hamstrung by the pandemic and years of ​international sanctions.

Outside the exhibition hall, North Korean soldiers displayed their martial-art skills while an air force squadron flew overhead, leaving behind streaks of red, blue and yellow smoke​, photos released through state news media showed​. Paratroopers descended from the sky with a Worker’s Party flag.

“We are a nuclear power with self-reliance,” a large banner said. Another banner read, “We are a great missile power.”

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Moderna, Racing for Profits, Keeps Covid Vaccine Out of Reach of Poor

Moderna’s market value has nearly tripled this year to more than $120 billion. Two of its founders, as well as an early investor, this month made Forbes magazine’s list of the 400 richest people in the United States.

As the coronavirus spread in early 2020, Moderna raced to design its vaccine — which uses a new technology known as messenger RNA — and to plan a safety study. To manufacture the doses for that trial, the company received $900,000 from the nonprofit Coalition for Epidemic Preparedness Innovations.

The nonprofit group said Moderna had agreed to its “equitable access principles.” That meant, according to the coalition, that the vaccine would be “first available to populations when and where they are needed and at prices that are affordable to the populations at risk, especially low- and middle-income countries or to public sector entities that procure on their behalf.”

Moderna agreed in May to provide up to 34 million vaccine doses this year, plus up to 466 million doses in 2022, to Covax, the struggling United Nations-backed program to vaccinate the world’s poor. The company has not yet shipped any of those doses, according to a Covax spokesman, although Covax has distributed tens of millions of Moderna doses donated by the United States.

Mr. Bancel said that many more doses would have gone to Covax this year had the two parties reached a supply deal in 2020. Aurélia Nguyen, a Covax official, denied that, saying, “It became clear early on that the best we could expect was minimal doses in 2021.”

Late last year, the Tunisian government was hoping to order Moderna doses. Dr. Hechmi Louzir, who led Tunisia’s vaccine procurement efforts, didn’t know how to contact Moderna to begin talks and asked the U.S. Embassy in Tunisia for help, he said. Officials there contacted Moderna, he said, but nothing came of it.

“We were very interested in Moderna,” Dr. Louzir said. “We tried.”

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Singapore Struggles to Reopen After Vaccinations

The country’s experience has become a sobering case study for other nations pursuing reopening strategies without first having had to deal with large outbreaks in the pandemic. For the Singapore residents who believed the city-state would reopen once the vaccination rate reached a certain level, there was a feeling of whiplash and nagging questions about what it would take to reopen if vaccines were not enough.

“In a way, we are a victim of our own success, because we’ve achieved as close to zero Covid as we can get and a very, very low death rate,” said Dr. Paul Tambyah, an infectious diseases specialist at National University Hospital. “So we want to keep the position at the top of the class, and it’s very hard to do.”

vaccinated people are already gathering at concerts, festivals and other large events. But unlike Singapore, both of those places had to manage substantial outbreaks early in the pandemic.

Lawrence Wong, Singapore’s finance minister and a chair of the country’s Covid-19 task force, said the lesson for “Covid-naive societies” like Singapore, New Zealand and Australia is to be ready for large waves of infections, “regardless of the vaccine coverage.”

up against the Delta variant, Mr. Wong said.

“In Singapore, we think that you cannot just rely on vaccines alone during this intermediate phase,” he said. “And that’s why we do not plan an approach where we reopen in a big bang manner, and just declare freedom.”

highest since 2012, a trend that some mental health experts have attributed to the pandemic. People have called on the government to consider the mental health concerns caused by the restrictions.

“It’s just economically, sociologically, emotionally and mentally unsustainable,” said Devadas Krishnadas, chief executive at Future-Moves Group, a consultancy in Singapore. Mr. Krishnadas said the decision to reintroduce restrictions after reaching such a high vaccination rate made the country a global outlier.

granted full approval to Pfizer-BioNTech’s coronavirus vaccine for people 16 and up, paving the way for mandates in both the public and private sectors. Such mandates are legally allowed and have been upheld in court challenges.

  • College and universities. More than 400 colleges and universities are requiring students to be vaccinated against Covid-19. Almost all are in states that voted for President Biden.
  • Schools. California became the first state to issue a vaccine mandate for all educators and to announce plans to add the Covid-19 vaccine as a requirement to attend school, which could start as early as next fall. Los Angeles already has a vaccine mandate for public school students 12 and older that begins Nov. 21. New York City’s mandate for teachers and staff, which went into effect Oct. 4 after delays due to legal challenges, appears to have prompted thousands of last-minute shots.
  • Hospitals and medical centers. Many hospitals and major health systems are requiring employees to get vaccinated. Mandates for health care workers in California and New York State appear to have compelled thousands of holdouts to receive shots.
  • Indoor activities. New York City requires workers and customers to show proof of at least one dose of the Covid-19 for indoor dining, gyms, entertainment and performances. Starting Nov. 4, Los Angeles will require most people to provide proof of full vaccination to enter a range of indoor businesses, including restaurants, gyms, museums, movie theaters and salons, in one of the nation’s strictest vaccine rules.
  • At the federal level. On Sept. 9, President Biden announced a vaccine mandate for the vast majority of federal workers. This mandate will apply to employees of the executive branch, including the White House and all federal agencies and members of the armed services.
  • In the private sector. Mr. Biden has mandated that all companies with more than 100 workers require vaccination or weekly testing, helping propel new corporate vaccination policies. Some companies, like United Airlines and Tyson Foods, had mandates in place before Mr. Biden’s announcement.
  • “I think a lot of times we are so focused on wanting to get good results that we just have tunnel vision,” she said.

    Ms. Ng lives across from a testing center. Almost daily, she watched a constant stream of people go in for tests, a strategy that many public health experts say is a waste of resources in such a highly vaccinated country.

    “Freedom Day — as our ministers have said — is not the Singapore style,” said Jeremy Lim, an associate professor at the National University of Singapore and an expert on health policy, referring to England’s reopening in the summer. But moving too cautiously over the potential disadvantages of restrictions is a “bad public health” strategy, he said.

    The government should not wait for perfect conditions to reopen, “because the world will never be perfect. It’s so frustrating that the politicians are almost like waiting for better circumstances,” Dr. Lim said.

    Sarah Chan, a deputy director at Singapore’s Agency for Science, Technology and Research, said she had a fleeting taste of what normal life was like when she arrived in Italy last month to visit her husband’s family.

    No masks were required outdoors, vaccinated people could gather in groups, and Dr. Chan and her son could bop their heads to music in restaurants. In Singapore, music inside restaurants has been banned based on the notion that it could encourage the spread of the virus.

    Dr. Chan said she was so moved by her time in Italy that she cried.

    “It’s almost normal. You forget what that’s like,” she said. “I really miss that.”

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    Tesla to Move Headquarters to Texas from California

    Tesla will move its headquarters from California to Austin, Texas, where it is building a new factory, its chief executive, Elon Musk, said at the company’s annual shareholder meeting on Thursday.

    The move makes good on a threat that Mr. Musk issued more than a year ago when he was frustrated by local coronavirus lockdown orders that forced Tesla to pause production at its factory in Fremont, Calif. Mr. Musk on Thursday said the company would keep that factory and expand production there.

    “There’s a limit to how big you can scale in the Bay Area,” he said, adding that high housing prices there translate to long commutes for some employees. The Texas factory, which is near Austin and will manufacture Tesla’s Cybertruck, is minutes from downtown and from an airport, he said.

    Mr. Musk was an outspoken early critic of pandemic restrictions, calling them “fascist” and predicting in March 2020 that there would be almost no new cases of virus infections by the end of April. In December, he said he had moved himself to Texas to be near the new factory. His other company, SpaceX, launches rockets from the state.

    Hewlett Packard Enterprise said in December that it was moving to the Houston area, and Charles Schwab has moved to a suburb of Dallas and Fort Worth.

    Mr. Musk’s decision will surely add fuel to a ceaseless debate between officials and executives in Texas and California about which state is a better place to do business. Gov. Greg Abbott of Texas, and his predecessors, have courted California companies to move to the state, arguing that it has lower taxes and lower housing and other costs. California has long played up the technological prowess of Silicon Valley and its universities as the reason many entrepreneurs start and build their companies there, a list that includes Tesla, Facebook, Google and Apple.

    Texas has become more attractive to workers in recent years, too, with a generally lower cost of living. Austin, a thriving liberal city that is home to the University of Texas, in particular has boomed. Many technology companies, some based in California, have built huge campuses there. As a result, though, housing costs and traffic have increased significantly, leaving the city with the kinds of problems local governments in California have been dealing with for years.

    Mr. Musk’s announcement is likely to take on political overtones, too.

    Last month, Mr. Abbott invoked Mr. Musk in explaining why a new Texas law that greatly restricts abortion would not hurt the state economically. “Elon consistently tells me that he likes the social policies in the state of Texas,” the governor told CNBC.

    he said on Twitter. “That said, I would prefer to stay out of politics.”

    On Thursday evening, a Twitter post by Governor Abbott welcomed the news, saying “the Lone Star State is the land of opportunity and innovation.”

    A spokeswoman for Gov. Gavin Newsom of California, Erin Mellon, did not directly comment on Tesla’s move but said in a statement that the state was “home to the biggest ideas and companies on the planet” and that California would “stand up for workers, public health and a woman’s right to choose.”

    Mr. Musk revealed the company’s move after shareholders voted on a series of proposals aimed at improving Tesla’s corporate governance. According to preliminary results, investors sided with Tesla on all but two measures that it opposed: one that would force its board members to run for re-election annually, down from every three years, and another that would require the company to publish more detail about efforts to diversify its work force.

    In a report last year, Tesla revealed that its U.S. leadership was 59 percent white and 83 percent male. The company’s overall U.S. work force is 79 percent male and 34 percent white.

    The vote comes days after a federal jury ordered Tesla to pay $137 million to Owen Diaz, a former contractor who said he faced repeated racist harassment while working at the Fremont factory, in 2015 and 2016. Tesla faces similar accusations from dozens of others in a class-action lawsuit.

    The diversity report proposal, from Calvert Research and Management, a firm that focuses on responsible investment and is owned by Morgan Stanley, requires Tesla to publish annual reports about its diversity and inclusion efforts, something many other large companies already do.

    Investors also re-elected to the board Kimbal Musk, Mr. Musk’s brother, and James Murdoch, the former 21st Century Fox executive, despite a recommendation to vote against them by ISS, a firm that advises investors on shareholder votes and corporate governance.

    Proposals calling for additional reporting both on Tesla’s practice of using mandatory arbitration to resolve employee disputes and on the human rights impact of how it sources materials failed, according to early results. A final tally will be announced in the coming days, the company said.

    Ivan Penn contributed reporting.

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    Whistle-Blower Says Facebook ‘Chooses Profits Over Safety’

    John Tye, the founder of Whistleblower Aid, a legal nonprofit that represents people seeking to expose potential lawbreaking, was contacted this spring through a mutual connection by a woman who claimed to have worked at Facebook.

    The woman told Mr. Tye and his team something intriguing: She had access to tens of thousands of pages of internal documents from the world’s largest social network. In a series of calls, she asked for legal protection and a path to releasing the confidential information. Mr. Tye, who said he understood the gravity of what the woman brought “within a few minutes,” agreed to represent her and call her by the alias “Sean.”

    She “is a very courageous person and is taking a personal risk to hold a trillion-dollar company accountable,” he said.

    On Sunday, Frances Haugen revealed herself to be “Sean,” the whistle-blower against Facebook. A product manager who worked for nearly two years on the civic misinformation team at the social network before leaving in May, Ms. Haugen has used the documents she amassed to expose how much Facebook knew about the harms that it was causing and provided the evidence to lawmakers, regulators and the news media.

    knew Instagram was worsening body image issues among teenagers and that it had a two-tier justice system — have spurred criticism from lawmakers, regulators and the public.

    Ms. Haugen has also filed a whistle-blower complaint with the Securities and Exchange Commission, accusing Facebook of misleading investors with public statements that did not match its internal actions. And she has talked with lawmakers such as Senator Richard Blumenthal, a Democrat of Connecticut, and Senator Marsha Blackburn, a Republican of Tennessee, and shared subsets of the documents with them.

    The spotlight on Ms. Haugen is set to grow brighter. On Tuesday, she is scheduled to testify in Congress about Facebook’s impact on young users.

    misinformation and hate speech.

    In 2018, Christopher Wylie, a disgruntled former employee of the consulting firm Cambridge Analytica, set the stage for those leaks. Mr. Wylie spoke with The New York Times, The Observer of London and The Guardian to reveal that Cambridge Analytica had improperly harvested Facebook data to build voter profiles without users’ consent.

    In the aftermath, more of Facebook’s own employees started speaking up. Later that same year, Facebook workers provided executive memos and planning documents to news outlets including The Times and BuzzFeed News. In mid-2020, employees who disagreed with Facebook’s decision to leave up a controversial post from President Donald J. Trump staged a virtual walkout and sent more internal information to news outlets.

    “I think over the last year, there’ve been more leaks than I think all of us would have wanted,” Mark Zuckerberg, Facebook’s chief executive, said in a meeting with employees in June 2020.

    Facebook tried to preemptively push back against Ms. Haugen. On Friday, Nick Clegg, Facebook’s vice president for policy and global affairs, sent employees a 1,500-word memo laying out what the whistle-blower was likely to say on “60 Minutes” and calling the accusations “misleading.” On Sunday, Mr. Clegg appeared on CNN to defend the company, saying the platform reflected “the good, the bad and ugly of humanity” and that it was trying to “mitigate the bad, reduce it and amplify the good.”

    personal website. On the website, Ms. Haugen was described as “an advocate for public oversight of social media.”

    A native of Iowa City, Iowa, Ms. Haugen studied electrical and computer engineering at Olin College and got an M.B.A. from Harvard, the website said. She then worked on algorithms at Google, Pinterest and Yelp. In June 2019, she joined Facebook. There, she handled democracy and misinformation issues, as well as working on counterespionage, according to the website.

    filed an antitrust suit against Facebook. In a video posted by Whistleblower Aid on Sunday, Ms. Haugen said she did not believe breaking up Facebook would solve the problems inherent at the company.

    “The path forward is about transparency and governance,” she said in the video. “It’s not about breaking up Facebook.”

    Ms. Haugen has also spoken to lawmakers in France and Britain, as well as a member of European Parliament. This month, she is scheduled to appear before a British parliamentary committee. That will be followed by stops at Web Summit, a technology conference in Lisbon, and in Brussels to meet with European policymakers in November, Mr. Tye said.

    On Sunday, a GoFundMe page that Whistleblower Aid created for Ms. Haugen also went live. Noting that Facebook had “limitless resources and an army of lawyers,” the group set a goal of raising $10,000. Within 30 minutes, 18 donors had given $1,195. Shortly afterward, the fund-raising goal was increased to $50,000.

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    Inside United Airlines’ Decision to Mandate Coronavirus Vaccines

    Scott Kirby, the chief executive of United Airlines, reached a breaking point while vacationing in Croatia this summer: After receiving word that a 57-year-old United pilot had died after contracting the coronavirus, he felt it was time to require all employees to get vaccinated.

    He paced for about half an hour and then called two of his top executives. “We concluded enough is enough,” Mr. Kirby said in an interview on Thursday. “People are dying, and we can do something to stop that with United Airlines.”

    The company announced its vaccine mandate days later, kicking off a two-month process that ended last Monday. Mr. Kirby’s team had guessed that no more than 70 percent of the airline’s workers were already vaccinated, and the requirement helped convince most of the rest: Nearly all of United’s 67,000 U.S. employees have been vaccinated, in one of the largest and most successful corporate efforts of the kind during the pandemic.

    The key to United’s success, even in states where vaccination rates are at or below the national average, like Texas and Florida, was a gradual effort that started with providing incentives and getting buy-in from employee groups, especially unions, which represent a majority of its workers.

    praise from President Biden, who weeks later announced that regulators would require all businesses with 100 or more workers to require vaccinations or conduct weekly virus testing. And the company drew scorn from conservatives.

    Other mandates are producing results, too. Tyson Foods, which announced its vaccine requirement just days before United but has provided workers more time to comply, said on Thursday that 91 percent of its 120,000 U.S. employees had been vaccinated. Similar policies for health care workers by California and hospitals have also been effective.

    charge its unvaccinated employees an additional $200 per month for health insurance.

    United had been laying the groundwork for a vaccine mandate for at least a year. The airline already had experience requiring vaccines. It has mandated a yellow fever vaccination for flight crews based at Dulles International Airport, near Washington, because of a route to Ghana, whose government requires it.

    In January, at a virtual meeting, Mr. Kirby told employees that he favored a coronavirus vaccine mandate.

    Writing letters to families of the employees who had died from the virus was “the worst thing that I believe I will ever do in my career,” he said at the time, according to a transcript. But while requiring vaccination was “the right thing to do,” United would not be able to act alone, he said.

    The union representing flight attendants pushed the company to focus first on access and incentives. It argued that many flight attendants couldn’t get vaccinated because they were not yet eligible in certain states.

    Mr. Kirby acknowledged that widespread access would be a precondition. The airline and unions worked together to set up clinics for staff in cities where it has hubs like Houston, Chicago and Newark.

    was calling on all employers to do so. A mandate would strike workers as unfair and create unnecessary conflict, the flight attendants’ union argued.

    “The more people you get to take action on their own, the more you can focus on reaching the remaining people before any knock-down, drag-out scenario,” said Sara Nelson, the president of the Association of Flight Attendants, which represents more than 23,000 active workers at United.

    In May, the pilots reached an agreement that would give them extra pay for getting vaccinated and the flight attendants worked toward an agreement that would give them extra vacation days. Both incentives declined in value over time and typically expired by early July.

    vaccinated by Oct. 25 or within five weeks of a vaccine’s formal approval by the Food and Drug Administration, whichever came first. The timing was intended to ensure that the airline had adequate staffing for holiday travel, said Kate Gebo, who heads human resources.

    This time, the unions were more resigned.

    “For those 92 percent of pilots who wanted to be vaccinated, we captured $45 million in cash incentives,” said Captain Insler, whose union is challenging the decision to fire employees who don’t comply. “For those who did not want to be vaccinated, we were able to hold off a mandate for several months.”

    The success of the incentives — about 80 percent of United’s flight attendants were also vaccinated by the time the airline announced its mandate in August — inspired the company to expand them to all employees, offering a full day’s pay to anyone who provided proof of vaccination by Sept. 20.

    The company hadn’t surveyed its workers, but estimated that 60 to 70 percent were already vaccinated. Getting the rest there wouldn’t be easy.

    Margaret Applegate, 57, a 29-year United employee who works as a services representative in the United Club at San Francisco International Airport, helps illustrate why.

    Ms. Applegate normally does not hesitate to get vaccines, noting that her late father was a doctor and that her daughter does research in nutritional science.

    Her daughter urged her to get vaccinated, but she remained deeply ambivalent. Friends and co-workers “were feeding me stories about horrible things happening to people with the vaccine,” she said. She worried about the relatively new technology behind the Pfizer and Moderna vaccines, and whether her heart condition could pose complications, though her cardiologist assured her it wouldn’t.

    six employees sued United, arguing that its plans to put exempt employees on temporary leave — unpaid in many circumstances — are discriminatory. United has delayed that plan for at least a few weeks as it fights the suit.

    Still, United’s vaccination rate has continued to improve. There was another rush before the deadline to receive the pay incentive and one more before the final Sept. 27 deadline. Toward the end of September, the company said 593 people had failed to comply. By Friday, the number had dropped below 240.

    “I did not appreciate the intensity of support for a vaccine mandate that existed, because you hear that loud anti-vax voice a lot more than you hear the people that want it,” Mr. Kirby said. “But there are more of them. And they’re just as intense.”

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    German Elections Live Updates: Social Democrats Have Narrowly Beaten Merkel’s Party

    preliminary official results reported early Monday.

    The federal German election agency posted the results at 4:30 a.m. local time.

    The close outcome means the Social Democrats, with only 25.7 percent of the vote, must team up with other parties to form a government. And in the complex equation that can be required in Germany to form a government, it is possible that if the winning party fails to get others on board, the party that placed second could wind up leading the country.

    It could take weeks if not months of haggling to form a coalition, leaving Europe’s biggest democracy suspended in a kind of limbo at a critical moment when the continent is still struggling to recover from the pandemic and France — Germany’s partner at the core of Europe — faces divisive elections of its own next spring.

    Sunday’s election signaled the end of an era for Germany and for Europe. For over a decade, Ms. Merkel was not just chancellor of Germany but effectively the leader of Europe. She steered her country and the continent through successive crises and in the process helped Germany become Europe’s leading power for the first time since World War II.

    Cheers erupted at the Social Democratic Party’s headquarters when the exit polls were announced early Sunday evening. A short while later, supporters clapped and chanted “Olaf! Olaf!” as Olaf Scholz, their candidate, took the stage to address the crowd.

    “People checked the box for the S.P.D. because they want there to be a change of government in this country and because they want the next chancellor to be called Olaf Scholz,” he said.

    The campaign proved to be the most volatile in decades. Armin Laschet, the candidate of Ms. Merkel’s Christian Democrats, was long seen as the front-runner until a series of blunders compounded by his own unpopularity eroded his party’s lead. Olaf Scholz, the Social Democratic candidate, was counted out altogether before his steady persona led his party to a spectacular 10-point comeback. And the Greens, who briefly led the polls early on, fell short of expectations but recorded their best result ever.

    The Christian Democrats’ share of the vote collapsed with only 24.1 percent of the vote, heading toward the worst showing in their history. For the first time, three parties will be needed to form a coalition — and both main parties are planning to hold competing talks to do so.

    Nevertheless, Mr. Laschet appeared at his party headquarters an hour after the polls closed, declaring the outcome “unclear” and vowing to try to form a government even if his party came in second.

    Credit…Pool photo by Clemens Bilan

    The progressive, environmentalist Greens appeared to make significant gains since the 2017 election but seemed to fall short of having a viable shot at the chancellery. That positions the Greens, as well as the business-friendly Free Democrats, to join the next government. They will play a key role in deciding what the next German government could look like, depending on which of the larger parties they would like to govern with.

    On the outer edge of the political spectrum, support for the far-right Alternative for Germany, or AfD, appeared roughly unchanged, while the Left party appeared to be hovering on the 5 percent threshold needed to win seats in Parliament.

    In mid-October the election agency will present the official final results.

    Credit…Michele Tantussi/Reuters

    BERLIN — What do a traffic light, the Jamaican flag and a kiwi have in common?

    Those watching German politics closely will know all three are nicknames for potential governing coalitions.

    In the weeks following the election, the parties will try to form a coalition government that has a majority in the German Parliament. The winning party in the election will have the first chance to try to form that coalition, but if it doesn’t succeed the chance goes to the runner up.

    For the first time since the founding of the federal republic 72 years ago, it looks as though it will take at least three parties to form a stable government.

    Here’s how things might play out:

    Traffic Light Coalition 🚦: This could be the most likely combination. Its name derives from the parties that would be included, the Social Democrats (red), the free market liberal Free Democrats (yellow) and the Greens (uh, green).

    Jamaica Coalition 🇯🇲: If Chancellor Angela Merkel’s conservative Christian Democratic Union (black) should take the lead, Germany might be looking at a Jamaica coalition — named after the black, green and yellow of the Jamaican flag. That bloc would consist of the conservatives, the Greens and the Free Democrats.

    And the kiwi 🥝? That would be a duo of the conservatives and the Greens, who have worked together in several state governments, but on current polling are unlikely to command a national majority.

    Given the relatively low polling of the once-mighty Christian Democrats and Social Democrats, the topic of possible coalitions has dominated news coverage for weeks in Germany. For the past five years, the two big parties have governed Germany together in a “Grand Coalition,” but they don’t want to repeat that and it might not have a majority in any case.

    The Social Democrats and the Greens have governed Germany together before — a prosaically named “Red-Green coalition” was in power from 1997 until 2005 — and have signaled their willingness to work together again. But this time they are not expected to win the seats necessary to get a majority on their own.

    Seeing their popularity slip, Merkel’s conservatives and much of the conservative media have warned that an ascendant Social Democrats would turn to the far-left party, Die Linke, to round out their numbers.

    Credit…Pool photo by Tobias Schwarz

    They call it the “Elephant Round”: After the polls close and as the votes are being counted on Sunday, all of the heavy-hitting party leaders sit down together, live on public television, to discuss the outcome that is shaping up.

    Those who are winning will exclaim, those who are losing will explain and smaller parties will jockey for position in a new government, cozying up to potential partners or coolly shunning others.

    For Germans watching at home, the event, which is scheduled to start at 8:15, is a chance to read the tea leaves about their future government.

    For the politicians sitting in the brightly lit studio, the round offers them a chance to try to set the tone for the weeks of negotiations that are expected to follow, given that none of the parties running are expected to win enough votes to allow them to govern alone. Leaders of the smaller parties use the opportunity to make their first demands and draw their lines in the sand.

    It is a chance for grandstanding and, occasionally, for grinning. That happened famously in 2005, when Chancellor Gerhard Schröder’s Social Democrats lost by a small margin to Angela Merkel’s Christian Democratic Union. He nevertheless tried to claim victory, on grounds that his party had done much better than predicted in the polls. “We’ve won,” Ms. Merkel replied with a controlled smile. “And after a couple of days of reflection, the Social Democrats will realize that, too.”

    This year, fate may be in the favor of the Social Democrats. Ms. Merkel is stepping aside after 16 years in power and Olaf Scholz, her vice chancellor and finance minister, led the polls in the final weeks of the race. His campaign portrayed him as coolheaded and in control. Come Sunday night, Germans will be watching to see whether he can keep that up when faced with the “elephants.”

    In Germany, political parties name their candidates for chancellor before campaigning begins, and most of the focus falls on the selections who have a realistic chance of winning.

    Traditionally, those have been the candidates of the center-right Christian Democrats (Chancellor Angela Merkel’s party) and those of the center-left Social Democrats. For the first time this year, the candidate for the environmentalist Greens is viewed as having a real shot at the chancellery.

    Here are the leading hopefuls:

    Credit…Laetitia Vancon for The New York Times

    Age: 40

    Current position: Co-leader of the Green Party

    About her: Ms. Baerbock aims to shake up the status quo. She is challenging Germans to deal with the crises that Ms. Merkel has left largely unattended: decarbonizing the powerful automobile sector; weaning the country off coal; and rethinking trade relationships with strategic competitors like China and Russia.

    “This election is not just about what happens in the next four years, it’s about our future,” Ms. Baerbock told a crowd in Bochum, a western German town, this summer.

    Ms. Baerbock, who has not a position in government, has started off on a promising note, but her campaign has struggled as she has been a frequent target of disinformation efforts. She has also been accused by rivals of plagiarism and of padding her résumé, and her Green Party has been faulted for not being able to capitalize on environmental issues in the wake of flooding this summer.

    Even so, there is almost no combination of parties imaginable in the next coalition government that does not include the Greens. That makes Ms. Baerbock, her ideas and her party of central importance to Germany’s future.

    “We need change to preserve what we love and cherish,” she told the crowd in Bochum. “Change requires courage, and change is on the ballot on Sept. 26.”

    Credit…John Macdougall/Agence France-Presse — Getty Images

    Age: 60

    Current position: Leader of the Christian Democratic Union; governor of the state of North Rhine-Westphalia

    About him: Mr. Laschet has run North Rhine-Westphalia, Germany’s most populous state, since 2017 — a credential he has long said qualifies him to run the country. As the leader of the Christian Democratic Union, Ms. Merkel’s party, he should have been the natural heir to the chancellor. But his gaffe-prone campaign has struggled to find traction among Germans. Extraordinary flooding this summer in the region he runs exposed flaws in his environmental policies and disaster management. He was caught on camera laughing during a solemn ceremony for flood victims.

    But Mr. Laschet is known for comebacks, and for surviving blunders.

    Among his influences is his faith. At a time when more and more Germans are quitting the Roman Catholic Church, Mr. Laschet is a proud member. Another influence is Aachen, Germany’s westernmost city, where he was born and raised. Growing up in a place with deep ties to Belgium and the Netherlands, Mr. Laschet has been integrated into the larger European ideal all of his life.

    Credit…Gordon Welters for The New York Times

    Age: 63

    Current position: Vice chancellor of Germany and federal finance minister

    About him: When Olaf Scholz asked his fellow Social Democrats to nominate him as their candidate for chancellor, some inside his own camp publicly wondered if the party should bother fielding a candidate at all. What a difference a few months make. Today, Mr. Scholz and his once moribund party have unexpectedly become the favorites to lead the next government.

    During the campaign, Mr. Scholz has managed to turn what has long been the main liability for his party — co-governing as junior partners of Ms. Merkel’s conservatives — into his main asset: In an election with no incumbent, he has styled himself as the incumbent — or as the closest thing there is to Ms. Merkel.

    “Germans aren’t a very change-friendly people, and the departure of Angela Merkel is basically enough change for them,” said Christiane Hoffmann, a prominent political observer and journalist. “They’re most likely to trust the candidate who promises that the transition is as easy as possible.”

    He has been photographed making the chancellor’s hallmark diamond-shaped hand gesture — the “Merkel rhombus” — and used the female form of the German word for chancellor on a campaign poster to convince Germans that he could continue Ms. Merkel’s work even though he is a man.

    The symbolism isn’t subtle, but it is working — so well in fact that the chancellor herself has felt compelled to push back on it — most recently in what might be her last speech in the Bundestag.

    Credit…Laetitia Vancon for The New York Times

    It has been said that Germans are sometimes so organized that chaos reigns. Germany’s election system is no exception. It is so complex that even many Germans don’t understand it.

    Here’s a brief primer.

    Not exactly. Unlike in the United States, voters don’t directly elect their head of government. Rather, they vote for representatives in Parliament, who will choose the next chancellor, but only after forming a government. More on that later.

    The major parties declare who they would choose for chancellor, so Germans going to the polls today know who they are in effect voting for. This year the candidates most likely to become chancellor are Olaf Scholz of the Social Democrats or Armin Laschet of the Christian Democrats. Annalena Baerbock, a Green, has an outside chance.

    Any German citizen 18 or over. They don’t need to register beforehand.

    Everyone going to the polls today has two votes. The first vote is for a candidate to be the district’s local representative. The second vote is for a party. Voters can split their votes among parties and often do. For example, a person could cast one vote for a Social Democrat as the local member of Parliament, and a second vote for the Christian Democrats as a party.

    Parliament has 598 members, but could wind up with many more because of a quirk in the system. The top vote-getter in every district automatically gets a seat in Parliament. These candidates account for half of the members of Parliament. The remaining seats are allocated according to how many second votes each party receives.

    But parties may be allocated additional seats according to a formula designed to ensure that every faction in Parliament has a delegation that accurately reflects its national support. So Parliament could easily wind up with 700 members.

    Also: A party that polls less than 5 percent doesn’t get any seats at all.

    It is very unlikely that any party will wind up with a majority in Parliament. The party that gets the most votes must then try to form a government by agreeing to a coalition with other parties. That has become mathematically more difficult because of the rise of the far-right Alternative for Germany party and the far-left Linke party.

    The mainstream parties have ruled out coalitions with either of those parties because of their extreme positions. But it will be a struggle for the remaining parties to find enough common ground to cobble together a majority. The process could take months.

    Credit…Lena Mucha for The New York Times

    Voter turnout in Germany — as a measure of the people visiting polling stations — was down on Sunday when compared to the last election in 2017, officials said. But the number is misleading. Participation could be extraordinarily high once mail-in ballots are counted.

    By 2 p.m., 37 percent of eligible voters had cast ballots in person, election officials said, down from 41 percent during the same period in 2017. But at least 40 percent of Germans were expected to vote by mail because of the coronavirus, potentially pushing turnout above the 76 percent recorded in 2017.

    Despite the decrease in in-person voting nationwide, there were long lines at polling stations in Berlin, where voters were also choosing candidates for the local government. Some polling places reportedly ran out of ballots and had trouble getting more because many streets were closed because of the Berlin Marathon, which was expected to attract almost 30,000 participants.

    With Chancellor Angela Merkel poised to step down after 16 years in office, the stakes are high. Polls showed a close race between the Social Democrats and the Christian Democratic Union, Ms. Merkel’s party, which could encourage turnout. Voting sites remain open until 6 p.m. local time.

    The high number of mail-in ballots is not expected to delay the results in the same way that occurred in the United States presidential elections last year, when close races in some states were not decided for days. German officials will only count mail-in ballots that had arrived by Sunday, and should have a good idea by midnight at the latest of which party prevailed.

    Credit…Pool photo by Martin Divisek

    The Alternative for Germany, or AfD, which shocked the nation four years ago by becoming the first far-right party to win seats in Parliament since World War II, suffered a slippage in support Sunday but also solidified its status as a permanent force to be reckoned with.

    “We are here to stay, and we showed that today,” Tino Chrupalla, co-leader of the party, told party members gathered on the outskirts of Berlin.

    Early results showed the party with 11 percent of the votes, down from almost 13 percent in 2017. The AfD is likely to no longer be the largest opposition party in Parliament.

    If those results hold in final tallies, that will still give the AfD a sizable delegation in Parliament, and the vote showed that the party has a core constituency even when immigration, its main issue, was not a major topic in the campaign.

    At the AfD’s post-election gathering Sunday, activists took comfort in the poor showing by the Christian Democrats, the party of Chancellor Angela Merkel, who compete with the AfD for conservative voters. “The C.D.U. got what they deserved,” said Alexander Gauland, the leader of the AfD delegation in Parliament.

    Alternative for Germany held its election party at an event space 45 minutes by subway from central Berlin, perhaps in an effort to discourage counter-demonstrators. Several dozen protesters gathered across the street from the AfD event, holding signs accusing the party of being fascist. But they were probably outnumbered by the police.

    As AfD activists ate potato salad and wurst from a buffet, the prevailing view seemed to be that the party’s candidates would have done better if the media and the other parties hadn’t ganged up on them.

    “We had to campaign against everyone,” said Daniela Öeynhausen, who appears to have won a seat in the state Parliament of Brandenburg. “It was still an impressive two-digit result considering the unfair attacks.”

    Julian Potthast, who said he believed he had won election to a district council in a neighborhood of Berlin, portrayed the party — whose rhetoric has been linked to attacks on immigrants or people perceived as non-Germans — as itself the victim of violence. He said that his vehicle was vandalized and that graffiti was sprayed on his home.

    The party was unfairly portrayed as fascist, he complained. But he also conceded the party might have made mistakes, for example in its stance against restrictions to limit the spread of the coronavirus. “It’s not as good as we hoped,” Mr. Potthast said. “We have to look very carefully at why we lost votes.”

    Credit…Thomas Kienzle/Agence France-Presse — Getty Images

    Chancellor Angela Merkel will not disappear Sunday night after the votes are counted.

    Until a new government is formed, a process that can take several weeks to several months, she will remain in office as head of the acting, or caretaker, government.

    Ms. Merkel announced in the fall of 2018 that she would not run again and she gave up leadership of her party, the Christian Democratic Union. After that, her position as chancellor was weakened as members of the C.D.U. jockeyed to replace her. She had hoped to stay out of the election campaign, but as the conservative candidate, Armin Laschet, started to flounder, she made several appearances aimed at bolstering support for him.

    Ms. Merkel is expected to try to take a similarly hands-off approach to steering the caretaker government — if world events allow. The last two years of her fourth and final term in office has seen the deadly coronavirus pandemic, what she herself has called “apocalyptic” flooding in western Germany and the chaotic withdrawal from Afghanistan.

    Once the new chancellor is sworn in, Ms. Merkel will vacate her office in the imposing concrete building that dominates Berlin’s government district for good.

    But, after the last election, in 2017, it took 171 days — or nearly six months — to form a new government, which means she is likely to be around for a while.

    What she will do next remains to be seen. In response to that question in repeated interviews, she has said that first and foremost she will take some time off to reflect and reorient herself before making her next move.

    “I will take a break and I will think about what really interests me, because in the past 16 years, I haven’t had the time to do that,” she said in July, after receiving an honorary doctorate from Johns Hopkins University.

    “Then I will maybe read a bit, and then my eyes might close because I am tired and I will sleep a bit,” she said, with a smile: “And then we’ll see where I emerge.”

    Credit…Sebastian Kahnert/picture alliance, via Getty Images

    BERLIN — German election officials are expecting mail-in ballots to break records in Sunday’s federal election. At least 40 percent and possibly a majority of ballots will arrive by mail, according to Georg Thiel, head of the agency in charge of counting the votes.

    Although actual tallies will only be known after polls close, the authorities have seen requests for mail-in ballots grow this year as the pandemic fuels anxiety about crowded polling stations.

    Mail-in balloting has been permitted in Germany for more than 60 years. When it was first allowed, in the 1957 election, only 5 percent of voters used the option; during the last federal election in 2017, 29 percent chose to mail in their choice. Vote counters are set up to handle a doubling of that number — nearly 60 percent — this year, Mr. Thiel said.

    The postal service in Germany is one of the quickest and most reliable in the world, with letters usually delivered within a day to anywhere in the country. Still, an official warned voters last week that if they wanted their ballot to be counted, it should be in the mail by Thursday; only ballots received by 6 p.m. on Sunday — when polls close — will be tallied.

    The populist Alternative for Germany party, segments of which have parroted former President Donald J. Trump’s claims of manipulated mail-in ballots in the U.S., has used slogans like “the mailbox is not a ballot box” to try to dissuade voters from using the option. But those concerns do not appear to have resonated with the electorate.

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    The new Parliament will ultimately determine who succeeds Angela Merkel, who has served as chancellor for 16 years. Early exit polling has suggested a tight race between the Christian Democratic Union, Ms. Merkel’s center-right party, and the center-left Social Democrats.CreditCredit…Lena Mucha for The New York Times

    Sixty million people are eligible to vote in the German national election on Sunday. There won’t be a new government that night, or the next day — it could take the rival parties weeks or even months to settle on a coalition with a parliamentary majority. But the ballots are tallied quickly, and the new shape of Germany’s political landscape is likely to be visible within hours.

    Here’s what Election Day will look like, and what to watch for.

    8 a.m. local time: Polls opened. Candidates are not allowed to campaign on this day, but some may be seen casting ballots.

    6 p.m. (noon Eastern): Polling stations close. Not long after, the first exit polls should be available. These polls can be within percentage points of the final result. But this year, because the race is tight, it could be a few more hours before a clear picture emerges. Mail-in ballots, which have been part of Germany’s voting system since 1957, are expected to play an outsized role given the pandemic, as they did in the U.S. presidential election. Only mail-in ballots received by 6 p.m. Sunday will be counted.

    Around 6:15 p.m.: The first projections based on actual counted ballots will be released. These get updated throughout the evening until a fairly clear picture emerges of which party is winning.

    8:15 p.m.: The heads of all the major parties meet to discuss successes and failures of their campaigns, and they will signal who they would be willing to work with in a coalition government. This discussion is called the “Elephant Round,” and it lasts an hour.

    8 p.m. to midnight: Nearly all votes should be counted.

    Early, early morning: The election authorities release something they call the official temporary results. These usually come between 2 a.m. and 3 a.m. — though during the last national election, they didn’t arrive until 5:30 a.m.

    Credit…Bernd von Jutrczenka/Picture Alliance, via Getty Images

    During her 16 years as Germany’s chancellor, Angela Merkel has become an international avatar of calm, reason and democratic values for the way she handled crises that included a near financial meltdown of the eurozone, the arrival of more than a million migrants and a pandemic.

    Today Germany is an economic colossus, the engine of Europe, enjoying prosperity and near full employment despite the pandemic. But can it last?

    That is the question looming as Ms. Merkel prepares to leave the political stage after national elections on Sunday. There are signs that Germany is economically vulnerable, losing competitiveness and unprepared for a future shaped by technology and the rivalry between the United States and China.

    During her tenure, economists say, Germany neglected to build world-class digital infrastructure, bungled a hasty exit from nuclear power, and became alarmingly dependent on China as a market for its autos and other exports.

    The China question is especially complex. Germany’s strong growth during Ms. Merkel’s tenure was largely a result of trade with China, which she helped promote. But, increasingly, China is becoming a competitor in areas like industrial machinery and electric vehicles.

    Economists say that Germany has not invested enough in education and in emerging technologies like artificial intelligence and electric vehicles. Germans pay some of the highest energy prices in the world because Ms. Merkel pushed to close nuclear power plants, without expanding the country’s network of renewable energy sources enough to cover the deficit.

    “That is going to come back to haunt Germany in the next 10 years,” said Guntram Wolff, director of Bruegel, a research institute in Brussels.

    Credit…Lena Mucha for The New York Times

    WÜLFRATH, Germany — Hibaja Maai gave birth three days after arriving in Germany.

    She had fled the bombs that destroyed her home in Syria and crossed the black waters of the Mediterranean on a rickety boat with her three young children. In Greece, a doctor urged her to stay put, but she pressed on, through Macedonia, Serbia, Hungary and Austria. Only after she had crossed the border into Bavaria did she relax and almost immediately go into labor.

    “It’s a girl,” the doctor said when he handed her the newborn bundle.

    There was no question in Ms. Maai’s mind what her daughter’s name would be.

    “We are calling her Angela,” she told her husband, who had fled six months earlier and was reunited with his family two days before little Angela’s birth on Feb. 1, 2016.

    “Angela Merkel saved our lives,” Ms. Maai said in a recent interview in her new hometown, Wülfrath, in northwestern Germany. “She gave us a roof over our heads, and she gave a future to our children. We love her like a mother.”

    Chancellor Angela Merkel is stepping down after her replacement is chosen following Germany’s Sept. 26 election. Her decision to welcome more than a million refugees from Syria, Iraq, Afghanistan and elsewhere in 2015 and 2016 stands as perhaps the most consequential moment of her 16 years in power.

    It changed Europe, changed Germany, and above all changed the lives of those seeking refuge, a debt acknowledged by families who named their newborn children after her in gratitude.

    The chancellor has no children of her own. But in different corners of Germany, there are now 5- and 6-year-old girls (and some boys) who carry variations of her name — Angela, Angie, Merkel and even Angela Merkel. How many is impossible to say. The New York Times has identified nine, but social workers suggest there could be far more, each of them now calling Germany home.

    Credit…Clemens Bilan/EPA, via Shutterstock

    Never before has the issue of climate change played such a role in a German election.

    Though it still remained unclear who will lead Germany, nearly every party pledged to put climate change near the top of the agenda for the next government.

    Despite entering office in 2005 with ambitions to reduce carbon emissions, four successive governments under Chancellor Angela Merkel failed to significantly reduce Germany’s carbon footprint. It remains in the top 10 of the world’s most polluting countries, according to the World Bank.

    It has been young climate activists who have succeeded in bringing the climate debate to the forefront of Germany’s political discussion. This year, they successfully took the government to court, forcing a 2019 law aimed at bringing the country’s carbon emissions down to nearly zero by 2050 to be reworked with more ambitious and detailed goals to reduce emissions through 2030.

    On Friday, people of all ages marched through the center of Berlin, then rallied on the lawn before the Reichstag, where Germany’s Parliament meets. Thousands turned out for similar protests in other cities across the country.

    They were joined by Greta Thunberg, the 18-year-old climate activist who started the Fridays for Future protests in Stockholm in 2018 by skipping school as a way of shaming the world into addressing climate change, made a guest appearance at a protest in Berlin. Future Fridays were a staple in Germany until the pandemic hit.

    “Yes, we must vote and you must vote, but remember that voting will not be enough,” she told the crowd, urging them to stay motivated and keep up the pressure on politicians.

    “We can still turn this around. People are ready for change,” she said. “We demand the change and we are the change.”

    Credit…Fabian Bimmer/Reuters

    BERLIN — In the prelude to Sunday’s federal election, one of the strangest questions faced by Armin Laschet, governor of Germany’s most populous state and one of the front-runners, was what his dragon name would be.

    Mr. Laschet, apparently nonplused, exhaled loudly. “No idea,” he answered. “What kind of names do dragons have?”

    As the vote neared and the competition to replace Chancellor Angela Merkel increasingly turned on the candidates’ characters, the contenders submitted themselves to an exhaustive schedule of interviews, debates and town hall-style discussions — including some inquiries from children. In fact, many of the most memorable moments were prompted by the younger questioners.

    On one program, “Can You Do the Chancellery,” each of the main candidates was given 30 minutes to teach a classroom of 8- to 13-year-olds. During their separate sessions leading the class, candidates answered questions and had to explain complex themes (like global taxation or global warming) on a whiteboard.

    Pauline and Romeo, the children who asked Mr. Laschet about dragons, were part of a segment on a late-night talk show. The two, both 11, threw Mr. Laschet no softballs. Among other things, they asked if he was planning on quitting smoking (a question he dodged, though he did offer that he did not inhale) and about a far-right candidate in his party.

    When the 10-minute segment aired this month, Mr. Laschet was widely panned for his performance. (Two other candidates, Annalena Baerbock of the Greens and Olaf Scholz of the Social Democrats, survived Pauline and Romeo without making any headlines.)

    But Mr. Laschet was not the only one to struggle. Tino Chrupalla, co-chairman of the populist Alternative for Germany party, also had a tough time with a younger interrogator.

    In a publicly broadcast interview, Mr. Chrupalla told a teenage reporter called Alexander that his party wanted to see more German poems and songs being taught in classrooms. But when Alexander asked him what his favorite German poem was, Mr. Chrupalla struggled to name one.

    Credit…Wolfgang Rattay/Reuters

    Unusually long lines at polling stations on Sunday caused several Berlin voting locations to remain open for hours after the 6 p.m. closing deadline. That extension may add hours to the time it will take Germany to tally the votes.

    The culprit seems to have been a combination of higher-than-expected in-person voting, missing or wrong ballots, and a road-blocking marathon that delayed restocking supplies.

    Paco Mallia, 18, who looked forward to voting for the first time, turned back when he saw the long line at his polling station in the central neighborhood of Moabit on Sunday morning.

    When he returned just before closing time, the line remained long, but an election worker assured Mr. Mallia that he would get to vote.

    At other polling stations in the city, handwritten notes informed voters that as long as they stood in line by 6 p.m. they could cast a ballot.

    Mr. Mallia decided to stay. “This election is kind of a big deal for me,” he said.

    Although delays were reported in other jurisdictions, Berlin — where residents also voted in state and local elections — seems to have been hardest hit.

    Dirk Behrendt, a Green Party city official, demanded an investigation into the delays.

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    U.S. Reaches Agreement to Release Huawei’s Meng Wanzhou

    For its part, the Chinese government has underwritten the cost of installing Huawei gear, in an effort to dominate networks from Latin America to the Middle East.

    Ms. Meng came to personify that effort. Her determination to wire up Tehran, at a time in which the West was seeking to contain Iran’s nuclear program, attracted protests among American officials. For that reason, some China hard-liners objected on Friday to news that the charges were being dropped.

    “It sends the wrong message to Chinese business executives around the world that it’s permissible to engage in fraudulent transactions with Iran and North Korea,” said Michael Pillsbury, a scholar at the Hudson Institute who was a top China adviser to former President Donald J. Trump. “I fear that another part of the message has been that the Biden team approved selling Huawei some types of chips and technology, which will also undercut the message that Huawei should not be involved in 5G telecommunications systems of our friends and allies.”

    Huawei mustered a furious effort in Washington and in Canada to get Ms. Meng released. But she refused to plead guilty to bank and wire fraud charges stemming from Huawei’s deal in Iran. Months later, she agreed to a deferred prosecution agreement, which will ultimately lead to dropping all the charges against her.

    The case began when Canadian authorities arrested Ms. Meng, 49, in December 2018, at the request of the United States. She owns two imposing homes in Vancouver, and was allowed to stay in them with an ankle bracelet to track her whereabouts. She eventually settled at her gated, seven-bedroom mansion in the city’s exclusive Shaughnessy neighborhood, where she received painting lessons and private massages.

    She instantly became one of the world’s most famous detainees — especially because she is the daughter of Huawei’s famous founder and chief executive, Ren Zhengfei, a former People’s Liberation Army officer who turned his small telecommunications firm into a national champion.

    In January 2019, the Justice Department indicted Huawei and Ms. Meng. While the charges focused on bank and wire fraud, in announcing the indictment, the Justice Department alleged that Huawei employees, including Ms. Meng, lied to bank officials when asked about whether Huawei was unlawfully engaged in business with Iran, knowing that U.S. sanctions on Tehran would prevent the banks from financing the sale.

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    MarketSpace Capital and DigiShares Partner to Tokenize A 250-Unit Active Older Adult Housing Development in Dallas, Texas.

    HOUSTON–(BUSINESS WIRE)–MarketSpace Capital, a real estate private equity firm headquartered in Houston, Texas, announced today it has partnered with DigiShares, a leading end-to-end white-label platform for tokenized securities, to digitize, tokenize and manage the share cap table for the Spot @ Myra Park, a real estate development project in Dallas, Texas.

    The Spot at Myra Park is a 250-unit multifamily apartment complex that recently broke ground and is expected to be completed in Q4 2022. The equity interests in the Spot at Myra Park will be digitized by DigiShares using Ethereum blockchain technology. Subject to legal and regulatory due diligence and securities law considerations, MarketSpace Capital expects the digital securities to become tradable on the tZero ATS.

    DigiShares CEO, Claus Skaaning stated, “We are excited to work with MarketSpace Capital to tokenize the Spot at Myra Park. This is one of the most significant and solid real estate projects in which we have been involved. We view MarketSpace as a highly professional and forward-looking player in the US real estate markets and are proud to be working with them on this project. At the same time, it marks a big step forward for DigiShares as a key player in the global security token ecosystem.”

    MarketSpace Capital is focused on ground-up developments and value-add investments through the U.S and has over $400 million of cumulative asset value through 19 investment properties over the past decade. Out of these 19 investments, MarketSpace Capital has gone full cycle and sold six of these properties.

    MarketSpace Capital Co-Founder and Chairman Dr. Masaki Oishi said, “we see great value in the tokenization of commercial real estate as a vehicle for enabling liquidity on a secondary market and democratizing access to a normally elusive asset class. Between MarketSpace Capital and our co-development partners, we have a combined existing portfolio of over $1 Billion, and we look forward to working with DigiShares, one of the leading providers of asset management and crowdfunding platforms for real assets and coordinating the trading of the Myra Park and future property’s digital securities through an integration with tZERO.”

    Ownership interests of the Spot at Myra Park were distributed to approximately 45 accredited investors through a real estate limited partnership, which closed in May 2020 and raised approximately $6.5 million.

    About MarketSpace Capital

    MarketSpace Capital is a private equity real estate firm focused on ground-up developments and value-add investments throughout the U.S. Through its relationships, expertise and disciplined, data-driven analysis, MarketSpace Capital’s veteran staff has completed over $1 billion in transactions and has the capability and experience required to maximize value creation through a comprehensive, programmatic, and conservative investment and asset management approach. In addition to producing consistent returns, MarketSpace Capital seeks to create positive economic impact and long-term value for its investors, the properties it invests in, and the communities in which it works.

    Website: https://marketspace.capital

    About DigiShares A/S

    DigiShares is one of the leading providers of asset management and crowdfunding platforms for real assets, including real estate and private equity. Our solutions enable asset owners and fund managers to digitize and automate processes, to reduce administrative cost, to reduce the ticket size to fractionalize and democratize and enable retail investors to participate, and finally to provide a huge increase in liquidity through the built-in marketplace that enables shareholders to trade their assets.

    Website: https://www.digishares.io

    Investor Notice

    Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk. Potential investors are urged to consult a professional adviser regarding any economic, tax, legal or other consequences of trading any securities as described herein.

    No Offer, Solicitation, Investment Advice or Recommendations

    This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by any of the parties mentioned herein or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

    Forward-Looking Statements

    This release contains forward-looking statements. In addition, from time to time, the parties mentioned herein, their subsidiaries, or their representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of the parties mentioned herein and their subsidiaries to change the direction; their ability to keep pace with new technology and changing market needs; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by the parties mentioned herein, their subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. The Parties mentioned herein, their subsidiaries, and their representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by the respective parties their subsidiaries or their representatives might not occur.

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