On Thursday, analysts spotlighted the news that the White House and congressional Democrats were moving toward dropping corporate tax increases they had wanted to include in the bill, as they hoped to forge a deal that could clear the Senate. A spending deal without corporate tax increases would be a potential boon to profits and share prices.

“A stay of execution on higher corporate tax rates would seem a potentially noteworthy development,” Daragh Maher, a currency analyst with HSBC Securities, wrote in a note to clients on Thursday.

An agreement among Democrats on what’s expected to be a roughly $2 trillion spending plan would also open the door to a separate $1 trillion bipartisan infrastructure plan moving through Congress. Progressives in the House are blocking the infrastructure bill until agreement is reached on the larger bill.

But the prospects for an agreement have helped to lift shares of major engineering and construction materials companies. Terex, which makes equipment used for handling construction materials like stone and asphalt, has jumped more than 5 percent this week. The asphalt maker Vulcan Materials has risen more than 4 percent. Dycom, which specializes in construction and engineering of telecommunication networking systems, was up more than 9 percent.

The renewed confidence remains fragile, with good reason. The coronavirus continues to affect business operations around the world, and the Delta variant demonstrated just how disruptive a new iteration of the virus can be.

Another lingering concern involves the higher costs companies face for everything from raw materials to shipping to labor. If they are unable to pass those higher costs on to consumers, it will cut into their profits.

“That would be big,” Mr. McKnight said. “That would be a material impact to the markets.”

But going into the final months of the year — traditionally a good time for stocks — the market also has plenty of reasons to push higher.

The recent weeks of bumpy trading may have chased shareholders with low confidence — sometimes known as “weak hands” on Wall Street — out of the market, offering potential bargains to long-term buyers.

“Interest rates are relatively stable. Earnings are booming. Covid cases, thankfully, are dropping precipitously in the U.S.,” Mr. Zemsky said. “The weak hands have left the markets and there’s plenty of jobs. So why shouldn’t we have new highs?”

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Global Markets Swoon as Worries Mount Over Superpowers’ Plans

Investors on three continents dumped stocks on Monday, fretting that the governments of the world’s two largest economies — China and the United States — would act in ways that could undercut the nascent global economic recovery.

The Chinese government’s reluctance to step in and save a highly indebted property developer just days before a big interest payment is due signaled to investors that Beijing might break with its longstanding policy of bailing out its homegrown stars.

And in the United States, the globe’s No. 1 economy, investors worried that the Federal Reserve would soon begin cutting back its huge purchases of government bonds, which had helped drive stocks to a series of record highs since the coronavirus pandemic hit.

The sell-off started in Asia and spread to Europe — where exporters to China were slammed — before landing in the United States, where stocks appeared to be heading for their worst performance of the year before a rally at the end of the trading day. The S&P 500 closed down 1.7 percent, its worst daily performance since mid-May, after being down as much as 2.9 percent in the afternoon.

to ignore a variety of issues complicating the recovery — including the emergence of the Delta variant and the supply chain snarls that have bedeviled consumers and manufacturers alike.

But beginning this month, as Evergrande began to teeter and the likelihood of the Fed’s scaling back — or tapering — its bond-buying programs grew, the market’s protective bubble began to deflate. Some U.S. investors are also concerned that tax increases are in the offing — including on share buybacks and corporate profits — to help pay for a spending push by the federal government, the signature piece of which is President Biden’s proposed $3.5 trillion budget bill. Separately, Congress also must act to raise the government’s borrowing limit, a politically charged process that has at times thrown markets for a loop.

On Monday, those currents combined, reflecting the interconnectedness of the global markets as investors everywhere sold their holdings.

the rancorous debate about increasing the debt limit was accompanied by a sharp market slump, as representatives in Washington appeared to flirt with the idea of not raising the constraint on borrowing, which would effectively amount to a default on Treasury bonds.

“It’s going to be drama for the sake of politics,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. “People don’t like that.”

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In Epic vs. Apple Court Fight, a Win for App Developers

Apple is widely expected to ask a judge to keep the order from going into effect. Either company could also appeal to the U.S. Court of Appeals for the Ninth Circuit. In that court, a three-judge panel could review the decision, a process that could take a year or more. After a ruling there, Apple or Epic could appeal to the Supreme Court.

The ruling allows both sides to claim a partial victory. Apple now has a court ruling that says it does not run a monopoly in an important digital marketplace, which undercuts its opponents’ efforts to claim that it violates antitrust laws. But Epic’s lawsuit could also force Apple to crack open its airtight iPhone software to create an avenue for developers to avoid its commission.

Apple’s shares fell nearly 3 percent on the Nasdaq exchange after the ruling was announced.

“Today the court has affirmed what we’ve known all along: The App Store is not in violation of antitrust law,” Apple said in a statement. “As the court recognized, ‘Success is not illegal.’ Apple faces rigorous competition in every segment in which we do business, and we believe customers and developers choose us because our products and services are the best in the world.”

The ruling did uphold many of the principles of Apple’s App Store business, including that it can prohibit third-party iPhone app marketplaces and can continue to charge a 30 percent commission on many transactions. Epic had challenged those practices.

“It puts an economic question mark around the App Store, but at the same time, it affirms the principles” of the business, said Adam Kovacevich, a former Google lobbyist who now runs a tech-policy group that is in part sponsored by Apple.

Tim Sweeney, Epic’s chief executive, said on Twitter that he was not satisfied with the ruling because it did not go far enough in allowing companies to complete in-app transactions with their own payment systems, versus having to direct customers to outside websites. He said Fortnite would not return to the App Store until such rules were in place.

“Today’s ruling isn’t a win for developers or for consumers,” he said. “We will fight on.”

Mr. Rubin, the antitrust lawyer, said that Apple would feel relieved to dodge being labeled a monopoly, but that the judge’s verdict would most likely do little to strengthen its standing in other investigations because antitrust lawsuits can vary. He said Apple might also have to consider lowering its commission now that it will be easier for developers to send customers elsewhere to make purchases.

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Fed Officials’ Trading Draws Outcry, and Fuels Calls for Accountability

None of those transactions took place between late March and May 1, a Fed official said, which would have curbed Mr. Kaplan’s ability to use information about the coming rescue programs to earn a profit.

But the trades drew attention for other reasons. Mr. Conti-Brown pointed out that Mr. Kaplan was buying and selling oil company shares just as the Fed was debating what role it should play in regulating climate-related finance. And everything the Fed did in 2020 — like slashing rates to near zero and buying trillions in government-backed debt — affected the stock market, sending equity prices higher.

“It’s really bad for the Fed, people are going to seize on it to say that the Fed is self-dealing,” said Sam Bell, a founder of Employ America, a group focused on economic policy. “Here’s a guy who influences monetary policy, and he’s making money for himself in the stock market.”

Mr. Perli noted that Mr. Kaplan’s financial activity included trading in a corporate bond exchange-traded fund, which is effectively a bundle of company debt that trades like a stock. The Fed bought shares in that type of fund last year.

Other key policymakers, including the New York Fed president, John C. Williams, reported much less financial activity in 2020, based on disclosures published or provided by their reserve banks. Mr. Williams told reporters on a call on Wednesday that he thought transparency measures around trading activity were critical.

“If you’re asking should those policies be reviewed or changed, I think that’s a broader question that I don’t have a particular answer for right now,” Mr. Williams said.

Washington-based board officials reported some financial activity, but it was more limited. Jerome H. Powell, the Fed chair, reported 41 recorded transactions made by him or on his or his family’s behalf in 2019, and 26 in 2020, but those were typically in index funds and other relatively broad investment strategies. Randal K. Quarles, the Fed’s vice chair for supervision, recorded purchases and sales of Union Pacific stock from 2019 in his 2020 disclosure. Those stocks were assets of Mr. Quarles’s wife and he had no involvement in the transactions, a Fed spokesman said.

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Facebook, Fearing Public Outcry, Shelved Earlier Report on Popular Posts

When Facebook this week released its first quarterly report about the most viewed posts in the United States, Guy Rosen, its vice president of integrity, said the social network had undertaken “a long journey” to be “by far the most transparent platform on the internet.” The list showed that the posts with the most reach tended to be innocuous content like recipes and cute animals.

Facebook had prepared a similar report for the first three months of the year, but executives never shared it with the public because of concerns that it would look bad for the company, according to internal emails sent by executives and shared with The New York Times.

In that report, a copy of which was provided to The Times, the most-viewed link was a news article with a headline suggesting that the coronavirus vaccine was at fault for the death of a Florida doctor. The report also showed that a Facebook page for The Epoch Times, an anti-China newspaper that spreads right-wing conspiracy theories, was the 19th-most-popular page on the platform for the first three months of 2021.

The report was nearing public release when some executives, including Alex Schultz, Facebook’s vice president of analytics and chief marketing officer, debated whether it would cause a public relations problem, according to the internal emails. The company decided to shelve it.

called on the company to share more information about false and misleading information on the site, and to do a better job of stopping its spread. Last month, President Biden accused the company of “killing people” by allowing false information to circulate widely, a statement the White House later softened. Other federal agencies have accused Facebook of withholding key data.

Facebook has pushed back, publicly accusing the White House of scapegoating the company for the administration’s failure to reach its vaccination goals. Executives at Facebook, including Mark Zuckerberg, its chief executive, have said the platform has been aggressively removing Covid-19 misinformation since the start of the pandemic. The company said it had removed over 18 million pieces of misinformation in that period.

But Brian Boland, a former vice president of product marketing at Facebook, said there was plenty of reason to be skeptical about data collected and released by a company that has had a history of protecting its own interests.

barred from advertising on Facebook because of its repeated violations of the platform’s political advertising policy.

Trending World, according to the report, was viewed by 81.4 million accounts, slightly fewer than the 18th-most-popular page, Fox News, which had 81.7 million content viewers for the first three months of 2021.

Facebook’s transparency report released on Wednesday also showed that an Epoch Times subscription link was among the most viewed in the United States. With some 44.2 million accounts seeing the link in April, May and June, it was about half as popular as Trending World in the shelved report.

Sheera Frenkel and Mike Isaac contributed reporting. Jacob Silver and Ben Decker contributed research.

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Covid Vaccines Produced in Africa Are Being Exported to Europe

Johnson & Johnson’s Covid vaccine was supposed to be one of Africa’s most important weapons against the coronavirus.

The New Jersey-based company agreed to sell enough of its inexpensive single-shot vaccine to eventually inoculate a third of the continent’s residents. And the vaccine would be produced in part by a South African manufacturer, raising hopes that those doses would quickly go to Africans.

That has not happened.

South Africa is still waiting to receive the overwhelming majority of the 31 million vaccine doses it ordered from Johnson & Johnson. It has administered only about two million Johnson & Johnson shots. That is a key reason that fewer than 7 percent of South Africans are fully vaccinated — and that the country was devastated by the Delta variant.

At the same time, Johnson & Johnson has been exporting millions of doses that were bottled and packaged in South Africa for distribution in Europe, according to executives at Johnson & Johnson and the South African manufacturer, Aspen Pharmacare, as well as South African government export records reviewed by The New York Times.

donated by the United States. But about four million of the country’s 60 million residents are fully vaccinated.

That left the population vulnerable when a third wave of cases crested over the country. At times in recent months, scores of Covid-19 patients at Helen Joseph Hospital in Johannesburg were waiting in the emergency department for a bed, and the hospital’s infrastructure struggled to sustain the huge volumes of oxygen being piped into patients’ lungs, said Dr. Jeremy Nel, an infectious-disease doctor there.

“The third wave, in terms of the amount of death we saw, was the most heartbreaking, because it was the most avoidable,” Dr. Nel said. “You see people by the dozens dying, all of whom are eligible for a vaccine and would’ve been among the first to get it.”

a United Nations-backed clearinghouse for vaccines that has fallen behind on deliveries. South Africa was slow to enter negotiations with manufacturers for its own doses. In January, a group of vaccine experts warned that the government’s “lack of foresight” could cause “the greatest man-made failure to protect the population since the AIDS pandemic.”

announced in November. Aspen’s facility in Gqeberha, on South Africa’s southern coast, was the first site in Africa to produce Covid vaccines. (Other companies subsequently announced plans to produce vaccines on the continent.)

South African officials hailed Aspen’s involvement as indispensable.

Aspen “belongs to us as South Africans, and it is making lifesaving vaccines,” South Africa’s president, Cyril Ramaphosa, said during a visit to Aspen’s plant in March. He said he had pushed Johnson & Johnson to prioritize the doses made there for Africans.

“I want them now,” Mr. Ramaphosa added. “I’ve come to fetch our vaccines.”

results of a clinical trial suggested that the vaccine from AstraZeneca offered little protection from mild or moderate infections caused by the Beta variant that was circulating in South Africa.

Weeks later, Johnson & Johnson and the government signed a contract for 11 million doses. South Africa ordered another 20 million doses in April. That would be enough to vaccinate about half the country.

South Africa agreed to pay $10 per dose for the 11 million shots, according to the contract. That was the same price that the United Statespaid and slightly more than the $8.50 that the European Commission agreed to pay. The South African contract prohibited the government from banning exports of the vaccine, citing the need for doses to “move freely across national borders.”

introduced export controls this year to conserve scarce supplies. India halted exports produced by the Serum Institute, which was supposed to be a major vaccine supplier to poor countries. In the United States, officials said they didn’t ban exports, but they didn’t need to. The combination of the extensive vaccine production on American soil and the high prices the U.S. government was willing to pay meant that companies made the delivery of shots for Americans a priority.

Other benefits for Johnson & Johnson were embedded in the South African contract.

While such contracts typically protect companies from lawsuits brought by individuals, this one shielded Johnson & Johnson from suits by a wider range of parties, including the government. It also imposed an unusually high burden on potential litigants to show that any injuries caused by the vaccine were the direct result of company representatives engaging in deliberate misconduct or failing to follow manufacturing best practices.

“The upshot is that you have moved almost all of the risk of something being wrong with the vaccine to the government,” said Sam Halabi, a health law expert at Georgetown University who reviewed sections of the South African contract at the request of The Times.

Mr. Halabi said the contract’s terms appeared more favorable to the pharmaceutical company than other Covid vaccine contracts he had seen. South African officials have said Pfizer, too, sought aggressive legal protections.

The contract said Johnson & Johnson would aim to deliver 2.8 million doses to South Africa by the end of June, another 4.1 million doses by the end of September and another 4.1 million doses by the end of December. (The government expects the 20 million additional doses to be delivered by the end of this year, Mr. Maja said.)

The company has so far fallen far short of those goals. As of the end of June, South Africa had received only about 1.5 million of the doses from its order. The small number of doses that have been delivered to the African Union were on schedule.

The difficulties in procuring doses have revealed the limits of fill-and-finish sites, which leave countries dependent on vaccines from places like the European Union or the United States, said Dr. Salim Abdool Karim, who until March was co-chairman of South Africa’s ministerial advisory committee on Covid.

“Ultimately,” he said, “the solution to our problem has to be in making our own vaccines.”

Lynsey Chutel and Choe Sang-Hun contributed reporting.

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Virus Misinformation Spikes as Delta Cases Surge

In the past few weeks, the vast majority of the most highly engaged social media posts containing coronavirus misinformation were from people who had risen to prominence by questioning the vaccines in the past year.

In July, the right-wing commentator Candace Owens jumped on the misstatement from Britain’s scientific adviser. “This is shocking!” she wrote. “60% of people being admitted to the hospital with #COVID19 in England have had two doses of a coronavirus vaccine, according to the government’s chief scientific adviser.”

After the scientific adviser, Patrick Vallance, corrected himself, Ms. Owens added the correct information at the bottom of her Facebook post. But the post was liked or shared over 62,000 times — two-thirds of its total interactions — in the three hours before her update, a New York Times analysis found. In all, the rumor collected 142,000 likes and shares on Facebook, most of them coming from Ms. Owens’s post, according to a report by the Virality Project, a consortium of misinformation researchers from outfits like the Stanford Internet Observatory and Graphika.

When reached for comment, Ms. Owens said in an email: “Unfortunately, I’m not interested in The New York Times. The people that follow me don’t take your hit pieces seriously.”

Also in July, Thomas Renz, a lawyer, appeared in a video claiming that 45,000 people had died from coronavirus vaccines. The claim, since debunked, relies on unverified information from the Vaccine Adverse Event Reporting System, a government database. The baseless claim had been included in a lawsuit that Mr. Renz filed on behalf of an anonymous “whistle-blower,” in coordination with America’s Frontline Doctors — a right-wing group that spread misinformation about the pandemic in the past.

Mr. Renz’s video got more than 19,000 views on Bitchute. The unfounded claim was repeated by the top Spanish-language Telegram channels, Facebook groups and the conspiracy website Infowars, collecting over 120,000 views across the platforms, according to the Virality Project.

In an email, Mr. Renz said his practice had “performed the due diligence necessary” to believe in the accuracy of the allegations in the lawsuit he had filed. “We actually do not believe that the Biden administration is responsible for this, rather we believe that President Biden, like President Trump before him, was misled by the same group of conflicted bureaucrats,” Mr. Renz said.

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With More Freedom, Young Women in Albania Shun Tradition of ‘Sworn Virgins’

A centuries-old tradition in which women declared themselves men so they could enjoy male privilege is dying out as young women have more options available to them to live their own lives.


LEPUSHE, Albania — As a teenager locked in a patriarchal and tradition-bound mountain village in the far north of Albania, Gjystina Grishaj made a drastic decision: She would live the rest of her life as a man.

She did not want to be married off at a young age, nor did she like cooking, ironing clothes or “doing any of the things that women do,” so she joined a gender-bending Albanian fraternity of what are known as “burrneshat,” or “female-men.” She adopted a male nickname — Duni.

“I took a personal decision and told them: I am a man and don’t want to get married,” Duni recalled telling her family.

Few women today want to become what anthropologists call Albania’s “sworn virgins,” a tradition that goes back centuries. They take an oath of lifelong celibacy and enjoy male privileges, like the right to make family decisions, smoke, drink and go out alone.

Enver Hoxha.

Ms. Rakipi snorted with contempt when asked about people who undergo transition surgery. “It is not normal,” she said. “If God made you a woman, you are a woman.”

Duni, from Lepushe village, also has strong views on the subject, saying that altering the body goes “against God’s will,” and that people “should be put in jail” for doing so.

“I have not lived as a burrnesha because I want to be a man in any physical way. I have done this because I want to take on the role played by men and to get the respect of a man,” she said. “I am a man in my spirit, but having male genitals is not what makes you a man.”

Locals in Lepushe, including Manushaqe Shkoza, a server at a cafe in the village, said Duni’s decision to become a man initially came as a surprise, but it was accepted long ago. “Everyone sees it as normal,” Ms. Shkoza said.

Duni said she was sad that the tradition of sworn virgins would soon die out, but noted that her niece in Tirana had shown that there were now less drastic ways for a woman to live a full and respected life.

“Society is changing, but I think I made the right decision for my time,” Duni said. “I can’t resign from the role I have chosen. I took an oath to my family. This is a path you cannot go back on.”

Fatjona Mejdini contributed reporting.

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The Most Influential Spreader of Coronavirus Misinformation Online

Over the last decade, Dr. Mercola has built a vast operation to push natural health cures, disseminate anti-vaccination content and profit from all of it, said researchers who have studied his network. In 2017, he filed an affidavit claiming his net worth was “in excess of $100 million.”

And rather than directly stating online that vaccines don’t work, Dr. Mercola’s posts often ask pointed questions about their safety and discuss studies that other doctors have refuted. Facebook and Twitter have allowed some of his posts to remain up with caution labels, and the companies have struggled to create rules to pull down posts that have nuance.

“He has been given new life by social media, which he exploits skillfully and ruthlessly to bring people into his thrall,” said Imran Ahmed, director of the Center for Countering Digital Hate, which studies misinformation and hate speech. Its “Disinformation Dozen” report has been cited in congressional hearings and by the White House.

In an email, Dr. Mercola said it was “quite peculiar to me that I am named as the #1 superspreader of misinformation.” Some of his Facebook posts were only liked by hundreds of people, he said, so he didn’t understand “how the relatively small number of shares could possibly cause such calamity to Biden’s multibillion dollar vaccination campaign.”

The efforts against him are political, Dr. Mercola added, and he accused the White House of “illegal censorship by colluding with social media companies.”

He did not address whether his coronavirus claims were factual. “I am the lead author of a peer reviewed publication regarding vitamin D and the risk of Covid-19 and I have every right to inform the public by sharing my medical research,” he said. He did not identify the publication, and The Times was unable to verify his claim.

A native of Chicago, Dr. Mercola started a small private practice in 1985 in Schaumburg, Ill. In the 1990s, he began shifting to natural health medicine and opened his main website, Mercola.com, to share his treatments, cures and advice. The site urges people to “take control of your health.”

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Here’s a Look Inside Facebook’s Data Wars

“Reach leaderboard isn’t a total win from a comms point of view,” Mr. Silverman wrote.

Mr. Schultz, Facebook’s chief marketing officer, had the dimmest view of CrowdTangle. He wrote that he thought “the only way to avoid stories like this” would be for Facebook to publish its own reports about the most popular content on its platform, rather than releasing data through CrowdTangle.

“If we go down the route of just offering more self-service data you will get different, exciting, negative stories in my opinion,” he wrote.

Mr. Osborne, the Facebook spokesman, said Mr. Schultz and the other executives were discussing how to correct misrepresentations of CrowdTangle data, not strategizing about killing off the tool.

A few days after the election in November, Mr. Schultz wrote a post for the company blog, called “What Do People Actually See on Facebook in the U.S.?” He explained that if you ranked Facebook posts based on which got the most reach, rather than the most engagement — his preferred method of slicing the data — you’d end up with a more mainstream, less sharply partisan list of sources.

“We believe this paints a more complete picture than the CrowdTangle data alone,” he wrote.

That may be true, but there’s a problem with reach data: Most of it is inaccessible and can’t be vetted or fact-checked by outsiders. We simply have to trust that Facebook’s own, private data tells a story that’s very different from the data it shares with the public.

Mr. Zuckerberg is right about one thing: Facebook is not a giant right-wing echo chamber.

But it does contain a giant right-wing echo chamber — a kind of AM talk radio built into the heart of Facebook’s news ecosystem, with a hyper-engaged audience of loyal partisans who love liking, sharing and clicking on posts from right-wing pages, many of which have gotten good at serving up Facebook-optimized outrage bait at a consistent clip.

CrowdTangle’s data made this echo chamber easier for outsiders to see and quantify. But it didn’t create it, or give it the tools it needed to grow — Facebook did — and blaming a data tool for these revelations makes no more sense than blaming a thermometer for bad weather.

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