MarketSpace Capital and DigiShares Partner to Tokenize A 250-Unit Active Older Adult Housing Development in Dallas, Texas.

HOUSTON–(BUSINESS WIRE)–MarketSpace Capital, a real estate private equity firm headquartered in Houston, Texas, announced today it has partnered with DigiShares, a leading end-to-end white-label platform for tokenized securities, to digitize, tokenize and manage the share cap table for the Spot @ Myra Park, a real estate development project in Dallas, Texas.

The Spot at Myra Park is a 250-unit multifamily apartment complex that recently broke ground and is expected to be completed in Q4 2022. The equity interests in the Spot at Myra Park will be digitized by DigiShares using Ethereum blockchain technology. Subject to legal and regulatory due diligence and securities law considerations, MarketSpace Capital expects the digital securities to become tradable on the tZero ATS.

DigiShares CEO, Claus Skaaning stated, “We are excited to work with MarketSpace Capital to tokenize the Spot at Myra Park. This is one of the most significant and solid real estate projects in which we have been involved. We view MarketSpace as a highly professional and forward-looking player in the US real estate markets and are proud to be working with them on this project. At the same time, it marks a big step forward for DigiShares as a key player in the global security token ecosystem.”

MarketSpace Capital is focused on ground-up developments and value-add investments through the U.S and has over $400 million of cumulative asset value through 19 investment properties over the past decade. Out of these 19 investments, MarketSpace Capital has gone full cycle and sold six of these properties.

MarketSpace Capital Co-Founder and Chairman Dr. Masaki Oishi said, “we see great value in the tokenization of commercial real estate as a vehicle for enabling liquidity on a secondary market and democratizing access to a normally elusive asset class. Between MarketSpace Capital and our co-development partners, we have a combined existing portfolio of over $1 Billion, and we look forward to working with DigiShares, one of the leading providers of asset management and crowdfunding platforms for real assets and coordinating the trading of the Myra Park and future property’s digital securities through an integration with tZERO.”

Ownership interests of the Spot at Myra Park were distributed to approximately 45 accredited investors through a real estate limited partnership, which closed in May 2020 and raised approximately $6.5 million.

About MarketSpace Capital

MarketSpace Capital is a private equity real estate firm focused on ground-up developments and value-add investments throughout the U.S. Through its relationships, expertise and disciplined, data-driven analysis, MarketSpace Capital’s veteran staff has completed over $1 billion in transactions and has the capability and experience required to maximize value creation through a comprehensive, programmatic, and conservative investment and asset management approach. In addition to producing consistent returns, MarketSpace Capital seeks to create positive economic impact and long-term value for its investors, the properties it invests in, and the communities in which it works.

Website: https://marketspace.capital

About DigiShares A/S

DigiShares is one of the leading providers of asset management and crowdfunding platforms for real assets, including real estate and private equity. Our solutions enable asset owners and fund managers to digitize and automate processes, to reduce administrative cost, to reduce the ticket size to fractionalize and democratize and enable retail investors to participate, and finally to provide a huge increase in liquidity through the built-in marketplace that enables shareholders to trade their assets.

Website: https://www.digishares.io

Investor Notice

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk. Potential investors are urged to consult a professional adviser regarding any economic, tax, legal or other consequences of trading any securities as described herein.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by any of the parties mentioned herein or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, the parties mentioned herein, their subsidiaries, or their representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of the parties mentioned herein and their subsidiaries to change the direction; their ability to keep pace with new technology and changing market needs; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by the parties mentioned herein, their subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. The Parties mentioned herein, their subsidiaries, and their representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by the respective parties their subsidiaries or their representatives might not occur.

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U.S. and I.M.F. Apply a Financial Squeeze on the Taliban

Despite the chaotic end to its presence in Afghanistan, the United States still has control over billions of dollars belonging to the Afghan central bank, money that Washington is making sure remains out of the reach of the Taliban.

About $7 billion of the central bank’s $9 billion in foreign reserves are held by the Federal Reserve Bank of New York, the former acting governor of the Afghan central bank said Wednesday, and the Biden administration has already moved to block access to that money.

The Taliban’s access to the other money could also be restricted by the long reach of American sanctions and influence. The central bank has $1.3 billion in international accounts, some of it euros and British pounds in European banks, the former official, Ajmal Ahmady, said in an interview on Wednesday. Remaining reserves are held by the Swiss-based Bank for International Settlements, he added.

Mr. Ahmady said earlier on Wednesday that the Taliban had already been asking central bank officials about where the money was.

International Monetary Fund said on Wednesday that it would block Afghanistan’s access to about $460 million in emergency reserves. The decision followed pressure from the Biden administration to ensure that the reserves did not reach the Taliban.

Money from an agreement reached in November among more than 60 countries to send Afghanistan $12 billion over the next four years is also in doubt. Last week, Germany said it would not provide grants to Afghanistan if the Taliban took over and introduced Shariah law, and on Tuesday, the European Union said no payments were going to Afghanistan until officials “clarify the situation.”

The central bank money and international aid, essential to a poor country where three-quarters of public spending is financed by grants, are powerful leverage for Washington as world leaders consider if and when to recognize the Taliban takeover.

Mr. Ahmady, who fled Afghanistan on Sunday, said he believed the Taliban could get access to the central bank reserves only by negotiating with the U.S. government.

high-profile talks last month. But so far, China hasn’t shown an eagerness to increase its role in Afghanistan. The Taliban could try to take advantage of the country’s vast mineral resources through mining, or finance operations with money from the illegal opium trade. Afghanistan is the world’s largest grower of poppy used to produce heroin, according to data from the United Nations Office on Drugs and Crime.

But these alternatives are all “very tough,” Mr. Ahmady said. “Probably the only other way is to negotiate with the U.S. government.”

Afghanistan has about $700 million at the Bank for International Settlements, Mr. Ahmady said. The bank, which serves 63 central banks around the world, said on Wednesday that it “does not acknowledge or discuss banking relationships.”

On Wednesday, Mr. Ahmady wrote on Twitter that Afghanistan had relied on shipments of U.S. dollars every few weeks because it had a large current account deficit, a reflection of the fact that the value of its imports are about five times greater than its exports.

Those purchases of imports, often paid in dollars, could soon be squeezed.

“The amount of such cash remaining is close to zero due a stoppage of shipments as the security situation deteriorated, especially during the last few days,” Mr. Ahmady wrote.

He recalled receiving a call on Friday saying the country wouldn’t get further shipments of U.S. dollars. The next day, Afghan banks requested large amounts of dollars to keep up with customer withdrawals, but Mr. Ahmady said he had to limit their distribution to conserve the central bank’s supply. It was the first time he made such a move, he said.

Mr. Ahmady said that he had told President Ashraf Ghani about the cancellation of currency shipments, and that Mr. Ghani had then spoken with Secretary of State Antony J. Blinken. Though further shipments were approved “in principle,” Mr. Ahmady said, the next scheduled shipment, on Sunday, never arrived.

their origin story and their record as rulers.

The New York Fed provides safekeeping and payment services to foreign central banks so they can store international reserves securely, and to facilitate cross-border payments and other dollar-based transactions. International reserves often take the form of short-term Treasury bonds or gold. The New York Fed has been storing gold for foreign governments for nearly a century.

Though Mr. Ahmady has left the country, he said he believed that most members of the central bank’s staff were still in Afghanistan.

If the Taliban can’t gain access to the central bank’s reserves, it will probably have to further limit access to dollars, Mr. Ahmady said. This would help start a cycle in which the national currency will depreciate and inflation will rise rapidly and worsen poverty.

“They’re going to have to significantly reduce the amount that people can take out,” Mr. Ahmady said. “That’s going to hurt people’s living standards.”

The more than $400 million from the International Monetary Fund, which the Biden administration has sought to keep out of the Taliban’s hands, is Afghanistan’s share of a $650 billion allocation of currency reserves known as special drawing rights. It was approved this month as part of an effort to help developing countries cope with the coronavirus pandemic.

But the toppling of Afghanistan’s government and a lack of clarity about whether the Taliban will be recognized internationally put the I.M.F. in a difficult position.

“There is currently a lack of clarity within the international community regarding recognition of a government in Afghanistan, as a consequence of which the country cannot access S.D.R.s or other I.M.F. resources,” the organization said in a statement Wednesday. It added that its decisions were guided by the views of the international community.

Jake Sullivan, the White House’s national security adviser, said Tuesday that it was too soon to address whether the United States would recognize the Taliban as the legitimate power in Afghanistan.

“Ultimately, it’s going to be up to the Taliban to show the rest of the world who they are and how they intend to proceed,” Mr. Sullivan said. “The track record has not been good, but it’s premature to address that question at this point.”

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President & Chief Executive Officer of Berkshire Hathaway HomeServices Drysdale Properties, Gretchen Pearson, Recognized by HousingWire as 2021 Women of Influence

DALLAS–(BUSINESS WIRE)–Today, HousingWire announced the winners of its annual Women of Influence award honoring 100 women shaping and propelling the mortgage, real estate and fintech industries forward. This year marks the 11th year of this award being recognized, with nominations growing and becoming more competitive every year.

The Women of Influence are selected by HousingWire’s Selection Committee based on their professional achievements within their organizations, but contributions to the overall industry, community outreach, client impact and personal success also factor into the committee’s decision.

“Another way to describe our Women of Influence honorees this year would be the women who are making an impact, which is something we saw woven into each of these amazing award winners,” Brena Nath, HW+ managing editor, said. “Congratulations to these women who are cultivating a new path forward for the housing industry and reimagining a better, more collaborative future.”

Many of this year’s winners’ mentor other women in the industry. Others coordinate volunteer programs for their employees or serve on advisory boards that inform the industry. All making a huge difference in their communities. These women are instrumental in paving the way for other women to also succeed in the housing industry.

Gretchen Pearson, President/CEO of Berkshire Hathaway HomeServices Drysdale Properties has been recognized by HousingWire as a 2021 Woman of Influence. Pearson successfully led the entire network of Drysdales through the pandemic year when business was anything but usual. Through her leadership and perseverance, clients not only received the same level of service they’d come to rely on with Berkshire Hathaway HomeServices Drysdale Properties, but were introduced to a bevy of new technology and services designed to help them reach their real estate goals despite the challenges faced by the pandemic.

“The winners of the Women of Influence award are truly remarkable! The contribution of these incredibly accomplished leaders to our industry is hard to overstate,” HousingWire Editor in Chief Sarah Wheeler said. “We’re excited to honor them and shine a spotlight on their achievements.”

Pearson believes that at its core, real estate is about the relationships we build. She draws on her experience as an industry leader, a broker, a cancer survivor, a community activist, a wife, and a mother to inspire her employees and her agents; sharing her story openly and encouraging all to pursue their goals. As she says, “What matters most is that you are true to who you are.”

Since opening its doors in 2005, Drysdale Properties has grown by leaps and bounds. At present, the brokerage proudly supports 1,275+ agents in 46 offices, serving 24 counties across Northern California and Nevada. The list of accolades, awards, and recognitions for Pearson’s leadership and accomplishments is staggering and includes many “firsts” in the industry. A few recent accolades include:

Pearson has always had a strong commitment to giving back to the communities served. A significant part of that commitment is the Drysdale Community Foundation. In 2021 the foundation donated $68,000 to local organizations.

“It is with no surprise that Gretchen received this award,” says Joe Manning, Chief Marketing and Technology Officer. “If I had to describe Gretchen in one word, it would be wise. She has the experience of up and down markets and shifting technologies. She can see goal line way before others and cares about the future of it more than anyone I know.”

About HW Media

HW Media is the leading digital community for real estate, financial services and fintech professionals to engage, connect and gain knowledge. Founded in 2016 through the acquisition of HousingWire, HW Media is based in Dallas, TX with team members across the country. HW Media is owned by Riomar Capital.

About HousingWire

HousingWire is the most influential source of news and information for the U.S. mortgage and housing markets. Built on a foundation of independent and original journalism, HousingWire reaches over 60,000 newsletter subscribers daily and over 1.0 million unique visitors each month. Our audience of mortgage, real estate and fintech professionals rely on us to Move Markets Forward. Visit www.housingwire.com or www.solutions.housingwire.com to learn more.

About Berkshire Hathaway HomeServices Drysdale Properties

Berkshire Hathaway HomeServices Drysdale Properties is Northern California’s and Nevada’s fastest-growing, fullservice and 100% woman-owned real estate brokerage specializing in residential, luxury, relocation, commercial and property management. It is the No. 16 brokerage in the Berkshire Hathaway HomeServices network; No. 69 for sales volume as ranked by REALTrends; and No. 67 in RISMedia’s Power Broker Top 500 Report. To learn more visit www.bhhsdrysdale.com

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Live Updates: Summit Over, Putin and Biden Cite Gains, but Tensions Are Clear

military threats to human rights concerns. Some were longstanding, others of newer vintage.

During the Cold War, the prospect of nuclear annihilation led to historic treaties and a framework that kept the world from blowing itself up. At this meeting, for the first time, cyberweapons — with their own huge potential to wreak havoc — were at the center of the agenda.

But Mr. Putin’s comments to the media suggested the two leaders did not find much common ground.

In addition to his denials that Russia had played a destabilizing role in cyberspace, he also took a hard line on human rights in Russia.

He said Mr. Biden had raised the issue, but struck the same defiant tone on the matter in his news conference as he has in the past. The United States, Mr. Putin said, supports opposition groups in Russia to weaken the country, since it sees Russia as an adversary.

“If Russia is the enemy, then what organizations will America support in Russia?” Mr. Putin asked. “I think that it’s not those who strengthen the Russian Federation, but those that contain it — which is the publicly announced goal of the United States.”

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Biden Raises Human Rights and Cybersecurity With Putin

Mr. Biden discussing his meeting with Mr. Putin.

I told President Putin my agenda is not against Russia or anyone else. It’s for the American people, fighting Covid-19, rebuilding our economy, re-establishing relationships around the world with our allies and friends and protecting the American people. That’s my responsibility as president. I also told him that no president of the United States could keep faith with the American people if they did not speak out to defend our democratic values, to stand up for the universal and fundamental freedoms that all men and women have in our view. That’s just part of the DNA of our country. So human rights is going to always be on the table, I told him. It’s not about just going after Russia when they violate human rights. It’s about who we are. This is about practical, straightforward, no-nonsense decisions that we have to make or not make. We’ll find out within the next six months to a year, whether or not we actually have a strategic dialogue that matters. We’ll find out whether we work to deal with everything from release of people in Russian prisons or not. We’ll find out whether we have a cybersecurity arrangement that begins to bring some order because, look, the countries that most are likely to be damaged — the failure to do that — are the major countries.

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Mr. Biden discussing his meeting with Mr. Putin.CreditCredit…Doug Mills/The New York Times

President Biden said on Wednesday that “I did what I came to do” in his first summit meeting with President Vladimir V. Putin of Russia.

Speaking after the summit in Geneva, Mr. Biden said the two leaders had identified areas of mutual interest and cooperation. But he said he had also voiced American objections to Russia’s behavior on human rights, and warned that there would be consequences to cyberattacks on the United States.

Any American president representing the country’s democratic values, Mr. Biden said, would be obliged to raise issues of human rights and freedoms. And so he said had discussed with Mr. Putin his concerns over the imprisonment of the Russian opposition leader Aleksei A. Navalny and warned there would be “devastating” consequences if Mr. Navalny were to die in prison.

Mr. Biden also brought up the detentions of two American citizens in Russia, Paul Whelan and Trevor Reed, he said.

On the issue of cybersecurity, Mr. Biden said he had argued that certain parts of the infrastructure need to be off limits to cyberattacks. He said he had provided Mr. Putin with a list of critical areas, like energy, that must be spared. Mr. Biden also said the two leaders had agreed to enlist experts in both countries to discuss what should remain off limits and to follow up on specific cases.

“We need to have some basic rules of the road,” Mr. Biden told reporters after the summit.

And if Russia continues to violate what he called the basic norms of responsible behavior, he said, “We will respond.”

Mr. Biden made clear that, during his discussions with Mr. Putin, there were no threats, no talk of military intervention and no mention of what specific retaliation the United States would take in such cases. But Mr. Biden said that the United States was fully capable of responding with its own cyberattacks — “and he knows it.”

Mr. Biden said “there’s much more work to do,” but declared over the course of his weeklong European trip, he had shown that “the United States is back.”

He also said Russia stood to lose internationally if it continued to meddle in elections. “It diminishes the standing of a nation,”Mr. Biden said.

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Mr. Putin told reporters Wednesday that there had been “no hostility” in his first meeting with Mr. Biden.CreditCredit…Pool photo by Alexander Zemlianichenko

President Vladimir V. Putin on Wednesday repeated well-worn denials of Russian mischief and tropes about American failings, as he spoke to the press after his first summit with President Biden.

But between those familiar lines, he left the door open to deeper engagement with Washington than the Kremlin had been willing to entertain in recent years. On issues like cybersecurity, nuclear weapons, diplomatic spats and even prisoner exchanges, Mr. Putin said he was ready for talks with the United States, and he voiced unusual optimism about the possibility of achieving results.

“We must agree on rules of behavior in all the spheres that we mentioned today: That’s strategic stability, that’s cybersecurity, that’s resolving questions connected to regional conflicts,” Mr. Putin said at a nearly hourlong news conference after the summit. “I think that we can find agreement on all this — at least I got that sense given the results of our meeting with President Biden.”

Mr. Putin’s focus on “rules of behavior” sounded a lot like the “guardrails” that American officials have said they hope to agree on with Russia in order to stabilize the relationship. “Strategic stability” is the term both sides use to refer to nuclear weapons and related issues.

To be sure, there is no guarantee that the United States and Russia will make progress on those fundamental issues, and American officials fear Russian offers of talks could be efforts to tie key questions up in committees rather than set clear red lines. But in recent years, substantive dialogue between the two countries has been rare, making Wednesday’s promises of new consultations significant.

But Mr. Putin fell back on familiar Kremlin talking points to bat away criticisms, pointing to supposed human rights violations in the United States and denying Russian complicity in cyberattacks. He also refused to budge in response to questions over his repression of dissent inside Russia and the imprisonment of the opposition leader Aleksei A. Navalny. As he has said in the past, he repeated that the Kremlin does not see domestic politics as up for negotiation or discussion.

“If you ignore the tiresome whataboutism, there were some real outcomes,” said Samuel Charap, a senior political scientist at the RAND Corporation in Arlington, Va. “Russia is not in the habit of confessing its sins and seeking forgiveness. Particularly under Putin.”

The main outcomes to Mr. Charap were the agreement on U.S.-Russian dialogue on strategic stability and cybersecurity, as well as the agreement for American and Russian ambassadors to return to their posts in Moscow and Washington. Mr. Putin also said there was “potential for compromise” on the issue of several Americans imprisoned in Russia and Russians imprisoned in the United States.

To tout his renewed willingness to talk — while acknowledging the uncertainty ahead — Mr. Putin quoted from Russian literature.

“Leo Tolstoy once said: ‘There is no happiness in life — there are only glimmers of it,’” Mr. Putin said. “I think that in this situation, there can’t be any kind of family trust. But I think we’ve seen some glimmers.”

Mr. Biden and the first lady earlier this month.
Credit…Doug Mills/The New York Times

After President Biden met his Russian counterpart on Wednesday, the two men did not face the news media at a joint news conference.

President Vladimir V. Putin of Russia spoke first, followed by Mr. Biden, in separate news conferences, a move intended by the White House to deny the Russian leader an international platform like the one he received during a 2018 summit in Helsinki with President Donald J. Trump.

“We expect this meeting to be candid and straightforward, and a solo press conference is the appropriate format to clearly communicate with the free press the topics that were raised in the meeting,” a U.S. official said in a statement sent to reporters this weekend, “both in terms of areas where we may agree and in areas where we have significant concerns.”

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On Wednesday, President Biden met with the president of Russia, Vladimir V. Putin, in Geneva. The two global leaders are meeting as tensions between Washington and Moscow have escalated over the last year.CreditCredit…Doug Mills/The New York Times

Top aides to Mr. Biden said that during negotiations over the meetings the Russian government was eager to have Mr. Putin join Mr. Biden in a news conference. But Biden administration officials said that they were mindful of how Mr. Putin seemed to get the better of Mr. Trump in Helsinki.

At that news conference, Mr. Trump publicly accepted Mr. Putin’s assurances that his government did not interfere with the 2016 election, taking the Russian president’s word rather than the assessments of his own intelligence officials.

The spectacle in 2018 drew sharp condemnations from across the political spectrum for providing an opportunity for Mr. Putin to spread falsehoods. Senator John McCain at the time called it “one of the most disgraceful performances by an American president in memory.”

Mr. Putin’s limousine arriving at the Villa La Grange on Wednesday.
Credit…Doug Mills/The New York Times

Piggybacking on the attention to Russia with the Biden-Putin meeting on Wednesday, the European Union issued a long and pessimistic report on the state of relations between Brussels and Moscow.

“There is not much hope for better relations between the European Union and Russia anytime soon,” said Josep Borrell Fontelles, the E.U.’s foreign policy chief, introducing the report. It was prepared in advance of a summit meeting of European leaders next week at which the bloc’s future policy toward Russia will be on the agenda.

That discussion has been delayed several times by other pressing issues, including the pandemic.

“Under present circumstances, a renewed partnership between the E.U. and Russia, allowing for closer cooperation, seems a distant prospect,” Mr. Borrell said in a statement, introducing the 14-page report prepared by the European Commission.

The report urges the 27-member bloc to simultaneously “push back” against Russian misbehavior and violations of international law; “constrain” Russia’s efforts to destabilize Europe and undermine its interests, especially in the Western Balkans and neighboring post-Soviet states; and “engage” with Russia on common issues like health and climate, “based on a strong common understanding of Russia’s aims and an approach of principled pragmatism.”

The ambition, Mr. Borrell said, is to move gradually “into a more predictable and stable relationship,” a similar goal to that expressed by the Biden administration.

Mr. Borrell had an embarrassing visit to Moscow in February as he began to prepare the report. He stood by without reacting in a joint news conference as his Russian counterpart, Foreign Minister Sergey Lavrov, called the European Union an “unreliable partner.”

As they were meeting, Moscow announced that diplomats from Germany, Poland and Sweden had been expelled for purportedly participating in “illegal protests” to support the jailed opposition politician Aleksei A. Navalny, a fact Mr. Borrell discovered only later through social media.

He defended the trip, telling the European Parliament that he “wanted to test whether the Russian authorities are interested in a serious attempt to reverse the deterioration of our relations and seize the opportunity to have a more constructive dialogue. The answer has been clear: No, they are not.”

Relations have worsened since then with overt Russian support for a crackdown against democracy and protests in Belarus.

Soldiers working with artillery at a base in Khlibodarivka, Ukraine, in April.
Credit…Brendan Hoffman for The New York Times

Even before the summit between the United States and Russia got underway on Wednesday, Ukrainian officials played down the prospect for a breakthrough on one of the thornier issues on the agenda: ending the war in eastern Ukraine, the only active conflict in Europe today.

Ukraine said it would not accept any arrangements made in Geneva between President Biden and President Vladimir V. Putin on the war, which has been simmering for seven years between Russian-backed separatists and the Ukrainian Army, officials said.

Before the summit’s start, Dmitri S. Peskov, the Kremlin’s spokesman, said that Ukraine’s entry into NATO would represent a “red line” for Russia that Mr. Putin was prepared to make plain on Wednesday. Mr. Biden said this week that Ukraine could join NATO if “they meet the criteria.”

The Ukrainian government has in recent years dug in its heels on a policy of rejecting any negotiation without a seat at the table after worry that Washington and Moscow would cut a deal in back-room talks. The approach has remained in place with the Biden administration.

“It is not possible to decide for Ukraine,” President Volodymyr Zelensky said on Monday. “So there will be no concrete result” in negotiations in Geneva, he said.

Ukraine’s foreign minister drove the point home again on Tuesday.

“We have made it very clear to our partners that no agreement on Ukraine reached without Ukraine will be recognized by us,” Dmytro Kuleba, the foreign minister, told journalists. Ukraine, he said, “will not accept any scenarios where they will try to force us to do something.”

Ukraine will have a chance for talks with the United States. Mr. Biden has invited Mr. Zelensky to a meeting in the White House in July, when a recent Russian troop buildup along the Ukrainian border is sure to be on the agenda.

Russia massed more than 100,000 troops along the Ukrainian border this spring. Despite an announcement in Moscow of a drawdown, both Ukrainian and Western governments say that only a few thousand soldiers have departed, leaving a lingering risk of a military escalation over the summer.

With Donald J. Trump in Osaka, Japan, in 2019.

Credit…Erin Schaff/The New York Times

With Barack Obama in New York in 2015.

Credit…Doug Mills/The New York Times

With George W. Bush in Washington in 2005.

Credit…Stephen Crowley/The New York Times

With Bill Clinton in Moscow in 2000.

Credit…Dirck Halstead/Liaison
President Donald J. Trump with President Vladimir V. Putin during a joint news conference in Helsinki in 2018.
Credit…Doug Mills/The New York Times

If President Biden wanted an example of a summit that did not go according to plan, he needed only to look back to 2018.

That year, President Donald J. Trump flew to Helsinki to meet President Vladimir V. Putin of Russia, the first face-to-face meeting between the two and a highly anticipated moment given the then-ongoing investigations of Russian interference and cooperation with Mr. Trump’s 2016 presidential campaign.

It might have been a chance for Mr. Trump to push back against those accusations by offering a forceful denunciation of Russia’s actions in private, and again during a joint news conference by the two men.

Instead, standing on the stage by Mr. Putin’s side, Mr. Trump dismissed the conclusions by U.S. intelligence agencies about Russian meddling and said, in essence, that he believed Mr. Putin more than he did the C.I.A. and other key advisers

“They said they think it’s Russia,” Mr. Trump said. “I have President Putin; he just said it’s not Russia.” He added that he didn’t see any reason Russia would have been responsible for hacks during the 2016 election. “President Putin was extremely strong and powerful in his denial today.”

It was the kind of jaw-dropping assertion that U.S. administrations usually strive to avoid in the middle of highly scripted presidential summits. Critics lashed out at Mr. Trump for undermining his own government and for giving aid and comfort to an adversary. Even Republican allies of the president issued harsh denunciations.

“It is the most serious mistake of his presidency and must be corrected — immediately,” said Newt Gingrich, the former Republican House speaker and a staunch supporter of Mr. Trump.

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A Look Back at Trump’s 2019 Meeting With Putin

Former President Donald J. Trump met with Vladimir V. Putin in June of 2019, where he warned the Russian president not to interfere with the U.S. election.

“You don’t have a problem with Russia, we have — you don’t have a problem. Thank you very much, everybody, it’s a great honor to be with President Putin, his representative, my representative. We have many things to discuss, including trade and including some disarmament and some little protectionism, perhaps, in a very positive way. And we’re going to discuss a lot of different things. We’ve had great meetings we have a very, very good relationship.” Reporter: “Mr. President, will you tell Russia not to meddle in the 2020 election?” [reporters shouting questions] Reporter: “What about the Ukrainian —” “Don’t, don’t meddle in the election.”

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Former President Donald J. Trump met with Vladimir V. Putin in June of 2019, where he warned the Russian president not to interfere with the U.S. election.

There was nothing about the one day Helsinki summit that was normal. Mr. Putin and Mr. Trump were so chummy that the Russian president gave Mr. Trump a soccer ball to take home as a gift. Mr. Trump thanked him and bounced the ball to Melania Trump, the first lady, in the front row, saying he would take it home to give it to his son, Barron.

(Sarah Sanders, the White House press secretary at the time, later issued a statement saying that the ball — like all gifts — had been examined to make sure it had not been bugged with listening devices.)

In a statement issued as Mr. Biden headed to Europe last week, Mr. Trump once again called his meeting with Mr. Putin “great and very productive” and he defended supporting the Russian president over his intelligence aides.

“As to who do I trust, they asked, Russia or our ‘Intelligence’ from the Obama era,” he said in a statement. “The answer, after all that has been found out and written, should be obvious. Our government has rarely had such lowlifes as these working for it.”

The former president also took a cheap shot at his successor in the statement, warning him not to “fall asleep during the meeting.”

One thing was certain — Mr. Biden did not follow through on Mr. Trump’s request that when Mr. Biden met with Mr. Putin “please give him my warmest regards!”

Health workers waiting for Covid patients on Monday at a hospital complex in Moscow.
Credit…Maxim Shipenkov/EPA, via Shutterstock

In the United States, fireworks lit up the night sky in New York City on Tuesday, a celebration meant to demonstrate the end of coronavirus restrictions. California, the most populous state, has fully opened its economy. And President Biden said there would be a gathering at the White House on July 4, marking what America hopes will be freedom from the pandemic.

Yet this week the country’s death toll passed 600,000 — a staggering loss of life.

In Russia, officials frequently say that the country has handled the coronavirus crisis better than the West and that there have been no large-scale lockdowns since last summer.

But in the week that President Vladimir V. Putin met with Mr. Biden for a one-day summit, Russia has been gripped by a vicious new wave of Covid-19. Hours before the start of the summit on Wednesday, the city of Moscow announced that it would be mandating coronavirus vaccinations for workers in service and other industries.

“We simply must do all we can to carry out mass vaccination in the shortest possible time period and stop this terrible disease,” Sergey S. Sobyanin, the mayor of Moscow, said in a blog post. “We must stop the dying of thousands of people.”

It was a reversal from prior comments from Mr. Putin, who said on May 26 that “mandatory vaccination would be impractical and should not be done.”

Mr. Putin said on Saturday that 18 million people had been inoculated in the country — less than 13 percent of the population, even though Russia’s Sputnik V shots have been widely available for months.

The country’s official death toll is nearly 125,000, according to Our World in Data, and experts have said that such figures probably vastly underestimate the true tally.

While the robust United States vaccination campaign has sped the nation’s recovery, the virus has repeatedly confounded expectations. The inoculation campaign has also slowed in recent weeks.

Unlike many of the issues raised at Wednesday’s summit, and despite the scientific achievement that safe and effective vaccines represent, the virus follows its own logic — mutating and evolving — and continues to pose new and unexpected challenges for both leaders and the world at large.

Displaced Syrian men at a refugee camp in Idlib last year.
Credit…Ivor Prickett for The New York Times

The conflict in Syria — which has now raged for 10 years and counting — was on the meeting agenda for President Biden and President Vladimir V. Putin of Russia as they met on Wednesday.

Since the start of the war, Russia has supported President Bashar al-Assad and his forces, and in 2015 it launched a military intervention with ground forces in the country to prop up the then-flailing government. In the years since, government forces have regained control of much of the country, with the support of Russia and Iran, as Mr. al-Assad’s forced tamped down dissent and carried out brutal attacks against Syrian civilians.

The United States also became deeply involved in the conflict, backing Kurdish forces in the country’s north and conducting airstrikes in the fight against the Islamic State. It has maintained a limited military presence there. Both the United States and Russian forces have found themselves on opposite sides of the multifaceted conflict on numerous occasions.

After years of failed attempts at peace in Syria as the humanitarian toll has continued to mount, Lina Khatib, the director of the Middle East and North Africa Program at Chatham House, a British think tank, said the moment could be ripe for the two major powers to chart a path forward.

She said that “despite taking opposing sides in the Syrian conflict, there is potential for a US-Russian compromise,” and that the summit could be the best place to begin that process.

“The Biden administration must not waste the opportunity that the U.S.-Russian summit presents on Syria,” Ms. Khatib wrote in a recent piece before the meeting in Geneva. “While the focus of various U.S. government departments working on Syria is on the delivery of cross-border aid, fighting the Islamic State and planning an eventual exit for U.S. troops, all these problems are products of the ongoing conflict, and solving them requires a comprehensive strategy to end it.”

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Russian and American Media Scuffle Before Diplomacy Meeting

A chaotic scrum between American and Russian reporters erupted on Wednesday before closed-door meetings between President Biden and President Vladimir V. Putin of Russia.

[reporters arguing] “Let me get up there —” “We’re with them, we’re part of the U.S. —” “I’m not in charge of your press.” “I need to get up with that camera, though, guys, I’m in sound. I need to get up —” [reporters arguing] “One, two, three. One, two, three.” “He’s setting the camera. He’s setting the camera.” “OK, so audio doesn’t go in yet?” “Not yet.” “Let’s go. Let’s go.” “Don’t touch me. Don’t touch me. Stop pushing. Don’t push me.” “Guys, there’s a cord here. There’s a cord here.”

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A chaotic scrum between American and Russian reporters erupted on Wednesday before closed-door meetings between President Biden and President Vladimir V. Putin of Russia.

American and Russian reporters engaged in a shoving match on Wednesday outside the villa where President Biden and President Vladimir V. Putin of Russia were meeting, stranding much of the press outside when the two leaders began talking.

The chaotic scrum erupted moments after Mr. Biden and Mr. Putin shook hands and waved to reporters before closed-door meetings with a handful of aides.

President Guy Parmelin of Switzerland had just welcomed the leaders “in accordance with its tradition of good offices” to “promote dialogue and mutual understanding.”

But shortly after the two leaders entered the villa, reporters from both countries rushed the side door, where they were stopped by Russian and American security and government officials from both countries. There was screaming and pushing as both sides tried to surge in, with officials yelling for order.

White House officials succeeded in getting nine members of their 13-member press pool into the library where Mr. Biden and Mr. Putin were seated against a backdrop of floor-to-ceiling books, along with each of their top diplomats and translators. The two leaders had already begun to make very brief remarks before reporters were able to get in the room.

Inside, more scuffling erupted — apparently amusing to the two leaders — as Russian officials told photographers that they could not take pictures and one American reporter was shoved to the ground. The two leaders waited, at moments smiling uncomfortably, for several minutes before reporters were pushed back out of the room as the summit meeting began.

“It’s always better to meet face to face,” Mr. Biden said to Mr. Putin as the commotion continued.

Chaotic scenes are not uncommon when reporters from multiple countries angle for the best spot to view a world leader, often in cramped spaces and with government security and handlers pushing them to leave quickly.

But even by those standards the scene outside the villa in this usually bucolic venue was particularly disruptive. Russian journalists quickly accused the Americans for trying to get more people into the room than had been agreed to, but it appeared that the Russians had many more people than the 15 for each side that had been negotiated in advance.

“The Americans didn’t go through their door, caused a stampede,” one Russian reporter posted on Telegram.

In fact, reporters from both countries had been told to try to go through a single door, and officials for both countries at times were stopping all of the reporters from entering, telling them to move back and blocking the door.

When American officials tried to get White House reporters inside, the Russian security blocked several of them.

President Vladimir V. Putin of Russia arriving in Geneva on Wednesday.
Credit…Pool photo by Alessandro Della Valle

Wednesday’s Geneva summit got off to an auspicious start: President Vladimir V. Putin of Russia landed on time.

His plane landed at about 12:30 p.m., an hour before he was set to meet President Biden, who had arrived in Geneva the previous evening. Mr. Putin is known for making world leaders wait — sometimes hours — for his arrival, one way to telegraph confidence and leave an adversary on edge.

But this time Mr. Putin did not resort to scheduling brinkmanship.

The summit’s start was laced with delicate choreography: Mr. Putin arrived first, straight from the airport, and was greeted on the red carpet in front of a lakeside villa by President Guy Parmelin of Switzerland. About 15 minutes later, Mr. Biden arrived in his motorcade, shook hands with Mr. Parmelin and waved to reporters.

The Swiss president welcomed the two leaders, wishing them “fruitful dialogue in the interest of your two countries and the whole world.” He then stepped aside, allowing Mr. Biden and Mr. Putin to approach each other, smiling, and shake hands.

Russian officials on Wednesday sought to put a positive last-minute spin on the meeting.

“This is an extremely important day,” a deputy foreign minister, Sergey Ryabkov, told the RIA Novosti state news agency hours before the summit’s start. “The Russian side in preparing for the summit has done the utmost for it to turn out positive and have results that will allow the further deterioration of the bilateral relationship to be halted, and to begin moving upwards.”

Even before Mr. Putin landed, members of his delegation had arrived at the lakeside villa where the meeting is being held. They included Foreign Minister Sergey V. Lavrov, who joined Mr. Putin in a small-group session with Mr. Biden and Secretary of State Antony J. Blinken at the start of the summit; and Valery V. Gerasimov, Russia’s most senior military officer.

Police officers from across Switzerland — the words “police,” “Polizei” and “polizia” on their uniforms reflecting the country’s multilingual cantons — cordoned off much of the center of Geneva on Wednesday.

The city’s normally bustling lakefront was off limits, and the park where President Biden and Mr. Putin were meeting was protected by razor wire and at least one armored personnel carrier.

Inside the leafy Parc la Grange, overlooking Lake Geneva, the police directed journalists to two separate press centers — one for those covering Mr. Putin, one for those covering Mr. Biden. As the reporters waited for the leaders to arrive, a Russian radio reporter went on air and intoned that Lake Geneva had become “a lake of hope.”

Villa La Grange in Geneva.
Credit…Doug Mills/The New York Times

A storied villa on the shores of Lake Geneva is sometimes described as having “a certain sense of mystery about it,” but there was little mystery this week about why the mansion and the park surrounding it were closed off.

Visitors were coming.

The Villa la Grange, an 18th-century manor house at the center of Parc la Grange, was the site of the meeting on Wednesday between President Biden and President Vladimir V. Putin.

Set in one of Geneva’s largest and most popular parks, the site is known not just for its lush gardens, but also for its role as a setting for important moments in the struggle between war and peace.

In 1825, the villa’s library — home to over 15,000 works and the only room to retain the villa’s original decorative features — hosted dignitaries of a European gathering that aimed to help Greeks fighting for independence.

Designed by the architect Jean-Louis Bovet and completed in 1773, the villa was owned by the Lullin family and primarily used as a summer residence before it was bought by a merchant, François Favre, in 1800.

It cemented its place in history in 1864, when it was the site of a closing gala for officials who signed the original 1864 Geneva Convention, presided over by Henri Dunant, a founder of the International Red Cross. An attempt to ameliorate the ravages of war on both soldiers and civilians, it set minimum protections for people who are victims of armed conflict.

After World War II, a new draft of the conventions was signed in an attempt to address gaps in international humanitarian law that the conflict had exposed.

In 1969, Pope Paul VI, who traveled to the park to celebrate Mass for a congregation of tens of thousands, pointed to the villa’s history as he spoke about the risk of nuclear conflagration.

He spoke about the opposing forces of love and hate and called for “generous peacemakers.”

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Global Shortages During Coronavirus Reveal Failings of Just in Time Manufacturing

In the story of how the modern world was constructed, Toyota stands out as the mastermind of a monumental advance in industrial efficiency. The Japanese automaker pioneered so-called Just In Time manufacturing, in which parts are delivered to factories right as they are required, minimizing the need to stockpile them.

Over the last half-century, this approach has captivated global business in industries far beyond autos. From fashion to food processing to pharmaceuticals, companies have embraced Just In Time to stay nimble, allowing them to adapt to changing market demands, while cutting costs.

But the tumultuous events of the past year have challenged the merits of paring inventories, while reinvigorating concerns that some industries have gone too far, leaving them vulnerable to disruption. As the pandemic has hampered factory operations and sown chaos in global shipping, many economies around the world have been bedeviled by shortages of a vast range of goods — from electronics to lumber to clothing.

In a time of extraordinary upheaval in the global economy, Just In Time is running late.

“It’s sort of like supply chain run amok,” said Willy C. Shih, an international trade expert at Harvard Business School. “In a race to get to the lowest cost, I have concentrated my risk. We are at the logical conclusion of all that.”

shortage of computer chips — vital car components produced mostly in Asia. Without enough chips on hand, auto factories from India to the United States to Brazil have been forced to halt assembly lines.

But the breadth and persistence of the shortages reveal the extent to which the Just In Time idea has come to dominate commercial life. This helps explain why Nike and other apparel brands struggle to stock retail outlets with their wares. It’s one of the reasons construction companies are having trouble purchasing paints and sealants. It was a principal contributor to the tragic shortages of personal protective equipment early in the pandemic, which left frontline medical workers without adequate gear.

a shortage of lumber that has stymied home building in the United States.

Suez Canal this year, closing the primary channel linking Europe and Asia.

“People adopted that kind of lean mentality, and then they applied it to supply chains with the assumption that they would have low-cost and reliable shipping,” said Mr. Shih, the Harvard Business School trade expert. “Then, you have some shocks to the system.”

presentation for the pharmaceutical industry. It promised savings of up to 50 percent on warehousing if clients embraced its “lean and mean” approach to supply chains.

Such claims have panned out. Still, one of the authors of that presentation, Knut Alicke, a McKinsey partner based in Germany, now says the corporate world exceeded prudence.

“We went way too far,” Mr. Alicke said in an interview. “The way that inventory is evaluated will change after the crisis.”

Many companies acted as if manufacturing and shipping were devoid of mishaps, Mr. Alicke added, while failing to account for trouble in their business plans.

“There’s no kind of disruption risk term in there,” he said.

Experts say that omission represents a logical response from management to the incentives at play. Investors reward companies that produce growth in their return on assets. Limiting goods in warehouses improves that ratio.

study. These savings helped finance another shareholder-enriching trend — the growth of share buybacks.

In the decade leading up to the pandemic, American companies spent more than $6 trillion to buy their own shares, roughly tripling their purchases, according to a study by the Bank for International Settlements. Companies in Japan, Britain, France, Canada and China increased their buybacks fourfold, though their purchases were a fraction of their American counterparts.

Repurchasing stock reduces the number of shares in circulation, lifting their value. But the benefits for investors and executives, whose pay packages include hefty allocations of stock, have come at the expense of whatever the company might have otherwise done with its money — investing to expand capacity, or stockpiling parts.

These costs became conspicuous during the first wave of the pandemic, when major economies including the United States discovered that they lacked capacity to quickly make ventilators.

“When you need a ventilator, you need a ventilator,” Mr. Sodhi said. “You can’t say, ‘Well, my stock price is high.’”

When the pandemic began, car manufacturers slashed orders for chips on the expectation that demand for cars would plunge. By the time they realized that demand was reviving, it was too late: Ramping up production of computer chips requires months.

stock analysts on April 28. The company said the shortages would probably derail half of its production through June.

The automaker least affected by the shortage is Toyota. From the inception of Just In Time, Toyota relied on suppliers clustered close to its base in Japan, making the company less susceptible to events far away.

In Conshohocken, Pa., Mr. Romano is literally waiting for his ship to come in.

He is vice president of sales at Van Horn, Metz & Company, which buys chemicals from suppliers around the world and sells them to factories that make paint, ink and other industrial products.

In normal times, the company is behind in filling perhaps 1 percent of its customers’ orders. On a recent morning, it could not complete a tenth of its orders because it was waiting for supplies to arrive.

The company could not secure enough of a specialized resin that it sells to manufacturers that make construction materials. The American supplier of the resin was itself lacking one element that it purchases from a petrochemical plant in China.

One of Mr. Romano’s regular customers, a paint manufacturer, was holding off on ordering chemicals because it could not locate enough of the metal cans it uses to ship its finished product.

“It all cascades,” Mr. Romano said. “It’s just a mess.”

No pandemic was required to reveal the risks of overreliance on Just In Time combined with global supply chains. Experts have warned about the consequences for decades.

In 1999, an earthquake shook Taiwan, shutting down computer chip manufacturing. The earthquake and tsunami that shattered Japan in 2011 shut down factories and impeded shipping, generating shortages of auto parts and computer chips. Floods in Thailand the same year decimated production of computer hard drives.

Each disaster prompted talk that companies needed to bolster their inventories and diversify their suppliers.

Each time, multinational companies carried on.

The same consultants who promoted the virtues of lean inventories now evangelize about supply chain resilience — the buzzword of the moment.

Simply expanding warehouses may not provide the fix, said Richard Lebovitz, president of LeanDNA, a supply chain consultant based in Austin, Texas. Product lines are increasingly customized.

“The ability to predict what inventory you should keep is harder and harder,” he said.

Ultimately, business is likely to further its embrace of lean for the simple reason that it has yielded profits.

“The real question is, ‘Are we going to stop chasing low cost as the sole criteria for business judgment?’” said Mr. Shih, from Harvard Business School. “I’m skeptical of that. Consumers won’t pay for resilience when they are not in crisis.”

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Hong Kong Has a New Type of Prisoner: Pro-Democracy Activists

HONG KONG — A half year after he got out of prison, Daniel Tang has made a habit of going back. He waits in spare, crowded corridors. He greets familiar faces among the fellow visitors and guards. He brings books, postage stamps, writing paper and packets of M&Ms.

Mr. Tang is visiting people like him who were imprisoned for their role in the pro-democracy street protests that rocked Hong Kong in 2019. He travels three hours, round-trip, for a 15-minute chat through a thick plate of glass, sometimes with a total stranger. He summons a cheery, chatty demeanor, when he feels anything but.

“You owe them your best face,” he said. “If you’re not feeling right, don’t even bother going.”

Mr. Tang and many of those he meets with represent a new breed of convict in Hong Kong: activists who opposed the Chinese Communist Party’s growing power in the city. This group — often including college students or white-collar professionals — rose up two years ago in a historic campaign of public disobedience that led to clashes with police on the streets and focused the world’s attention on the future of the Asian financial capital.

tough new laws imposed by Beijing, mass arrests and the hazards of the coronavirus. Now, with dim job prospects, a fraught political future and the unending threat of another arrest, those protesters are emblematic of the uncertainties facing the city’s stricken democracy movement.

about 7,000 people. Beijing’s imposition last year of a national security law gives prosecutors greater powers to target even more.

Many of the activists are contemplating a future in exile. Others struggle to stay committed to the cause for which they sit behind bars.

“Being sentenced to jail fractures people,” said Alex Chow, a 30-year-old activist who spent a brief time in jail for his role as a leader of protests in 2014, a precursor to the 2019 demonstrations. He now lives in exile in the United States.

as well as veterans. Those sentenced to prison so far include Joshua Wong, Agnes Chow and Ivan Lam, young leaders of the 2014 protests. Wong Ji-yuet, 23, and Owen Chow, 24, activists who participated in a primary election that was organized by the pro-democracy camp, are awaiting trial in solitary confinement after they were charged with endangering national security.

For many young people in jail, the sentences have redrawn their lives.

Jackie Yeung, a 23-year-old university student serving a three-year prison sentence, said she had abandoned the “typical ambitions” she used to harbor — getting a good job and an apartment in a family-friendly district.

statement ahead of her sentencing. “And I have no way of comforting them through the glass in the visitation room in prison.”

She dreams of opening up a small business importing Taiwanese pineapples after she and a Taiwanese cellmate are released. With the profits, she would support other young people by helping to pay their legal fees and living expenses. “To do anything, you need money,” she said.

To make things easier on prisoners, Mr. Tang and some other activists have banded together to provide support. They write letters and gazettes to catch people up with protest news and raise funds to pay for better meals in jail while protesters await trials.

Mr. Tang frequently sees Ms. Yeung. During one visit to her prison near the border with the mainland city of Shenzhen, he brought pens and stamps. He left the stamps, but was unable to give her the pens, as it would have exceeded her monthly allowance of two.

For all of his dedication, Mr. Tang, who spent more than a half-year imprisoned after pleading guilty to arson charges, says it doesn’t feel like it’s enough.

“Many Hong Kongers have moved on and moved away and don’t think about how there is a group of people sitting behind bars for the movement we all fought for,” said Mr. Tang, who is in his late 30s. “It seems many have forgotten.”

Far from radicalizing during his time on the inside, Mr. Tang now struggles with cynicism and meaning in a city that suddenly seems unfamiliar. He has been disheartened by the protest movement’s stagnation and by the waves of migration out of the city. The camaraderie of protest has been replaced by dread of ever more targeted arrests. He sees it all as an abandonment of values and believes that escape is a privilege unavailable to many.

Mr. Tang’s protester friends from prison also seem to be moving on. A group chat they kept, called the “Lai Chi Kok Prisoners,” after the facility where they were detained, still lights up occasionally with holiday greetings and vague laments. But few want to talk politics. Sometimes those in prison that do speak out seem to be exaggerating their place in the movement. He rolls his eyes at one prisoner, who has taken to calling himself Mandela 2.0.

“All that we have left is our relationships with one another,” he said. “Some seem ready to let that go.”

Yet, for Mr. Tang, there is no road back — not that he’d take it. His former employer was understanding, but let him go when his absence stretched on. He has been unable to access his life savings, he said, after his bank account was frozen over automated donations he made in 2019 to a protester bail fund that police placed under investigation.

He has applied to managerial jobs like those he had worked in the past, only to be turned away because of his criminal record. Now, he’s mulling applying for a taxi license or working in construction.

He still faces four charges related to the protests that were filed just days before his release from prison. The thought of officers at his door has kept him away from the apartment he shares with his mother. He tells her he now works a night shift, and she doesn’t press him.

“I’m really tired,” Mr. Tang said. “The government has left us no room to resist and nowhere to go.”

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Belarus Plane Crisis Tightens Lukashenko’s Awkward Embrace of Putin

MOSCOW — He may be the Kremlin’s closest ally, but his loyalty remains in doubt.

When Aleksandr G. Lukashenko, the eccentric and brutal leader of Belarus, forced down a European passenger jet on Sunday to arrest a dissident, he ushered in a new and even more brittle phase in one of the post-Soviet region’s most convoluted and consequential relationships: the one between Mr. Lukashenko and President Vladimir V. Putin of Russia.

The two are increasingly leaning on each other in the face of conflict with the West, but they have sharply diverging interests. Mr. Lukashenko, who has ruled for 26 years, relies on his iron grip on his country to assure his survival. Mr. Putin wants to expand Russian influence in Belarus, undermining Mr. Lukashenko’s authority in the process.

Now, with a summit meeting with President Biden looming in June, Mr. Putin faces a choice over how much political capital to expend to continue supporting Mr. Lukashenko, whose commandeering of the Ryanair plane has complicated the Kremlin’s efforts to smooth relations with the West. Russian officials and pro-Kremlin news outlets have taken Mr. Lukashenko’s side in the furor, but Mr. Lukashenko’s leading Belarusian opponents believe that the Kremlin’s support is only skin deep.

“In the Russian Foreign Ministry, in the Kremlin, I think that people can’t stand Lukashenko,” Franak Viacorka, a senior adviser to the exiled Belarusian opposition leader Svetlana Tikhanovskaya, said in a telephone interview. “But at the same time, since there’s not anyone more pro-Russian, they prefer to keep Lukashenko for now.”

Roman Protasevich — who had been on a Belarusian list of “terrorists” because he co-founded a social-media outlet that galvanized and organized last year’s protests.

On Monday, the Kremlin’s spokesman, Dmitri S. Peskov, told journalists in his regular daily briefing that he could not comment on the Ryanair incident. “It is up to the international authorities to assess the case,” he said.

It took another 24 hours for the Kremlin to formulate its final message; Belarus’s actions were “in line with international regulations,” Mr. Peskov said on Tuesday.

as directed by E.U. leaders who voiced outrage over what they called Mr. Lukashenko’s “hijacking.” But speaking in a marble-paneled hall of the Minsk House of Government, Mr. Lukashenko was defiant, claiming that a bomb threat against the plane had arrived from Switzerland.

“Don’t you cast blame on me!” Mr. Lukashenko thundered, jabbing his finger into the air. “I acted legally defending my people, and it will also be thus in the future.”

In Moscow, Mr. Lukashenko is widely seen as a frustrating and fickle partner. Despite his reliance on the Kremlin, for instance, he still has not recognized as valid the annexation of Crimea in 2014, which many Russians see as Mr. Putin’s crowning foreign policy achievement.

“It’s a pretty serious mistake to think that Moscow can snap its fingers to solve its problems in Minsk,” said Pavel Slunkin, a former Belarusian diplomat who resigned last year in protest against Mr. Lukashenko’s policies. “Lukashenko will try to avoid further dependence on Moscow in every possible way.”

Andrei Kortunov, the director general of the Russian International Affairs Council, a Moscow research institute co-founded by the Russian Foreign Ministry, likened Mr. Lukashenko to the Syrian ruler Bashar al-Assad, another difficult Kremlin ally.

After Russia propped up Mr. Lukashenko in his hour of need last summer, long-sought benefits were expected to accrue to the Kremlin. Mr. Lukashenko could have signed an agreement for a Russian military base in Belarus or allowed Russian investment into major Belarusian enterprises on favorable terms. But despite three face-to-face meetings between Mr. Lukashenko and Mr. Putin since last September — a fourth is expected in the coming days — none of that materialized.

“You’d think: The regime was saved, and he should have paid,” Mr. Kortunov said of Mr. Lukashenko. “But we’re not seeing that.”

Continuing to prop up Mr. Lukashenko could be costly for Mr. Putin, Mr. Kortunov warned. As Mr. Putin prepares for a summit meeting with President Biden scheduled to take place in Geneva on June 16, Russian officials have telegraphed that they want to lower tensions with the United States. One factor is domestic politics: Amid protests and discontent over economic stagnation, the Kremlin faces a public disapproving of foreign adventurism.

“The social contract of, ‘We won’t give you sausage, but we’ll make Russia a great power’ — this no longer works,” Mr. Kortunov said, describing Mr. Putin’s approach. “He understands that he needs to change the agenda. He won’t win any more with foreign policy.”

Mr. Lukashenko’s opponents are now pushing for the United States and Europe to enact more sanctions against Belarus that would further isolate him and perhaps provoke a split in the elite. Ms. Tikhanovskaya, the opposition leader, spent nearly 40 minutes on the phone earlier this week with Jake Sullivan, Mr. Biden’s national security adviser, her aide, Mr. Viacorka, said.

“When the Belarusian issue is discussed in the context of the Russian one, it becomes impossible to solve,” Mr. Viacorka said.

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WhatsApp Sues India’s Government to Stop New Internet Rules

SAN FRANCISCO — WhatsApp sued the Indian government on Wednesday to stop what it said were oppressive new internet rules that would require it to make people’s messages “traceable” to outside parties for the first time.

The lawsuit, filed by WhatsApp in the Delhi High Court, seeks to block the enforceability of the rules that were handed down by the government this year. WhatsApp, a service owned by Facebook that sends encrypted messages, claimed in its suit that the rules, which were set to go into effect on Wednesday, were unconstitutional.

Suing India’s government is a highly unusual step by WhatsApp, which has rarely engaged with national governments in court. But the service said that making its messages traceable “would severely undermine the privacy of billions of people who communicate digitally” and effectively impair its security.

“Civil society and technical experts around the world have consistently argued that a requirement to ‘trace’ private messages would break end-to-end encryption and lead to real abuse,” a WhatsApp spokesman said. “WhatsApp is committed to protecting the privacy of people’s personal messages and we will continue to do all we can within the laws of India to do so.”

a broadening battle between the biggest tech companies and governments around the world over which of them has the upper hand. Australia and the European Union have drafted or passed laws to limit the power of Google, Facebook and other companies over online speech, while other countries are trying to rein in the companies’ services to stifle dissent and squash protests. China has recently warned some of its biggest internet companies against engaging in anticompetitive practices.

In India, Prime Minister Narendra Modi and his ruling Bharatiya Janata Party have worked for several years to corral the power of the tech companies and more strictly police what is said online. In 2019, the government proposed giving itself vast new powers to suppress internet content, igniting a heated battle with the companies.

The rules that WhatsApp is objecting to were proposed in February by Ravi Shankar Prasad, India’s law and information technology minister. Under the rules, the government could require tech companies to take down social media posts it deemed unlawful. WhatsApp, Signal and other messaging companies would also be required to create “traceable” databases of all messages sent using the service, while attaching identifiable “fingerprints” to private messages sent between users.

WhatsApp has long maintained that it does not have insight into user data and has said it does not store messages sent between users. That is because the service is end-to-end encrypted, which allows for two or more users to communicate securely and privately without allowing others to access the messages.

More than a billion people rely on WhatsApp to communicate with friends, family and businesses around the world. Many users are in India.

ordered to take down dozens of social media posts that were critical of Mr. Modi’s government and its response to the coronavirus pandemic, which has ravaged the country. Government officials said the posts should be removed because they could incite panic and could hinder its response to the pandemic.

The social media companies complied with many of the requests by making the posts invisible inside India, though they were still visible to people outside the country. In the past, Twitter and Facebook have reposted some content after determining that it didn’t break the law.

Tensions between tech companies and the Indian government escalated this week when the police descended on the New Delhi offices of Twitter to contest labels affixed to certain tweets from senior members of the government. While Twitter’s offices were empty, the visit symbolized the mounting pressure on social media companies to rein in speech seen as critical of the ruling party.

Facebook and WhatsApp have long maintained working relationships with the authorities in dozens of countries, including India. Typically, WhatsApp has said it will respond to lawful requests for information and has a team that assists law enforcement officials with emergencies involving imminent harm.

Only rarely has WhatsApp pushed back. The service has been shut down many times in Brazil after the company resisted requests for user data from the government. And it has skirmished with U.S. officials who have sought to install “back doors” in encrypted messaging services to monitor for criminal activity.

But WhatsApp argued that even if it tried enacting India’s new “traceability” rules, the technology would not work. Such a practice is “ineffective and highly susceptible to abuse,” the company said.

Other technology firms and digital rights groups like Mozilla and the Electronic Frontier Foundation said this week that they supported WhatsApp’s fight against “traceability.”

“The threat that anything someone writes can be traced back to them takes away people’s privacy and would have a chilling effect on what people say even in private settings, violating universally recognized principles of free expression and human rights,” WhatsApp said.

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Disney Could Have Bought Time Warner in 2016

“About $20 billion of long positions were liquidated last week,” Sam Bankman-Fried, the C.E.O. of the crypto derivatives exchange FTX, told DealBook. “In terms of price movements: the biggest part of it is liquidations,” he said, suggesting the worst is over. But he also noted news from China late Friday of a crackdown on Bitcoin mining and trading. This added to other news of official scrutiny that has spooked crypto investors in recent days:

Companies with Bitcoin on their balance sheets may be getting nervous. For accounting purposes, crypto is valued at its purchase price. If it goes up in value, this isn’t reflected in a company’s accounts but if it falls, the value is impaired and puts a dent in quarterly profits. Let’s check in on the three big corporate Bitcoin holders — Tesla, MicroStrategy, and Square — shall we?


Barry Diller, when asked by Andrew on CNBC’s Squawk Box whether he thinks Disney’s C.E.O., Bob Chapek, has pushed his predecessor, Bob Iger, to the sidelines, as he suggested earlier in the interview. (And “not very nicely,” per Diller.)


The investment bank Lazard has hired William McRaven, the retired Navy admiral who led the U.S. Special Operations Command, as a senior adviser for its financial advisory business. McRaven oversaw the raid that killed Osama Bin Laden.

His hiring underscores business’ concerns about geopolitics. The pandemic has highlighted the potential business risks of global interconnectedness and China’s increasing assertiveness, among the many fault lines that multinational companies face.

McRaven is the latest financial outsider to join Lazard. Memorably, the firm hired the late Vernon Jordan, the civil rights leader with a gold-plated Rolodex, in 2000. “It’s not a place that is big on golfing,” said Peter Orszag, the head of financial advisory at Lazard, himself a veteran of the Clinton and Obama administrations. Bringing such people on board brings both intellectual “content” and deep relationships around the world, Orszag said.


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