to the recovery, as the fortunes of rich and poor countries diverge.
The global dynamic echoes the “K-shaped” recoveries that are playing out worldwide. While many wealthy nations are poised for a major economic expansion this year, other nations’ struggles could reverse decades of progress in fighting poverty. Top international economic officials warned this week that this divergence, which is being amplified by sluggish deployment of vaccines in developing countries, is a threat to stability and long-term growth.
“Economic fortunes within countries and across countries are diverging dangerously,” Kristalina Georgieva, managing director of the I.M.F., said at a panel discussion on Tuesday during the annual spring meetings of the fund and the World Bank.
This week, Treasury Secretary Janet L. Yellen emphasized that point, saying in a speech that the inability of low- and middle-income countries to invest in robust inoculation programs could result in “a deeper and longer-lasting crisis, with mounting problems of indebtedness, more entrenched poverty and growing inequality.”
upgrading its global growth forecast for the year thanks to vaccinations of hundreds of millions of people, efforts that are expected to help fuel a sharp economic rebound. It now expects the global economy to expand by 6 percent this year, up from its previous projection of 5.5 percent, after a contraction of 3.3 percent in 2020.
The wealthiest countries are leading the way out of the crisis, particularly the United States, whose economy is now projected to expand by 6.4 percent in 2021. The euro area is expected to expand by 4.4 percent and Japan is forecast to expand by 3.3 percent, according to the I.M.F.
Among emerging market and developing economies, China and India are expected to drive growth. China’s economy is projected to expand by 8.4 percent, offering its own significant boost to overall global growth, and India’s is expected to expand by 12.5 percent.
But within advanced economies, low-skilled workers have been hit the hardest and those who lost jobs could find it difficult to replace them. And low-income countries are facing bigger losses in economic output than advanced economies, reversing gains in poverty reduction and risking long-lasting pandemic-era scars.
Emerging market economies in many cases have fewer resources for fiscal stimulus, vaccine investments and labor force retraining — factors that put them at risk of falling behind and getting stuck as the world starts its rebound.
Researchers at the I.M.F. pointed out in a recent blog post that it was important that rates on U.S. debt are rising because of a strengthening economic outlook, one that will benefit many economies by stoking demand for their exports. Still, “countries that export less to the United States yet rely more on external borrowing could feel financial market stress.”
Most U.S. officials have focused on how stronger domestic growth could actually help the rest of the world as American consumers buy foreign goods and services. “This year the U.S. looks like it’s going to be a locomotive for the global economy,” Richard H. Clarida, the vice chair of the Fed, said during a recent speech.
Ms. Yellen made a similar argument on Tuesday during a panel discussion at the I.M.F., at which she urged countries not to let up on fiscal support.
Today in Business
“Stronger growth in the U.S. is going to spill over positively to the entire global outlook and we are going to be careful to learn the lessons of the financial crisis, which is ‘don’t withdraw support too quickly,’” she said.
There are risks that spillovers could work the other way — slower vaccination progress abroad could come to weigh on American and global improvement. While roughly 500 doses of the vaccine have been administered per 1,000 people in the United States, based on New York Times vaccination data, that number is about 1 per 1,000 in Mali and Afghanistan.
Economist Intelligence Unit.
“There’s a race right now between these variants of concern and vaccines,” she said during a webcast event Tuesday. She urged “global cooperation and attention” to how disparities in vaccine distribution affect inequality and economic recoveries.
The I.M.F. agrees. Vitor Gaspar, the fund’s director of fiscal affairs, said that advanced economies would continue to be at risk even if the virus were raging in developing countries that are not major economic powers, noting that the virus cannot be eradicated anywhere until it is eradicated everywhere. For that reason, he said, investing in vaccinations is critical.
“Global vaccination is probably the global public investment with the highest return ever considered,” Mr. Gaspar said in an interview. “Vaccination policy is economic policy.”
While global policy bodies are warning about diverging growth and public health outcomes, some Wall Street economists have taken a more optimistic tone.
“We think market participants underestimate the likely pace of improvement in both the public health situation and economic activity in the remainder of 2021,” Jan Hatzius at Goldman Sachs wrote in an April 5 research note.
Vaccinations are high or progressing in Canada, Australia, Britain and the euro area. In emerging markets, Mr. Hatzius wrote, Goldman economists expect 60 to 70 percent of the population to have “at least some immunity” by the end of the year when counting prior coronavirus infection and vaccine proliferation.
“The laggards are China and other Asian countries, although this is mainly because Asia has been so successful in virus control,” he wrote.
How fast global recoveries proceed could be critical to the policy outlook, both in government support spending and in central bank monetary help.
From the Fed to the European Central Bank and Bank of Japan, monetary authorities have employed a mix of rock-bottom rates, huge bond purchases and other emergency settings to try to cushion the pandemic’s fallout.
Organizing bodies have echoed Ms. Yellen’s comment: They argue that it’s important to see the recovery through, rather than pulling back on economic help early.
Global policymakers “generally view the risks to financial stability associated with early withdrawal of support measures as currently greater than those associated with a late withdrawal,” Randal K. Quarles, the Federal Reserve’s vice chair for supervision and head of the global Financial Stability Board, said in a letter released Tuesday.
The I.M.F. said on Tuesday that it was keeping a close eye on interest rates in the United States, which could pose financial risks if the Fed raises them unexpectedly. It also urged countries to maintain targeted fiscal support — and to be ready to provide more if future waves of the virus emerge.
“For all countries, we’re not out of the woods, and the pandemic is not over,” said Gita Gopinath, the I.M.F.’s chief economist.
The age of electric planes may still be years away, but the fight for that market is already heating up.
Wisk Aero, a start-up developing an electric aircraft that takes off like a helicopter and flies like a plane, on Tuesday sued another start-up, Archer Aviation, accusing it of stealing trade secrets and infringing on Wisk’s patents.
The lawsuit brings into public view a dispute between two little-known companies in a business that has become a playground for billionaires. It also entangles giants of aviation and technology. Wisk is a joint venture of Boeing and Kitty Hawk, which is financed by Larry Page, who co-founded Google. Archer’s investors include United Airlines, which is a major Boeing customer and plans to buy up to 200 aircraft from the start-up.
The niche market for electric vehicles and planes has become frenzied in recent months as so-called blank check companies, which have little more than a stock market listing and a pot of cash, have snapped up fledgling businesses with little or no revenue, let alone profits. Investors in the blank-check firms — formally known as special purpose acquisition companies, or SPACs — are hoping to acquire businesses that they believe could follow Tesla’s recent trajectory on the stock market. To entice those investors, start-ups like Archer promise top-notch technology and optimistic business plans.
the lawsuit accuses two engineers of downloading thousands of files containing confidential designs and data before leaving Wisk to join Archer. Wisk accused a third engineer of wiping history of his activities from his computer before leaving for Archer.
“Wisk brings this lawsuit to stop a brazen theft of its intellectual property and confidential information and protect the substantial investment of resources and years of hard work and effort of its employees and their vision of the future in urban air transportation,” the lawsuit says.
Archer denied wrongdoing.
“It’s regrettable that Wisk would engage in litigation in an attempt to deflect from the business issues that have caused several of its employees to depart,” Archer said in a statement. “The plaintiff raised these matters over a year ago, and after looking into them thoroughly, we have no reason to believe any proprietary Wisk technology ever made its way to Archer. We intend to defend ourselves vigorously.”
Archer also said it had placed an employee accused in the suit on paid leave “in connection with a government investigation and a search warrant issued to the employee, which we believe are focused on conduct prior to the employee joining the company.” Archer said it and three employees who had worked with the individual had been subpoenaed in that investigation and were cooperating with the authorities.
accused one of its former employees and Uber of stealing trade secrets to gain an advantage in the race to develop autonomous cars. The companies settled the case in 2018, and the former Waymo employee, Anthony Levandowski, a onetime confidant of Mr. Page’s, was sentenced in 2020 to 18 months in prison. Former President Donald J. Trump pardoned Mr. Levandowski in January.
Archer announced its merger in February with a SPAC, Atlas Crest Investment, in a deal that valued the company at $3.8 billion. Wisk said its suspicions were confirmed at that time when Archer released a presentation that contained designs similar to those in a Wisk patent filing.
when announcing the transaction.
“We had 35, 40 people on this — and we attacked this like venture growth would or anybody else,” Mr. Moelis said. “And we did it fast, too.”
A spokeswoman for Moelis declined to comment.
Other companies trying to make electric aircraft include Joby Aviation, which announced a $6.6 billion deal with a SPAC led by the LinkedIn co-founder Reid Hoffman in February, and the German start-up Lilium, which went public last month by merging with a SPAC led by a former General Motors executive, Barry Engle.
according to SPAC Research — more than in all of 2020.
But regulators and some investors say more scrutiny is needed. The Securities and Exchange Commission published two notices last month warning companies considering merging with SPACs to ensure that they are ready for all the legal and regulatory requirements being a public company entails. Many investors known as short sellers, who specialize in betting that share prices of companies are bound to fall, have targeted SPACs like Atlas Crest, which is among the 20 most-shorted SPACs.
The market for electric aircraft is in its infancy but holds huge promise. The prospect of “Jetsons”-like flying vehicles has inched closer to reality in recent years thanks to advances in battery and aircraft design. A high-stakes race to build the first viable electric plane is underway, and some airlines are betting that such vehicles can help them reach their goals of eliminating or offsetting their greenhouse gas emissions.
Scott Kirby, the chief executive of United, said the Archer aircraft were unlikely to be used for commercial flights but were ideal for short trips to and from an airport.
“They’re not only more environmentally friendly, they’re far quieter than a helicopter,” Mr. Kirby said Tuesday during an event hosted by the Council on Foreign Relations. “And, because they have 12 rotors, they’re, I believe, going to ultimately be safer.”
Still, widespread use of electric air taxis is likely years away. Such aircraft may never become more than a luxury used by very rich people because businesses and governments may come up with far cheaper ways to transport people without emissions.