told The New York Times last year. “There’s just none.”

Matthew Goldstein contributed reporting.

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Donations to India Get Blocked by Modi’s Tough New Rules

Bake sales on Instagram. Online fund-raisers involving Hollywood celebrities. Pledges of aid from companies like Mastercard and Google. A middle-of-the-night flight by a FedEx cargo plane transporting thousands of oxygen concentrators and masks.

India’s devastating surge in Covid-19 cases has galvanized corporations, nonprofit organizations and individuals in the United States into raising millions of dollars and sending medical supplies to the nation of 1.4 billion.

But a sweeping change to India’s decades-old law governing foreign donations is choking off foreign aid just when the country needs it desperately. The amendment, passed by the government of Prime Minister Narendra Modi in September with little warning, limits international charities that donate to local nonprofits.

The effect is far-reaching. Almost overnight, the amendment gutted a reliable source of funding for tens of thousands of nongovernmental organizations, or N.G.O.s, that were already stretched thin by the pandemic. It prompted international charities to cut back giving that supported local efforts — and supplemented the government’s work — in fields such as health, education and gender.

more than 22 million infections and over 236,000 deaths, but experts say the toll is severely undercounted. Medical oxygen is in short supply. Hospitals are turning away patients. Only a tiny fraction of the population has been vaccinated. Mr. Modi’s government has come under increasing criticism inside and outside the country over its handling of the second wave.

Nongovernmental organizations help provide basic health services in India, picking up the slack in a country where government spending in that area totals 1.2 percent of gross domestic product. The United States spends close to 18 percent on health care. When the pandemic first surged in India, in March 2020, Mr. Modi asked NGOs to help provide supplies and protective gear and to spread the message on social distancing.

At the same time, India’s relationship with NGOs — a catchall term for the roughly three million nonprofits working across the country, including religious, educational and advocacy groups — has occasionally been fraught.

about a quarter of India’s NGO funding — roughly $2.2 billion — came from foreign donors, according to Bain & Co., the consulting firm. The September amendment, which was met with a backlash from India’s vocal community of activists, changed the landscape drastically.

“It came into existence so quickly that there was not the kind of public input or eyes on it that could tell you why it came into existence,” said Ted Hart, the chief executive of Charities Aid Foundation of America, an Alexandria, Va., nonprofit. “It was a shock.”

transport supplies to India free of cost.

The Indian diaspora of about four million people in the United States has swung into action. Some have given money to online platforms such as GiveIndia that route money to Indian nonprofits set up to receive foreign contributions.

It took just a few days for Indiaspora, a nonprofit community of mainly Indian-American donors, to raised around $5 million, including $1.6 million through an online fund-raiser in Hollywood.

“The approach we’ve taken is that the house is burning,” said Indiaspora’s founder, M.R. Rangaswami, a Silicon Valley investor and entrepreneur who lost his sister to Covid-19 in India. But his group is stepping carefully in giving that money away. It decided to stick with a small group of well-established nonprofits to which to direct its funding.

“The way we’re handling our giving is that we’re making sure that the organizations are F.C.R.A. compliant,” Mr. Rangaswami said.

Nicholas Kulish and Karan Deep Singh contributed reporting.

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Seeing the Real Faces of Silicon Valley

Mary Beth Meehan and

Mary Beth Meehan is an independent photographer and writer. Fred Turner is a professor of communication at Stanford University.


The workers of Silicon Valley rarely look like the men idealized in its lore. They are sometimes heavier, sometimes older, often female, often darker skinned. Many migrated from elsewhere. And most earn far less than Mark Zuckerberg or Tim Cook.

This is a place of divides.

As the valley’s tech companies have driven the American economy since the Great Recession, the region has remained one of the most unequal in the United States.

During the depths of the pandemic, four in 10 families in the area with children could not be sure that they would have enough to eat on any given day, according to an analysis by the Silicon Valley Institute for Regional Studies. Just months later, Elon Musk, the chief executive of Tesla, who recently added “Technoking” to his title, briefly became the world’s richest man. The median home price in Santa Clara County — home to Apple and Alphabet — is now $1.4 million, according to the California Association of Realtors.

For those who have not been fortunate enough to make billionaire lists, for midlevel engineers and food truck workers and longtime residents, the valley has become increasingly inhospitable, testing their resilience and resolve.

Seeing Silicon Valley,” from which this photo essay is excerpted.

it would give $1 billion in loans, grants and land toward creating more affordable housing in the area. Of that pledge, $25 million would go toward building housing for educators: 120 apartments, including for Konstance and the other teachers in the original pilot as long as they were working in nearby schools.

At the time of the announcement, Facebook said the money would be used over the next decade. Construction on the teacher housing has yet to be completed.

One day Geraldine received a phone call from a friend: “They’re taking our churches!” her friend said. It was 2015, when Facebook was expanding in the Menlo Park neighborhood where she lived. Her father-in-law had established a tiny church here 55 years before, and Geraldine, a church leader, couldn’t let it be torn down. The City Council was holding a meeting for the community that night. “So I went to the meeting,” she said. “You had to write your name on a paper to be heard, so I did that. They called my name and I went up there bravely, and I talked.”

Geraldine doesn’t remember exactly what she said, but she stood up and prayed — and, ultimately, the congregation was able to keep the church. “God really did it,” she said. “I didn’t have nothing to do with that. It was God.”

In 2016, Gee and Virginia bought a five-bedroom house in Los Gatos, a pricey town nestled beside coastal foothills. Houses on their street cost just under $2 million at the time, and theirs was big enough for each of their two children to have a bedroom and for their parents to visit them from Taiwan.

Together, the couple earn about $350,000 a year — more than six times the national household average. Virginia works in the finance department of Hewlett-Packard in Palo Alto, and Gee was an early employee of a start-up that developed an online auctioning app.

They have wanted to buy nice furniture for the house, but between their mortgage and child care expenses, they don’t think they can afford to buy it all at once. Some of their rooms now sit empty. Gee said that Silicon Valley salaries like theirs sounded like real wealth to the rest of the country, but that here it didn’t always feel that way.

Jon lives in East Palo Alto, a traditionally lower-income area separated from the rest of Silicon Valley by Highway 101.

By the time Jon was in the eighth grade he knew he wanted to go to college, and he was accepted by a rigorous private high school for low-income children. He discovered an aptitude for computers, and excelled in school and professional internships. Yet as he advanced in his career, he realized that wherever he went there were very few people who looked like him.

“I got really troubled,” he said. “I didn’t know who to talk to, and I saw that it wasn’t a problem for them. I was just like ‘I need to do something about this.’”

Jon, now in his 30s, has come back to East Palo Alto, where he has developed maker spaces and brought tech-related education projects to members of the community.

“It is amazing living here,” said Erfan, who moved to Mountain View when her husband got a job as an engineer at Google. “But it’s not a place I want to spend my whole life. There are lots of opportunities for work, but it’s all about the technology, the speed for new technology, new ideas, new everything.” The couple had previously lived in Canada after emigrating from Iran.

“We never had these opportunities back home, in Iran. I know that — I don’t want to complain,” she added. “When I tell people I’m living in the Bay Area, they say: ‘You’re so lucky — it must be like heaven! You must be so rich.’”

But the emotional toll can be weighty. “We are sometimes happy, but also very anxious, very stressed. You have to be worried if you lose your job, because the cost of living is very high, and it’s very competitive. It’s not that easy — come here, live in California, become a millionaire. It’s not that simple. ”

Elizabeth studied at Stanford and works as a security guard for a major tech firm in the area. She is also homeless.

Sitting on a panel about the issue at San Jose State University in 2017, she said, “Please remember that many of the homeless — and there are many more of us than are captured in the census — work in the same companies that you do.” (She declined to disclose which company she worked for out of fear of reprisal.)

While sometimes homeless co-workers may often serve food in cafeterias or clean buildings, she added, many times they’re white-collar professionals.

“Sometimes it takes only one mistake, one financial mistake, sometimes it takes just one medical catastrophe. Sometimes it takes one tiny little lapse in insurance — it can be a number of things. But the fact is that there’s lots of middle-class people that fell into poverty very recently,” she said. “Their homelessness that was just supposed to be a month or two months until they recovered, or three months, turns out to stretch into years. Please remember, there are a lot of us.”

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Jobs Report Is Expected to Show a Big Gain: Live Updates

jobs report Friday morning. Forecasters surveyed by Bloomberg estimate that payrolls grew by 978,000 last month and that the unemployment rate fell to 5.8 percent from 6 percent.

As coronavirus infections ebb, vaccinations spread, restrictions lift and businesses reopen, the labor market has been healing. The March gain, subject to revision on Friday, was 916,000.

“Recovery in employment will come in fits and starts,” said Diane Swonk, chief economist at the accounting firm Grant Thornton. “But we’re going to see a lot of strong gains this year.”

Mall traffic has picked up, Ms. Swonk said, but manufacturing may be hobbled by bottlenecks in the supply chain. Restaurants, hotels and travel are coming back online, she said, but it is unclear whether the job increases in those industries will exceed the seasonal gains typical at this time of year.

The economy still has a lot of ground to recover before returning to prepandemic levels. In March, there were roughly 8.4 million fewer jobs than in February 2020, and the labor force has shrunk.

Employers, particularly in the restaurant and hospitality industry, have reported scant response to help-wanted ads. Several have blamed what they call overly generous government jobless benefits, including a temporary $300-a-week federal stipend that was part of an emergency pandemic relief program.

But the most solid evidence of a real shortage of workers, many economists say, would be rising wages. And that is not happening in a sustained way. As Jerome H. Powell, the Federal Reserve chair, said at a news conference last week: “We don’t see wages moving up yet. And presumably we would see that in a really tight labor market.”

Millions of Americans have said that health concerns and child care responsibilities — with many schools and day care centers not back to normal operations — have kept them from returning to work. Millions of others who are not actively job hunting are considered on temporary layoff and expect to be hired back by their previous employers once more businesses reopen fully.

The good news, said Robert Rosener, a senior U.S. economist at Morgan Stanley, is that the choppiness in the labor market that results from successive rounds of openings and closings seems to be easing. “People are going back to work and are more likely to stay at work,” he said.

Employers say supplemental unemployment benefits are making it difficult to hire. But some former food-service workers are shifting to warehouse jobs or work-from-home positions.
Credit…Sarah Rice for The New York Times

This week the Republican governors of Montana and South Carolina said they planned to cut off federally funded pandemic unemployment assistance at the end of June, citing complaints by employers about severe labor shortages.

That means jobless workers there will no longer get a $300-a-week federal supplement to state benefits, and the states will abandon a pandemic program that helps freelancers and others who don’t qualify for state unemployment insurance. (Montana will, however, offer a $1,200 bonus for those taking jobs.)

“What was intended to be short-term financial assistance for the vulnerable and displaced during the height of the pandemic has turned into a dangerous federal entitlement, incentivizing and paying workers to stay at home,” declared Gov. Henry McMaster of South Carolina.

But that view is just one piece of a broad debate about the impact of temporarily enhanced unemployment benefits during the pandemic.

Gail Myer, whose family owns six hotels in Branson, Mo., says the $300-supplement is indeed a barrier to hiring. “I talk to people all over the country on a regular basis in the hospitality industry, and the No. 1 topic of discussion is shortage of labor,” he said.

Before the pandemic, Mr. Myer said, there were about 150 full-time employees at his six hotels. Now, staffing is down about 15 percent, he said. Jobs at Myer Hospitality for housekeepers, breakfast attendants and receptionists are advertised as paying $12.75 to $14 an hour, plus benefits and a $500 signing bonus.

Worker advocacy groups offer a different perspective. “The shortage of restaurant workers we are seeing across the country is not a labor-shortage problem; it’s a wage-shortage problem,” said Saru Jayaraman, president of One Fair Wage, a minimum-wage advocacy group.

In surveys of food service workers by One Fair Wage and the Food Labor Research Center at the University of California, Berkeley, three-quarters cited low wages and tips as the reason for leaving their jobs since the coronavirus outbreak. Fifty-five percent mentioned concerns about Covid-19 as a factor. And nearly 40 percent cited increased hostility and harassment from customers, often related to wearing masks, in addition to long-running complaints of sexual harassment.

Amy Glaser, senior vice president at the staffing firm Adecco, said former restaurant workers and others were migrating toward warehousing jobs that had raised wages to as high as $23 an hour and customer service jobs that could be done from home.

Whether the U.S. depends on open pit mines or a more environmentally friendly option called lithium brine extraction will depend on how successful groups are in blocking projects.
Credit…Gabriella Angotti-Jones for The New York Times

The United States needs to quickly find new supplies of lithium as automakers ramp up manufacturing of electric vehicles.

Lithium is used in electric car batteries because it is lightweight, can store lots of energy and can be repeatedly recharged. Other ingredients like cobalt are needed to keep the battery stable.

But production of raw materials like lithium, cobalt and nickel that are essential to these technologies are often ruinous to land, water, wildlife and people, Ivan Penn and Eric Lipton report for The New York Times. Mining is one of the dirtiest businesses out there.

That environmental toll has often been overlooked in part because there is a race underway among the United States, China, Europe and other major powers. Echoing past contests and wars over gold and oil, governments are fighting for supremacy over minerals that could help countries achieve economic and technological dominance for decades to come.

Mining companies and related businesses want to accelerate domestic production of lithium and are pressing the administration and key lawmakers to insert a $10 billion grant program into President Biden’s infrastructure bill, arguing that it is a matter of national security.

“Right now, if China decided to cut off the U.S. for a variety of reasons we’re in trouble,” said Ben Steinberg, an Obama administration official turned lobbyist. He was hired in January by ​Piedmont Lithium, which is working to build an open-pit mine in North Carolina and is one of several companies that have created a trade association for the industry.

So far, the Biden administration has not moved to help push more environmentally friendly options — like lithium brine extraction, instead of open pit mines. Ultimately, federal and state officials will decide which of the two methods is approved. Both could take hold. Much will depend on how successful environmentalists, tribes and local groups are in blocking projects.

Investors have put more than $475 million into Cerebras, a start-up that makes artificial-intelligence processors.
Credit…Jessica Chou for The New York Times

Even as a chip shortage is causing trouble for all sorts of industries, the semiconductor field is entering a surprising new era of creativity, from industry giants to innovative start-ups seeing a spike in funding from venture capitalists that traditionally avoided chip makers, Don Clark reports for The New York Times.

“It’s a bloody miracle,” said Jim Keller, a veteran chip designer whose résumé includes stints at Apple, Tesla and Intel and who now works at the artificial intelligence chip start-up Tenstorrent. “Ten years ago you couldn’t do a hardware start-up.”

Chip design teams are no longer working just for traditional chip companies, said Pierre Lamond, a 90-year-old venture capitalist who joined the chip industry in 1957. “They are breaking new ground in many respects,” he said.

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New ideas are flooding into the semiconductor industry even as chip shortages remain.

Even as a chip shortage is causing trouble for all sorts of industries, the semiconductor field is entering a surprising new era of creativity, from industry giants to innovative start-ups seeing a spike in funding from venture capitalists that traditionally avoided chip makers, Don Clark reports for The New York Times.

“It’s a bloody miracle,” said Jim Keller, a veteran chip designer whose résumé includes stints at Apple, Tesla and Intel and who now works at the artificial intelligence chip start-up Tenstorrent. “Ten years ago you couldn’t do a hardware start-up.”

Chip design teams are no longer working just for traditional chip companies, said Pierre Lamond, a 90-year-old venture capitalist who joined the chip industry in 1957. “They are breaking new ground in many respects,” he said.

  • Equity investors for years viewed semiconductor companies as too costly to set up, but in 2020 they plowed more than $12 billion into 407 chip-related companies, according to CB Insights. Cerebras, a start-up that sells massive artificial-intelligence processors that span an entire silicon wafer, for example, has attracted more than $475 million. Groq, a start-up whose chief executive previously helped design an artificial-intelligence chip for Google, has raised $367 million.

  • Taiwan Semiconductor Manufacturing Company and Samsung Electronics have managed the increasingly difficult feat of packing more transistors on each slice of silicon. IBM on Thursday announced another leap in miniaturization, a sign of continued U.S. prowess in the technology race.

  • More companies are concluding that software running on standard Intel-style microprocessors is not the best solution for all problems. Giants like Apple, Amazon and Google more recently have gotten into the act. Google’s YouTube unit recently disclosed its first internally developed chip to speed video encoding. And Volkswagen said last week that it would develop its own processor to manage autonomous driving.

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Facebook’s Ban of Trump Upheld by Oversight Board

SAN FRANCISCO — A Facebook-appointed panel of journalists, activists and lawyers ruled on Wednesday to uphold the social network’s ban of former President Donald J. Trump, ending any immediate return by Mr. Trump to mainstream social media and renewing a debate about tech power over online speech.

Facebook’s Oversight Board, which acts as a quasi-court to deliberate the company’s content decisions, said the social network was right to bar Mr. Trump after he used the site to foment an insurrection in Washington in January. The panel said the ongoing risk of violence “justified” the suspension.

But the board also said that Facebook’s penalty of an indefinite suspension was “not appropriate,” and that the company should apply a “defined penalty.” The board gave Facebook six months to make its final decision on Mr. Trump’s account status.

“Our sole job is to hold this extremely powerful organization, Facebook, to be held accountable,” Michael McConnell, co-chair of the Oversight Board, said on a call with reporters. The decision “did not meet these standards,” he said.

Twitter and YouTube had also cut off Mr. Trump in January after the insurrection at the Capitol building, saying the risk of harm and the potential for violence that he created was too great.

But while Mr. Trump’s Facebook account remains suspended for now, it does not mean that he will not be able to return to the social network at all once the company reviews its action. On Tuesday, Mr. Trump had unveiled a new site, “From the desk of Donald J. Trump,” to communicate with his supporters. It looked much like a Twitter feed, complete with posts written by Mr. Trump that could be shared on Facebook, Twitter and YouTube.

Mr. Trump’s continuing suspension from Facebook gave conservatives, who have long accused the social media companies of suppressing right-wing voices, new fuel against the platforms. Mark Zuckerberg, Facebook’s chief executive, has testified in Congress several times in recent years about whether the social network has shown bias against conservative political views. He has denied it.

In a tweet, the Republican members of the House judiciary committee said of the board’s decision, “Pathetic.”

Mr. Zuckerberg has said that he does not wish his company to be “the arbiter of truth” in social discourse, Facebook has become increasingly active about the kinds of content it allows. To prevent the spread of misinformation, the company has cracked down on QAnon conspiracy theory groups, election falsehoods and anti-vaccination content in recent months, before culminating in the blocking of Mr. Trump in January.

“This case has dramatic implications for the future of speech online because the public and other platforms are looking at how the oversight board will handle what is a difficult controversy that will arise again around the world,” said Nate Persily, a professor at Stanford University’s law school.

He added, “President Trump has pushed the envelope about what is permissible speech on these platforms and he has set the outer limits such that if you are unwilling to go after him, you are allowing a large amount of incitement and hate speech and disinformation online that others are going to propagate.”

In a statement, Facebook said it was “pleased” that the board recognized that its barring of Mr. Trump in January was justified. The company added that it would consider the ruling and “determine an action that is clear and proportionate.”

Mr. Trump’s case is the most prominent that the Facebook Oversight Board, which was conceived in 2018, has handled. The board, which is made up of 20 journalists, activists and former politicians, reviews and adjudicates the company’s most contested content moderation decisions. Mr. Zuckerberg has repeatedly referred to it as the “Facebook Supreme Court.”

But while the panel is positioned as independent, it was founded and funded by Facebook and has no legal or enforcement authority. Critics have been skeptical of the board’s autonomy and have said it gives Facebook the ability to punt on difficult decisions.

revoke Section 230, a legal shield that protects companies like Facebook from liability for what users post.

privately with Mr. Trump.

The politeness ended on Jan. 6. Hours before his supporters stormed the Capitol, Mr. Trump used Facebook and other social media to try to cast doubt on the results of the presidential election, which he had lost to Joseph R. Biden Jr. Mr. Trump wrote on Facebook, “Our Country has had enough, they won’t take it anymore!”

Less than 24 hours later, Mr. Trump was barred from the platform indefinitely. While his Facebook page has remained up, it has been dormant. His last Facebook post, on Jan. 6, read, “I am asking for everyone at the U.S. Capitol to remain peaceful. No violence!”

Cecilia Kang contributed reporting from Washington.

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Verizon Sells AOL and Yahoo to Apollo for $5 Billion

Yahoo and AOL, kings of the early internet, saw their fortunes decline as Silicon Valley raced ahead to create new digital platforms. Google replaced Yahoo. AOL was supplanted by cable giants.

Now they will become the property of private equity. Verizon, their current owner, agreed to sell them to Apollo Global Management in a deal worth $5 billion, the companies announced Monday.

The business housing the two brands, Verizon Media, is to be renamed (yet again) to Yahoo (sans the brand’s stylized exclamation point), and the sale will also include its advertising technology business. Verizon will retain a 10 percent stake in the newly formed media group, the company said in a statement.

Guru Gowrappan, the head of Verizon’s media business, who will continue to lead the new Yahoo, was optimistic in a note to employees Monday morning. “This next evolution of Yahoo will be the most thrilling yet,” he said in the memo, which was obtained by The New York Times.

championed the deal as part of its “strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium experience.”

Tim Armstrong, the head of AOL, was part of the package, and he soon persuaded Verizon’s executives to add to its media holdings. Mr. Armstrong orchestrated the 2017 purchase of Yahoo for $4.5 billion — a prize he had been pursuing for years.

In the statement announcing the deal at the time, Mr. Armstrong said, “We’re building the future of brands.”

It was all in the pursuit of almighty “scale,” a business term of art that has almost become a religious mantra in Silicon Valley. The goal was to build a bigger audience to sell more advertising. But the internet’s economics had already shifted years before, and content that users provided free, whether in the form of Facebook posts or YouTube videos, drove much online activity. AOL and Yahoo, despite their big audiences, had become distant also-rans.

Verizon still saw value in Yahoo and AOL. The idea was to give Verizon customers content they couldn’t get elsewhere at a time when all cellphone service offerings were essentially the same. And AOL’s giant ad-tech business could give Verizon a better way to sell advertising on its phones.

departure of Mr. Armstrong and began a restructuring of the media unit. In early 2019, it laid off about 800 workers, about 7 percent of the staff. Last year, Verizon began to dismantle the media group with the sale of HuffPost to BuzzFeed.

Mr. Vestberg called the Apollo transaction “a bittersweet moment” in a companywide memo Monday morning, but he added that the sale “is a big step forward” for the media group.

“I believe this move is right for all of our stakeholders, including the Media employees,” he said. “Our purpose is to create the networks that move the world forward, and this will help us better focus all our energy and resources on our core competencies.”

Verizon has had to spend big to improve its mobile business. In March, it agreed to pay nearly $53 billion to license wireless airwaves that will help the company expand its 5G infrastructure. It also plans to spend $10 billion over the next few years to wire more cell towers and upgrade its systems. The company’s total debt now exceeds $180 billion, and its net debt is more than three times its annual pretax profits. Typically, the industry prefers to keep that ratio closer to 2.5.

For Apollo, the purchase is an opportunity to further invest in the digital media space — an industry it has already put money into, with deals for the photo printing business Shutterfly, the web-hosting company Rackspace and Cox Media Group, which owns TV and radio stations throughout the country. Apollo also has plenty of experience with the complex process of buying businesses spun out from larger companies, which generally requires separation of interwoven financials, systems and, often, key executives.

And Yahoo and AOL still generate plenty of revenue. Verizon’s media division recorded $1.9 billion in sales in the first three months of 2021, a 10 percent gain over the prior year.

regulatory scrutiny of some of the biggest players, like Google. And as digital ads rebound postpandemic, Apollo expects the overall industry to grow.

“Does most of that go to Google and Facebook and Snap and Twitter? Of course,” said Reed Rayman, a partner at Apollo. “But is there still a role for others in the digital media space to benefit from the rising tide, like Yahoo and the other properties? Absolutely.”

Apollo has been on a buying spree in the past few months, announcing deals to acquire Michaels, the chain of crafting stores, and the Venetian Resort in Las Vegas. It has also had a shake-up in its senior ranks, with its co-founder Leon Black stepping down as chairman in March after the revelation he had paid more than $150 million to the convicted sex offender Jeffrey Epstein.

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Ikea meets Lego: Google redesigns its office space.

Before the pandemic, Google’s sprawling campus of airy, open offices and whimsical common spaces set a standard for what an innovative workplace was supposed to look like.

Now, the company is creating a workplace for the Covid era, with a concept perhaps best described as Ikea meets Lego.

Instead of rows of desks next to cookie-cutter meeting rooms, Google is designing “Team Pods.” Chairs, desks, whiteboards and storage units on casters can be wheeled into various arrangements, and in some cases rearranged in a matter of hours. It is building outdoor work areas to respond to concerns about the coronavirus.

At its Silicon Valley headquarters, it has converted a parking lot and lawn area into a “camp,” with clusters of tables and chairs under open-air tents. The area is a fenced-in mix of grass and wooden deck flooring about the size of four tennis courts with Wi-Fi throughout.

David Radcliffe, Google’s vice president for real estate and workplace services, said that while moving more than 100,000 employees to virtual work last year was daunting, “now it seems even more daunting to figure out how to bring them back safely.”

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The Googleplex of the Future Has Privacy Robots, Meeting Tents and Your Very Own Balloon Wall

MOUNTAIN VIEW, Calif. — Google’s first office was a cluttered Silicon Valley garage crammed with desks resting on sawhorses.

In 2003, five years after its founding, the company moved into a sprawling campus called the Googleplex. The airy, open offices and whimsical common spaces set a standard for what an innovative workplace was supposed to look like. Over the years, the amenities piled up. The food was free, and so were buses to and from work: Getting to the office, and staying there all day, was easy.

Now, the company that once redefined how an employer treats its workers is trying to redefine the office itself. Google is creating a post-pandemic workplace that will accommodate employees who got used to working from home over the past year and don’t want to be in the office all the time anymore.

The company will encourage — but not mandate — that employees be vaccinated when they start returning to the office, probably in September. At first, the interior of Google’s buildings may not appear all that different. But over the next year or so, Google will try out new office designs in millions of square feet of space, or about 10 percent of its global work spaces.

Reuters conference in December that the company was committed to making hybrid work possible, because there was an opportunity for “tremendous improvement” in productivity and the ability to pull in more people to the work force.

“No company at our scale has ever created a fully hybrid work force model,” Mr. Pichai wrote in an email a few weeks later announcing the flexible workweek. “It will be interesting to try.”

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The Federal Reserve’s Patient Approach Could Be Tested Soon: Live Updates

spread of new variant

The policy-setting Federal Open Market Committee has said it wants to see “substantial” progress toward its goals of full employment and stable inflation before slowing down the monthly bond purchases. The hurdle for rate increases is even higher: A return to maximum employment and inflation that exceeds 2 percent and is expected to slightly overshoot that for some time.

At their meeting in March, the central bank’s officials signaled that interest rates were likely to remain near-zero through 2023 if the economy shapes up as they expect. But investors will be keenly focused on hints about the path ahead when Mr. Powell gives a post-meeting news conference around 2:30 p.m., after the committee’s 2 p.m. statement release.

“By the time of the June meeting well over half of all Americans should be partially vaccinated, and the level of employment could be a few million greater than it is now, allowing the F.O.M.C. to discuss some tangibly improving outcomes,” Michael Feroli, chief U.S. economist at J.P. Morgan, wrote in a research note. “For now, however, we think the message from the committee will be little changed from the one delivered six weeks ago.”

Still, the Fed’s commitment to patience — an approach that focuses on real-world outcomes, not just expected ones — is in for its first big challenge. As unemployment drops and inflation picks up, two trends that are expected to play out in the coming months, monetary policymakers are likely to face growing calls to dial back their support to prevent conditions from getting out of hand.

But Mr. Powell and his colleagues have played down concerns about overheating and inflationary warnings that hark back to the 1970s and 1980s, arguing that the world has changed in recent decades.

“We had 3.5 percent unemployment, which is a 50-year low, for much of the last two years before the pandemic,” Mr. Powell said in a recent “60 Minutes” interview. “And inflation didn’t really react much. That’s not the economy we had 30 years ago.”

An Allbirds store in Manhattan.
Credit…Jeenah Moon for The New York Times

Silicon Valley’s favorite shoe brand is headed to Wall Street. Allbirds is interviewing banks over the next few weeks to help it make a market debut, people familiar with the matter told the DealBook newsletter, requesting anonymity because the process is confidential. The direct-to-consumer company was last valued at around $1.7 billion.

The talks come as consumer brands that were founded with a heavy (if not exclusive) internet presence, including Honest Company and Warby Parker, are taking advantage of a pandemic-driven boom in online shopping to see if investor enthusiasm for tech offerings extends to them as well. Many of those companies, including Allbirds, have since opened some retail stores, which has proved an easier transition than the legacy retailers trying to build digital operations after making their names in the offline world.

Allbirds was founded by the New Zealand soccer star Tim Brown and Joey Zwillinger, a renewables expert. Its mantra is to “create better things in a better way,” and the company advertises that the merino wool in its shoes uses 60 percent less energy than typical synthetic materials.

“One of the worst offenders of the environment from a consumer product standpoint is shoes,” Mr. Zwillinger told The New York Times in 2017. “It’s not the making; it’s the materials.”

The brand’s flashy-but-logo-free shoes are popular among techies, celebrities (Leonardo DiCaprio is an investor) and former President Barack Obama. The company has raised more than $200 million since 2016.

Allbirds is a B Corp, a certification earned by focusing on social good as well as profit. (Mr. Zwillinger joined a DealBook Debrief call last year to talk about the purpose of business.) Wall Street hasn’t always taken kindly to such companies: Etsy had to drop the status after taking a beating from the public markets following its I.P.O. Allbirds, though, said the $100 million funding round it announced last September was “indication of investors’ continued enthusiasm for its stakeholder-centric business model.”

“Allbirds has always been focused on building a great company, and as a B Corp and Public Benefit Corporation, doing what is best for our stakeholders (planet, people, investors) at the right time and in a way that helps the business grow in a sustainable fashion,” a company spokeswoman said in a statement.

Deutsche Bank’s best quarter in seven years was a vindication for Christian Sewing, the chief executive who took over in 2018.
Credit…Ralph Orlowski/Reuters

Deutsche Bank reported its best quarterly profit in seven years Wednesday as it benefited from lively financial markets and avoided losses from the investment firm Archegos Capital that has battered rivals.

The first-quarter profit of 900 million euros, or $1.1 billion, was better than expected and suggested that Deutsche Bank may be emerging from a decade of scandals and disasters that earned it a reputation as Europe’s most troubled lender.

James von Moltke, the chief financial officer of Deutsche Bank, said in response to a question about Archegos during an interview with Bloomberg News that the bank had been able to exit its involvement without a loss.

That is in contrast to rivals like Credit Suisse, which lost $4.7 billion it had lent to Archegos after the firm collapsed in March. Swiss bank UBS disclosed Tuesday that it lost $774 million from its involvement with Archegos.

Deutsche Bank, like most big corporations, is assessing how the pandemic may have permanently changed the way employees do their jobs. Mr. von Moltke said the bank was working on a plan that would allow employees to work from home two or three days a week.

Like many of its peers, Deutsche Bank has benefited from frenetic activity on financial markets, earning fees as it helped governments issue debt to finance stimulus programs or sell shares in blank-check investment vehicles known as SPACs.

The bank said it had also benefited from a European Central Bank stimulus program that effectively pays commercial lenders to provide credit to businesses and consumers in the eurozone. In addition, Deutsche Bank slashed the amount of money it set aside for bad loans.

The financial results are a vindication for Christian Sewing, the bank’s chief executive, who has been trying to show large shareholders like the private equity firm Cerberus Capital Management that he can generate consistent profits. Deutsche Bank shares rose 9 percent in Frankfurt trading Wednesday and are up more than 20 percent since the end of January.

“Our first quarter is further evidence that Deutsche Bank is on the right path,” Mr. Sewing said in a statement.

Federal Reserve Chair Jerome Powell.
Credit…Pool photo by Susan Walsh

When Jerome H. Powell, the Federal Reserve chair, speaks to reporters in a webcast news conference on Wednesday afternoon, he’s likely to face questions about a simmering topic: inflation.

Prices are expected to pop in the coming months, both as inflation indexes lap very weak 2020 readings and as supply chains experience short-term reopening bottlenecks. The unknowns facing the Fed, and the investment world, are how big the jump will be and how long it will last.

Most forecasters and the Fed itself expect the increases to be only temporary. But some economists have warned that they could be significant enough to become a problem as businesses reopen, consumers start to spend their savings and the government pumps stimulus money into the economy.

If the increases are big enough and sustained, the Fed could find itself in a tough spot, forced to choose between letting prices rise or raising interest rates before the labor market is fully recovered.

Inflation also worries stock investors: If the Fed lifts interest rates to cool off the economy, it could make investing in bonds more attractive and corporate borrowing more expensive, both bad news for equities.

The Fed wants inflation to average 2 percent annually over time, and it defines that goal using the Commerce Department’s headline personal consumption expenditure index. But officials look at a variety of indicators to gauge conditions. Here’s where a handful of critical inflation measures stand and, when it’s relevant, where economists surveyed by Bloomberg expect them to go in the coming months:

Fed officials regularly point out that inflation has been too tepid in recent years, not too high, and they don’t expect that to change quickly. To raise rates, they say, they would need to see that inflation was going to remain higher sustainably — for instance, if it came alongside heftier wage increases.

Part of the Fed’s comfort with a period of faster price gains is that consumer and business expectations have remained relatively low, despite some recent increases. If people aren’t anticipating higher prices, it’s likely to put a lid on how much more companies can charge.

Google’s logo on a building in Zurich, Switzerland. Alphabet, Google’s parent company, reported a strong increase in revenue last quarter.
Credit…Arnd Wiegmann/Reuters

Government bond yields jumped higher on Wednesday ahead of the latest Federal Reserve policy meeting.

Economists expect Fed officials to keep interest rates near zero and continue their bond-buying program, but central bank watchers will be looking for clues for how much longer the support will last as the U.S. economy improves. Higher yields on government bonds may reflect expectations that the Fed is inching closer signaling that it will change its policy, including raising its benchmark rate, even if that’s still years in the future.

Jerome H. Powell, the Fed chair, will speak to reporters Wednesday afternoon. Fed officials have said they would telegraph any changes well in advance and expected the current rise in inflation to be temporary, which would diminish the need for a monetary policy reaction.

The yield on 10-year Treasury notes rose two basis points to 1.65 percent on Wednesday after rising six basis points the previous day. Yields on 10-year British government bonds rose six basis points to 0.83 percent and German bond yields climbed four basis points to negative 0.21 percent.

“We think risks around this meeting are firmly skewed towards higher rates,” analysts at ING said of bond yields. “This is particularly true if the Fed breaks with its cautious tone of late, or simply decides to hedge its bets by saying it will react as appropriate if the economy overheats.”

Credit…Hiroko Masuike/The New York Times

California is expecting a roughly $15 billion budget surplus next fiscal year, which runs from July through June, according to its most recent forecast. The state is so flush that it is now running its own stimulus program, writing one-time checks of $600 or $1,200 to poorer households and spending some $2 billion on aid for small businesses.

Less than a year ago, the state was facing a $54 billion shortfall, Matt Phillips reports for The New York Times. Here’s how the state’s fortunes were turned around:

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