Why Coinbase’s IPO Is a Cryptocurrency Coming-Out Party

SAN FRANCISCO — Digital currency, once mocked as a tool for criminals and reckless speculators, is sliding into the mainstream.

Traditional banks are helping investors put their money into cryptocurrency funds. Companies like Tesla and Square are hoarding Bitcoin. And celebrities are leading the way in a digital-art spending spree using a technology called an NFT.

On Wednesday, digital or cryptocurrencies will take their biggest step yet toward wider acceptance when Coinbase, a start-up that allows people to buy and sell cryptocurrencies, goes public on Nasdaq. Coinbase shares received a reference price of $250 each on Tuesday evening, which would value the company at $65 billion based on all its outstanding shares.

Call it crypto’s coming-out party. Coinbase, founded in San Francisco, is the first major cryptocurrency start-up to go public on a U.S. stock market. It is doing so at a valuation that tops that of Capital One Financial Corporation or Moody’s, the ratings agency.

plan to “create an open financial system for the world” and “increase economic freedom.”

But so far, cryptocurrency is mostly a vehicle for financial speculation and trading. Few people want to use Bitcoin for everyday purchases like coffee because its price is so volatile. Many early buyers have become wildly rich by simply holding their crypto or “buying the dip” when prices fall. Others ruefully relay tales of the sushi dinner they bought with Bitcoin years ago that would be worth $200,000 today or the million-dollar pizza.

Coinbase eases that trading by acting as a central exchange. Before it and similar services were created, people had to set up their own digital wallets and wire money.

“Can it be anything more than an asset class?” Mr. Tusk asked. “That’s still very much up in the air.”

Silk Road, a marketplace for buying and selling drugs and weapons with Bitcoin until the federal authorities shut it down, and Mt. Gox, a crypto exchange that collapsed under accusations of theft and embezzlement, further tarnished the young industry.

Coinbase tried to change that. The company joined Y Combinator, a prestigious start-up program, and raised money from top venture capital firms including Union Square Ventures and Andreessen Horowitz.

Mr. Armstrong was one of the few people in the industry who seemed prepared to comply with inevitable regulations, rather than cut corners to avoid them, said Nick Tomaino, who dropped out of business school to join Coinbase in 2013.

Coinbase also persuaded well-known retailers to accept Bitcoin. “It was good for credibility when people saw you could actually use a Bitcoin to buy a mattress at Overstock,” Mr. Tomaino, who left in 2016, said. Coinbase earned money on transaction fees.

But Bitcoin’s wildly volatile price and a slow computer network that managed it made transactions difficult, and people began to see the currency as an investment. In 2015, Ethereum, a cryptocurrency network with more tech abilities, was introduced, enticing enthusiasts to build companies and funds around the technology.

Soon after, a flood of “initial coin offerings,” where companies sold tokens on the promise of the technology they planned to build, created a new boom in cryptocurrency trading. But it quickly deflated after many projects were found to be frauds and U.S. regulators deemed the offerings to be securities, requiring that they comply with financial rules.

Tesla to buy $1.5 billion worth of Bitcoin and the payments company Square to spend $170 million. In March, Morgan Stanley began offering its wealthy clients access to three Bitcoin funds, and Goldman announced that it would soon offer similar access. The mayor of Miami has proposed that the city accept tax payments in Bitcoin and invest city funds in the asset.

The stock trading app Robinhood announced that 9.5 million of its customers had traded cryptocurrency in the first three months of the year — up more than fivefold from the previous three months. Venture funding for crypto-related start-ups surged to its highest-ever level in the first quarter to $3 billion, according to PitchBook.

PayPal recently added a crypto trading and shopping feature for its customers in the United States. The company was motivated by consumer interest and advances in the technology that made transactions faster. It plans to quickly expand the offering to customers around the world.

“It feels like the time is right,” said Jose Fernandez da Ponte, head of PayPal’s blockchain, crypto and digital currencies group. “We think this has the potential to revolutionize payments and financial systems in general.”

Still, the so-called revolution faces some challenges. Coinbase has sometimes struggled to keep up with demand, with some customers who lost access to their accounts complaining that the company has been unresponsive. It has also received criticism for its treatment of female and Black employees.

Treasury Secretary Janet L. Yellen has threatened harsher regulation of the currencies, including limiting their use.

And a big drop in prices could again send speculators fleeing. In its financial prospectus, Coinbase warned that its business results would fluctuate with the volatility of crypto assets, “many of which are unpredictable and in certain instances are outside of our control.”

The industry’s biggest issue — fulfilling the promise that the technology is more than just a place to park money — could take another decade to play out.

“There’s no doubt we’re in the latest boom, and I don’t know if that’s going to turn tomorrow or two years from now,” Mr. Tomaino said. “But the busts and booms are always higher than the last.”

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New York Times tech workers form a union.

Tech workers at The New York Times announced on Tuesday that they had formed a union and would ask the company to recognize it.

The group, a majority of which signed cards in support of the effort, of more than 650 employees includes software engineers, designers, data analysts and product managers. It will be represented by the NewsGuild of New York. NewsGuild membership already includes more than 1,300 newsroom workers and business staff members at The Times, as well as workers at other media outlets.

As part of the Times Tech Guild, the tech workers would be in a separate bargaining unit from other Times employees represented by the NewsGuild.

In recent years, The Times has ramped up its hiring of tech workers as part of its strategy to reach 10 million paid digital subscribers by 2025. In 2020, digital-only subscriptions neared seven million and became the company’s largest revenue stream.

formed a union, a rarity in Silicon Valley. An organizing drive at an Amazon warehouse in Alabama was voted down last week.

Media companies have had a surge in such efforts. Workers at publications like BuzzFeed News, Vice, The New Yorker, Slate and Vox Media have all formed unions in recent years.

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Disney and ad-tech firms agree to privacy changes for children’s apps.

In legal settlements that could reshape the children’s app market, Disney, Viacom and 10 advertising technology firms have agreed to remove certain advertising software from children’s apps to address accusations that they violated the privacy of millions of youngsters.

The agreements resolve three related class-action cases involving some of the largest ad-tech companies — including Twitter’s MoPub — and some of the most popular children’s apps — including “Subway Surfers,” an animated game from Denmark that users worldwide have installed more than 1.5 billion times, according to Sensor Tower, an app research firm.

The lawsuits accused the companies of placing tracking software in popular children’s gaming apps without parents’ knowledge or consent, in violation of state privacy and fair business practice laws. Such trackers can be used to profile children across apps and devices, target them with ads and push them to make in-app purchases, according to legal filings in the case.

Now, under the settlements approved on Monday by a judge in the U.S. District Court for the Northern District of California, the companies have agreed to remove or disable tracking software that could be used to target children with ads. Developers will still be able to show contextual ads based on an app’s content.

cases against individual developers and ad-tech firms. But children’s advocates said the class-action cases, which involved a much larger swath of the app and ad tech marketplace, could prompt industrywide changes for apps and ads aimed at young people.

Viacom, whose settlement covers one of its children’s apps, called “Llama Spit Spit,” Kiloo, a Danish company that codeveloped “Subway Surfers,” and Twitter declined to comment. Disney, whose settlement agreement covers its children’s apps in the United States, did not immediately response to emails seeking comment.

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Toronto Police Hindered by Anti-Gay Bias in Bruce McArthur Serial Killer Case

OTTAWA — A two-and-half-year investigation of the Toronto police found that “systemic discrimination” within the force enabled a serial killer to murder eight gay men, mostly of Middle Eastern or South Asian descent, over a span of seven years.

Several times the police interviewed the killer, Bruce McArthur, who was convicted in 2019, but did not link him to the deaths and released him — allowing him to continue his killing spree.

“There was institutional resistance to the notion that these cases night be linked and that a serial killer might be preying on” Toronto’s L.G.B.T.Q community, Gloria Epstein, a retired justice of the Ontario Court of Appeal, wrote in a report released on Tuesday. “This systemic failure is perhaps the most troubling.”

The investigation found that the police force repeatedly failed to enter evidence linking the killings to Mr. McArthur into case-tracking software.

The report makes 151 recommendations, among them proposals to allow civilians within the Toronto police force to coordinate missing persons investigations; to centralize those inquiries under one police unit; and to conduct them in concert with public health, social service and not-for-profit community groups.

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The Next Level in Office Amenities: Wild Horses

STOREY COUNTY, Nev. — You can’t ride the wild mustangs at the Tahoe-Reno Industrial Center in Nevada, but you’re nearly guaranteed to see bands of them loping over sagebrush in a scene that feels straight out of the 1800s.

At least until the dust clears and Tesla’s 5.3-million-square-foot “Gigafactory” comes into focus.

Welcome to the Silver State, where Elon Musk, a cryptocurrency tycoon and a brothel owner are using a symbol of Americana as a social media recruiting tool.

The water cooler used to be the spot in the office to talk shop. Then came on-site cafes, fitness and yoga studios, rooftop gardens, fire pits and rock-climbing walls. “The overarching trend of the last five years has been the hotelification of the office,” said Lenny Beaudoin, an executive managing director at CBRE.

For employers, the newest amenities to wow workers are ideological, with environmental commitments topping the list, said Jason H. Somers, the president of Crest Real Estate, a Southern California real estate consultancy.

progress by corporate giants, but most efforts remain so opaque that it’s tough to spot greenwashing, the use of sustainability efforts to appear more attractive.

Embracing high environmental standards can be challenging and expensive. Some companies pay others to reduce emissions. Others plant trees, which can take years to grow and rely heavily on water and care.

Tesla used a $1.3 billion state tax break to build its $5 billion factory, tapping into a local work force still reeling from the Great Recession and ushering in a wave of Silicon Valley heavies. Switch, a technology infrastructure company, set up three data centers, then Google gobbled up 1,200 acres. Blockchains bought 67,000 acres for $170 million in 2018, becoming the park’s biggest tenant.

hoped to transform the expanse into an experimental city run by his encrypted digital systems. He pledged to build 15,000 homes, turning it into a huge innovation zone, with his company overseeing everything from schools to courts, law and water.

“I want this to become the greatest social experiment in the history of the world,” he said. “It’s going to be a cross between Disneyland and the chocolate factory from Willy Wonka.”

He’ll have to rethink the scope: In March, the county voted against the secession plan.

Mr. Berns says he plans to develop around 25,000 of his 67,000 acres, but for now, it will remain an outpost for wild horses.

Nevada is home to more than half of the country’s 95,000 wild horses and burros, descendants of animals brought to the continent by Spanish conquistadors in the 1500s. Managed by the federal Bureau of Land Management to the tune of about $100 million annually, wild horses live on protected and private land crisscrossed by freeways.

Wild Horse Connection, an advocacy group. “Horses in traffic, on the wrong side of fencing, vehicular, train accidents, sick or ill horses.”

Rescues triple once mares start foaling, said Ms. Vance, whose annual budget is about $100,000, including small donations from the office park and tenants. She says further expansion depletes open spaces and decreases grazing areas.

“Horses have migration patterns, and when a development comes in, it cuts that off and there’s more interactions with people,” she said.

One solution is humane horse fertility so the animals, which can spend up to 16 hours a day eating, don’t overpopulate and overgraze.

American Wild Horse Campaign, has worked with the office park since 2012, spending more than $200,000 on fertility control, water and feeding in the last three years.

“Development displaces wildlife,” she said. Water stations help, she said, as does an underground crossing built by Switch.

But the horses will not offset the park’s overall carbon footprint, said Simon Fischweicher, the North American head of corporations and supply chains at CDP. Tenants like Tesla, whose lithium-ion batteries are costly to mine and nearly impossible to recycle, require a lot of energy.

Switch is installing its own solar panels, and there are two green fuel plants on site, but distribution and data centers use large amounts of water for heating and cooling, and “supply chain emissions are on average 11.4 times higher than operational emissions,” Mr. Fischweicher said.

Others question the need to use the horses as a lure. Mr. Thompson says most of the roughly 25,000 workers at the office park are blue-collar Nevadans living within an hour commute. They’re here for jobs, not because of horses.

Growth for the industrial park means luring workers from out of state, expanding limited housing nearby and developing more land — all of which jeopardize the wildlife incentive.

“Quality of food, retail choices and housing are going to shape those decisions more than having wild horses nearby,” Mr. Beaudoin of CBRE said. “I would never bet against someone like Elon Musk, but there are other factors to attract workers.”

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A $1.2 Million Bank Error Buys a House, and an Arrest, Officials Say

It was the type of windfall that investors pine for with every rally on Wall Street: $1,205,619.56 had inexplicably ended up in the brokerage account of a 911 dispatcher in Louisiana in February.

But the next day, when Charles Schwab tried to recover the money it had deposited in error into the account of Kelyn Spadoni, the authorities said, about a quarter of the funds were already gone. For about a month, the company said, calls, emails and text messages to Ms. Spadoni went unanswered.

The funds had been transferred to another account and used by Ms. Spadoni to buy a house and a Hyundai Genesis sport utility vehicle, according to the Jefferson Parish Sheriff’s Office. She was arrested on fraud and theft charges on April 7 and fired as a dispatcher the same day, the Sheriff’s Office said.

In a lawsuit filed against Ms. Spadoni in federal court in New Orleans, Charles Schwab said that it was supposed to have moved only $82.56 into Ms. Spadoni’s Fidelity Brokerage Services account, but that a software glitch had caused it to mistakenly transfer the seven-figure sum.

“I think most people understand about how much money is in their bank accounts,” Capt. Jason Rivarde, a spokesman for the Sheriff’s Office, said in an interview on Monday. “When you’re expecting $80 and you get $1.2 million, there’s probably something wrong there.”

Ms. Spadoni, 33, of Harvey, La., has been charged with bank fraud, illegal transmission of monetary funds and theft greater than $25,000, the authorities said. She had been a dispatcher for four and a half years in the parish, just outside New Orleans.

She did not immediately respond to phone and email requests for comment on Monday, and there was no record that she had a lawyer.

Ms. Spadoni was released on $150,000 bond on Thursday, according to Captain Rivarde, who said that a vast majority of the missing money had been recovered.

A spokesman for Charles Schwab said in an email on Sunday night that the company was fully cooperating with the authorities in an effort to resolve the issue, but declined to comment further.

According to the company, Ms. Spadoni opened the brokerage account in January, and the excess cash was added to a transfer request that she made in February.

Realizing the mistake, Schwab tried to reclaim the money through a computer system, but got a message that said “Cash not available,” the lawsuit said. A second attempt was also rejected, and Schwab received a message that said: “Insufficient funds, please work directly with the client to resolve.”

A Schwab employee called Ms. Spadoni four times but was unable to leave a message during two of those attempts because her answering machine was full, the lawsuit said. A corporate counsel for Schwab then called Ms. Spadoni at the Sheriff’s Office but was told that she was unavailable, according to the lawsuit, which said he then sent several text messages.

In its lawsuit, Schwab said that it had begun an arbitration proceeding against Ms. Spadoni with the Financial Industry Regulatory Authority, but that it would take two months for a resolution to the case. The company said it filed the lawsuit because it wanted to make sure that Ms. Spadoni did not spend the mistakenly transferred funds before the arbitration hearing.

“When you take something that obviously doesn’t belong to you,” Captain Rivarde said, “that would be theft.”

Kitty Bennett contributed research.

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Racist Computer Engineering Words: ‘Master,’ ‘Slave’ and the Fight Over Offensive Terms

Anyone who joined a video call during the pandemic probably has a global volunteer organization called the Internet Engineering Task Force to thank for making the technology work.

The group, which helped create the technical foundations of the internet, designed the language that allows most video to run smoothly online. It made it possible for someone with a Gmail account to communicate with a friend who uses Yahoo, and for shoppers to safely enter their credit card information on e-commerce sites.

Now the organization is tackling an even thornier issue: getting rid of computer engineering terms that evoke racist history, like “master” and “slave” and “whitelist” and “blacklist.”

But what started as an earnest proposal has stalled as members of the task force have debated the history of slavery and the prevalence of racism in tech. Some companies and tech organizations have forged ahead anyway, raising the possibility that important technical terms will have different meanings to different people — a troubling proposition for an engineering world that needs broad agreement so technologies work together.

Black Lives Matter protests, engineers at social media platforms, coding groups and international standards bodies re-examined their code and asked themselves: Was it racist? Some of their databases were called “masters” and were surrounded by “slaves,” which received information from the masters and answered queries on their behalf, preventing them from being overwhelmed. Others used “whitelists” and “blacklists” to filter content.

statement about the draft from Ms. Knodel and Mr. ten Oever. “Exclusionary language is harmful,” it said.

A month later, two alternative proposals emerged. One came from Keith Moore, an I.E.T.F. contributor who initially backed Ms. Knodel’s draft before creating his own. His cautioned that fighting over language could bottleneck the group’s work and argued for minimizing disruption.

The other came from Bron Gondwana, the chief executive of the email company Fastmail, who said he had been motivated by the acid debate on the mailing list.

“I could see that there was no way we would reach a happy consensus,” he said. “So I tried to thread the needle.”

Mr. Gondwana suggested that the group should follow the tech industry’s example and avoid terms that would distract from technical advances.

Last month, the task force said it would create a new group to consider the three drafts and decide how to proceed, and members involved in the discussion appeared to favor Mr. Gondwana’s approach. Lars Eggert, the organization’s chair and the technical director for networking at the company NetApp, said he hoped guidance on terminology would be issued by the end of the year.

MySQL, a type of database software, chose “source” and “replica” as replacements for “master” and “slave.” GitHub, the code repository owned by Microsoft, opted for “main” instead of “master.”

terms after Regynald Augustin, an engineer at the company, came across the word “slave” in Twitter’s code and advocated change.

But while the industry abandons objectionable terms, there is no consensus about which new words to use. Without guidance from the Internet Engineering Task Force or another standards body, engineers decide on their own. The World Wide Web Consortium, which sets guidelines for the web, updated its style guide last summer to “strongly encourage” members to avoid terms like “master” and “slave,” and the IEEE, an organization that sets standards for chips and other computing hardware, is weighing a similar change.

Other tech workers are trying to solve the problem by forming a clearinghouse for ideas about changing language. That effort, the Inclusive Naming Initiative, aims to provide guidance to standards bodies and companies that want to change their terminology but don’t know where to begin. The group got together while working on an open-source software project, Kubernetes, which like the I.E.T.F. accepts contributions from volunteers. Like many others in tech, it began the debate over terminology last summer.

“We saw this blank space,” said Priyanka Sharma, the general manager of the Cloud Native Computing Foundation, a nonprofit that manages Kubernetes. Ms. Sharma worked with several other Kubernetes contributors, including Stephen Augustus and Celeste Horgan, to create a rubric that suggests alternative words and guides people through the process of making changes without causing systems to break. Several major tech companies, including IBM and Cisco, have signed on to follow the guidance.

email to task force participants, while a third remained up.

“We build consensus the hard way, so to speak, but in the end the consensus is usually stronger because people feel their opinions were reflected,” Mr. Eggert said. “I wish we could be faster, but on topics like this one that are controversial, it’s better to be slower.”

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Corporate Leaders Urged to Wade Into Debate Over Voting Laws: Live Updates

across the United States. Snap polls during the call suggested that most of the participants favor doing something, though what that would be isn’t yet clear, the DealBook newsletter reports.

The voting-rights debate is fraught for companies, putting them at the center of an increasingly heated partisan battle. Ken Chenault, the former American Express chief, and Ken Frazier, the Merck chief executive, urged the executives on the call to publicly state their support for broader ballot access. The two had gathered 70 fellow Black leaders to sign a letter last month calling on companies to fight bills that restrict voting rights, like the one that recently passed in Georgia.

A survey this month of 1,221 Americans shows support for companies wading into politics. The data, provided by the market research firm Morning Consult, was presented to the business leaders on the call, which was convened by Jeffrey Sonnenfeld, a professor at Yale. Here are some highlights:

In a separate survey of 2,200 Americans by Morning Consult, 62 percent of “avid” fans said they supported Major League Baseball’s decision to move the All-Star Game from Georgia in response to the state’s new voting restrictions. Support was lower among all adults (39 percent), but if the league was worried about the effect on its most dedicated fans, this is an important finding.

Satya Nadella, the chief executive of Microsoft, which is pushing to expand its health care technology services.
Credit…Kyle Johnson for The New York Times

Microsoft said on Monday that it would buy Nuance Communications, a provider of artificial intelligence and speech-recognition software, for about $16 billion, as it pushes to expand its health care technology services.

In buying Nuance, whose products include Dragon medical transcription software, Microsoft is hoping to bolster its offerings for the fast-growing field of medical computing. The two companies have already partnered on ways to automate the process of transcribing doctors’ conversations with patients and integrating that information into patients’ medical records.

Nuance is also known for providing the speech recognition software behind Siri, Apple’s virtual assistant. In recent years, however, it has focused on creating and selling software focused on the medical field.

Under the terms of the deal announced on Monday, Microsoft will pay $56 a share in cash, up 23 percent from Nuance’s closing price on Friday. Including assumed debt, the transaction values Nuance at about $19.7 billion.

The deal is Microsoft’s biggest takeover since its 2015 acquisition of LinkedIn for $26.2 billion.

“Nuance provides the A.I. layer at the health care point of delivery and is a pioneer in the real-world application of enterprise A.I.,” Satya Nadella, Microsoft’s chief executive, said in a statement.

“We’re not talking about how the caregiving crisis is impacting the learning loss for kids and how it’s disproportionately impacting girls and girls of color,” said Reshma Saujani, the founder of the nonprofit group Girls Who Code.
Credit…Amr Alfiky/The New York Times

A year into the pandemic, there are signs that the American economy is stirring back to life, with a falling unemployment rate and a growing number of people back at work. Even mothers — who left their jobs in droves in the last year in large part because of increased caregiving duties — are slowly re-entering the work force.

But young Americans — particularly women between the ages of 16 and 24 — are living an altogether different reality, with higher rates of unemployment than older adults. And many thousands, possibly even millions, are postponing their education, which can delay their entry into the work force.

New research suggests that the number of “disconnected” young people — defined as those who are in neither school nor the work force — is growing. For young women, experts said, the caregiving crisis may be a major reason many have delayed their education or careers.

Last year, unemployment among young adults jumped to 27.4 percent in April from 7.8 percent in February. The rate was almost double the 14 percent overall unemployment rate in April and was the highest for that age group in the last two decades, according to the Bureau of Labor Statistics.

At its peak in April, the unemployment rate for young women over all hit 30 percent — with a 22 percent rate for white women in that age group, 30 percent for Black women and 31 percent for Latina women.

Those numbers are starting to improve as many female-dominated industries that shed jobs at the start of the pandemic, like leisure, retail and education, are adding them back. But roughly 18 percent of the 1.9 million women who left the work force since last February — or about 360,000 — were 16 to 24, according to an analysis of seasonally unadjusted numbers by the National Women’s Law Center.

At the same time, the number of women who have dropped out of some form of education or plan to is on the rise. During the pandemic, more women than men consistently reported that they had canceled plans to take postsecondary classes or planned to take fewer classes, according to a series of surveys by the U.S. Census Bureau since last April.

“We’ve focused in particular on the digital divide and the impact of that on the learning loss for kids,” said Reshma Saujani, founder of the nonprofit group Girls Who Code. “But we’re not talking about how the caregiving crisis is impacting the learning loss for kids and how it’s disproportionately impacting girls and girls of color.”

All of this can have long-term knock-on effects. Even temporary unemployment or an education setback at a young age can drag down someone’s potential for earnings, job stability and even homeownership years down the line, according to a 2018 study by Measure of America that tracked disconnected youth over the course of 15 years.

Decorating a restaurant before its reopening on April 12.
Credit…Andrew Testa for The New York Times

For the past year, the British economy has yo-yoed with the government’s pandemic restrictions. On Monday, as shops, outdoor dining, gyms and hairdressers reopened across England, the next bounce began.

The pandemic has left Britain with deep economic wounds that have shattered historical records: the worst recession in three centuries and record levels of government borrowing outside wartime.

Last March and April, there was an economic slump unlike anything ever seen before when schools, workplaces and businesses abruptly shut. Then a summertime boom, when restrictions eased and the government helped usher people out of their homes with a popular meal-discount initiative called “Eat Out to Help Out.”

Beginning in the fall, a second wave of the pandemic stalled the recovery, though the economic impact wasn’t as severe as it had been last spring. Still, the government has spent about 344 billion pounds, or $471 billion, on its pandemic response. To pay for it, the government has borrowed a record sum and is planning the first increase in corporate taxes since 1974 to help rebalance its budget.

By the end of the year, the size of Britain’s economy will be back where it was at the end of 2019, the Bank of England predicts. “The economy is poised like a coiled spring,” Andy Haldane, the central bank’s chief economist said in February. “As its energies are released, the recovery should be one to remember after a year to forget.”

Even though a lot of retail spending has shifted online, reopening shop doors will make a huge difference to many businesses.

Daunt Books, a small chain of independent bookstores, was busy preparing to reopen for the past week, including offering a click-and-collect service in all of its stores. Throughout the lockdown, a skeleton crew “worked harder than they’ve ever worked before, just to keep a trickle” of revenue coming in from online and telephone orders, said Brett Wolstencroft, the bookseller’s manager.

“The worst moment for us was December,” Mr. Wolstencroft said, when shops were shut in large parts of the country beginning on Dec. 20. “Realizing you’re losing your last bit of Christmas is exceptionally tough.”

He says he is looking forward to having customers return to browse the shelves and talk to the sellers. “We’d sort of turned ourselves into a warehouse” during the lockdown, he said, “but that doesn’t work for a good bookshop.”

With the likes of pubs, hairdressers, cinemas and hotels shut for months on end, Brits have built up more than £180 billion in excess savings, according to government estimates. That money, once people can get out more, is expected to be the engine of this recovery — even though economists are debating how much of this windfall will end up in the tills of these businesses.

Monday is just one phase of the reopening. Pubs can serve customers only in outdoor seating areas, and less than half, about 15,000, have such facilities. Hotels will also remain closed for at least another month alongside indoor dining, museums and theaters. The next reopening phase is scheduled for May 17.

Over all, two-fifths of hospitality businesses have outside space, said Kate Nicholls, the chief executive of U.K. Hospitality, a trade group.

“Monday is a really positive start,” she said. “It helps us to get businesses gradually back open, get staff gradually back off furlough and build up toward the real reopening of hospitality that will be May 17.”

Part of Saudi Aramco’s giant Ras Tanura oil terminal. The company said it would raise $12.4 billion from selling a minority stake in its oil pipeline business.
Credit…Ahmed Jadallah/Reuters

Saudi Aramco, the national oil company of Saudi Arabia, has reached a deal to raise $12.4 billion from the sale of a 49 percent stake in a pipeline-rights company.

The money will come from a consortium led by EIG Global Energy Partners, a Washington-based investor in pipelines and other energy infrastructure.

Under the arrangement announced on Friday, the investor group will buy 49 percent of a new company called Aramco Oil Pipelines, which will have the rights to 25 years of payments from Aramco for transporting oil through Saudi Arabia’s pipeline networks.

Aramco is under pressure from its main owner, the Saudi government, to generate cash to finance state operations as well as investments like new cities to diversify the economy away from oil.

The company has pledged to pay $75 billion in annual dividends, nearly all to the government, as well as other taxes.

Last year, the dividends came to well in excess of the company’s net income of $49 billion. Recently, Aramco was tapped by Crown Prince Mohammed bin Salman, the kingdom’s main policymaker, to lead a new domestic investment drive to build up the Saudi economy.

The pipeline sale “reinforces Aramco’s role as a catalyst for attracting significant foreign investment into the Kingdom,” Aramco said in a statement.

From Saudi Arabia’s perspective, the deal has the virtue of raising money up front without giving up control. Aramco will own a 51 percent majority share in the pipeline company and “retain full ownership and operational control” of the pipes the company said.

Aramco said Saudi Arabia would retain control over how much oil the company produces.

Abu Dhabi, Saudi Arabia’s oil-rich neighbor, has struck similar oil and gas deals with outside investors.

Jerome Powell, the Federal Reserve chair, said the economy was at an “inflection point.”
Credit…Pool photo by [PLEASE FILL IN]

Global stocks drifted lower from recent highs on Monday ahead of a batch of first-quarter earnings reports. The S&P 500 was set to open 0.4 percent lower, futures indicated, after reaching a record high on Friday.

Most European stocks indexes fell. The Stoxx Europe 600 also declined from a high reached on Friday. The index was 0.2 percent lower on Monday, with energy and airline stocks among the companies that fell the most. The FTSE 100 in Britain was down 0.2 percent.

Stocks have recently been propelled higher by expectations that the global economy will recover strongly from the pandemic this year. Much of the impetus is expected to come from the United States, where trillions of dollars are being spent on various economic recovery packages. On Sunday, Federal Reserve chair, Jerome H. Powell, said the economy was at an “inflection point” and on the cusp of growing more quickly.

But there are still concerns about the uneven nature of the global recovery. For example, parts of Europe and South America are still struggling to contain outbreaks of the coronavirus and the vaccine rollout is slower than in the United States and Britain.

The deadline to file a 2020 individual federal return and pay any tax owed has been extended to May 17. But some deadlines remain April 15, Ann Carrns reports for The New York Times. So it’s a good idea to double-check deadlines.

Most, but not all, states are following the extended federal deadlines, and a few have adopted even more generous extensions.

But the Internal Revenue Service has not postponed the deadline for making first-quarter 2021 estimated tax payments. This year, the first estimated tax deadline remains April 15. Some members of Congress are pushing for the I.R.S. to reconcile the deadlines, but it’s unclear whether that will happen, with April 15 less than a week away.

Most states have retained their usual deadlines for first-quarter estimated taxes. One exception is Maryland, which moved both its filing deadline and the deadline for first- and second-quarter estimated tax payments to July 15.

During the pandemic, Amazon workers around the country have joined groups and staged walkouts to amplify their concerns about safety and pay.
Credit…Elaine Cromie for The New York Times

Even as unionization elections, like the lopsided vote against a union at Amazon’s warehouse in Bessemer, Ala., have often proven futile, labor has enjoyed some success over the years with an alternative model — what sociologist of labor calls 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, Noam Scheiber reports for The New York Times.

“There are almost never any elections,” said Ruth Milkman, a sociologist of labor at the Graduate Center of the City University of New York. “It’s all about putting pressure on decision makers at the top.”

Labor leaders and progressive activists and politicians said they intended to escalate both the ground war and the air war against Amazon after the failed union election, though some skeptics within the labor movement are likely to resist spending more revenue, which is in the billions of dollars a year but declining.

Stuart Appelbaum, the president of the retail workers union, said in an interview that elections should remain an important part of labor’s Amazon strategy. “I think we opened the door,” he said. “If you want to build real power, you have to do it with a majority of workers.”

But other leaders said elections should be de-emphasized. Jesse Case, secretary-treasurer of a Teamsters local in Iowa, said the Teamsters were trying to organize Amazon workers in Iowa so they could take actions like labor stoppages and enlist members of the community — for example, by turning them out for rallies.

Unfair housing, zoning and lending policies have prevented generations of Black families from gathering assets.
Credit…Alyssa Schukar for The New York Times

President Biden’s sweeping pandemic relief bill and his multitrillion-dollar initiatives to rebuild infrastructure and increase wages for health care workers are intended to help ease the economic disadvantages facing racial minorities.

Yet academic experts and some policymakers say still more will be needed to repair a yawning racial wealth gap, in which Black households have a mere 12 cents for every dollar that a typical white household holds.

The disparity results in something of a rigged game for Black Americans, in which they start out behind in economic terms at birth and fall further behind during their lives, Patricia Cohen writes in The New York Times. Black graduates, for example, have to take out bigger loans to cover college costs, compelling them to start out in more debt — on average $25,000 more — than their white counterparts.

The persistence of the problem affects the entire economy: A study by McKinsey & Company found that consumption and investment lost because of the gap cost the U.S. economy $1 trillion to $1.5 trillion over 10 years.

It also has deep historical roots. African-Americans were left out of the Homestead Act, which distributed land to citizens in the 19th century, and largely excluded from federal mortgage loan support programs in the 20th century.

As a result, the gap is unlikely to shrink substantially without policies that specifically address it, such as government-funded accounts that provide children with assets at birth. Several states have experimented with these programs on a small scale.

“We have very clear evidence that if we create an account of birth for everyone and provide a little more resources to people at the bottom, then all these babies accumulate assets,” said Michael Sherraden, founding director of the Center for Social Development at Washington University in St. Louis, which is running an experimental program in Oklahoma. “Kids of color accumulate assets as fast as white kids.”

A QR code in a London cafe, for use with the British government’s contact tracing app.
Credit…Neil Hall/EPA, via Shutterstock

An update to the contact tracing app used in England and Wales has been blocked from release by Apple and Google because of privacy concerns, renewing a feud between the British government and the two tech giants about how smartphones can be used to track Covid-19 cases.

In an attempt to trace possible infections, the update to the app would have allowed a person who tests positive for the virus to upload a list of restaurants, shops and other venues they recently visited, data that would be used by health officials for contact tracing. But collecting such location information violates the terms of service that Google and Apple forced governments to agree to in exchange for making contact tracing apps available on their app stores.

The dispute, first reported by the BBC, highlights the supernational role that Apple and Google have played responding to the virus. The companies, which control the software of nearly every smartphone in the world, have forced governments to design contact tracing apps to their privacy specifications, or risk not have the tracking apps made available to the public. The gatekeeper role has frustrated policymakers in Britain, France and elsewhere, who have argued those public health decisions are for governments, not private companies to make.

The release of the app update was to coincide with England’s relaxation of lockdown rules. On Monday, the country began loosening months of Covid-related restrictions, allowing nonessential shops to reopen, and pubs and restaurants to serve customers outdoors.

An older version of the contact tracing app continues to work, but the data is stored on a person’s device, rather than being kept in a centralized database.

To use the app, visitors to a store or restaurant take a photo of a poster with a QR code displayed in the business, and the software keeps a record of the visit in case someone at the same location later tests positive.

Apple and Google are blocking the update that would let people upload the history of the locations they have checked into directly to health authorities.

The Department of Health and Social Care said it is in discussions with Apple and Google to “provide beneficial updates to the app which protect the public.”

Apple did not respond to a request for comment. Google declined to comment.

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Microsoft to Buy Nuance for $16 Billion to Focus on Health Care Tech

Microsoft said on Monday that it would buy Nuance Communications, a provider of artificial intelligence and speech-recognition software, for about $16 billion, as it pushes to expand its health care technology services.

In buying Nuance, whose products include Dragon medical transcription software, Microsoft is hoping to bolster its offerings for the fast-growing field of medical computing. The two companies have already partnered on ways to automate the process of transcribing doctors’ conversations with patients and integrating that information into patients’ medical records.

Nuance is also known for providing the speech recognition software behind Siri, Apple’s virtual assistant. In recent years, however, it has focused on creating and selling software focused on the medical field.

Under the terms of the deal announced on Monday, Microsoft will pay $56 a share in cash, up 23 percent from Nuance’s closing price on Friday. Including assumed debt, the transaction values Nuance at about $19.7 billion.

2015 acquisition of LinkedIn for $26.2 billion.

“Nuance provides the A.I. layer at the health care point of delivery and is a pioneer in the real-world application of enterprise A.I.,” Satya Nadella, Microsoft’s chief executive, said in a statement.

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