WEB Slingers: A Spider-Man Adventure, features a “stuntronic” robot (outfitted in Spidey spandex) that performs elaborate aerial tricks, just like a stunt person. A catapult hurls the untethered machine 65 feet into the air, where it completes various feats (somersaults in one pass, an “epic flail” in another) while autonomously adjusting its trajectory to land in a hidden net.

“It’s thrilling because it can be hard to tell whether it’s a robot or a person — the stuntronic Spider-Man, it’s that good,” Wade Heath said as he joined the line to re-ride WEB Slingers in early August. Mr. Heath, 32, a recruiter for Pinkerton, the security company, described himself as “a major Disney nerd” who has, at times, been surprised that the company’s parks have not evolved faster.

three years to develop. Disney declined to discuss the cost of the stuntronics endeavor, but the company easily invested millions of dollars. Now that the technology has been perfected, Disney plans to roll it out at other parks. WEB Slingers, for instance, has been greenlighted for Disneyland Paris.

Bob Weis, who leads Disney’s 1,000-plus member Imagineering division. In the beginning, it was just an expensive research project with no clear outcome.

“It’s not easy to prove return on investment for never-considered-possible inventions,” Mr. Weis said. “Our longstanding history of creating experiences that completely wow guests — for them to suspend disbelief and live in that moment — has paved the way for acceptance of this inherent risk.”

But budgets are not endless. “We have to be discerning because, as you can imagine, we have plenty of amazing ideas, capabilities and stories,” Mr. Weis added.

Boston Dynamics, where he contributed to an early version of Atlas, a running and jumping machine that inspires “how did they do that” amazement — followed by dystopian dread.

Baby Yoda and swinging ones like Spider-Man — that are challenging to bring to life in a realistic way, especially outdoors.

About 6,000 animatronics are in use at Disney parks worldwide, and almost all are bolted to the floor inside ride buildings. It’s part of the magic trick: By controlling the lighting and sight angles, Disney can make its animatronics seem more alive. For a long time, however, Disney has been enamored with robotics as an opportunity to make the walkways between rides more thrilling.

“We want to create incredible experiences outside of a show box,” said Leslie Evans, a senior Imagineering executive, referring to ride buildings. “To me, that’s going to be next level. These aren’t just parks. They are inhabited places.”

Millennium Falcon: Smugglers Run, unveiled in 2019, asks groups of riders to work together to steer the ship. The ride’s queuing area features an impressive Hondo Ohnaka animatronic. (He’s a miscreant from the “Clone Wars” animated series.)

In 2003, Disney tested a free-roving animatronic dinosaur named Lucky; he pulled a flower cart, which concealed a puppeteer. In 2007, the company experimented with wireless animatronic Muppets that rode around in a remote-controlled vehicle and chatted with guests. (A technician operated the rig from afar.) Lucky and the Muppet Mobile Lab have since been retired.

play test” stage — a short, low-profile dry run at a theme park to gather guest feedback. Disney declined to say when or where.

Richard-Alexandre Peloquin was also towering in the air, except his lower body was ensconced in a contraption/costume that gave him legs the size of oil barrels and feet that resembled those of a Wampa, a furry “Star Wars” ice beast.

Asya Cara Peña, a ride development engineer, piped up with a rudimentary explanation. They were developing a full-body exoskeleton that could be applied to a wide variety of oversize characters — and that counteracted the force of gravity. Because of safety concerns, not to mention endurance, the weight of such hulking costumes (more than 40 pounds) could not rest entirely or even mostly on a puppeteer’s shoulders. Instead, it needed to be redirected to the ground.

“But it also needs to look natural and believable,” Ms. Peña said. “And it has to be something that different performers of different body types with different gaits can slip into with identical results.”

Just then, Mr. Becker began to sway unsteadily. “Whoa! Be careful!” Ms. Peña shouted, rushing to help him sit down on an elevated chair.

“We still have a long way to go,” Mr. Becker said a bit sheepishly. “The challenge is to not just have a big idea, but to get it all the way to the park.”

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Starbucks and Other Businesses Relax Mask Policies

Starbucks has joined a growing list of retailers, restaurants and theme parks that will now allow fully vaccinated customers to go mask free following new coronavirus safety guidance from the federal government.

The company said in a statement that “facial coverings will be optional for vaccinated customers” as of May 17, where allowed by local regulations.

[Answers to your questions about vaccines and masks at work]

On Thursday, the Centers for Disease Control and Prevention took many businesses by surprise when it said that people who are vaccinated could go maskless in most places, including indoors. (The policies do not apply to people traveling by bus, plane, train or other kinds of public transportation.) For businesses, the announcement was complicated by the fact that C.D.C. guidance does not override state and local rules. But in a matter of days, several major companies have moved to relax mask requirements. Businesses for the most part have not said they would require customers to show proof that they have been vaccinated.

Here’s the latest on companies that are changing their mask policies.

Costco, which has more than 500 U.S. stores, said it would allow fully vaccinated customers to go mask-free where state and local guidance allows. The retailer said it would “not require proof of vaccination” but would ask for its customers’ “responsible and respectful cooperation with this revised policy.”

Publix, which has 1,270 grocery stores in the Southeast, said “face coverings are optional for fully vaccinated individuals inside Publix stores” subject to local regulations.

Trader Joe’s, which operates 517 grocery stores across the country, said that customers who are fully vaccinated no longer need to wear masks in its stores. It will not require proof of vaccination “as we trust our customers to follow C.D.C. guidelines,” a spokeswoman, Kenya Friend-Daniel, said in an email. Masks are still required for store employees.

Walmart said that vaccinated customers are allowed to go maskless starting May 18 in areas that don’t have stricter mandates. A spokesman for the company, which operates more than 4,000 Walmart and nearly 600 Sam’s Club stores in the United States, said it expects its customers to abide by the honor system. Employees can also go mask-free by answering “yes” to a vaccination question that is part of a daily health assessment.

Walt Disney World Resort in Florida said that it was no longer requiring visitors to wear masks in most outdoor areas as of this weekend, though masks are still required in indoor locations. Disneyland in California continues to require masks indoors and out because of state mandates. Disney’s chief executive, Bob Chapek, said on an earnings call Thursday that the company had begun to increase capacity and that the C.D.C.’s new guidance “is very big news for us, particularly if anybody’s been in Florida in the middle of summer with a mask on.” About 150 million people visited Disney’s parks in 2019.

Hershey Park in Pennsylvania said it would no longer require masks nor social distancing for fully vaccinated guests. The theme park, which drew 3.4 million visitors in 2019, said it would rely on its guests to “accurately follow the guidelines based on their vaccination status.”

Universal Orlando Resort said masks are no longer required when outdoors but still must be used in “all indoor locations.” Its theme park in California will still require masks both outside and inside because of the state rules.

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Disney’s Streaming Service Slows, Coloring a Profitable Quarter

Operating income at Disney’s traditional television business — ESPN, ABC, Disney Channel, FX, Freeform, National Geographic and other networks — reached $2.8 billion, a 15 percent increase. Disney attributed the improved results to lower programing costs and higher fees from cable distributors (based on multiyear contracts). Costs at ABC fell primarily because of the timing of the Academy Awards, which aired later than in past years — after the quarter ended — because of the pandemic.

Profit in the quarter, the second in Disney’s fiscal year, totaled $912 million, up 95 percent from a pandemic-battered $468 million a year earlier. When one-time items are excluded, per-share profit rose 32 percent, to 79 cents from 60 cents. (Analysts had expected about 27 cents.)

Revenue was $15.6 billion, a 13 percent decline from a year earlier.

Disney estimated that the pandemic had a $1.2 billion impact on its theme park and cruise empire. As a result, the division had a loss of $403 million. Disneyland in California, two theme parks in France and the Disney Cruise Line were closed during the recent quarter. Disneyland reopened on April 30 with capacity limited to 25 percent, as mandated by California officials.

Mr. Chapek told analysts that the company’s largest tourist destination, Walt Disney World in Florida, would benefit from the relaxed mask-wearing guidance given by federal officials on Thursday.

“That is very big news for us,” he said. Vacationing “in Florida in summer with a mask on can be quite daunting.”

In terms of theme park demand for the months ahead, Mr. Chapek noted that Disney research had found that “intent to visit” by families was on a par with 2019, suggesting a bounce-back for the resorts once capacity restrictions and other measures (mandatory face coverings) are lifted or relaxed.

In another signal of a recovery, Disney said two films, “Shang-Chi and the Legend of the Ten Rings” and “Free Guy,” starring Ryan Reynolds, would receive exclusive 45-day runs in theaters before appearing on Disney+. “Free Guy” is scheduled to arrive in cinemas on Aug. 13 and “Shang-Chi,” a Marvel spectacle, in early September.

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U.S. Economy Rebounds as Pain Caused by Pandemic Eases: Live Updates

the first-quarter growth rate was 6.4 percent.

2019 Q4 LEVEL

$20 trillion

+1.6%

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Gross domestic product,

adjusted for inflation and

seasonality, at annual rates

2019 Q4 LEVEL

$20 trillion

+1.6%

FROM

PRIOR

QUARTER

Gross domestic product, adjusted for inflation

and seasonality, at annual rates

“This was a great way to start the year,” said Gregory Daco, chief U.S. economist at Oxford Economics. “We had the perfect mix of improving health conditions, strong fiscal stimulus and warmer weather.”

“Consumers are now back in the driver’s seat when it comes to economic activity, and that’s the way we like it,” he added. “A consumer that is feeling confident about the outlook will generally spend more freely.”

Looking ahead, economists said they expected to see even better numbers this quarter.

“It’s good news, but the better news is coming,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “There’s nothing in this report that makes me think the economy won’t grow at a gangbusters pace in the second and third quarter.”

The expansion last quarter was spurred by stimulus checks, he said, which quickly translated into purchases of durable goods like cars and household appliances.

“This demonstrates the value of government intervention when the economy is on its knees from Covid,” he added. “But in the coming quarters, the economy will be much less dependent on stimulus as individuals use the savings they’ve accumulated during the pandemic.”

Cumulative percent change in

G.D.P. from the start of the

last five recessions

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before

recession

5 quarters

into recession

Cumulative percent change in G.D.P.

from the start of the last five recessions

Final quarter

before

recession

5 quarters

into recession

Overall economic activity should return to prepandemic levels in the current quarter, Mr. Anderson said, while cautioning that it will take until late 2022 for employment to regain the ground it lost as a result of the pandemic.

Still, the labor market does seem to be catching up. Last month, employers added 916,000 jobs and the unemployment rate fell to 6 percent, while initial claims for unemployment benefits have dropped sharply in recent weeks.

Tom Gimbel, chief executive of LaSalle Network, a recruiting and staffing firm in Chicago, said: “It’s the best job market I’ve seen in 25 years. We have 50 percent more openings now than we did pre-Covid.”

Hiring is stronger for junior to midlevel positions, he said, with strong demand for professionals in accounting, financing, marketing and sales, among other areas. “Companies are building up their back-office support and supply chains,” he said. “I think we’re good for at least 18 months to two years.”

Spending on goods like automobiles led the way in the first quarter, but demand for services like dining out should revive in the second quarter, said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “I think we will see a surge in services spending,” she said.

As more Americans become vaccinated, many economists expect a decline in new unemployment claims.
Credit…James Estrin/The New York Times

Initial jobless claims fell last week to yet another pandemic low in the latest sign that the economic recovery is strengthening.

About 575,000 people filed first-time claims for state unemployment benefits last week, the Labor Department said Thursday, a decrease of 9,000 from the previous week’s revised figure. It was the third straight week that jobless claims had dropped.

In addition, 122,000 new claims were filed for Pandemic Unemployment Assistance, a federal program that covers freelancers, part-timers and others who do not routinely qualify for state benefits. That was a decline of 12,000 from the previous week.

Neither figure is seasonally adjusted. On a seasonally adjusted basis, new state claims totaled 553,000.

“Today’s report, and the other data that we got today, signals an improving labor market and an improving economy,” said Daniel Zhao, senior economist with the career site Glassdoor. “It is encouraging that claims are continuing to fall.”

Although weekly jobless claims remain above levels reached before the pandemic, vaccinations and warmer weather are offering new hope. Most economists expect the slow downward trend in claims to continue in the coming months as the economy reopens more fully.

But challenges lie ahead. The long-term unemployed — a group that historically has had a more difficult time rejoining the work force — now make up more than 40 percent of the total number of unemployed. Of the 22 million jobs that disappeared early in the pandemic, more than eight million remain lost.

“The labor market is definitely moving in the right direction,” said AnnElizabeth Konkel, an economist at the online job site Indeed. She noted that job postings as of last Friday were up 22.4 percent from February 2020.

Still, she cautioned that industries like tourism and hospitality would probably remain depressed until the pandemic was firmly under control. She also stressed that child care obligations might be preventing people ready to return to work from seeking jobs.

“We still are in a pandemic — the vaccinations are ramping up but there is that public health factor still,” Ms. Konkel said. “We’re not quite there yet.”

The NBC sitcom “The Office” became a big streaming hit for Netflix and is now back in the Comcast fold, available on its streaming service Peacock.
Credit…Chris Haston/NBC

If you want a clear picture of the state of the media industry in upheaval, Comcast offers a good snapshot.

The company, which includes NBC, Universal Pictures, several theme parks, and the Peacock streaming service, beat Wall Street’s expectations in its first-quarter earnings report on Thursday as it continued to shift its emphasis from cable to digital.

To start, take these figures from its results:

Despite the regular pace of cord cutting, Comcast’s cable television business pulled in over $5.62 billion in revenue for the first quarter. That was flat compared with last year, but it’s still the company’s biggest business, accounting for a fifth of all revenue.

Peacock, on the other hand, is the fastest growing, but it loses the most money. Last year, it approached $700 million in pretax losses. This year, the streaming platform is expected to lose $1.3 billion as Comcast spends big to load it up with original shows and sports programming with the aim of attracting more viewers.

That’s the operating thesis behind every major media company today: replace the eroding base of profit-rich cable customers with loss-making streaming viewers in the hope that over time the digital audience will become more valuable. The Walt Disney Company, ViacomCBS, Discovery Inc. and AT&T’s WarnerMedia are all trying to make the transformation without entirely losing their shirts.

Peacock’s 42 million sign-ups should also come with an asterisk. The service is free and easy to join, but that doesn’t mean everyone is watching. (The figure includes paid versions of Peacock, which feature more content and fewer commercials.) A February report from the tech news site The Information revealed that a little more than 11 million households were watching the service.

Even so, the aim of Peacock is to replace the lost advertising from Comcast’s cable and broadcast channels as people continue to cut the cord. Peacock, which is available nearly everywhere, can also act as a hedge against other cable operators such as Charter or Cox when Comcast’s media division, NBCUniversal, negotiates carriage fees.

Peacock offers some of the most popular streaming shows, including “The Office,” a top hit on Netflix before it lost the rights to the series in 2021 when the license expired and the show reverted back to its owner, Comcast.

In a few years, Peacock will have the rights to stream National Football League games on Sunday alongside NBC as part of a new agreement. That could ruffle feathers with some of NBC’s affiliate stations if viewers drop TV and opt for Peacock to watch football. The streamer will also have some games exclusively. In March, the service added WWE.

Comcast sells something that has proved more durable than sports and entertainment: broadband, the piping that carries all streaming platforms. The company saw a surge in subscribers during the pandemic. In the first quarter, sales increased 12 percent to $5.6 billion. It’s likely to overtake cable television as the company’s biggest business.

At NBCUniversal, sales sharply dropped as movie theaters remained mostly shut and fewer people were visiting theme parks under the pandemic. Revenue fell 9 percent to $7 billion and pretax profit decreased 12 percent to $1.5 billion. Advertising at its television networks, which include NBC, MSNBC and Syfy, fell 3.4 percent to $2.1 billion.

Overall, the company beat expectations, reporting adjusted profit of 76 cents a share on $27.2 billion in revenue, and its stock was climbing on Thursday morning. Investors were looking for 59 cents in per-share profit and $26.6 billion in sales.

Microsoft will decrease the share of money it charges independent developers that publish computer games on its online store, starting in August, the company said on Thursday.

Developers will keep 88 percent of the revenue from their games, up from 70 percent. That could make Microsoft’s store more attractive to independent studios than competitors like Valve’s gaming store, called Steam, which typically starts by taking a 30 percent cut. Epic Games’ store takes 12 percent.

“We want to make sure that we’re competitive in the market,” said Sarah Bond, a Microsoft vice president who leads the gaming ecosystem organization. “Our objective is to have a leading revenue share and really a leading platform.”

The share of revenue that developers get to keep has come under greater scrutiny across the tech industry. Google and Apple have faced antitrust questions for the 30 percent fees they charge developers whose programs appear in their app stores.

Last year, Epic sued Apple and Google separately, claiming they violated antitrust laws by forcing developers to use their payment systems. Epic had tried to bypass the fees by letting customers pay for items in its Fortnite video game directly through Epic. That caused Apple and Google to boot Fortnite from their app stores.

Apple and Google have since reduced fees for some developers. Epic’s lawsuit against Apple is set to head to trial on Monday in U.S. District Court in Oakland, Calif.

A Shell recharging station for electric vehicles in the Netherlands. Despite investments in renewable energy, Shell’s profit last quarter was largely the result of rising oil and gas prices.
Credit…Koen Van Weel/EPA, via Shutterstock

Strong profit increases from two of Europe’s largest energy companies, Royal Dutch Shell and Total, demonstrated that what really matters for the financial performance of these companies remains the price of oil and natural gas.

Their recent investments in clean energy, described by company officials as essential for the future, remain marginal.

Total said that adjusted net income rose by 69 percent compared with the period a year earlier, when the effects of the pandemic were beginning to kick in, to $3 billion, while Shell said that what it calls adjusted earnings rose by 13 percent to $3.2 billion.

The main factor in the improved performance by both companies was a roughly 20 percent rise in oil prices along with an increase in natural gas prices, leading to higher revenues. During a news conference to discuss the results, Jessica Uhl, Shell’s chief financial officer, said that a $10 jump in oil prices would translate into a $6.4 billion increase in cash for the company’s coffers on an annual basis.

Shell, which cut its dividend last year for the first time since World War II, confirmed that it would increase the payout for the quarter by 4 percent, to about 17 cents a share.

Both companies have tethered their futures to generating and distributing renewable sources of energy. Shell in February said its oil production had peaked in 2019, and it has been investing in various clean energy ventures, including a network of 60,000 charging stations for electric vehicles. And Total has, among other things, invested in options to build offshore wind farms off Britain.

In its earnings statement, Total took the lead among the oil majors in providing details on its investments in renewable energy like wind and solar. The company said these businesses brought in $148 million for the quarter, measured as earnings before interest, taxes, depreciation and amortization. This figure was about 2 percent of the overall total for the company of $7.3 billion, according to analysts at Bernstein, a research firm.

Although Airbus reported a quarterly profit after a full-year loss for 2020,  “the market remains uncertain,”  said Guillaume Faury, the company’s chief executive.
Credit…Chema Moya/EPA, via Shutterstock

Airbus announced Thursday that it had returned to a profit in the first quarter following a 1.1 billion euro loss last year because of the coronavirus pandemic, but its top executive warned that the economic toll would continue.

“The first quarter shows that the crisis is not yet over for our industry, and that the market remains uncertain,” Guillaume Faury, chief executive of the world’s largest airplane maker, said in a statement.

Airbus booked a net profit of 362 million euros ($440 million) between January and March, compared with a loss of 481 million euros a year earlier, as cost-cutting measures — which included more than 11,000 layoffs announced last year for its global operations — bolstered the bottom line. Revenue fell 2 percent to 10.5 billion euros.

Airbus delivered 125 commercial aircraft to airlines in the three-month period, up from 122 a year earlier. Over all, Airbus delivered 566 aircraft to airlines in 2020, 40 percent less than expected before the pandemic.

Airbus has previously warned that the industry might not recover from the disruption caused by the pandemic until as late as 2025, as new virus variants delay a resumption of worldwide air travel.

Given the uncertain outlook, Airbus won’t ramp up aircraft deliveries this year. The company said it expected to deliver 566 aircraft on back order from airline companies, the same number as last year.

It maintained its forecast for an underlying operating profit of two billion euros for the year.

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Stocks on Wall Street jumped on Thursday, rising with European stock indexes, amid indications that the economy is moving toward a recovery to prepandemic levels.

The Commerce Department reported Thursday that the U.S. economy expanded 1.6 percent in the first three months of 2021, compared with 1.1 percent in the final quarter last year, or 6.4 percent on an annualized basis.

A day earlier, the Federal Reserve said that the outlook was improving and that it would continue to provide substantial monetary support, easing investors’ concerns that it would soon start easing the stimulus efforts it launched a year ago when the Covid-19 crisis forced a near shutdown of many parts of the economy.

“While the level of new cases remains concerning,” Jerome H. Powell, the Federal Reserve chair, said, “continued vaccinations should allow for a return to more normal economic conditions later this year.” The central bank kept interest rates near zero and said it would continue buying bonds at a steady clip.

The S&P 500 rose 0.7 percent. Market sentiment continued to rise after President Biden detailed more of his spending plans — which total $4 trillion — to fund expanded access to education and reduce the cost of child care, among other things.

Oil prices rose. Futures of West Texas Intermediate, the U.S. benchmark, climbed more than 2 percent to above $5 a barrel.

The Stoxx Europe 600 rose 0.3 percent as a measure of economic confidence for the eurozone surged higher.

Amazon announced raises for half a million employees in its warehouses, delivery network and other fulfillment teams.
Credit…Chang W. Lee/The New York Times

Amazon will increase pay between 50 cents and $3 an hour for half a million workers in its warehouses, delivery network and other fulfillment teams, the company said on Wednesday.

The action follows scrutiny of Amazon from lawmakers and an unsuccessful unionization push that ended this month at its large warehouse in Alabama. In 2018, Amazon raised its minimum pay to $15 an hour. In recent months, it has publicly campaigned to raise the federal minimum to $15, too.

Amazon has been on a hiring spree during the pandemic. As more customers ordered items online, the company added 400,000 employees in the United States last year. Its total work force stands at almost 1.3 million people.

Amazon typically revaluates wages each fall, before the holiday shopping season. But this year, it moved those changes earlier, said Darcie Henry, an Amazon vice president of people experience and technology. The new wages will roll out from mid-May through early June. Ms. Henry said the company was hiring for “tens of thousands” of open positions.

Jeff Bezos, Amazon’s founder and chief executive, recently told shareholders in his annual letter that he recognized the company needed “a better vision for how we create value for employees — a vision for their success.” He said that Amazon had always striven to be “Earth’s Most Customer-Centric Company,” and that now he wanted it to be “Earth’s Best Employer and Earth’s Safest Place to Work” as well.

Amazon is scheduled to report quarterly earnings on Thursday.

Gary Gensler’s tenure leading the Securities and Exchange Commission is off to a rocky start: Alex Oh, who he named just days ago to run the regulator’s enforcement division, has resigned following a federal court ruling in a case involving one of her corporate clients, ExxonMobil.

In her resignation letter on Wednesday, Ms. Oh said the matter would be “an unwelcome distraction to the important work” of the enforcement division.

Ms. Oh’s resignation letter followed a ruling on Monday from Judge Royce C. Lamberth of the Federal District Court for the District of Columbia over the conduct of Exxon’s lawyers during a civil case involving claims of human rights abuses in the Aceh province of Indonesia.

According to Judge Lamberth’s ruling, Exxon’s lawyers claimed without providing evidence that the plaintiffs’ attorneys were “agitated, disrespectful and unhinged” during a deposition. He ordered Exxon’s lawyers to show why penalties were not warranted for those comments.

The ruling did not single out any lawyers by name. Ms. Oh was one of the lead lawyers for Exxon.

The judge’s order also granted the plaintiffs’ motion that Exxon pay “reasonable expenses” associated with litigating their request for sanctions and with an accompanying motion to compel additional testimony from Exxon related to the deposition.

Ms. Oh’s resignation letter did not mention the Exxon case by name, but a person briefed on the matter confirmed that the ruling from Judge Lamberth had prompted her to step down.

Ms. Oh, a former federal prosecutor in Manhattan who worked for the elite firm Paul, Weiss for nearly two decades, was picked by Mr. Gensler to oversee the S.E.C.’s 1,000-attorney enforcement division on April 22. The same day, she filed a notice with the court in the Exxon case saying she had withdrawn from the matter because she had resigned from the firm to join the federal government.

The civil litigation involving Exxon is nearly two decades old and involves allegations by the plaintiffs that Exxon’s security personnel “inflicted grievous injuries” on them. The lawsuit was brought under the federal Alien Tort Claims Act, which enables residents of other countries to sue in the United States for damages arising from violations of U.S. treaties or “the law of nations.”

Mr. Gensler said in a news release that Melissa Hodgman, who had been the enforcement division’s acting chief since January, will return to that position. Ms. Hodgman has been an enforcement attorney with the agency since 2008. He thanked Ms. Oh for her “willingness to serve the country.”

Ms. Oh could not immediately be reached for comment.

Brad Karp, chairman of Paul, Weiss, said the firm would not comment on the matter because it involved ongoing litigation. “Alex is a person of the utmost integrity and a consummate professional with a strong ethical code,” he added.

Ms. Oh is a highly respected lawyer, but her selection had been criticized by the Revolving Door Project, a good-government group, because she had been in private practice for so many years and had defended some of the largest U.S. companies.

Increased supply-chain and freight costs for cereal makers could translate into higher retail prices for customers.
Credit…Sara Hylton for The New York Times

Before the pandemic, when suppliers raised the cost of diapers, cereal and other everyday goods, retailers often absorbed the increase because stiff competition forced them to keep prices stable.

Now, with Americans’ shopping habits having shifted rapidly — with people spending more on treadmills and office furniture and less at restaurants and movie theaters — retailers are also adjusting, Gillian Friedman reports for The New York Times.

The Consumer Price Index, the measure of the average change in the prices paid by U.S. shoppers for consumer goods, increased 0.6 percent in March, the largest rise since August 2012, according to the Bureau of Labor Statistics. Procter & Gamble is raising prices on items like Pampers and Tampax in September. General Mills, which makes cereal brands including Cheerios, is facing increased supply-chain and freight costs that could translate into higher retail prices for customers.

At the beginning of the pandemic, companies were focused on fulfilling demand for toilet paper, cleaning supplies, canned food and masks, said Greg Portell, a partner at Kearney, a consulting firm. The government was watching for price-gouging, and customers were wary of being taken advantage of.

Now that the economy is beginning to stabilize, companies are starting to rebalance pricing so that it better fits their profit expectations and takes into account inflation. “This isn’t an opportunistic profit-taking by companies,” Mr. Portell said. “This is a reset of the market.”

Gary Gensler, the chair of the Securities Exchange Commission, has some expertise with cryptocurrencies.
Credit…Kayana Szymczak for The New York Times

For many cryptocurrency supporters and investors, regulatory approval of a Bitcoin exchange-traded fund in the United States represents the holy grail. It would allow the crypto-curious to get exposure to Bitcoin without having to buy the tokens themselves, signifying that digital assets are really, truly mainstream.

But it’s not meant to be — yet. On Wednesday, the Securities and Exchange Commission delayed a decision on a Bitcoin E.T.F. proposal from the investment manager VanEck, saying it needs more time but offering no other explanation.

Delay is not denial, and it may be a good sign, Todd Cipperman, the founder of the compliance services firm CCS, told the DealBook newsletter. When considering the concept of a crypto E.T.F. in 2018, the S.E.C. raised questions about investor protection issues and put a “wet blanket on the whole idea,” he said.

Now, crypto is much bigger, and Gary Gensler, who taught courses about blockchain technology at M.I.T., is chair of the S.E.C. His expertise doesn’t guarantee success for crypto E.T.F.s, but it will be easier for an expert in the field to approve them, Mr. Cipperman suggested.

The S.E.C. gave itself until mid-June, with the option to take more time, but it must decide before year’s end. The regulator has rejected every proposal to date, starting with the first Bitcoin E.T.F. pitch in 2013, presented by the Winklevoss twins, which was eventually dismissed in 2017 (and again in 2018). There are several E.T.F. proposals on the table now, including one from the traditional finance giant Fidelity.

Canada is moving faster, approving all kinds of crypto E.T.F.s, after allowing its first Bitcoin E.T.F. in February. Hester Peirce, an S.E.C. commissioner and vocal crypto champion, told DealBook earlier this month that she has been “mystified” by her agency’s response to some prior applications, which met the standards in her view. With more players now engaging in the process, approval could be looming — eventually.

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Comcast Earnings Beat Expectations Amid Shift to Streaming

If you want a clear picture of the state of the media industry in upheaval, Comcast offers a good snapshot.

The company, which includes NBC, Universal Pictures, several theme parks, and the Peacock streaming service, beat Wall Street’s expectations in its first-quarter earnings report on Thursday as it continued to shift its emphasis from cable to digital.

To start, take these figures from its results:

Despite the regular pace of cord cutting, Comcast’s cable television business pulled in over $5.62 billion in revenue for the first quarter. That was flat compared with last year, but it’s still the company’s biggest business, accounting for a fifth of all revenue.

Peacock, on the other hand, is the fastest growing, but it loses the most money. Last year, it approached $700 million in pretax losses. This year, the streaming platform is expected to lose $1.3 billion as Comcast spends big to load it up with original shows and sports programming with the aim of attracting more viewers.

report from the tech news site The Information revealed that a little more than 11 million households were watching the service.

Even so, the aim of Peacock is to replace the lost advertising from Comcast’s cable and broadcast channels as people continue to cut the cord. Peacock, which is available nearly everywhere, can also act as a hedge against other cable operators such as Charter or Cox when Comcast’s media division, NBCUniversal, negotiates carriage fees.

Peacock offers some of the most popular streaming shows, including “The Office,” a top hit on Netflix before it lost the rights to the series in 2021 when the license expired and the show reverted back to its owner, Comcast.

In a few years, Peacock will have the rights to stream National Football League games on Sunday alongside NBC as part of a new agreement. That could ruffle feathers with some of NBC’s affiliate stations if viewers drop TV and opt for Peacock to watch football. The streamer will also have some games exclusively. In March, the service added WWE.

Comcast sells something that has proved more durable than sports and entertainment: broadband, the piping that carries all streaming platforms. The company saw a surge in subscribers during the pandemic. In the first quarter, sales increased 12 percent to $5.6 billion. It’s likely to overtake cable television as the company’s biggest business.

At NBCUniversal, sales sharply dropped as movie theaters remained mostly shut and fewer people were visiting theme parks under the pandemic. Revenue fell 9 percent to $7 billion and pretax profit decreased 12 percent to $1.5 billion. Advertising at its television networks, which include NBC, MSNBC and Syfy, fell 3.4 percent to $2.1 billion.

Overall, the company beat expectations, reporting adjusted profit of 76 cents a share on $27.2 billion in revenue, and its stock was climbing on Thursday morning. Investors were looking for 59 cents in per-share profit and $26.6 billion in sales.

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