Amazon Union Vote: Labor Loss May Bring Shift in Strategy

“Everywhere they tried, they were defeated,’’ Nelson Lichtenstein, a labor historian at the University of California, Santa Barbara, said of the unions. “Walmart would send teams to swamp the stores to work against a union. They are good at it.”

As with Walmart, labor leaders believed it was critical to establish a foothold at Amazon, which influences pay and working conditions for millions of workers thanks to the competitive pressure it puts on rivals in industries like groceries and fashion.

But the labor movement’s failure to make inroads at Walmart despite investing millions of dollars has loomed over its thinking on Amazon. “They felt so burned by trying to organize Walmart and getting basically nowhere,” said Ruth Milkman, a sociologist of labor at the Graduate Center of the City University of New York.

It was only a relatively small, scrappy union, the Retail, Wholesale and Department Store Union, that felt the election in Alabama was worth the large investment. As the votes were being tallied, Stuart Appelbaum, the union’s president, attributed the one-sided result to a “broken” election system that favors employers.

Amazon saw things differently. “It’s easy to predict the union will say that Amazon won this election because we intimidated employees, but that’s not true,” the company said in a statement. “Our employees made the choice to vote against joining a union. Our employees are the heart and soul of Amazon, and we’ve always worked hard to listen to them.”

Yet even as elections have often proven futile, labor has enjoyed some success over the years with an alternative model — what Dr. Milkman called the “air war plus ground war.”

The idea is to combine workplace actions like walkouts (the ground war) with pressure on company executives through public relations campaigns that highlight labor conditions and enlist the support of public figures (the air war). The Service Employees International Union used the strategy to organize janitors beginning in the 1980s, and to win gains for fast-food workers in the past few years, including wage increases across the industry.

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Amazon Workers Defeat Union Effort in Alabama

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

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

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

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

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

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

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

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

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Follow Live Amazon Union Vote Results

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

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

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

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

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

Sophia June and Miles McKinley contributed to this report.

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Amazon Union Votes Continue to Be Tallied: Live Updates

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

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

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

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

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

Sophia June contributed to this report.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A closed restaurant and pastry store in Tucson, Ariz. The Fed chair, Jerome Powell, said the economic recovery from the pandemic has been “uneven and incomplete.”
Credit…Rebecca Noble for The New York Times
  • U.S. stock futures rose on Friday along with government bond yields after the Federal Reserve chair, Jerome Powell, reiterated his intention to keep supporting the economic recovery until it is complete.

  • The rollout of vaccinations meant the United States economy could probably reopen soon, but the recovery was still “uneven and incomplete,” Mr. Powell said at the International Monetary Fund annual conference on Thursday.

  • He pointed out that the economic burden of the pandemic was falling most heavily on low-income service workers who were least able to bear it. “I really want to finish the job and get back to a great economy,” Mr. Powell said.

  • The yield on 10-year Treasury notes jumped 5 basis points, or 0.05 percentage point, to 1.67 percent. The yield on 10-year government bonds rose across Europe, too.

  • The S&P 500 index was set to open 0.1 percent higher and has risen 0.4 percent so far this week.

  • The relatively quiet week in the stock market has sent the VIX index, a measure of volatility, to its lowest level since February 2020. The index was at 17 points on Friday. In mid-March, as the pandemic shut down huge parts of the global economy, it spiked above 80.

  • European stock indexes were mixed on Friday, though the Stoxx Europe 600 was heading for its sixth straight week of gains. The DAX index in Germany rose 0.1 percent after data showed an unexpected drop in industrial production.

  • Oil prices rose slightly with futures of West Texas Intermediate, the U.S. crude benchmark, 0.2 percent higher to $59.70 a barrel.

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Fallout From Hedge Fund’s Defaults Spreads Through Markets: Live Updates

Bloomberg identified it as Archegos Capital Management, a New York-based family office that manages the wealth of Bill Hwang, a former hedge fund manager at Tiger Asia Management who was found guilty of wire fraud in 2012.

Investment banks that provided services to Archegos, such as Goldman Sachs and Morgan Stanley, dumped huge quantities of stocks including ViacomCBS and Chinese tech companies on Friday.

Archegos was forced into the stock sales, worth about $20 billion, after bets the fund made moved the wrong way, Bloomberg reported. Shares in ViacomCBS, one of Archegos’s positions, dropped 23 percent on Wednesday last week. On Friday, the share price plummeted a further 27 percent as the investment banks liquidated positions. ViacomCBS shares fell about 3 percent in early trading on Monday.

Shares in Goldman Sachs and Morgan Stanley opened about 2-3 percent lower on Monday. Shares in Deutsche Bank fell more than 3 percent, after it was said to also have some exposure to Archegos.

Credit Suisse has already been roiled this month by the collapse of Greensill Capital, a London-based financial firm it sold funds for, and to whom it extended loans of $140 million. The Swiss bank told investors it would probably report some losses on the loan.

“A significant U.S.-based hedge fund defaulted on margin calls made last week by Credit Suisse and certain other banks,” the Swiss bank said on Monday. It did not yet know the exact size of the loss from exiting its positions but “it could be highly significant and material to our first quarter results,” the statement said.

  • Oil prices bounced around on Monday following news about the fate of the container ship that had been blocking the Suez Canal for nearly week. The ship was finally freed on Monday, raising the prospect that trade flows would be restored, but authorities said more work was needed before maritime traffic could restart.

  • Yields on 10-year Treasury notes fell 2 basis points, or 0.02 percentage point, to 1.65 percent.

Bill Hwang, right, with his lawyer in 2012. Archegos Capital Management manages the personal fortune of the former hedge fund mogul.
Credit…Emile Wamsteker/Bloomberg

The fallout from risky investments made by Archegos Capital Management continued to spread through the global markets on Monday, and it could spur more attention from regulators on the murky world of swaps and investor borrowing, the DealBook newsletter reports.

But how did one firm’s bad bets cascade to become a multibillion-dollar fire sale of stocks by banks around the world? Here’s what we know so far:

Archegos manages the personal fortune of the former hedge fund mogul Bill Hwang, who won Wall Street’s business despite having pleaded guilty to insider trading years ago. It amassed huge positions in media giants like ViacomCBS and in several Chinese tech companies — largely with borrowed money.

The Archegos strategy included using swaps, contracts that gave Mr. Hwang financial exposure to companies’ shares while hiding both his identity and how big his positions really were. (It is also becoming increasingly apparent that several Wall Street banks lent Archegos money without knowing that others were doing the same thing for the same trades.)

Trouble for Mr. Hwang, and his banks, arose when the prices of those stocks started to fall. That prompted some of his lenders to demand cash to cover his bets. When they began to question his ability to do so, some of them, including Goldman Sachs and Morgan Stanley, seized some of his holdings and kicked off the sale $20 billion worth in huge block trades.

That forced selling led to even bigger drops in the prices of those stocks, starting a vicious circle.

Goldman Sachs has told investors that its potential losses are “immaterial,” having covered its exposure, but other investment banks faced a reckoning:

  • Credit Suisse told investors that a “U.S.-based hedge fund” had defaulted on its margin calls, which could lead to losses that were “highly significant and material to our first-quarter results.”

  • Nomura said that one of its U.S. arms could suffer “a significant loss” because of the forced sales.

One person who is surely paying attention is Gary Gensler: President Biden’s pick to lead the S.E.C. has been an advocate for market transparency, having argued that unregulated dark pools could cause a broader risk to the U.S. economy.

Southwest Airlines, the largest buyer of Boeing’s 737 Max jet, said that it had ordered a total of the planes over the next decade.
Credit…Jim Watson/Agence France-Presse — Getty Images

Southwest Airlines is doubling down on Boeing’s troubled 737 Max jet, adding 100 new orders for the plane just months after regulators began allowing it to fly again.

The airline, already the largest customer of the Max, said on Monday that it had ordered a total of 349 Max jets over the next decade. Southwest, which resumed flights aboard the Max this month, also said it had more than doubled the number of planes it had options to buy, to 270.

“Southwest Airlines has been operating the Boeing 737 series for nearly 50 years, and the aircraft has made significant contributions to our unparalleled success,” Gary Kelly, Southwest’s chief executive, said in a statement. “Today’s commitment to the 737 Max solidifies our continued appreciation for the aircraft.”

Regulators around the world grounded the Max, which is quieter and more fuel-efficient than its predecessors, in March 2019 following fatal crashes in Ethiopia and Indonesia that killed 346 people. The Federal Aviation Administration lifted its ban on the plane in November, requiring various changes and upgrades. It was soon followed by other aviation regulators and the plane has been used on thousands of flights since.

The expanded Southwest order comes as more passengers start flying again. More than 1.5 million people were screened at airport security checkpoints on Sunday, according to the Transportation Security Administration, the most since the coronavirus pandemic began. Still, that was about 37 percent fewer people than the agency had screened on the same day in 2019.

Southwest did not say how much it will pay for its new Max order. The airline is spending more than $10 billion in new and existing airplane orders. The airline expects to receive 28 Max planes this year and at least 30 each year after through 2025.

By acquiring Houghton Mifflin, HarperCollins, which is owned by Rupert Murdoch’s News Corp, will be better able to compete as publishing has come to be dominated by the biggest players.
Credit…Richard Drew/Associated Press

HarperCollins, one of the five largest publishing companies in the United States, has made a deal to acquire Houghton Mifflin Harcourt Books and Media, the trade publishing division of Houghton Mifflin Harcourt, for $349 million.

The acquisition will help HarperCollins expand its catalog of backlist titles at a moment of growing consolidation in the book business. Houghton Mifflin publishes perennial sellers by well-known authors such as J.R.R. Tolkien, George Orwell, Philip Roth and Lois Lowry, as well as children’s classics and best-selling cookbooks and lifestyle guides.

News of the sale was reported earlier by The Wall Street Journal.

By acquiring Houghton Mifflin, HarperCollins, which is owned by Rupert Murdoch’s News Corp, will be better able to compete as publishing has come to be dominated by the biggest players.

The book business has been transformed by consolidation in the past decade, with the merger of Penguin and Random House in 2013, News Corp’s purchase of the romance publisher Harlequin, and Hachette Book Group’s acquisition of Perseus Books. Last fall, ViacomCBS agreed to sell Simon & Schuster to Penguin Random House for more than $2 billion, in a deal that has drawn scrutiny from antitrust regulators and has raised concerns among booksellers, authors and agents.

Book sales across the industry have remained strong during the pandemic, but Houghton Mifflin saw its revenue fall sharply last year because of a steep drop in sales in its education division. Its revenue fell by more than 46 percent in the nine months that ended on Sept. 30 of last year, compared with the same period in 2019. The company put its trade publishing division up for sale last fall, as it aims to focus on its core business of K-12 educational publishing, and to pay down its debt.

“There is incredible demand for our expertise as schools across the country plan for post-pandemic learning and recovery,” Houghton Mifflin’s president and chief executive, Jack Lynch, said in a news release. “This is an inflection moment for K-12 education in our country and for HMH as a trusted partner to schools and teachers in advancing learning for every student.”

Tankers and freight ships near the entrance of the Suez Canal.
Credit…Ahmed Hasan/Agence France-Presse — Getty Images

Oil prices fell on Monday as word spread that the giant cargo ship blocking the Suez Canal had been set free, raising hopes that hundreds of vessels, many carrying oil and petroleum products, could soon proceed through the critical waterway.

Oil prices had swirled earlier in the day, as prospects of an end to the logjam brightened, and then dimmed. But following the announcement that the containership Ever Given had been freed, the price of Brent crude, the international benchmark, fell about 2.5 percent, to $63.90 a barrel.

Since the vessel got stuck early last week, tankers have been lining up at the entrances to the canal waiting to deliver their cargoes to Europe and Asia.

The Suez Canal is a crucial choke point for oil shipping, but so far the impact on the oil market of this major interruption of trade flows has been relatively muted. Though prices jumped after shipping on the canal was halted, oil prices still remain below their nearly two-year highs of about $70 a barrel reached earlier this month.

Traders are now expected to focus on broader threats to the oil market, including whether the imposition of new lockdowns in Europe may hold back the recovery of oil demand from the pandemic.

From a global perspective, oil supplies are considered adequate, and the Organization of the Petroleum Exporting Countries, Russia and other producers, the group known as OPEC Plus, are withholding an estimated eight million barrels a day, or about 9 percent of current consumption, from the market. Officials from OPEC Plus are expected to meet by video conference on Thursday to discuss whether to ease output cuts.

Goldman Sachs’s headquarters in New York. A group of investors is suing the Wall Street bank over claims of fraud. 
Credit…Johannes Eisele/Agence France-Presse — Getty Images

The Supreme Court will hear arguments on Monday from Goldman Sachs and pension funds over a claim that the Wall Street giant misled investors about its work selling complex debt investments in the prelude to the 2008 financial crisis.

In its latest brief, Goldman makes an interesting argument, the DealBook newsletter reports: Investors shouldn’t rely on statements such as “honesty is at the heart of our business” or “our clients’ interests always come first” that appear in Securities and Exchange Commission filings and annual reports.

The case is a test of shareholders’ ability to sue over claims of investment fraud. The pension funds sought to sue as a class over Goldman’s statements, saying they belied those statements of honesty, and lower courts agreed to let them proceed. Goldman has argued that the investors are engaged in “guerrilla warfare” and aren’t providing “serious legal arguments,” relying on support from the federal government instead.

However, the Biden administration isn’t taking sides, technically. It will argue as a “friend of the court” on Monday that “meritorious private securities-fraud suits” are “an essential complement” to enforcing securities laws.

“I expect the court to be troubled by the claim that companies cannot be held accountable for saying that clients come first and then acting otherwise,” Robert Jackson Jr., who served on the S.E.C. from 2018 to 2020 and is now an N.Y.U. law professor, told DealBook.

The justices probably won’t agree with the claim that making a company “mean what it says” will lead to a tsunami of meritless lawsuits,” he added. Regardless, Goldman is right that the stakes are high, because the case is likely to decide whether shareholders can “hold corporate insiders accountable when they tell investors one thing and do another,” Mr. Jackson said.

President Nicolás Maduro of Venezuela promoted an unproven remedy for Covid-19 on Facebook, which prompted the company to freeze his page. 
Credit…Manaure Quintero/Reuters

The Facebook page of Venezuela’s president, Nicolás Maduro, was frozen for “repeated” violations of its misinformation policies, including a post about an unproven remedy for Covid-19, the company said on Sunday, the latest example of the social media giant cracking down on political figures who violate its content policies.

Mr. Maduro’s Facebook page will be frozen for 30 days in a “read-only” mode, the company said, “due to repeated violations of our rules.”

“We removed a video posted to President Nicolas Maduro’s Page for violating our policies against misinformation about Covid-19 that is likely to put people at risk for harm,” a Facebook spokesman said. “We follow guidance from the W.H.O. that says there is currently no medication to cure the virus.” The spokesman was referring to the World Health Organization.

Facebook’s move came after Mr. Maduro posted a video on his page that promoted Carvativir, a drug derived from thyme. He said in January that the medicine was a “miracle,” but did not provide evidence of its effectiveness — and declined to release the name of the “brilliant Venezuelan mind” that created the drug. In the video, Mr. Maduro falsely claimed that Carvativir can be used preventively and therapeutically against the coronavirus.

In the past, Facebook has been criticized for its inaction against political figures who test the boundaries of the company’s content policies by spreading misinformation. Mark Zuckerberg, the founder and chief executive of Facebook, has said he does not want to be the “arbiter of truth” in public discourse.

But in recent months, Facebook has cracked down on certain types of misinformation across the network. The company has banned posts containing false or misleading information regarding the coronavirus, and has shown willingness to take action against some political figures. And in the past, it has removed at least one post by Jair Bolsonaro, the president of Brazil, for false coronavirus remedy claims regarding the malaria drug hydroxychloroquine.

In January, after insurgents stormed the United States Capitol, President Donald J. Trump’s account was banned indefinitely for inciting his supporters to violent action using the social network.

In response to his account restriction, Mr. Maduro has said Facebook is practicing a form of “digital totalitarianism,” according to Reuters, which first reported Mr. Maduro’s suspension.

Mr. Maduro said on Twitter on Sunday that he would continue to broadcast his regular coronavirus briefing from his other digital accounts, including Instagram, YouTube and Twitter. And to circumvent his suspension, he said he would use the Facebook account belonging to his wife, Cilia Flores, to broadcast Covid-19 information. Facebook would not comment on whether it would suspend Ms. Flores’s account.

A rally on Friday in support of the Amazon workers outside the Retail, Wholesale and Department Store Union’s building in Birmingham, Ala.
Credit…Charity Rachelle for The New York Times

One of the most closely watched union elections in recent history is wrapping up on Monday, one that could alter the shape of the labor movement and one of America’s largest employers.

Almost 6,000 workers at an Amazon warehouse near Birmingham, Ala., one of the company’s largest, are eligible to vote in this election. After years of fierce resistance from the company, they could form the first union at an Amazon operation in the United States.

The outcome of the vote may not be known for days, but the union drive has already succeeded in roiling the world’s biggest e-commerce company and spotlighting complaints about its labor practices, The New York Times’s Karen Weise and Michael Corkery write. If the Retail, Wholesale and Department Store Union succeeds, it would be a huge victory for the labor movement, whose membership has declined for decades. A victory would also give it a foothold inside one of the country’s largest private employers. The company now has 950,000 workers in the United States, after adding more than 400,000 in the last year alone.

If the union loses, particularly by a large margin, Amazon will have turned the tide on a unionization drive that seemed to have many winds at its back. A loss could force labor organizers to rethink their overall strategy and give Amazon confidence that its approach is working.

Hansjörg Wyss, the former chief executive of the medical device manufacturer Synthes, said he had agreed to join a bid for Tribune Publishing.
Credit…Ruben Sprich/Reuters

A Swiss billionaire who has donated hundreds of millions to environmental causes is a surprise new player in the bidding for Tribune Publishing, the major newspaper chain that until recently seemed destined to end up in the hands of a New York hedge fund.

Hansjörg Wyss (pronounced Hans-yorg Vees), the former chief executive of the medical device manufacturer Synthes, said he had agreed to join with the Maryland hotelier Stewart W. Bainum Jr. in a bid for Tribune, an offer that could upend Alden Global Capital’s plan to take full ownership of the company, Marc Tracy of The New York Times writes.

Mr. Wyss, who has given away some of his fortune to help preserve wildlife habitats in Wyoming, Montana and Maine, said he was motivated to join the Tribune bid by his belief in the need for a robust press. “I have an opportunity to do 500 times more than what I’m doing now,” he said.

Alden, which already owns roughly 32 percent of Tribune Publishing shares, is known for drastically cutting costs at the newspapers it controls through its MediaNews Group subsidiary. Last month, the hedge fund reached an agreement with Tribune, whose papers include The Daily News, The Baltimore Sun and The Chicago Tribune, to buy the rest of the company’s shares.

The sale of Tribune, which the newspaper company hopes to conclude by July, requires regulatory approval and yes votes from company shareholders representing two-thirds of the non-Alden stock.

“We are in a hyper-growth industry,” said Dhivya Suryadevara, Stripe’s chief financial officer.
Credit…Richard Drew/Associated Press

Thousands of financial technology start-ups are riding an investor frenzy driven by a growing realization that the industry is ripe for a tech makeover, writes Erin Griffith of The New York Times.

When the pandemic forced businesses to speed up their usage of digital tools, including e-commerce and online banking, the demand for what is known as fintech exploded.

Now start-ups with names like Blend, Brex and Dave that provide decidedly unglamorous banking, lending and payment processing offerings are hot tickets. That was punctuated this month when Stripe, a payments company, raised $600 million in a financing that valued it at $95 billion, the highest ever for a private start-up in the United States.

Financial technology companies are also making a splash on the stock market. On Tuesday, Robinhood, a stock trading app popular with young adults, filed for an initial public offering. And Coinbase, a cryptocurrency start-up, is scheduled to go public in the next few weeks in what could be a $100 billion listing.

In total, venture capital investors poured $44.4 billion into financial technology start-ups last year, up from $1.1 billion in 2009, according to PitchBook, which tracks private financing. Many investors are now making bold predictions that these start-ups will upend big banks, established credit card providers — and in some cases, the entire financial system.

Christopher Waller, a member of the Federal Reserve’s Board of Governors.
Credit…Erin Schaff/The New York Times

The Federal Reserve’s independence from partisan politics is essential and must be protected, Christopher Waller, a member of Fed’s Board of Governors, said in his first speech as a top central bank official.

Mr. Waller, who previously worked in research at the Federal Reserve Bank of St. Louis, was nominated to the Fed by President Donald J. Trump and confirmed to the job late last year.

He used his first extensive public remarks to push back on the idea that the Federal Open Market Committee, which sets interest rates, might keep them steady just to make interest costs on the government’s huge debt pile low in the wake of the economic downturn caused by the pandemic.

“Going forward, the monetary policy choices of the F.O.M.C. will continue to be guided solely by our mandate to promote maximum employment and stable prices,” Mr. Waller said. “Partisan policy preferences or the debt-financing needs of the Treasury will play no role in that decision.”

Mr. Waller noted that the government’s pandemic response spending packages — which totaled more than $5 trillion — have pushed the U.S. debt to a level last seen in World War II, relative to the nation’s output.

At the same time, the Fed has been keeping short-term policy interest rates near zero while buying up huge amounts of government debt to make financing of all kinds cheaper, helping to stoke demand and fuel an economic recovery.

That has contributed to a narrative that “the Federal Reserve will succumb to pressures” to keep rates low and continue buying bonds, Mr. Waller said, policies that would make it easier for the government to borrow and spend.

“It is simply wrong,” he said. “Monetary policy has not and will not be conducted for these purposes.”

Instead, the Fed will focus on fostering maximum employment and price stability — its two Congress-given goals. The Fed is politically independent, and although it has traditionally cooperated with the Treasury Department during times of crisis, elected officials and those with close ties to the presidential administration do not have a say in how it sets monetary policy to achieve its targets.

Mr. Waller’s remarks do not mean interest rates are poised to rise soon, though. The Fed has signaled that it will leave them near rock-bottom until inflation has moved higher and looks poised to stay there, and until the economy has returned to what they see as full employment.

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Contentious Union Vote at Amazon Heads to a Count

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

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

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

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

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

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

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

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

Sonam Vashi contributed reporting from Bessemer, Ala.

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Organizing Gravediggers, Cereal Makers and, Maybe, Amazon Employees

A group of gravediggers in Columbus, Ohio, who just negotiated a 3 percent raise. The poultry plant that processes chicken nuggets for McDonald’s. The workers who make Cap’n Crunch in Iowa. The women’s shoe department at Saks Fifth Avenue in Manhattan.

The Retail, Wholesale and Department Store Union is not the largest labor union in the United States, but it may be one of the most eclectic. Its membership, totaling about 100,000 workers, seems to reach into every conceivable corner of the American economy, stretching from the cradle (they make Gerber baby food) to the grave (those cemetery workers in Columbus).

And now it is potentially on the cusp of breaking into Amazon, one of the world’s most dominant companies, which since its founding has beaten back every attempt to organize any part of its massive work force in the United States.

This month, a group of 5,800 workers at an Amazon warehouse in Bessemer, Ala., are voting whether to join the R.W.D.S.U. It is the first large-scale union vote in Amazon’s history, and a decision by the workers to organize would have implications for the labor movement across the country, especially as retail giants like Amazon and Walmart have gained power — and added workers — during the pandemic.

TikTok video of support from the rapper Killer Mike and tweeting an endorsement from the National Football League Players Association during the Super Bowl.

“It’s a bit of an odd-duck union,” said Joshua Freeman, a professor emeritus of labor history at Queens College at the City University of New York. “They keep morphing over the years and have been very inventive in their tactics.”

The union is also racially, geographically and politically diverse. Founded during a heyday of organized labor in New York City in 1937 — and perhaps best known for representing workers at Macy’s and Bloomingdale’s — most of its members are now employed in right-to-work states, across the South and rural Midwest.

written about his identity as a gay, Jewish labor leader.

Since becoming union president in 1998, Mr. Appelbaum has created a niche by organizing workers from a wide variety of professions: airline caterers, employees in fast fashion stores and gardeners at a cannabis grow house. “When you buy a joint, look for the union label,” Mr. Appelbaum said jokingly.

Ratified in 2008, the Muslim holiday took the place of Labor Day as one of the paid holidays that workers were allowed at the facility, and was criticized by some as being un-American.

Over the years, the union has faced some powerful enemies. In the 1960s, its Black organizers were threatened — one was even shot at — while trying to sign up food industry workers across the South.

Johnny Whitaker, a former dairy worker who started as a union organizer in the 1970s, said he had grown up in a white family in Hanceville, Ala., without much money. Still, he was shocked by the working conditions and racism he witnessed when he started organizing in the poultry plants years ago.

Black workers were classified differently from their white counterparts and paid much less. Women were expected to engage in sexual acts with managers in exchange for more hours, he said. Many workers could not read or write.

Despite threats that they would lose their jobs if they organized, thousands of poultry workers have joined the R.W.D.S.U. over the past three decades, though the industry still is predominantly nonunion.

At the time, Amazon said it canceled its plans after “a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project.”

But the more the workers in Alabama kept talking to the union about their working conditions, the more Mr. Appelbaum and others believed the warehouse was fertile ground for organizing.

The workers described the control that Amazon exerts over their work lives, including tracking their time in the restroom or other time spent away from their primary task in the warehouse. Some workers have said they can be penalized for taking too much time away from their specific assignments.

“We are talking about bathroom breaks,” said Mr. Whitaker, an executive vice president at the union. “It’s the year 2021 and workers are being penalized for taking a pee.”

In an email, an Amazon spokeswoman said the company does not penalize workers for taking bathroom breaks. “Those are not our policies,” she said. “People can take bathroom breaks.”

The campaign in Bessemer has created some strange political bedfellows. Mr. Biden expressed his support for the Alabama workers to vote freely in the mail-in election, which ends later this month. Republican Senator Marco Rubio of Florida went even further, encouraging the Bessemer workers to unionize in order to protect themselves against the “woke culture” at Amazon.

If the union wins the election in Bessemer, the effort to court workers will continue. In a right-to-work state, workers are not required to pay union dues even if they are represented by a union.

At a Quaker Oats plant in Iowa, which is also a right-to-work state, the R.W.D.S.U. finds ways to motivate workers to join the union by posting the names of workers who have not yet joined on a bulletin board.

“In a right-to-work state, you are always organizing,” Mr. Hadley said.

Early in the afternoon of Oct. 20, Mr. Hadley met with about 20 organizers before they headed out to the Bessemer warehouse to begin their campaign to sign up workers. The plan was for the organizers to stand at the warehouse gates talking to workers early in the morning and in the evening when their shift changes. In a pep talk with the group, Mr. Hadley invoked the story of David and Goliath.

“We are going to hit David in the nose every day, twice a day,” he told the group, referring to Amazon. “He’s going to see our union every morning when he comes to work, and I want him thinking about us when he closes his eyes at night.”

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Japan’s central bank will ease its support for the stock market.

about 17.2 million have HBO Max accounts. That suggests that of the company’s new subscriber target, not all of them will necessarily be streaming HBO Max.

The company has a complicated setup around HBO Max. People can sign up for the service directly, and those who already pay for the premium cable channel through their cable or satellite provider also have access, but not everyone has set up their streaming account. The service is also offered for free or at a reduced price to AT&T’s wireless customers.

The jump into international markets shows how aggressively AT&T needs to expand its streaming enterprise. The addition of an advertising-based service means the company sees an opportunity to capture the ad dollars that have started to move away from traditional television. It’s unclear if the ad-supported version will be free or whether it will only be available at a reduced price from HBO Max’s current $15 per month cost.

Jason Kilar, the chief executive of WarnerMedia, the unit that manages HBO, said the service is expected to start making money after 2025. It should generate about $15 billion in sales by that year, he added.

HBO Max has become a key part of AT&T’s overall strategy to keep and grow mobile customers, so losing money is less of an immediate concern if it helps AT&T retain its core wireless subscribers. Mr. Kilar emphasized HBO Max’s value to the phone business, citing that 25 percent of HBO Max customers have come via AT&T.

He ended his presentation with a cliché from the Warner Bros. film archives: “It’s the beginning of a beautiful friendship.”

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Microsoft Executive Says Tech Consolidation Threatens Journalism

Brad Smith, Microsoft’s president, told Congress he supports the Journalism Competition and Protection Act, which empowers news publishers to collectively bargain with online platforms like Facebook and Google.

I think that you all are on the right path. That’s why Microsoft is endorsing the Journalism Competition and Protection Act, the J.C.P.A., to give news organizations the ability to negotiate collectively, including with Microsoft, because as presently drafted, we will be subject to its terms. I hope that the subcommittee will continue its work to think more broadly about the fundamental lack of competition, especially in search and digital advertising, that are at the heart of not just the decline in journalism, but the decline and challenge in many sectors of the economy. What we’re finding is that the big publishers are not interested in negotiating collectively. The three largest news organizations in Australia are all negotiating separately. It is the small publishers that are negotiating collectively. If this bill is passed, that means that these news organizations would be able to negotiate collectively with us. I assume that they will negotiate effectively with us. It is far bigger than us. It is far bigger than technology. It is more important than any of the products that any of us produce today. And let’s hope that if a century from now people are not using iPhones or laptops or anything that we have today, journalism itself is still alive and well because our democracy depends on it.

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Brad Smith, Microsoft’s president, told Congress he supports the Journalism Competition and Protection Act, which empowers news publishers to collectively bargain with online platforms like Facebook and Google.CreditCredit…Kevin Lamarque/Reuters

Lawmakers on Friday debated an antitrust bill that would give news publishers collective bargaining power with online platforms like Facebook and Google, putting the spotlight on a proposal aimed at chipping away at the power of Big Tech.

At a hearing held by the House antitrust subcommittee, Microsoft’s president, Brad Smith, emerged as a leading industry voice in favor of the law. He took a divergent path from his tech counterparts, pointing to an imbalance in power between publishers and tech platforms. Newspaper ad revenue plummeted to $14.3 billion in 2018 from $49.4 billion in 2005, he said, while ad revenue at Google jumped to $116 billion from $6.1 billion.

“Even though news helps fuel search engines, news organizations frequently are uncompensated or, at best, undercompensated for its use,” Mr. Smith said. “The problems that beset journalism today are caused in part by a fundamental lack of competition in the search and ad tech markets that are controlled by Google.”

The hearing was the second in a series planned by the subcommittee to set the stage for the creation of stronger antitrust laws. In October, the subcommittee, led by Representative David Cicilline, Democrat of Rhode Island, released the results of a 16-month investigation into the power of Amazon, Apple, Facebook and Google. The report accused the companies of monopoly behavior.

This week, the committee’s two top leaders, Mr. Cicilline and Representative Ken Buck, Republican of Colorado, introduced the Journalism and Competition Preservation Act. The bill aims to give smaller news publishers the ability to band together to bargain with online platforms for higher fees for distributing their content. The bill was also introduced in the Senate by Senator Amy Klobuchar, a Democrat of Minnesota and the chairwoman of that chamber’s antitrust subcommittee.

Global concern is growing over the decline of local news organizations, which have become dependent on online platforms for distribution of their content. Australia recently proposed a law allowing news publishers to bargain with Google and Facebook, and lawmakers in Canada and Britain are considering similar steps.

Mr. Cicilline said, “While I do not view this legislation as a substitute for more meaningful competition online — including structural remedies to address the underlying problems in the market — it is clear that we must do something in the short term to save trustworthy journalism before it is lost forever.”

Google, though not a witness at the hearing, issued a statement in response to Mr. Smith’s planned testimony, defending its business practices and disparaging the motives of Microsoft, whose Bing search engine runs a very distant second place behind Google.

“Unfortunately, as competition in these areas intensifies, they are reverting to their familiar playbook of attacking rivals and lobbying for regulations that benefit their own interests,” wrote Kent Walker, the senior vice president of policy for Google.

Union members canvassing at the Amazon fulfillment center in Bessemer, Ala.
Credit…Lynsey Weatherspoon for The New York Times

Senator Marco Rubio of Florida became the most prominent Republican leader to weigh in on the unionization drive at the Amazon warehouse in Bessemer, Ala., with a surprising endorsement of the organizing effort on Friday.

“The days of conservatives being taken for granted by the business community are over,” Mr. Rubio wrote in an opinion piece published in USA Today.

“Here’s my standard: When the conflict is between working Americans and a company whose leadership has decided to wage culture war against working-class values, the choice is easy — I support the workers,” he continues. “And that’s why I stand with those at Amazon’s Bessemer warehouse today.”

More than 5,800 workers at the Amazon warehouse, outside Birmingham, are voting by mail this month to decide whether to join the Retail, Wholesale and Department Store Union. Last week, President Biden posted a video message on Twitter referring to the vote in Alabama and espousing on the importance of unions in helping build the middle class, while excoriating employers who interfere in unionization efforts. He did not mention Amazon by name, but his remarks followed reports that the online retailer was engaged in aggressive anti-union tactics.

“We welcome support from all quarters,” the union’s president, Stuart Appelbaum, said in a statement. “Senator Rubio’s support demonstrates that the best way for working people to achieve dignity and respect in the workplace is through unionization. This should not be a partisan issue.”

The unionization drive has also continued to attract backing from Democrats. A spokesman for Speaker Nancy Pelosi said in an email on Friday that she supported the workers in their effort.

Mr. Rubio, who recalls marching in a union picket line with his father, a hotel bartender, accused Amazon of expressing “woke” values, while bowing to Chinese censorship. And he warned the company not to expect Republicans to come to its rescue and condone its anti-union efforts.

“Its workers are right to suspect that its management doesn’t have their best interests in mind,” Mr. Rubio wrote. “Wealthy woke C.E.O.s instead view them as a cog in a machine that consistently prioritizes global profit margins and stoking cheap culture wars. The company’s workers deserve better.”

Simon Hu, the chief executive of Ant Group, at a conference in Shanghai in September. Mr. Hu asked to resign for personal reasons, the company said.
Credit…Cheng Leng/Reuters

The chief executive of Ant Group, the Chinese internet finance giant, has stepped down, the company said on Friday, a move that came in the middle of a business overhaul meant to address regulators’ concerns about its rapid growth.

Ant said its chief executive, Simon Hu, had asked to resign for personal reasons. The company’s chairman, Eric Jing, was named as Mr. Hu’s replacement, effective immediately. Mr. Jing, who will remain Ant’s chairman, previously served as chief executive until December 2019, when Mr. Hu took over the post.

Hundreds of millions of people in China use Ant’s Alipay app to make everyday payments, sock away savings and shop on credit. Ant, which was spun out of the e-commerce giant Alibaba, has faced rising scrutiny from China’s government, and officials scuttled the company’s plans last year to go public in Shanghai and Hong Kong.

The company had been preparing to raise more than $34 billion by listing its shares in November, in what would have been the largest initial public offering on record. Instead, days before Ant’s shares were scheduled to begin trading, Chinese officials summoned company executives — namely, Mr. Hu, Mr. Jing and Jack Ma, Alibaba’s co-founder — to discuss regulation. The I.P.O. was halted soon after, and financial watchdogs said Ant had taken advantage of gaps in China’s regulatory system and ordered it to revamp its business.

Mr. Hu joined Alibaba in 2005 and was president of its cloud division from 2014 to 2018. He joined Ant as president that year before becoming chief executive in 2019. Mr. Jing, also an Alibaba veteran, has been Ant’s executive chairman since April 2018. They are both members of the Alibaba Partnership, the company’s club of elite management partners.

Ford Motor said two members of the Ford family have been nominated to join the automaker’s board of directors, replacing one family member who is retiring and an independent director who has chosen not to seek re-election.

Alexandra Ford English, 33, daughter of Ford’s chairman, Bill Ford, and Henry Ford III, 40, son of Edsel B. Ford II, a current board member, are expected to be elected to the board by shareholders at the company’s annual meeting on May 13. Both are great-great-grandchildren of Henry Ford, who founded the company in 1903.

Ms. English is a director in corporate strategy at the company. Henry Ford III is a director in investor relations.

They will replace Edsel Ford II, 72, who is retiring after being on the board since 1988, and John C. Lechleiter, 67, who joined Ford’s board in 2013 and is a former president of Eli Lilly, the pharmaceutical company.

Although the Ford family only owns a small portion of the company’s common stock, it retains effective control of the automaker though Class B shares with super-voting rights.

A banner for the South Korean retailer Coupang hung in front of the New York Stock Exchange on Thursday, the day the company’s shares began trading.
Credit…Courtney Crow/New York Stock Exchange, via Associated Press

The stock of Coupang, a start-up in South Korea that is sometimes called the Amazon of South Korea, drifted after trading publicly for the first time in New York on Thursday.

Coupang — the company’s name is a mix of the English word “coupon” and “pang,” the Korean sound for hitting the jackpot — was founded by a Harvard Business School dropout and has shaken up shopping in South Korea, an industry long dominated by huge, button-down conglomerates.

The initial public offering raised $4.6 billion and valued Coupang at about $85 billion, the second-largest American tally for an Asian company after Alibaba Group of China in 2014. Coupang’s shares rose 6.6 percent on Friday as trading began but ended the day down 2 percent.

Coupang is South Korea’s biggest e-commerce retailer, its status further cemented by people stuck at home during the pandemic and those in the country who crave faster delivery. In a country where people are obsessed with “ppalli ppalli,” or getting things done quickly, Coupang has become a household name by offering “next-day” and even “same-day” and “dawn” delivery of groceries and millions of other items at no extra charge.

The electric Endurance pickup truck made by Lordstown Motors. An investment firm claimed the company had inflated the number of orders for its pickup trucks.
Credit…Tony Dejak/Associated Press

Shares of Lordstown Motors, an electric-vehicle start-up, fell more than 19 percent on Friday after an investment firm claimed the company had inflated the number of orders for its pickup trucks and overstated its technological and production capabilities.

The revelations are the latest to call into question the promises made by an electric vehicle company that has gone public by merging with a shell company that has a stock market listing, cash and no operating business. Lordstown, which gained prominence by buying a former General Motors factory in Ohio to make electric trucks for commercial users, completed its merger with a shell company and started trading on the stock market in October 2020.

In a lengthy post on its website, the investment firm, Hindenburg Research, said that Lordstown’s claim of having 100,000 “pre-orders” for its electric pickup truck included tens of thousands from small companies that do not operate fleets, and others who merely agreed to consider buying trucks but made no commitment to do so. Hindenburg said it had bet against Lordstown’s stock by selling its shares short, a maneuver used by some professional investors when they believe a stock is overvalued and poised to fall.

“Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy,” Hindenburg said.

A Lordstown spokesman said, “We will be sharing a full and thorough statement in the coming days, and when we do we will absolutely be refuting the Hindenburg Research report.”

One company that Lordstown said was prepared to buy 14,000 trucks, E Squared Energy, appears to be based in an apartment in Texas, have two employees and owns no vehicles. Hindenburg also unearthed a police report that showed a Lordstown prototype caught fire and burned to a shell during a test drive in January in Michigan.

On Friday morning, Lordstown shares were trading at just over $14 a share, down from their close the previous day of $17.71.

Former President Donald J. Trump hailed Lordstown in 2018 when it agreed to buy a plant in Lordstown, Ohio, that General Motors had closed, and former Vice President Mike Pence participated in an unveiling of the company’s truck in June. In September, Mr. Trump hosted Lordstown’s chief executive, Steve Burns, at the White House and praised the company’s technology.

Hindenburg Research gained prominence last year when it released a report saying Nikola, an electric truck start-up, and its executive chairman, Trevor Milton, had mislead investors and exaggerated the capabilities of that company’s technology. The revelations resulted in Mr. Milton’s departure from Nikola, and prompted General Motors to scale back a partnership with the company.

Nikola denied some of Hindenburg’s claims but recently acknowledged to the Securities and Exchange Commission that Mr. Milton had made statements that were “inaccurate in whole or in part.”

Target will cease operations in the City Center building in downtown Minneapolis, relocating 3,500 employees.
Credit…Lucy Nicholson/Reuters

Target, a fixture in downtown Minneapolis, is giving up space in a large office building there, becoming the latest company to permanently allow its staff to spend more time working from home.

The retailer told employees it would cease operations in the City Center building in downtown Minneapolis and that the 3,500 employees working there would relocate to other nearby offices, while also working from home part of the time. More than a quarter of Target’s corporate employees in the Minneapolis area work in the City Center building.

“This change is driven by Target’s longer-term headquarters environment that will include a hybrid model of remote and on-site work, allowing for flexibility and collaboration and ultimately, requiring less space,” the company said Thursday.

Office landlords across the country have been struggling to retain tenants as the pandemic drags on and companies realize their staff has been able to work effectively in a remote setting. Empty office buildings are putting a squeeze on city budgets, which are heavily reliant on property taxes.

Salesforce, the software company based in San Francisco, adopted a flex model in which most of its employees would be able to come into the office one to three days a week. In a bet that more people would work from home after the pandemic ends, Salesforce acquired the workplace software company Slack in December.

After the move, Target said it would still occupy about three million square feet of office space in the Minneapolis area.

“It’s not easy to say goodbye to City Center, but the Twin Cities is still our home after all these years,’’ Target’s chief human resources officer, Melissa Kremer, said in an email to employees.

Microsoft offices in Beijing. Microsoft owns LinkedIn, which has operated in China by conforming to the authoritarian government’s tight restrictions on the internet.
Credit…Wu Hong/EPA, via Shutterstock

LinkedIn has stopped allowing people in China to sign up for new member accounts while it works to ensure its service in the country remains in compliance with local law, the company said this week, without specifying what prompted the move. A company representative declined to comment further.

Unlike other global internet mainstays such as Facebook and Google, LinkedIn offers a version of its service in China, which it is able to do by hewing closely to the authoritarian government’s tight controls on cyberspace.

It censors its Chinese users in line with official mandates. It limits certain tools, such as the ability to create or join groups. It has given partial ownership of its Chinese operation to local investors.

In 2017, the company blocked individuals, but not companies, from advertising job openings on its site in China after it fell afoul of government rules requiring it to verify the identities of the people who post job listings.

The backdrop to the suspension of new user registrations is not clear. The government has previously blocked internet services that it believes to be breaking the law. In 2019, Microsoft’s Bing search engine was briefly inaccessible in China for unclear reasons. Microsoft also owns LinkedIn.


By: Ella Koeze·Data delayed at least 15 minutes·Source: FactSet

Shoppers wait in line at an outlet mall in Southaven, Miss. on Saturday. Many Americans are set to benefit from the new economic relief plan.
Credit…Rory Doyle for The New York Times

The economic relief plan that is headed to President Biden’s desk has been billed as the United States’ most ambitious antipoverty initiative in a generation. But inside the $1.9 trillion package, there are plenty of perks for the middle class, too.

An analysis by the Tax Policy Center published this week estimated that middle-income families — those making $51,000 to $91,000 per year — would see their after-tax income rise by 5.5 percent as a result of the tax changes and stimulus payments in the legislation. This is about twice what that income group received as a result of the 2017 Tax Cuts and Jobs Act.

Here are some of the ways the bill will help the middle class.

Americans will receive stimulus checks of up to $1,400 per person, including dependents.

The size of the payments are scaled down for individuals making more than $75,000 and married couples earning more than $150,000. And they are cut off for individuals making $80,000 or more and couples earning more than $160,000. Those thresholds are lower than in the previous relief bills, but they will still be one of the biggest benefits enjoyed by those who are solidly in the middle class.

The most significant change is to the child tax credit, which will be increased to up to $3,600 for each child under 6, from $2,000 per child. The credit, which is refundable for people with low tax bills, is $3,000 per child for children ages 6 to 17.

The legislation also bolsters the tax credits that parents receive to subsidize the cost of child care this year. The current credit is worth 20 to 35 percent of eligible expenses, with a maximum value of $2,100 for two or more qualifying individuals. The stimulus bill increases that amount to $4,000 for one qualifying individual or $8,000 for two or more.

After four years of being on life support, the Affordable Care Act is expanding, a development that will largely reward middle-income individuals and families, since those on the lower end of the income spectrum generally qualify for Medicaid.

Because the relief legislation expands the subsidies for buying health insurance, a 64-year-old earning $58,000 would see monthly payments decline to $412 from $1,075 under current law, according to the Congressional Budget Office.

One of the more contentious provisions in the legislation is the $86 billion allotted to fixing failing multiemployer pensions. The money is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The legislation gives the weakest plans enough money to pay hundreds of thousands of retirees their full pensions for the next 30 years.

A drill ship contracted by ExxonMobil off the coast of Guayana in 2018. The temptation to produce more when prices rise has not disappeared completely, especially for countries like Guyana that want to pump as much oil as they can while oil is still valuable.
Credit…Christopher Gregory for The New York Times

Even as they are making more money thanks to the higher oil and gasoline prices, industry executives pledged at a recent energy conference that they would not expand production significantly. They also promised to pay down debt and hand out more of their profits to shareholders in the form of dividends.

“I think the worst thing that could happen right now is U.S. producers start growing rapidly again,” Ryan Lance, chairman and chief executive of ConocoPhillips, said at the IHS CERAweek conference.

Scott Sheffield, chief executive of Pioneer Natural Resources, a major Texas producer, predicted that American production would remain flat at 11 million barrels a day this year, compared with 12.8 million barrels immediately before the pandemic took hold.

Even the Organization of the Petroleum Exporting Countries and allied producers like Russia surprised many analysts this month by keeping several million barrels of oil off the market, The New York Times’s Clifford Krauss reports. OPEC’s 13 members and nine partners are pumping roughly 780,000 barrels of oil a day less than at the beginning of the year even though prices have risen by 30 percent in recent months.

Chevron said this week that it would spend $14 billion to $16 billion a year on capital projects and exploration through 2025. That is several billion dollars less than the company spent in the years before the pandemic, as the company focuses on producing the lowest-cost barrels.

“So far, these guys are refusing to take the bait,” said Raoul LeBlanc, a vice president at IHS Markit, a research and consulting firm. But he added that the investment decisions of American executives could change if oil prices climb much higher. “It’s far, far too early to say that this discipline will last.”

Shoppers in Southaven, Miss. Higher spending seems almost certain in the months ahead as vaccinations prompt Americans to get out and about, deploying savings.
Credit…Rory Doyle for The New York Times

While the Biden administration’s stimulus bill, which will funnel nearly $1.9 trillion to American households, made its way through Congress, some politicians and economists began to raise concerns that it would unshackle a long-vanquished monster: inflation.

The worries reflect expectations of a rapid economic expansion as businesses reopen and the pandemic recedes. Millions are still unemployed, and layoffs remain high, The New York Times’s Nelson Schwartz and Jeanna Smialek report. But for workers with secure jobs, higher spending seems almost certain in the months ahead as vaccinations prompt Americans to get out and about, deploying savings built up over the last year.

Healthy economies tend to have gentle price increases, which give businesses room to raise wages and leave the central bank with more room to cut interest rates during times of trouble.

Over the long term, inflation can be a concern because it hurts the value of many financial assets, especially stocks and bonds. It makes everything from milk and bread to gasoline more expensive for consumers, leaving them unable to keep up if salaries stall. And once inflation becomes entrenched, it can be hard to subdue.

Inflation is expected to increase in the coming months as prices are measured against weak readings from last year. Analysts surveyed by Bloomberg expect the Consumer Price Index to hit an annual rate of 2.9 percent from April through June, easing to 2.5 percent in the three months after that before easing gradually to year-over-year gains of 2.2 percent in 2022, based on the median projection.

But those numbers are nothing like the staggering price increases of the 1970s, and evidence of renewed inflation is paltry so far.

The headquarters of the Bank of Japan in Tokyo.
Credit…Kim Kyung-Hoon/Reuters

The Bank of Japan said on Friday that it would scrap its annual minimum target for equity fund purchases, a decision that comes as Japan’s stock markets hit levels unseen since the collapse of the country’s economic bubble in the early 1990s.

The decision was announced as part of a three-month policy review meant to give the central bank more flexibility to address the economic effects of the coronavirus pandemic.

Under its previous policy, the bank aimed to invest around $55 billion annually in exchange-traded funds — baskets of equities that can be bought and sold on the stock market. That was part of a policy of monetary easing intended to stimulate inflation to combat sagging prices, which sap corporate profits.

Since 2010, when the purchases began, the bank has become Japan’s single largest stockholder. Share prices are now at their highest point in over three decades. Friday’s decision will give the bank the flexibility to make future purchases at more favorable prices. It will also help to address concerns that the program has distorted Japanese stock markets.

The bank will continue to invest in equities that track Japan’s Topix stock index “as necessary,” it said. It will maintain the upper limit of $110 billion in purchases per year that was set earlier in the pandemic, as part of emergency measures to stimulate the economy.

The bank also said that it would maintain its current interest rate targets while allowing long-term rates slightly more room to breathe, increasing the band to 0.25 percent from 0.2 percent.

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Amazon Labor Fight: Wages May Not Ward Off Union

“From Faurecia to Amazon, it’s a big pay difference,” said Mr. Richardson, who now makes $15.55.

Heather Knox, an Amazon spokeswoman, said that workers in Bessemer were eligible for raises every six months and that they had received a $2-an-hour bonus during much of last spring. Full-time rank-and-file employees received $300 bonuses during the holiday season and $500 last June. The company also provides significant tuition reimbursement for employees who take classes in certain fields.

Some workers at the Bessemer facility, which opened just as Covid-19 was bearing down last March, regard the pay as more than adequate, especially younger employees.

“I feel like it is fair,” said Roderick Crocton, 24, who previously made $11.25 as an overnight stocker at a local retailer. “In my old job, I lived in my apartment, never got to go anywhere, paid my bills. Today I’m able to go out and experience being in the city.”

But other workers emphasize that pay at Amazon isn’t particularly high for the Birmingham area, even if the pandemic has reduced their job options. An Amazon employee named Clint, a union backer who declined to give his last name for fear of retaliation, said he had stood to make about $40,000 a year installing satellite dishes before the pandemic left him unemployed. He said he made his finances work partly by living with his mother.

The retail workers’ union said it represented employees at nearby warehouses where pay is $18 to $21 an hour, including an ice cream facility and a grocery warehouse not far from Amazon.

At a plant owned by NFI Group, a Canadian bus manufacturer, about an hour east of Birmingham, hourly pay for rank-and-file workers ranges from $14.79 to $23.31, according to the company.

A survey of about 100 workers at the NFI plant by Emily Erickson, a professor at Alabama A&M University, found that white workers earned about $3 an hour more than Black workers on average. One former employee who currently works for a labor group in the area, Charles Crooms, said this made it more difficult to persuade white workers to join a union organizing effort. (The company said all employees with the same job grade and tenure were paid the same.)

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