Lee Delaney, C.E.O. of BJ’s Wholesale Club, dies unexpectedly

Lee Delaney, the president and chief executive of BJ’s Wholesale Club, died unexpectedly on Thursday of “presumed natural causes,” according to a statement released Friday by the company. He was 49.

“We are shocked and profoundly saddened by the passing of Lee Delaney,” said Christopher J. Baldwin, the company’s executive chairman, said in a statement. “Lee was a brilliant and humble leader who cared deeply for his colleagues, his family and his community.”

Mr. Delaney joined BJ’s in 2016 as executive vice president and chief growth officer. He was promoted to president in 2019 and became chief executive last year. Before joining BJ’s, he was a partner in the Boston office of Bain & Company from 1996 to 2016. Mr. Delaney earned a master’s in business administration from Carnegie Mellon University, and attended the University of Massachusetts, where he pursued a double major in computer science and mathematics.

Mr. Delaney led the company through the unexpected changes in consumer demand spurred by the pandemic, with many customers stockpiling wholesale goods as they hunkered down at home. “2020 was a remarkable, transformative and challenging year that structurally changed our business for the better,” Mr. Delaney said in the company’s last quarterly earnings report.

The BJ’s board appointed Bob Eddy, the chief administrative and financial officer, to serve as the company’s interim chief executive. Mr. Eddy joined the company in 2007 and became the chief financial officer in 2011, adding the job of chief administrative officer in 2018.

“Bob partnered closely with Lee and has played an integral role in transforming and growing BJ’s Wholesale Club,” Mr. Baldwin said. He said that the company would announce decisions about its permanent executive leadership in a “reasonably short timeframe.”

BJ’s, based in Westborough, Mass., operates 221 clubs and 151 BJ’s Gas locations in 17 states.

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In Suez Canal, Stuck Ship Is a Warning About Excessive Globalization

LONDON — The world got another warning this week about the perils of its heavy reliance on global supply chains. As a single ship ran aground in the Suez Canal, shutting down traffic in both directions, international commerce confronted a monumental traffic jam with potentially grave consequences.

The troubled craft is not just any vessel. The Ever Given is one of the world’s largest container ships, with space for 20,000 metal boxes carrying goods across the sea. And the Suez Canal is not just any waterway. It is a vital channel linking the factories of Asia to the affluent customers of Europe, as well as a major conduit for oil.

The fact that one mishap could sow fresh chaos from Los Angeles to Rotterdam to Shanghai underscored the extent to which modern commerce has come to revolve around truly global supply chains.

In recent decades, management experts and consulting firms have championed so-called just-in-time manufacturing to limit costs and boost profits. Rather than waste money stockpiling extra goods in warehouses, companies can depend on the magic of the internet and the global shipping industry to summon what they need as they need it.

letter to all employees last March. “Masks remain in short supply globally.”

energy prices rose on Wednesday, though they pulled back on Thursday. Some are carrying electronics, and clothing, and exercise equipment.

None of them are getting where they are supposed to until the waylaid ship is freed. Each day the stalemate continues holds up goods worth $9.6 billion, according to a Bloomberg analysis.

shipping industry, which has been overwhelmed by the pandemic and its reordering of world trade.

As Americans have contended with lockdowns, they have ordered vast quantities of factory goods from Asia: exercise bikes to compensate for the closure of gyms; printers and computer monitors to turn bedrooms into offices; baking equipment and toys to entertain children cooped up at home.

The surge of orders has exhausted the supply of containers at ports in China. The cost of shipping a container from Asia to North America has more than doubled since November. And at ports from Los Angeles to Seattle, the unloading of those containers has been slowed as dockworkers and truck drivers have been struck by Covid-19 or forced to stay home to attend to children who are out of school.

Delays in unloading spell delays in loading the next shipment. Agricultural exporters in the American Midwest have struggled to secure containers to send soybeans and grains to food processors and animal feed suppliers in Southeast Asia.

This situation has held for four months, while showing few signs of easing. Retailers in North America have been frantically restocking depleted inventories, putting a strain on shipping companies in what is normally the slack season on trans-Pacific routes.

The blockage of the Suez Canal effectively sidelines more containers. The question is how long this lasts.

Two weeks could strand as much as one-fourth of the supply of containers that would normally be in European ports, estimated Christian Roeloffs, chief executive officer of xChange, a shipping consultant in Hamburg, Germany.

“Considering the current container shortage, it just increases the turnaround time for the ships,” Mr. Roeloffs said.

Three-fourths of all container ships traveling from Asia to Europe arrived late in February, according to Sea-Intelligence, a research company in Copenhagen. Even a few days of disruption in the Suez could exacerbate that situation.

If the Suez remains clogged for more than a few days, the stakes would rise drastically. Ships now stuck in the canal will find it difficult to turn around and pursue other routes given the narrowness of the channel.

Those now en route to the Suez may opt to head south and navigate around Africa, adding weeks to their journeys and burning additional fuel — a cost ultimately borne by consumers.

Whenever ships again move through the canal, they are likely to arrive at busy ports all at once, forcing many to wait before they can unload — an additional delay.

“This could make a really bad crisis even worse,” said Alan Murphy, the founder of Sea-Intelligence.

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With a Police Raid and the Threat of Export Curbs on Vaccines, the E.U. Plays Tough

BRUSSELS — Tipped off by European authorities, a team of Italian police inspectors descended on a vaccine-manufacturing facility outside Rome over the weekend. They discovered 29 million doses of AstraZeneca Covid-19 vaccines, feeding suspicions that the company was trying to spirit them overseas instead of distributing them in the European Union.

Four days of checks later, Italian officials accepted AstraZeneca’s explanation that the doses were going through quality control before being shipped to the developing world, and to European countries.

The cinematic raid — intended to put a little muscle behind European Union threats to make the company stop exporting doses — now stands as a vivid example of just how desperate the hunt for vaccines is getting. It was also a sign of the continuing tensions between the bloc and those it suspects might be cheating.

On Wednesday the bloc flexed its powers even more, unveiling emergency rules that grant it broad authority to halt exports of Covid vaccines made in the E.U., escalating an uncharacteristically protectionist stance and risking a fresh crisis in its fragile relations with Britain, a former member.

very advanced in its vaccination campaign and therefore is seen as less needy.

The new rules encourage blocking shipments to countries that do not export vaccines to the European Union or to countries that have “a higher vaccination rate” than the European Union “or where the current epidemiological situation is less serious” than in the bloc.

The European Commission tried to explain why the export measures were necessary.

“Nineteen countries are now reporting increasing case numbers, 15 member states are reporting increased hospital ICU admissions, while eight member states are now reporting increased numbers of deaths,” said Stella Kyriakides, the bloc’s health commissioner.

“This is where we stand today, we’re dealing with a pandemic,’’ she added. ‘‘And this is not seeking to punish any countries. We are the strongest supporters of global solidarity.”

With the threat of export restrictions hanging in the air, the British government and the European Commission, the bloc’s executive arm, struck a conciliatory tone.

“Given our interdependencies, we are working on specific steps we can take — in the short, medium and long term — to create a win-win situation and expand vaccine supply for all our citizens” a joint statement issued Wednesday said.

The E.U. has come under criticism at home for permitting exports in the first place, when the United States and Britain practically locked up domestic production for domestic use through contracts with pharmaceutical companies. Until now, the E.U. blocked only a single small shipment to Australia on the grounds that the country was virtually Covid-free.

E.U. officials said the new rules would allow a degree of discretion, meaning they won’t result in a blanket ban on exports, and the officials still expected many exports to continue.

But the measures caused discomfort in many E.U. countries, including the Netherlands and Belgium — both home to major vaccine-exporting factories — and added to worries about disruptions to global supply chains as well as damage to their reputations. Others, such as France and Italy, were happy to see the E.U. take tougher action. E.U. leaders were set to meet via teleconference to discuss the situation Thursday.

“With this mechanism we have a certain leverage, so we can engage in discussion with other major vaccine producers,” Valdis Dombrovskis, the bloc’s trade czar, said at a news briefing Wednesday.

“Despite the fact that the E.U. is one of the global hot spots of the pandemic, the E.U. is at the same time also the second largest exporter of vaccines,” Mr. Dombrovskis said.

From the E.U. perspective, things are so dire that experts argue the export curbs shouldn’t draw shock or consternation.

“In a situation where 70 million doses have been delivered to the E.U. and 40 million have been exported, I do think you don’t have to be too shy about it,” said Guntram Wolff, director of the Brussels-based Bruegel think tank.

“I would have preferred the Commission had fixed this issue earlier with better contracts, but from an ethical point of view, how can you justify shipping a vaccine to the U.K. for a 30-year old to be vaccinated, when a 70-year-old in Belgium is still waiting?”

Mr. Wolff said that trading partners such as Britain should cut the E.U. some slack because of the circumstances, but noted the more aggressive approach was risky.

“At the end of the day, how many more vaccines can you get and what is the risk? An escalation, a trade war, and if supply chains get disrupted, a net-negative outcome for everyone because the overall supply of vaccine goes down,” he said.

These were good reasons, he added, to keep the export control option for leverage but avoid using it as much as possible.

Gaia Pianigiani contributed reporting from Siena, Italy; Monika Pronczuk from Brussels and Benjamin Mueller from London.

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Cache of 29 Million AstraZeneca Doses in Italy Raises E.U. Suspicions

BRUSSELS — A stockpile of 29 million doses of AstraZeneca’s Covid-19 vaccine that were found languishing in a facility in Italy became the new flash point on Wednesday in the conflict between the pharmaceutical company and the European Union, as the bloc prepared to unveil stringent export restrictions primarily meant to stop drugmakers from sending doses abroad.

The Italian authorities found the vaccines in a site visit, European Union officials said, at a factory near Rome that is contracted to fill and finish Covid-19 vaccine vials for AstraZeneca.

The Italian authorities went to the site after receiving an alert from the European Commission, which found a discrepancy between what the company said it was producing in European Union facilities, and what the facilities themselves were reporting.

The presence of so many doses raised suspicions that the pharmaceutical company was trying to find a way to export them to Britain or elsewhere, something the bloc has demanded that AstraZeneca stop doing until the company fulfills its promises for deliveries.

daily La Stampa, was bound for Britain. They said the company, when confronted about the doses, said that 16 million doses were bound for the E.U. market and 13 million to countries under the Covax initiative that aims to get doses to poorer nations. Those latter exports would be exempt from E.U. controls, as they are deemed to be of humanitarian nature.

AstraZeneca did not immediately respond to a request for comment.

The officials said they had asked AstraZeneca for additional information about where the active ingredient in the vaccine vials found in Italy had been manufactured — a question aimed at forcing the company to provide more information about its supply chain and production capacity.

For AstraZeneca, the dispute over the Italian doses was the latest in a series of communications blunders with health officials on both sides of the Atlantic that have soured the company’s relationship with several governments.

Some American officials learned about a snag in the company’s clinical trials last year from the news media. The company’s U.S. trial was paused for nearly seven weeks last fall, in part because AstraZeneca was slow to provide American regulators with evidence that the vaccine had not caused a neurological illness. (Investigators later concluded the symptoms were not linked to the vaccine.)

But analysts believe that some of AstraZeneca’s manufacturing difficulties are also a reflection of the company’s ambitious global distribution plans. It had intended to make as many as three billion doses this year, in part by contracting its manufacturing to plants all over the world. Other vaccine makers, by contrast, are relying on only a few facilities.

That global network of factories, analysts said, had the potential to create complications in the company’s supply chain, though it is also part of what has made the vaccine so critical to the global vaccination effort.

Benjamin Mueller contributed reporting from London.

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Where Europe Went Wrong in Its Vaccine Rollout, and Why

BRUSSELS — The calls began in December, as the United States prepared to administer its first batches of Covid-19 vaccine. Even then, it was clear that the European Union was a few weeks behind, and its leaders wanted to know what they could learn from their American counterparts.

The questions were the same, from President Emmanuel Macron of France, President Ursula von der Leyen of the European Commission, and Alexander De Croo, the prime minister of Belgium.

“How did you do it?” Dr. Moncef Slaoui, the United States vaccine czar, recalled them asking on the calls. “And what do you think we missed?”

Since then, the rollout gap between Europe and the United States has only widened, and some of the countries hardest hit early in the pandemic are facing a deadly third wave of infections. France, large parts of Italy, and other regions are back in lockdown. Roughly 20,000 Europeans die of Covid-19 each week.

temporarily halt the distribution of the AstraZeneca vaccine. Most of them resumed using it on Friday, after Europe’s top drug regulator vouched for its safety, but public confidence in the shot has been badly shaken.

Vaccine salvation remains, for now, still tantalizingly out of reach. Only about 10 percent of Europeans have received a first dose, compared with 23 percent in the United States and 39 percent in Britain.

There is no single culprit. Rather, a cascade of small decisions have led to increasingly long delays. The bloc was comparatively slow to negotiate contracts with drugmakers. Its regulators were cautious and deliberative in approving some vaccines. Europe also bet on vaccines that did not pan out or, significantly, had supply disruptions. And national governments snarled local efforts in red tape.

leaders pointing fingers over why some of the world’s richest countries, home to factories that churn out vast quantities of vaccine, cannot keep pace with other wealthy nations in injecting its people.

Compared with nearly all the rest of the world, the European Union is in an admirable position. Its leaders say it remains feasible to vaccinate 70 percent of the Continent by this summer. The bloc has ordered enough doses to fully vaccinate its population at least three times, to the consternation of countries that will wait years for full coverage.

But Europeans are stung, especially, to see Britain’s rollout going so well after the country exited the bloc. Everyone wants to know why the E.U. has not triumphed.

The European Union trailed the United States and Britain from the start.

Washington had already spent billions on clinical trials and manufacturing by the time Europe decided to pool its resources and negotiate as a bloc. In mid-June, the European Commission, the bloc’s executive branch, announced a joint vaccine purchase with a $3.2 billion pot.

$10 billion budget. European officials say it’s unfair to compare the two figures because neither amount is a complete picture of all the money spent on vaccines. But there is no dispute that in Washington, officials had decided that money was no object if vaccines could avert the economic cost of a lockdown. Europe, on the other hand, was on a tight budget, so its negotiators chased cheaper doses.

“Pricing has been important since the beginning,” Sandra Gallina, the E.U.’s main vaccine negotiator, told lawmakers in February. “We are talking about taxpayers’ money.”

AstraZeneca has slashed its delivery plans, telling European leaders that it would hand over 100 million fewer doses by the middle of the year, according to the commission’s president, Ms. von der Leyen.

Only one in five French people now trust the AstraZeneca vaccine, according to a poll by the Elabe Institute published Tuesday.

Now Europe is striking a more aggressive tone about protecting its interests. Italy blocked a small shipment of AstraZeneca vaccines to Australia earlier this month. Ms. von der Leyen upped the ante this week, threatening to use an emergency mechanism, last used during the 1970s oil crisis, that would allow the bloc to seize production of vaccines.

“It is hard to explain to our citizens why vaccines produced in the E.U. are going to other countries,” Ms. von der Leyen said.

Early this month, Toon Vanagt, a Belgian tech entrepreneur, accompanied his 77-year-old father to a vaccination center north of Brussels. Mr. Vanagt, 47, was not eligible for the vaccine himself, but a worker there offered him a leftover shot, which he gladly accepted.

software companies have rushed to link patients with doses that would otherwise expire. But in Belgium, when Mr. Vanagt tweeted that he had been vaccinated, it became a mini scandal. Health officials rebuked the vaccine center, which quickly apologized: “A minor communication problem, very quickly rectified.”

Belgium’s rollout is one example of the Continent’s rigid approach to following vaccination guidelines. In a country where nursing home infections led to one of the highest per capita death tolls, the policy was intended to strictly prioritize the neediest residents.

Many European countries are also stockpiling doses to guarantee that everyone who receives a first injection will receive the second dose on time. The United States and Britain have been more flexible, erring on the side of giving more first injections.

“In the U.S., there is a much more flexible, liberal system and you just vaccinate people who come along. Same in the U.K. And it can go quicker. Here it is quite regulated,’’ said Steven Van Gucht, the Belgian government’s top virologist, who said it was too soon to know which system is better.

Administrative hiccups have exacerbated the problems. In Frankfurt, Elke Morgenstern was escorted out of a vaccine center because she enrolled using the wrong online application. “It was embarrassing,” said Ms. Morgenstern, adding that she qualified for a vaccine because of a pre-existing condition.

Because of the AstraZeneca shortages, she cannot book another appointment before May.

“It is a catastrophe how they are handling things here,” she said.

In the Lombardy region of Italy, once the epicenter of the pandemic, the vaccination campaign got off to a slow start in part because the top health care official refused to marshal medical workers over the Christmas holidays. Technical difficulties worsened the problems at the region’s vaccination centers.

“Some sessions were empty,” said Paola Pedrini, the regional secretary general for Italy’s family doctors federation. “For some others, they called 900 people when they could only vaccinate 600.”

For all the problems, Dr. Slaoui said Europeans are in an admirable position. By the numbers, the Continent is about five weeks behind the United States, with vaccine supply expected to increase steadily. “It’s too late to have taken the first bite,” he said. “But they’re in a good place.”

Dr. Van Gucht, of Belgium, agreed. But he said European leaders will likely take nationalistic lessons from the past months.

“I think we relied a little bit too much on the free markets,” he said. “What you really need to do from the beginning is really make sure you produce the vaccines on your territory and that they’re destined for your own population.”

Jason Horowitz and Emma Bubola contributed reporting from Italy and Melissa Eddy from Berlin.

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

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

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

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

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

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

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

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Microsoft Executive Says Tech Consolidation Threatens Journalism

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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President Biden Takes 1st Tentative Steps to Address Global Covid-19 Vaccine Shortage

WASHINGTON — President Biden, under intense pressure to donate excess coronavirus vaccines to needy nations, moved on Friday to address the global shortage in another way, partnering with Japan, India and Australia to expand global vaccine manufacturing capacity.

In a deal announced at the so-called Quad Summit, a virtual meeting of leaders of the four countries, the Biden administration committed to providing financial support to help Biological E, a major vaccine manufacturer in India, produce at least 1 billion doses of coronavirus vaccines by the end of 2022.

That would address an acute vaccine shortage in Southeast Asia and beyond without risking domestic political blowback from exporting doses in the coming months, as Americans clamor for their shots.

The United States has fallen far behind China, India and Russia in the race to marshal coronavirus vaccines as an instrument of diplomacy. At the same time, Mr. Biden is facing accusations of vaccine hoarding from global health advocates who want his administration to channel supplies to needy nations that are desperate for access.

sit idly in American manufacturing facilities.

“If we have a surplus, we’re going to share it with the rest of the world,” Mr. Biden said this week, adding, “We’re going to start off making sure Americans are taken care of first, but we’re then going to try and help the rest of the world.”

In fact, the president has a lot of work ahead of him domestically to make good on the promises he has made in recent days: that all states must make all adults eligible for vaccinations by May 1, that enough vaccine doses will exist by the end of May to inoculate every American adult, and that by July 4, if Americans continue to follow public health guidance, life should be returning to a semblance of normalcy.

Vaccine supply appears on track to fulfill those goals, but the president must still create the infrastructure to administer the doses and overcome reluctance in large sectors of the population to take them.

Still, Mr. Biden has also made restoring U.S. leadership a centerpiece of his foreign policy agenda after his predecessor frayed alliances and strained relationships with allies and global partners. His secretary of state, Antony J. Blinken, said in a recent BBC interview that a global vaccination campaign would be part of that effort; Washington, he said, was “determined” to be an “international leader” on vaccinations.

according to the Centers for Disease Control and Prevention.

The authoritarian governments of China and Russia, which are less buffeted by domestic public opinion, are already using vaccines to expand their spheres of influence. While the Biden administration plans its strategy to counter China’s growing global clout, Beijing is burnishing its image by shipping vaccines to dozens of countries on several continents, including in Africa, Latin America and particularly in its Southeast Asian backyard.

Russia has supplied vaccines to Eastern European nations, including Hungary, the Czech Republic and Slovakia, at a time when Biden officials want to keep the European Union unified against Russian influence on the continent.

new variants emerging in the United States and around the world, public health experts say vaccinating people overseas is also necessary to protect Americans.

“It has to be sold to Americans as an essential strategy to make Americans safe and secure over the long term, and it has to be sold to a highly divided, toxic America,” said J. Stephen Morrison, a global health expert at the Centers for Strategic and International Studies. “I don’t think that’s impossible. I think Americans are beginning to understand that in a world of variants, everything that happens outside our borders ups the urgency to move really fast.”

Mr. Blinken said as much to the BBC: “Until everyone in the world is vaccinated, then no one is really fully safe.”

The Quad Vaccine Partnership announced at the summit meeting on Friday involves different commitments from each of the nations, according to the White House.

Beyond assistance for the Indian vaccine manufacturer, the United States pledged at least $100 million to bolster vaccination capacity abroad and aid public health efforts. Japan, it said, is “in discussions” to provide loans for the Indian government to expand manufacturing of vaccines for export and will aid vaccination programs for developing countries. Australia will contribute $77 million to provide vaccines and delivery support with a focus on Southeast Asia.

The four countries will also form aQuad Vaccine Experts Group oftop scientists and government officials who will work to address manufacturing hurdles and financing plans.

secure an additional 100 million doses of Johnson & Johnson’s vaccine.

The administration has said those efforts are aimed at having enough vaccine for children, booster doses to confront new variants and unforeseen events. But Jeffrey D. Zients, Mr. Biden’s coronavirus response coordinator, told reporters on Friday that the deal between Johnson & Johnson and Merck would also “help expand capacity and ultimately benefits the world.”

In addition to resisting a push to give away excess doses, Mr. Biden has drawn criticism from liberal Democrats by blocking a request by India and South Africa for a temporary waiver to an international intellectual property agreement that would give poorer countries easier access to generic versions of coronavirus vaccines and treatments.

“I understand why we should be prioritizing our supply with Americans — it was paid for by American taxpayers, President Biden is president of America,” said Representative Ro Khanna, a liberal Democrat from California. “But there is no reason we have to prioritize the profits of pharmaceutical companies over the dignity of people in other countries.”

donation of $4 billion to Covax, the international vaccine initiative backed by the World Health Organization. David Bryden, the director of the Frontline Health Workers Coalition, a nonprofit aimed at supporting health workers in low- and middle-income countries, said money was also desperately needed to help train and pay those workers to administer vaccines overseas.

President George W. Bush responded to the AIDS crisis in Africa in the 2000s with a huge investment of public health funding. More than a decade later, Mr. Bush and the United States remain venerated across much of the continent for the President’s Emergency Plan for AIDS Relief, or Pepfar, which the government says spent $85 billion and saved 20 million lives.

Michael Gerson, a former White House speechwriter under Mr. Bush and a policy adviser who helped devise the Pepfar program, said that its effect had been both moral and strategic, and that the program had earned the United States “a tremendous amount of good will” in Africa.

“I think the principle here should be that the people who need it most should get it no matter where they live,” he said. “It doesn’t make much moral sense to give a healthy American 24-year-old the vaccine before a frontline worker in Liberia.”

But, he added, “that’s very hard for an American politician to explain.”

Ana Swanson contributed reporting

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Biden Takes First Tentative Steps to Address Global Vaccine Shortage

WASHINGTON — President Biden, under intense pressure to donate excess coronavirus vaccines to needy nations, moved on Friday to address the global shortage in another way, partnering with Japan, India and Australia to expand global vaccine manufacturing capacity.

In a deal announced at the so-called Quad Summit, a virtual meeting of leaders of the four countries, the Biden administration committed to providing financial support to help Biological E, a major vaccine manufacturer in India, produce at least 1 billion doses of coronavirus vaccines by the end of 2022.

That would address an acute vaccine shortage in Southeast Asia and beyond without risking domestic political blowback from exporting doses in the coming months, as Americans clamor for their shots.

The United States has fallen far behind China, India and Russia in the race to marshal coronavirus vaccines as an instrument of diplomacy. At the same time, Mr. Biden is facing accusations of vaccine hoarding from global health advocates who want his administration to channel supplies to needy nations that are desperate for access.

sit idly in American manufacturing facilities.

“If we have a surplus, we’re going to share it with the rest of the world,” Mr. Biden said this week, adding, “We’re going to start off making sure Americans are taken care of first, but we’re then going to try and help the rest of the world.”

In fact, the president has a lot of work ahead of him domestically to make good on the promises he has made in recent days: that all states must make all adults eligible for vaccinations by May 1, that enough vaccine doses will exist by the end of May to inoculate every American adult, and that by July 4, if Americans continue to follow public health guidance, life should be returning to a semblance of normalcy.

Vaccine supply appears on track to fulfill those goals, but the president must still create the infrastructure to administer the doses and overcome reluctance in large sectors of the population to take them.

Still, Mr. Biden has also made restoring U.S. leadership a centerpiece of his foreign policy agenda after his predecessor frayed alliances and strained relationships with allies and global partners. His secretary of state, Antony J. Blinken, said in a recent BBC interview that a global vaccination campaign would be part of that effort; Washington, he said, was “determined” to be an “international leader” on vaccinations.

according to the Centers for Disease Control and Prevention.

The authoritarian governments of China and Russia, which are less buffeted by domestic public opinion, are already using vaccines to expand their spheres of influence. While the Biden administration plans its strategy to counter China’s growing global clout, Beijing is burnishing its image by shipping vaccines to dozens of countries on several continents, including in Africa, Latin America and particularly in its Southeast Asian backyard.

Russia has supplied vaccines to Eastern European nations, including Hungary, the Czech Republic and Slovakia, at a time when Biden officials want to keep the European Union unified against Russian influence on the continent.

new variants emerging in the United States and around the world, public health experts say vaccinating people overseas is also necessary to protect Americans.

“It has to be sold to Americans as an essential strategy to make Americans safe and secure over the long term, and it has to be sold to a highly divided, toxic America,” said J. Stephen Morrison, a global health expert at the Centers for Strategic and International Studies. “I don’t think that’s impossible. I think Americans are beginning to understand that in a world of variants, everything that happens outside our borders ups the urgency to move really fast.”

Mr. Blinken said as much to the BBC: “Until everyone in the world is vaccinated, then no one is really fully safe.”

The Quad Vaccine Partnership announced at the summit meeting on Friday involves different commitments from each of the nations, according to the White House.

Beyond assistance for the Indian vaccine manufacturer, the United States pledged at least $100 million to bolster vaccination capacity abroad and aid public health efforts. Japan, it said, is “in discussions” to provide loans for the Indian government to expand manufacturing of vaccines for export and will aid vaccination programs for developing countries. Australia will contribute $77 million to provide vaccines and delivery support with a focus on Southeast Asia.

The four countries will also form aQuad Vaccine Experts Group oftop scientists and government officials who will work to address manufacturing hurdles and financing plans.

secure an additional 100 million doses of Johnson & Johnson’s vaccine.

The administration has said those efforts are aimed at having enough vaccine for children, booster doses to confront new variants and unforeseen events. But Jeffrey D. Zients, Mr. Biden’s coronavirus response coordinator, told reporters on Friday that the deal between Johnson & Johnson and Merck would also “help expand capacity and ultimately benefits the world.”

In addition to resisting a push to give away excess doses, Mr. Biden has drawn criticism from liberal Democrats by blocking a request by India and South Africa for a temporary waiver to an international intellectual property agreement that would give poorer countries easier access to generic versions of coronavirus vaccines and treatments.

“I understand why we should be prioritizing our supply with Americans — it was paid for by American taxpayers, President Biden is president of America,” said Representative Ro Khanna, a liberal Democrat from California. “But there is no reason we have to prioritize the profits of pharmaceutical companies over the dignity of people in other countries.”

donation of $4 billion to Covax, the international vaccine initiative backed by the World Health Organization. David Bryden, the director of the Frontline Health Workers Coalition, a nonprofit aimed at supporting health workers in low- and middle-income countries, said money was also desperately needed to help train and pay those workers to administer vaccines overseas.

President George W. Bush responded to the AIDS crisis in Africa in the 2000s with a huge investment of public health funding. More than a decade later, Mr. Bush and the United States remain venerated across much of the continent for the President’s Emergency Plan for AIDS Relief, or Pepfar, which the government says spent $85 billion and saved 20 million lives.

Michael Gerson, a former White House speechwriter under Mr. Bush and a policy adviser who helped devise the Pepfar program, said that its effect had been both moral and strategic, and that the program had earned the United States “a tremendous amount of good will” in Africa.

“I think the principle here should be that the people who need it most should get it no matter where they live,” he said. “It doesn’t make much moral sense to give a healthy American 24-year-old the vaccine before a frontline worker in Liberia.”

But, he added, “that’s very hard for an American politician to explain.”

Ana Swanson contributed reporting

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