showcasing skateboarders. “People are quite fragile at the moment. Advertisers don’t want to be too saccharine or too clever but are trying to find that right tone.”

Many companies advertising during the Games are running campaigns that they had to redesign from scratch after the Olympics were postponed last year.

“We planned it twice,” said Mr. Carey of Optimum Sports. “Think about how much the world has changed in that one year, and think about how much each of our brands have changed what they want to be out there saying or doing or sponsoring. So we crumpled it up, and we started over again.”

FIFA World Cup in Qatar in late 2022 and the Beijing Winter Olympics in February, both of which have put the advertising industry in a difficult position because of China’s and Qatar’s poor records on human rights.

First, though, ad executives just want the Tokyo Games to proceed without incident.

“We’ve been dealing with these Covid updates every day since last March,” said Kevin Collins, an executive at the ad-buying and media intelligence firm Magna. “I’m looking forward to them starting.”

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American Campus Communities Leads Student Housing Industry with Four Innovator Awards at Annual InterFace Conference

AUSTIN, Texas–(BUSINESS WIRE)–American Campus Communities (NYSE: ACC), the nation’s largest student housing company, has once again been recognized in multiple award categories of Student Housing Business Magazine’s InterFace Conference Innovator Awards.

The Innovator Awards are given to student housing owners, developers, operators, architecture firms and universities for excellence in student housing development, marketing and operations. More than 100 industry experts judged on more than 140 entries in this year’s contest. This was the largest number of submissions to date.

ACC has been honored with the following on-campus awards for 2021:

“It’s an honor to be recognized alongside our innovative university partners for two communities, Manzanita Square and the UIC Academic and Residential Complex, that go above and beyond to create environments conducive to academic success and personal well-being for our students,” said Bill Bayless, CEO at ACC. “Our ACC team members across the country have remained focused on fulfilling our mission of putting students first and creating a place where they love living.”

Bayless gave the keynote address at the conference on Wednesday, July 14th at the JW Marriott in Austin, Texas. In total, ACC has been awarded 43 SHB Innovator Awards since 2013.

About American Campus Communities

American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management and operational management of student housing properties. As of March 31, 2021, American Campus Communities owned 166 student housing properties containing approximately 111,900 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consisted of 207 properties with approximately 142,400 beds. Visit www.americancampus.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on management’s current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the “company”) operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward looking-statements include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact, and those discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 under the heading “Risk Factors” and under the heading “Business – Forward-looking Statements” and subsequent quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statements, including our preleasing activity or expected full year 2021 operating results, whether as a result of new information, future events, or otherwise.

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Taliban Try to Polish Their Image as They Push for Victory

KABUL, Afghanistan — In June, when the Taliban took the district of Imam Sahib in Afghanistan’s north, the insurgent commander who now ruled the area had a message for his new constituents, including some government employees: Keep working, open your shops and keep the city clean.

The water was turned back on, the power grid was repaired, garbage trucks collected trash and a government vehicle’s flat tire was mended — all under the Taliban’s direction.

Imam Sahib is one of dozens of districts caught up in a Taliban military offensive that has swiftly captured more than a quarter of Afghanistan’s districts, many in the north, since the U.S. withdrawal began in May.

It is all part of the Taliban’s broader strategy of trying to rebrand themselves as capable governors while they press a ruthless, land-grabbing offensive across the country. The combination is a stark signal that the insurgents fully intend to try for all-out dominance of Afghanistan once the American pullout is finished.

have begun to muster militias to defend their home turf, skeptical that the Afghan security forces can hold out in the absence of their American backers, in a painful echo of the country’s devastating civil war breakdown in the 1990s.

report. Some homes there were burned down by the Taliban, residents said.

“The Taliban burned my house while my family was in the house,” said Sirajuddin Jamali, a tribal elder. “In 2015, a military base was under siege and we provided food and water for them, but now the Taliban are taking revenge,” Mr. Jamali sobbed. “Do they do the same in any area the Taliban take?”

Zabihullah Mujahid, a spokesman for the Taliban, said the accusations of burning down homes was under investigation.

The group’s public responses, though rarely sincere, play directly into a strategy meant to portray the insurgents as a comparable option to the Afghan government. And they ignore the fact that local feuds drive large amounts of the war’s violence, outweighing any official orders from the Taliban leadership.

On the battlefield, things are shifting quickly. Thousands of Afghan soldiers and militia members have surrendered in past weeks, forfeiting weapons, ammunition and armored vehicles as the Taliban take district after district. Government forces have counterattacked, recapturing several districts, though not on the scale of the insurgents’ recent victories.

But little reported are Taliban losses, aside from the inflated body counts announced by the Afghan government’s Ministry of Defense. The Taliban, with their base strength long estimated to be between 50,000 and 100,000 fighters, depending on the time of year, have taken serious casualties in recent months, especially in the country’s south.

The casualties are primarily from the Afghan and U.S. air forces, and sometimes from Afghan commando units.

Mullah Basir Akhund, a former commander and member of the Taliban since 1994, said that cemeteries along the Pakistani border, where Taliban fighters have long been buried, are filling up faster than in years past. Pakistani hospitals, part of the country’s unwavering line of support for the insurgents, are running out of bed space. During a recent visit to a hospital in Quetta, a hub for the Taliban in Pakistan, Mr. Akhund said he saw more than 100 people, most of them Taliban fighters, waiting to be treated.

But despite tough battles, the weight of a nearly withdrawn superpower, and the Taliban’s own leadership issues, the insurgents continue to adapt.

Even as they seek to conquer the country, the Taliban are aware of their legacy of harsh rule, and do not want to “become the same pariah and isolated state” that Afghanistan was in the 1990s, said Ibraheem Bahiss, an International Crisis Group consultant and an independent research analyst.

“They’re playing the long game,” Mr. Bahiss said.

Reporting was contributed by Asadullah Timory in Herat, Taimoor Shah in Kandahar, Ruhullah Khapalwak, Farooq Jan Mangal in Khost and Zabihullah Ghazi in Jalalabad.

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Pandemic Wave of Automation May Be Bad News for Workers

“You can pull a less-skilled worker in and have them adapt to our system much easier,” said Ryan Hillis, a Meltwich vice president. “It certainly widens the scope of who you can have behind that grill.”

With more advanced kitchen equipment, software that allows online orders to flow directly to the restaurant and other technological advances, Meltwich needs only two to three workers on a shift, rather than three or four, Mr. Hillis said.

Such changes, multiplied across thousands of businesses in dozens of industries, could significantly change workers’ prospects. Professor Warman, the Canadian economist, said technologies developed for one purpose tend to spread to similar tasks, which could make it hard for workers harmed by automation to shift to another occupation or industry.

“If a whole sector of labor is hit, then where do those workers go?” Professor Warman said. Women, and to a lesser degree people of color, are likely to be disproportionately affected, he added.

The grocery business has long been a source of steady, often unionized jobs for people without a college degree. But technology is changing the sector. Self-checkout lanes have reduced the number of cashiers; many stores have simple robots to patrol aisles for spills and check inventory; and warehouses have become increasingly automated. Kroger in April opened a 375,000-square-foot warehouse with more than 1,000 robots that bag groceries for delivery customers. The company is even experimenting with delivering groceries by drone.

Other companies in the industry are doing the same. Jennifer Brogan, a spokeswoman for Stop & Shop, a grocery chain based in New England, said that technology allowed the company to better serve customers — and that it was a competitive necessity.

“Competitors and other players in the retail space are developing technologies and partnerships to reduce their costs and offer improved service and value for customers,” she said. “Stop & Shop needs to do the same.”

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Target Store Closings Show Limits of Pledge to Black Communities

BALTIMORE — When Target announced that it was opening a store in Mondawmin, a predominantly Black neighborhood in this city struggling with crime and poverty, it seemed like a ticket to a turnaround.

And from the start, it was a practical success and a point of community pride. The store, which opened in 2008, carried groceries, operated a pharmacy and had a Starbucks cafe, the only one in this part of Baltimore’s west side.

People came from across the city to shop there, helping to soften the Mondawmin area’s reputation for crime and the looting that followed protests over the 2015 death of Freddie Gray, who was fatally injured while in city police custody. As an employer, Target seemed to cater to the community’s needs, making a point of hiring Black men and providing an office in the store for a social worker to support the staff. Elijah Cummings, the congressman from Baltimore, was known to shop there.

But in February 2018, with almost no warning or explanation, Target closed the store.

Residents, especially those without cars, lost a convenient place to shop for quality goods. And a marker of the community’s self-worth was suddenly taken away.

shut two stores in predominantly Black neighborhoods on Chicago’s South Side as the company made plans to build a new store on the wealthier and mostly white North Side.

according to local legend, visited the property in the 19th century and observed the area’s bountiful cornfields. Mondawmin is derived from a Native American phrase for “spirit of corn.”

In the 1950s, the property was sold to a real estate developer, who turned the rural lot into the city’s first shopping mall.

The Mondawmin Mall featured a Sears, a five-and-dime, and eventually an indoor fountain and spiral staircase, advertised as the “seventh wonder of Baltimore,’’ according to Salvatore Amadeo, an amateur historian who makes YouTube documentaries about malls, including a segment on Mondawmin.

When the assassination of the Rev. Dr. Martin Luther King Jr. in 1968 sparked protests across Baltimore and caused “white flight” to the suburbs, the mall struggled. Over time, it ceased to be a big draw for shoppers outside the area.

The stores became more focused on Black fashion and neighborhood services. A large barbershop occupies the mall’s bottom floor, and there is an agency that helps formerly incarcerated people find jobs.

a forceful statement, promising to reopen one of its stores in Minneapolis damaged in the protests against police violence.

“The murder of George Floyd has unleashed the pent-up pain of years, as have the killings of Ahmaud Arbery and Breonna Taylor,” Mr. Cornell said in the statement. “We say their names and hold a too-long list of others in our hearts. As a Target team, we’ve huddled, we’ve consoled, we’ve witnessed horrific scenes similar to what’s playing out now and wept that not enough is changing.”

One of the names on that “too-long list” is Freddie Gray. Mr. Gray was from Baltimore’s west side and was arrested a few blocks from the Mondawmin Mall in April 2015 for possessing a knife.

prosecutors described as a “rough ride,” his spinal cord was 80 percent severed.

One of the first big waves of protests over his death occurred at the Mondawmin Mall. Protesters began throwing rocks at police officers, and the mall was looted. Some students from Frederick Douglass High School, across from the mall and the alma mater of the civil rights giant Thurgood Marshall, the first Black man to serve on the U.S. Supreme Court, were caught up in the melee.

Target was spared serious damage. But for a time, many shoppers, both Black and white, stayed away from the store, recalled Mr. Johnson, who now works for the Postal Service.

“Mondawmin already had a bad rap with out-of-towners,” he said.

Shoppers eventually returned to the Target in Mondawmin, he said. But he noticed that the city’s other Target store, which had opened in a trendy area near the harbor in 2013, was getting more popular.

In November 2017, Mr. Mosby, then a state lawmaker, got a call from a resident whose family worked at the store: The Target in Mondawmin was shutting its doors in a few months. “I thought it was a just a rumor at first,” Mr. Mosby said.

Some residents and neighborhood leaders were told that the store struggled with high rates of theft, known in the retail industry as “shrinkage.” But Mr. Ali, the store’s former manager, said, “That was untrue,” at least while he worked there. The store met its profit and shrinkage goals during his four years as manager, which ended in 2012, years before the store closed.

Still, Mr. Ali, now the executive director of a youth mentoring group, acknowledged challenges that he said were unique to a store in a “hyper-urban area.”

A significant amount of inventory was once damaged in a fire in a storage area next to the store, and the company had to spend $30,000 a month for an armed Baltimore police officer to keep watch, he said.

There may have been additional considerations. “I think what happened after Freddie Gray spooked Target,” Mr. Ali said.

Other national chains reacted differently. TGI Fridays stuck with its plans to open a restaurant at the Mondawmin Mall, months after the protests. The restaurant remains one of the neighborhood’s only free-standing, sit-down chain restaurants.

Mr. Mosby and other officials tried to negotiate with Target to keep the store open, but the company said its mind was already made up.

“They weren’t interested in talking to us,” Mr. Mosby said. “They wouldn’t budge.”

The temperature gauge outside Pastor Lance’s car registered 103 degrees as he drove through Greater Mondawmin and its surrounding neighborhoods. He was wearing a white shirt emblazoned with his church’s logo — a group of people, of all races and backgrounds, walking toward the sun, holding hands.

A Baltimore native, Pastor Lance used to work as a computer programmer at Verizon. He made “lots of money,” he said. “But I didn’t feel fulfilled.”

He became a pastor and took over a nonprofit company that develops park space and playgrounds and hosts a summer camp for schoolchildren with a garden surrounded by a meadow near the mall.

“But some days, I wonder if I made a mistake,” he said. “It’s great to have a park, but if you don’t have a good job, you aren’t going to be able to enjoy a park.”

He drove along a street with liquor stores and houses with boarded-up windows. A woman tried to flag him down for a ride. But the poverty he saw was not what made him most upset.

It was when Pastor Lance steered through an enclave of big houses and immaculate lawns, only a short distance away, that the anger rose in his voice.

“You are telling me that these people wouldn’t shop at Target for lawn furniture or school supplies,” he said. “I am not trying to gloss over the problems, but there is also wealth here.”

“If shrinkage was a problem, hire more security guards or use technology to stop people from stealing,” he added.

He circled back to the Mondawmin Mall, where families ducked into the air conditioning for a bubble tea or an Auntie Anne’s pretzel. He drove past the TGI Fridays and then past the Target, its windows still covered in plywood and the trees in the parking lot looking withered and pathetic.

Pastor Lance refused to accept that a Target could not succeed here.

“If you are really interested in equity and justice,” he said, “figure out how to make that store work.”

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1+1=4? Latin America Confronts a Pandemic Education Crisis.

SOACHA, Colombia — Already, two of Gloria Vásquez’s children had dropped out of school during the pandemic, including her 8-year-old, Ximena, who had fallen so far behind that she struggled with the most basic arithmetic.

“One plus one?” Ms. Vásquez quizzed her daughter one afternoon.

“Four?” the little girl guessed helplessly.

Now, Ms. Vásquez, a 33-year-old single mother and motel housekeeper who had never made it past the fifth grade, told herself she couldn’t let a third child leave school.

“Where’s Maicol?” she asked her children, calling home one night during another long shift scrubbing floors. “Is he studying?”

have returned to the classroom, 100 million children in Latin America are still in full or partial distance learning — or, as in Maicol’s case, some distant approximation of it.

The consequences are alarming, officials and education experts say: With economies in the region pummeled by the pandemic and connections to the classroom so badly frayed, children in primary and secondary school are dropping out in large numbers, sometimes to work wherever they can.

1.8 million children and young people abandoned their educations this school year because of the pandemic or economic hardship, according to the national statistics agency.

Ecuador lost an estimated 90,000 primary and secondary school students. Peru says it lost 170,000. And officials worry that the real losses are far higher because countless children, like Maicol, are technically still enrolled but struggling to hang on. More than five million children in Brazil have had no access to education during the pandemic, a level not seen in more than 20 years, Unicef says.

Increased access to education was one of the great accomplishments of the last half century in Latin America, with enrollment soaring for girls, poor students and members of ethnic and racial minorities, lifting many toward the middle class. Now, an onslaught of dropouts threatens to peel back years of hard-won progress, sharpening inequality and possibly shaping the region for decades to come.

some of the world’s worst outbreaks, yet several South American nations are now experiencing their highest daily death tolls of the crisis, even after more than a year of relentless loss. For some governments, there is little end in sight.

But unless lockdowns end and students get back into the classroom soon, “many children may never return,” the World Bank warns. And “those who do go back to school will have lost months or even years of education.” Some analysts fear the region could be facing a generation of lost children, not unlike places that suffer years of war.

Even before the pandemic, graduating from high school in Ms. Vásquez’s neighborhood was no small feat.

She and her children live at the end of a dirt road, just beyond Bogotá, Colombia’s sprawling, mountain-flanked capital, a deeply unequal city in one of the most unequal regions in the world. Violence and crime are as common here as the ice cream cart that circles the block each afternoon. For some children, the pandemic has been yet another trauma in a seemingly endless succession.

Many parents in the neighborhood make their living as recyclers, traversing the city with wooden wheelbarrows hitched to their backs. And many of their children don’t have computers, internet or family members who can help with class work. Often there is one cellphone for the family, leaving students scrambling for any connection to school.

Ms. Vásquez dropped out at 14 to help raise her siblings, and it has been her greatest regret. The motel she cleans is far from home, sometimes forcing her to leave her children for more than a day — 24 hours for her shift, with at least four hours of commuting. Even so, she rarely makes the country’s monthly minimum wage.

She had hoped her children — Ximena, 8, Emanuel, 12, Maicol, 13, and Karen, 15 — whom she calls “the motor of my life,” would leave the neighborhood, if only they could get through this never-ending pandemic with their schooling intact.

“I’ve always said that we have been dealt a difficult hand,” but “they have a lot of desire to learn,” she said.

Before the virus arrived, her children attended public schools nearby, wearing the colorful uniforms typical for Colombian pupils. Karen wanted to be a doctor. Maicol, a performer. Emanuel, a police officer. Ximena was still deciding.

By late May, the two boys were still officially enrolled in school, but barely keeping up, trying to fill out the work sheets their teachers sent via WhatsApp each week. They have no computer, and it costs Ms. Vásquez 15 cents a page to print the assignments, some of which are dozens of pages long. Sometimes, she has the money. Sometimes not.

Both girls had dropped out altogether. Ximena lost her spot at school just before the pandemic last year because she had missed classes, a not-so uncommon occurrence in Colombia’s overburdened schools. Then, with administrators working from home, Ms. Vásquez said she couldn’t figure out how to get her daughter back in.

Karen said she had lost contact with her instructors when the country went into lockdown in March 2020. Now, she wanted to return, but her family had accidentally broken a tablet lent to her by the school. She was terrified that if she tried to re-enroll, she would be hit with a fine her mother had no money to pay.

The family was already reeling because Ms. Vásquez’s hours at the motel had been cut during the crisis. Now they were four months behind on rent.

Ms. Vásquez was particularly worried about Maicol, who struggled to make sense of work sheets about periodic tables and literary devices, each day more frustrating than the last.

Lately, when he wasn’t recycling, he’d go looking for scrap metal to sell. To him, the nights out with his uncle were a welcome reprieve, like a pirate’s adventure: meeting new people, searching for treasure — toys, shoes, food, money.

But Ms. Vásquez, who had forbidden these jaunts, grew incensed when she heard he was working. The more time Maicol spent with the recycling cart, she feared, the smaller his world would become.

She respected the people who gathered trash for a living. She’d done it when she was pregnant with Emanuel. But she didn’t want Maicol to be satisfied with that life. During her shifts at the motel, cleaning bathrooms, she imagined her children in the future, sitting behind computers, running businesses.

“‘Look,’ people would say, ‘those are Gloria’s kids,’” she said. “They don’t have to bear the same destiny as their mother.”

Over the last year, school began in earnest only after she came home from work. One afternoon, she pulled out a study guide from Emanuel’s teacher, and began dictating a spelling and grammar exercise.

“Once upon a time,” she read.

“Once upon a time,” wrote Emanuel, 12.

“There was a white and gray duck —”

“Gray?” he asked.

When it came to Maicol’s more advanced lessons, Ms. Vásquez was often lost herself. She didn’t know how to use email, much less calculate the area of a square or teach her son about planetary rotations.

“I try to help them with what I understand,” she said. “It’s not enough.”

Lately, she’d become consumed by the question of how her children would catch up when — or if? — they ever returned to class.

The full educational toll of the pandemic will not be known until governments bring children back to school, experts warn. Ms. Di Gropello, of the World Bank, said she feared that many more children, especially poorer ones without computers or internet connections, would abandon their educations once they realize how far behind they’ve fallen.

By mid-June, Colombia’s education ministry announced that all schools would return to in-person courses after a July vacation. Though the country is enduring a record number of daily deaths from the virus, officials have determined that the cost of staying closed is too great.

But as school principals scramble to prepare for the return, some wonder how many students and teachers will show up. At Carlos Albán Holguín, one of the schools in Ms. Vásquez’s neighborhood, the principal said some instructors were so afraid of infection that they had refused to come to the school to pick up the completed assignments their pupils had dropped off.

One recent morning, Karen woke before dawn, as she often does, to help her mother get ready for her shift at the motel. Since leaving school last year, Karen had increasingly taken on the role of parent, cooking and cleaning for the family, and trying to protect her siblings while their mother was at work.

At one point, the responsibility got to be so much that Karen ran away. Her flight lasted just a few hours, until Ms. Vásquez found her.

“I told my mother that she had to support me more,” Karen said. “That she couldn’t leave me alone, that I was an adolescent and I needed her help.”

In their shared bedroom, while Ms. Vásquez applied makeup, Karen packed her mother’s blue backpack, slipping in pink Crocs, a fanny pack, headphones and a change of clothes.

Ms. Vásquez had gone out to march one day, too, blowing a plastic horn in the crowd and calling on the authorities to guarantee what she called a “dignified education.”

But she hadn’t returned to the streets. If something happened to her at the marches, who would support her children?

“Do you want me to braid your hair?” Karen asked her mother.

At the door, she kissed Ms. Vásquez goodbye.

Then, after months of hardship, came a victory.

Ms. Vásquez received messages from Maicol’s and Emanuel’s teachers: Both schools would bring students back, in person, in just a few weeks. And she finally found a spot for Ximena, who had been out of school entirely for more than a year.

“A new start,” Ms. Vásquez said, giddy with excitement.

Karen’s future was less certain. She had worked up the courage to return the broken tablet. Administrators did not fine her — and she applied to a new school.

Now, she was waiting to hear if there was space for her, trying to push away the worry that her education was over.

“I’ve been told that education is everything, and without education there is nothing,” she said. “And, well, it’s true — I’ve seen it with my own eyes.”

Reporting was contributed by Sofía Villamil in Bogotá and Soacha, Colombia; José María León Cabrera in Quito, Ecuador; Miriam Castillo in Mexico City; Mitra Taj in Lima, Peru; and Ana Ionova in Rio de Janeiro.

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For Biden, Europe Trip Achieved 2 Major Goals. And Then There’s Putin and Russia.

GENEVA — President Biden had three big tasks to accomplish on his first foreign trip since taking office: Convince the allies that America was back, and for good; gather them in common cause against the rising threat of China; and establish some red lines for President Vladimir V. Putin of Russia, whom he called his “worthy adversary.”

He largely accomplished the first, though many European leaders still wonder whether his presidency may yet be just an intermezzo, sandwiched between the Trump era and the election of another America First leader uninterested in the 72-year-old Atlantic alliance.

He made inroads on the second, at least in parts of Europe, where there has been enormous reluctance to think first of China as a threat — economically, technologically and militarily — and second as an economic partner.

Mr. Biden expressed cautious optimism about finding ways to reach a polite accommodation with Mr. Putin. But it is far from clear that any of the modest initiatives the two men described on Wednesday, after a stiff, three-hour summit meeting on the edge of Lake Geneva, will fundamentally change a bad dynamic.

when he refers to Beijing’s actions against the Uyghur population and other predominantly Muslim ethnic minorities as genocide.

So Mr. Biden toned down his autocracy vs. democracy talk for this trip. And that worked.

Yet while “Biden has gotten words from the Europeans, he hasn’t gotten deeds,” said James M. Lindsay, director of studies at the Council on Foreign Relations. “Settling some trade issues is a very good start. But it’s not how you start, but how you finish, how you translate the sentiments in the communiqués into common policies, and that will be very difficult.’’

Mr. Biden carefully choreographed the trip so that he demonstrated the repairs being made to the alliance before going on to meet Mr. Putin. Mr. Biden made clear he wanted to present a unified front to the Russian leader, to demonstrate that in the post-Trump era, the United States and the NATO allies were one.

That allowed Mr. Biden to take a softer tone when he got to Geneva for the summit meeting, where he sought to portray Mr. Putin as an isolated leader who has to worry about his country’s future. When Mr. Biden said in response to a reporter’s question that “I don’t think he’s looking for a Cold War with the United States,’’ it was a signal that Mr. Biden believes he has leverage that the rest of the world has underappreciated.

Mr. Putin’s economy is “struggling,’’ he said, and he faces a long border with China at a moment when Beijing is “hellbent” on domination.

“He still, I believe, is concerned about being ‘encircled,’ ” Mr. Biden said. “He still is concerned that we, in fact, are looking to take him down.” But, he added, he didn’t think those security fears “are the driving force as to the kind of relationship he’s looking for with the United States.”

He set as the first test of Mr. Putin’s willingness to deal with him seriously a review of how to improve “strategic stability,’’ which he described as controlling the introduction of “new and dangerous and sophisticated weapons that are coming on the scene now that reduce the times of response, that raise the prospects of accidental war.”

It is territory that has been neglected, and if Mr. Biden is successful he may save hundreds of billions of dollars that would otherwise be spent on hypersonic and space weapons, as well as the development of new nuclear delivery systems.

But none of that is likely to deter Mr. Putin in the world of cyberweapons, which are dirt cheap and give him an instrument of power each and every day. Mr. Biden warned during his news conference that “we have significant cyber capability,” and said that while Mr. Putin “doesn’t know exactly what it is,” if the Russians “violate these basic norms, we will respond with cyber.”

The U.S. has had those capabilities for years but has hesitated to use them, for fear that a cyberconflict with Russia might escalate into something much bigger.

But Mr. Biden thinks Mr. Putin is too invested in self-preservation to let it come to that. In the end, he said, just before boarding Air Force One for the flight home, “You have to figure out what the other guy’s self-interest is. Their self-interest. I don’t trust anybody.”

David E. Sanger reported from Geneva and Steven Erlanger from Brussels.

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A Little More Remote Work Could Change Rush Hour a Lot

“Those who are most reliant also are the folks who are trying to literally go to their dialysis appointments,” said Stephanie Gidigbi Jenkins, who works on federal policy at the Natural Resources Defense Council and is a member of the Washington Metropolitan Area Transit Authority’s board. “We totally forget who really is most dependent on our transit system.”

In Cleveland, the transit authority cut downtown rush hour service early in the pandemic and halted express bus routes from suburban park-and-rides. But it didn’t cut service through neighborhoods where officials believed more workers, including hospital staff, had in-person duties.

“Do we have the heart to say after they’ve worked 12 hours to serve the community that now when they walk out to their bus, they’re going to have to wait almost an hour before the bus can pick them up?” said Joel B. Freilich, director of service management for the Greater Cleveland Regional Transit Authority.

In 2019, the agency planned improvements to off-peak service, now rolling out this month. The pandemic further confirmed for officials, Mr. Freilich said, that every hour is rush hour for someone.

In larger regional transit agencies, these decisions will be more fraught.

“Inside almost every transit agency, inside its politics, inside its decision-making, there’s this inevitable conflict between the suburban commuter interest who’s trying to get out of congestion, who’s very focused on the problem of peak congestion, and then there’s the interest of people trying to get around all day,” said Jarrett Walker, a transportation consultant who led the planning for the Cleveland changes.

But there are other ways in which everyone’s interests better align in a world where travel peaks aren’t so sharp. Less congested city streets could mean faster bus travel, more space for cyclists, and more humane commutes for the people who still drive.

And if all of this means some lower-income transit riders shift to driving on roads that are no longer quite so terrible?

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How Long Should It Take to Give Away Millions?

Ms. Madoff and others pushing for change see a growing gap between reputation-burnishing promises of money and distributions to people who need it. The Giving Pledge, which was started by Bill Gates, Melinda French Gates and their friend and collaborator Warren E. Buffett, gave billionaires a space where they could announce their intention to give away half their fortunes or more, often to great acclaim. But it provides no mechanism to monitor or ensure the giving actually happens.

Earlier this year, the Chronicle of Philanthropy ranked Jeffrey P. Bezos, the founder of Amazon, as the top philanthropist of 2020 because he committed $10 billion to his Bezos Earth Fund to fight climate change. But he had handed out less than one-tenth of that, $791 million, to working nonprofits like the Environmental Defense Fund and Natural Resources Defense Council.

Charitable giving has remained relatively steady for decades, clocking in at roughly 2 percent of disposable income per year, give or take a few tenths of a percent. In 1991, the year that Fidelity began to offer donor-advised funds, just 5 percent of giving went to foundations and DAFs. By 2019, the most recent year available, that figure had risen to 28 percent.

It was January 2020 when that small group gathered at the offices of the nonprofit consulting firm the Bridgespan Group in Manhattan for a wonky brainstorming session about the state of philanthropy. The group included foundation leaders, former congressional staff members, former senior Internal Revenue Service officials and a key constituency in any effort to change how billionaires give away their money: billionaires.

One of the organizers was John D. Arnold. Once a trader at Enron, the Houston energy company that infamously collapsed in 2001, Mr. Arnold later ran his own hedge fund, which made him one of the youngest billionaires in the United States.

Ms. Madoff, another leader of the initiative, has written a book, “Immortality and the Law,” about the growing legal power of dead people in America and has applied her knowledge of estate taxes and inheritance law to the rising field of philanthropy.

The group focused on the fact that most of the laws governing philanthropy were half a century old, dating back to 1969.

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Global Shortages During Coronavirus Reveal Failings of Just in Time Manufacturing

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Each time, multinational companies carried on.

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

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

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

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

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

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