Fully Vaccinated Americans Can Travel With Low Risk, C.D.C. Says

Americans who are fully vaccinated against Covid-19 can safely travel at home and abroad, as long as they take basic precautions like wearing masks, federal health officials announced on Friday, a long-awaited change from the dire government warnings that have kept many millions home for the past year.

In announcing the change at a White House news conference, officials from the Centers for Disease Control and Prevention stressed that they preferred that people avoid travel. But they said growing evidence of the real-world effectiveness of the vaccines — which have been given to more than 100 million Americans — suggested that inoculated people could do so “at low risk to themselves.”

The shift in the C.D.C.’s official stance comes at a moment of both hope and peril in the pandemic. The pace of vaccinations has been rapidly accelerating across the country, and the number of deaths has been declining.

Yet cases are increasing significantly in many states as new variants of the coronavirus spread through the country. Just last Monday, Dr. Rochelle P. Walensky, the C.D.C. director, warned of a potential fourth wave if states and cities continued to loosen public health restrictions, telling reporters that she had feelings of “impending doom.”

suggested such cases might be rare, but until that question is resolved, many public health officials feel it is unwise to tell vaccinated Americans simply to do as they please. They say it is important for all vaccinated people to continue to wear masks, practice social distancing and take other precautions.

Under the new C.D.C. guidance, fully vaccinated Americans who are traveling domestically do not need to be tested for the coronavirus or follow quarantine procedures at the destination or after returning home. When they travel abroad, they only need to get a coronavirus test or quarantine if the country they are going to requires it.

coronavirus test before boarding a flight back to the United States, and they should get tested again three to five days after their return.

The recommendation is predicated on the idea that vaccinated people may still become infected with the virus. The C.D.C. also cited a lack of vaccine coverage in other countries, and concern about the potential introduction and spread of new variants of the virus that are more prevalent overseas.

Most states have accelerated their timelines for opening vaccinations to all adults, as the pace of vaccinations across the country has been increasing. As of Friday, an average of nearly three million shots a day were being administered, according to data reported by the C.D.C.

The new advice adds to C.D.C. recommendations issued in early March saying that fully vaccinated people may gather in small groups in private settings without masks or social distancing, and may visit with unvaccinated individuals from a single household as long as they are at low risk for developing severe disease if infected with the virus.

Travel has already been increasing nationwide, as the weather warms and Americans grow fatigued with pandemic restrictions. Last Sunday was the busiest day at domestic airports since the pandemic began. According to the Transportation Security Administration, nearly 1.6 million people passed through the security checkpoints at American airports.

But the industry’s concerns are far from over. The pandemic has also shown businesses large and small that their employees can often be just as productive working remotely as in face-to-face meetings. As a result, the airline and hotel industries expect it will be years before lucrative corporate travel recovers to prepandemic levels, leaving a gaping hole in revenues.

And while leisure travel within the United States may be recovering steadily, airlines expect it will still take until 2023 or 2024 for passenger volumes to reach 2019 levels, according to Airlines for America, an industry group. The industry lost more than $35 billion last year and continues to lose tens of millions of dollars each day, the group said.

the country’s government said

The C.D.C. on Thursday also issued more detailed technical instructions for cruise lines, requiring them to take steps to develop vaccination strategies and make plans for routine testing of crew members and daily reporting of Covid-19 cases before they can run simulated trial runs of voyages with volunteers, before taking on real passengers. The C.D.C.’s directives acknowledge that taking cruises “will always pose some risk of Covid-19 transmission.”

Some destinations and cruise lines have already started requiring that travelers be fully vaccinated. The cruise line Royal Caribbean is requiring passengers and crew members 18 or older to be vaccinated in order to board its ships, as are Virgin Voyages, Crystal Cruises and others.

For the moment, airlines are not requiring vaccinations for travel. But the idea has been much talked about in the industry.

Niraj Chokshi contributed reporting.

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C.D.C.’s Travel OK for the Vaccinated Wins Industry Applause

The travel industry on Friday applauded new guidance from the Centers for Disease Control and Prevention that said Americans who are fully vaccinated against Covid-19 could travel at low risk to themselves as likely to help ailing businesses and encourage more Americans to board flights, cruises, buses and trains.

“The C.D.C.’s new travel guidance is a major step in the right direction that is supported by the science and will take the brakes off the industry that has been hardest hit by the fallout of Covid by far,” Roger Dow, the chief executive of U.S. Travel, an industry group, said in a statement. “As travel comes back, U.S. jobs come back.”

But while the news may be a boon to the industry, its concerns are far from over.

Most airlines, hotels and tourist destinations have suffered mounting losses for more than a year as Americans largely stayed home. Travel is beginning to recover, but many of these businesses won’t see meaningful profits for months, at least.

More generally, the pandemic has also shown businesses large and small that their employees can often be just as productive working remotely as in face-to-face meetings. As a result, the airline and hotel industries expect it will be years before lucrative corporate travel returns to pre-pandemic levels, leaving a gaping hole in revenues.

Airlines for America said in a statement.

Still, a rebound appears to be underway. On Thursday, the Transportation Security Administration reported more than 1.5 million travelers going through security checkpoints at airports, with the number of travelers increasing since early-to-mid March.

While that is a significant increase compared with 124,000 travelers a year ago, it is still 35 percent less than it was in 2019.

Many airlines have added flights to the beach and mountain destinations that have been popular throughout the pandemic. This week, Delta Air Lines also said it would start selling middle seats again, United Airlines said it would resume pilot hiring after freezing it last year and Frontier Airlines launched an initial public offering.

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United Airlines restarts pilot hiring as ticket sales rebound.

United Airlines said it will start hiring pilots again, the latest sign that the travel industry is recovering from the pandemic.

In a memo to pilots on Thursday, Bryan Quigley, an executive in charge of flight operations, said United would start by hiring the roughly 300 pilots who either had a conditional job offer last year or whose start dates had been canceled because of the pandemic.

“With vaccination rates increasing and travel demand trending upward, I’m excited to share that United will resume the pilot hiring process,” Mr. Quigley said.

Since September, nearly 1,000 United pilots have retired or taken voluntary leave, he said, adding that the number of pilots the airline needs will depend on how quickly demand recovers.

said at a virtual aviation summit on Wednesday. “Domestic leisure demand has almost entirely recovered. It tells you something about the pent-up desire for travel, the pent-up desire to remake those connections with people.”

On Wednesday, Delta Air Lines said it would start selling middle seats for the first time in a year, citing widespread vaccinations. On Thursday, Denver-based Frontier Airlines started trading on the Nasdaq, becoming the last of the nation’s 10 largest airlines to go public.

“The time is now,” Barry Biffle, Frontier’s president and chief executive, said in an interview. “The vaccine is unlocking the demand, and you’re seeing it everywhere. You’re seeing it in restaurants, you’re seeing it in hotels.”

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Business Groups Push Back on Tax Increase in Biden Plan: Live Updates

15 years of higher taxes on corporations to pay for eight years of spending. The plans include raising the corporate tax rate to 28 percent from 21 percent. The corporate tax rate had been cut from 35 percent under former President Donald J. Trump.

The Business Roundtable said it supported infrastructure investment, calling it “essential to economic growth” and important “to ensure a rapid economic recovery” — but rejected corporate tax increases as a way to pay for it.

Policymakers should avoid creating new barriers to job creation and economic growth, particularly during the recovery,” the group’s chief executive, Joshua Bolten, said in a statement.

The U.S. Chamber of Commerce echoed that view. “We strongly oppose the general tax increases proposed by the administration, which will slow the economic recovery and make the U.S. less competitive globally — the exact opposite of the goals of the infrastructure plan,” the chamber’s chief policy officer, Neil Bradley, said in a statement.

Wall Street has been wary of possible tax increases since the presidential election and has hoped that gridlock in Washington would moderate Mr. Biden’s agenda. On Wednesday, a spokesman for JPMorgan Chase said the bank’s chief executive, Jamie Dimon, believed “that the corporate tax rate for companies in the U.S. has to be competitive globally, which it is now.”

But “he has no problem with high-income people like himself paying a higher tax rate,” said the spokesman, Joseph Evangelisti.

The Biden administration has indicated that tax increases for wealthy Americans will help fund the second phase of the infrastructure plan, which is expected to be announced next month and will focus on priorities like education, health care and paid leave. The increase in corporate taxes is an effort to “ensure that corporations pay their fair share,” White House officials said in a news release.

“With vaccinations becoming more widespread and confidence in travel rising, we’re ready to help customers reclaim their lives,” the chief executive of Delta Air Lines said.
Credit…Chang W. Lee/The New York Times

Delta Air Lines said Wednesday that it would sell middle seats on flights starting May 1, more than a year after it decided to leave them empty to promote distancing. Other airlines had blocked middle seats early in the pandemic, but Delta held out the longest by several months and is the last of the four big U.S. airlines to get rid of the policy.

The company’s chief executive, Ed Bastian, said that a survey of those who flew Delta in 2019 found that nearly 65 percent expected to have received at least one dose of a coronavirus vaccine by May 1, which gave the airline “the assurance to offer customers the ability to choose any seat on our aircraft.”

Delta started blocking middle seat bookings in April 2020 and said that it continued the policy to give passengers peace of mind.

“During the past year, we transformed our service to ensure their health, safety, convenience and comfort during their travels,” Mr. Bastian said in a statement. “Now, with vaccinations becoming more widespread and confidence in travel rising, we’re ready to help customers reclaim their lives.”

Air travel has started to recover meaningfully in recent weeks, with ticket sales rising and as well over one million people per day have been screened at airport checkpoints since mid-March, according to the Transportation Security Administration. More than 1.5 million people were screened on Sunday, the busiest day at airports since the pandemic began. Air travel is still down about 40 percent from 2019.

The Centers for Disease Control and Prevention continues to recommend against travel, even for those who have been vaccinated. This week, its director, Dr. Rochelle Walensky, warned of “impending doom” from a potential fourth wave of the pandemic if Americans move too quickly to disregard the advice of public health officials.

Delta also said on Wednesday that it would give customers more time to use expiring travel credits. All new tickets purchased in 2021 and credits set to expire this year will now expire at the end of 2022.

Starting April 14, the airline plans to bring back soft drinks, cocktails and snacks on flights within the United States and to nearby international destinations. In June, it plans to start offering hot food in premium classes on some coast-to-coast flights. Delta also announced changes that will make it easier for members of its loyalty program to earn points this year.

Deliveroo is now in 12 countries and has over 100,000 riders.
Credit…Toby Melville/Reuters

Deliveroo, the British food delivery service, dropped as much as 30 percent in its first minutes of trading on Wednesday, a gloomy public debut for the company that was promoted as a post-Brexit win for London’s financial markets.

The company had set its initial public offering price at 3.90 pounds a share, valuing Deliveroo at £7.6 billion or $10.4 billion. But it opened at £3.31, 15 percent lower, and kept falling. By the end of the day, shares had recovered only slightly, closing at about £2.87, 26 percent lower.

The offering has been troubled by major investors planning to sit out the I.P.O. amid concerns about shareholder voting rights and Deliveroo rider pay. Deliveroo, trading under the ticker “ROO,” sold just under 385 million shares, raising £1.5 billion.

The business model of Deliveroo and other gig economy companies is increasingly under threat in Europe as legal challenges mount. Two weeks ago, Uber reclassified more than 70,000 drivers in Britain as workers who will receive a minimum wage, vacation pay and access to a pension plan, after a Supreme Court ruling. Analysts said the move could set a precedent for other companies and increase costs.

Deliveroo, which is based in London and was founded in 2013, is now in 12 countries and has more than 100,000 riders, recognizable on the streets by their teal jackets and food bags. Last year, Amazon became its biggest shareholder.

Demand for Deliveroo’s services could soon diminish, as pandemic restrictions in its largest market, Britain, begin to ease. In a few weeks, restaurants will reopen for outdoor dining. Last year, Deliveroo said, it lost £226.4 million even as its revenue jumped more than 50 percent to nearly £1.2 billion.

Last week, a joint investigation by the Independent Workers’ Union of Great Britain and the Bureau of Investigative Journalism was published based on invoices of hundreds of Deliveroo riders. It found that a third of the riders made less than £8.72 an hour, the national minimum wage for people over 25.

Deliveroo dismissed the report, calling the union a “fringe organization” that didn’t represent a significant number of Deliveroo riders. The company said that riders were paid for each delivery and earn “£13 per hour on average at our busiest times.”

On Monday, shares traded hands in a period called conditional dealing open to investors allocated shares in the initial offering. The stock is expected to be fully listed on the London Stock Exchange next Wednesday and can be traded without restrictions from then.

Last week, Ed Bastian, the chief executive of Delta, said he thought Georgia’s voting law had been improved, but on Wednesday he sounded a very different note.
Credit…Etienne Laurent/EPA, via Shutterstock

The chief executive of Delta, Ed Bastian, sent a letter on Wednesday to employees expressing regret for the company’s muted opposition to a restrictive voting law passed last week by the Georgia legislature.

“I need to make it crystal clear that the final bill is unacceptable and does not match Delta’s values,” he wrote in an internal memo that was reviewed by The New York Times.

Mr. Bastian’s position is a stark reversal from last week. As Republican lawmakers in Georgia rushed to pass the new law, Delta, along with other big companies headquartered in Atlanta, came under pressure from activists to publicly and directly oppose the effort. Activists called for boycotts, and protested at the Delta terminal at the Atlanta airport.

Instead, Delta chose to offer general statements in support of voting rights, and work behind the scenes to try and remove some of the most onerous provisions as the new law came together. After the law was passed on Thursday, Mr. Bastian said he believed it had been improved and included several useful changes that make voting more secure.

But on Wednesday, after dozens of prominent Black executives called on corporate America to become more engaged in the issue, Mr. Bastian reversed course.

“After having time to now fully understand all that is in the bill, coupled with discussions with leaders and employees in the Black community, it’s evident that the bill includes provisions that will make it harder for many underrepresented voters, particularly Black voters, to exercise their constitutional right to elect their representatives,” he said. “That is wrong.”

Mr. Bastian went further, saying that the entire premise of the new law — and dozens of similar bills being advanced in other states around the country — was based on false pretenses.

“The entire rationale for this bill was based on a lie: that there was widespread voter fraud in Georgia in the 2020 elections,” Mr. Bastian said. “This is simply not true. Unfortunately, that excuse is being used in states across the nation that are attempting to pass similar legislation to restrict voting rights.”

Also on Wednesday, Larry Fink, the chief executive of BlackRock, issued a statement on LinkedIn saying the company was concerned about the wave of new restrictive voting laws. “BlackRock is concerned about efforts that could limit access to the ballot for anyone,” Mr. Fink said. “Voting should be easy and accessible for ALL eligible voters.”

Kenneth Chenault, left, a former chief executive of American Express, and Kenneth Frazier, the chief executive of Merck, organized a letter signed by 72 Black business leaders.
Credit…Left, Justin Sullivan/Getty Images; right, Spencer Platt/Getty Images

Seventy-two Black executives signed a letter calling on companies to fight a wave of voting-rights bills similar to the one that was passed in Georgia being advanced by Republicans in at least 43 states.

The effort was led by Kenneth Chenault, a former chief executive of American Express, and Kenneth Frazier, the chief executive of Merck, Andrew Ross Sorkin and David Gelles report for The New York Times.

The signers included Roger Ferguson Jr., the chief executive of TIAA; Mellody Hobson and John Rogers Jr., the co-chief executives of Ariel Investments; Robert F. Smith, the chief executive of Vista Equity Partners; and Raymond McGuire, a former Citigroup executive who is running for mayor of New York. The group of leaders, with support from the Black Economic Alliance, bought a full-page ad in the Wednesday print edition of The New York Times.

“The Georgia legislature was the first one,” Mr. Frazier said. “If corporate America doesn’t stand up, we’ll get these laws passed in many places in this country.”

Last year, the Human Rights Campaign began persuading companies to sign on to a pledge that states their “clear opposition to harmful legislation aimed at restricting the access of L.G.B.T.Q. people in society.” Dozens of major companies, including AT&T, Facebook, Nike and Pfizer, signed on.

To Mr. Chenault, the contrast between the business community’s response to that issue and to voting restrictions that disproportionately harm Black voters was telling.

“You had 60 major companies — Amazon, Google, American Airlines — that signed on to the statement that states a very clear opposition to harmful legislation aimed at restricting the access of L.G.B.T.Q. people in society,” he said. “So, you know, it is bizarre that we don’t have companies standing up to this.”

“This is not new,” Mr. Chenault added. “When it comes to race, there’s differential treatment. That’s the reality.”

A Huawei store in Beijing. The United States has placed strict controls on Huawei’s ability to buy and make computer chips.
Credit…Greg Baker/Agence France-Presse — Getty Images

The Chinese tech behemoth Huawei reported sharply slower growth in sales last year, which the company blamed on American sanctions that have both hobbled its ability to produce smartphones and left those handsets unable to run popular Google apps and services, limiting their appeal to many buyers.

Huawei said on Wednesday that global revenue was around $137 billion in 2020, 3.8 percent higher than the year before. The company’s sales growth in 2019 was 19.1 percent.

Over the past two years, Washington has placed strict controls on Huawei’s ability to buy and make computer chips and other essential components. United States officials have expressed concern that the Chinese government could use Huawei or its products for espionage and sabotage. The company has denied that it is a security threat.

In recent months, Huawei has continued to release new handset models. But sales have suffered, including in its home market. Worldwide, shipments of Huawei phones fell by 22 percent between 2019 and 2020, according to the research firm Canalys, making the company the world’s third largest smartphone vendor last year. In 2019, it was No. 2, behind Samsung.

Huawei remained top dog last year in telecom network equipment, according to the consultancy Dell’Oro Group, even as Britain and other governments blocked Huawei from building their nations’ 5G infrastructure.

Announcing the company’s financial results on Wednesday, Ken Hu, one of its deputy chairmen, said that despite the challenges, Huawei was not changing the broad direction of its business. Another Huawei executive recently revealed on social media that the company was offering an artificial intelligence product for pig farms, which some people took as a sign that Huawei was diversifying to survive.

Mr. Hu took note of the news reports about Huawei’s pig-farming product but said it was “not true” that the company was making any major shifts. “Huawei’s business direction is still focused on technology infrastructure,” he said.

Apple led the $50 million funding round in UnitedMasters, which allows musicians keep ownership of their master recordings.
Credit…Kathy Willens/Associated Press

Apple is investing in UnitedMasters, a music distribution company that lets musicians bypass traditional record labels.

Artists who distribute through UnitedMasters keep ownership of their master recordings and pay either a yearly fee or 10 percent of their royalties.

Apple led the $50 million funding round, announced on Wednesday, which values UnitedMasters at $350 million, the DealBook newsletter reports. Existing investors, including Alphabet and Andreessen Horowitz, also participated in the funding.

Musicians are increasingly taking ownership of their work. Taylor Swift, most famously, and Anita Baker, most recently, have publicized their fights with labels over their master recordings. Artists once needed the heft of major publishing labels — which typically demand ownership of master recordings — to build a fan base. But with social media, labels no longer play as significant a gatekeeping role. UnitedMasters has partnerships with the N.B.A., ESPN, TikTok and Twitch, deals that reflect the new ways that people discover music.

“Technology, no doubt, has transformed music for consumers,” said Steve Stoute, the former major label executive who founded UnitedMasters. “Now it’s time for technology to change the economics for the artists.” The deal with UnitedMasters is about “empowering creators,” Eddy Cue, Apple’s head of internet software and services, said.

As streaming services, including Apple’s, compete for subscribers, they are cutting more favorable deals with the artists who attract users to platforms. Spotify announced an initiative called “Loud and Clear” this week to detail how it pays musicians following public pressure.

An H&M store in Beijing. The retailer’s chief executive, Helena Helmersson, said H&M had a “long-term commitment” to China.
Credit…Kevin Frayer/Getty Images

More than a week after the Swedish retailer H&M came under fire in China for a months-old statement expressing concern over reports of Uyghur forced labor in the region of Xinjiang, a major source of cotton, the company published a statement saying it hoped to regain the trust of customers in China.

In recent days, H&M and other Western clothing brands including Nike and Burberry that expressed concerns over reports coming out of Xinjiang have faced an outcry on Chinese social media, including calls for a boycott endorsed by President Xi Jinping’s government. The brands’ local celebrity partners have terminated their contracts, Chinese landlords have shuttered stores and their products have been removed from major e-commerce platforms.

Caught between calls for patriotism among Chinese consumers and campaigns for conscientious sourcing of cotton in the West, some other companies, including Inditex, the owner of the fast-fashion giant Zara, quietly removed statements on forced labor from their websites.

On Wednesday, H&M, the world’s second-largest fashion retailer by sales after Inditex, published a response to the controversy as part of its first quarter 2021 earnings report.

Not that it said much. There were no explicit references to cotton, Xinjiang or forced labor. However, the statement said that H&M wanted to be “a responsible buyer, in China and elsewhere” and was “actively working on next steps with regards to material sourcing.”

“We are dedicated to regaining the trust and confidence of our customers, colleagues, and business partners in China,” it said.

During the earnings conference call, the chief executive, Helena Helmersson, noted the company’s “long-term commitment to the country” and how Chinese suppliers, which were “at the forefront of innovation and technology,” would continue to “play an important role in further developing the entire industry.”

“We are working together with our colleagues in China to do everything we can to manage the current challenges and find a way forward, ” she said.

Executives on the call did not comment on the impact of the controversy on sales, except to state that around 20 stores in China were currently closed.

H&M’s earnings report, which covered a period before the recent outcry in China, reflected diminished profit for a retailer still dealing with pandemic lockdowns. Net sales in the three months through February fell 21 percent compared with the same quarter a year ago, with more than 1,800 stores temporarily closed.

Stocks on Wall Street rose as investors waited for President Biden to lay out plans for a $2 trillion package of infrastructure spending on Wednesday, which he is expected to propose funding with an increase in corporate taxes.

The S&P 500 index gained about 0.7 percent by midday, while the Nasdaq composite climbed about 1.9 percent. Bonds fell, with the yield on 10-year Treasury notes at 1.72 percent. On Tuesday, the 10-year yield climbed as high 1.77 percent, a level not seen since January 2020.

Prospects of a strong economic recovery in the United States, supported by large amounts of fiscal spending and the vaccine rollout, have pushed bond yields higher. Economic growth and higher inflation have made bonds less appealing as investors adjust their expectations for how much longer the Federal Reserve will need to keep its easy-money policies.

The Ever Given cargo ship was stuck in the Suez Canal nearly a week.
Credit…Agence France-Presse — Getty Images

The traffic jam at the Suez Canal will soon ease, but behemoth container ships like the one that blocked that crucial passageway for almost a week aren’t going anywhere.

Global supply chains were already under pressure when the Ever Given, a ship longer than the Empire State Building and capable of carrying 20,000 containers, wedged itself between the banks of the Suez Canal last week. It was freed on Monday, but left behind “disruptions and backlogs in global shipping that could take weeks, possibly months, to unravel,” according to A.P. Moller-Maersk, the world’s largest shipping company.

The crisis was short, but it was also years in the making, reports Niraj Chokshi for The New York Times.

For decades, shipping lines have been making bigger and bigger vessels, driven by an expanding global appetite for electronics, clothes, toys and other goods. The growth in ship size, which sped up in recent years, often made economic sense: Bigger vessels are generally cheaper to build and operate on a per-container basis. But the largest ships can come with their own set of problems, not only for the canals and ports that have to handle them, but for the companies that build them.

“They did what they thought was most efficient for themselves — make the ships big — and they didn’t pay much attention at all to the rest of the world,” said Marc Levinson, an economist and author of “Outside the Box,” a history of globalization. “But it turns out that these really big ships are not as efficient as the shipping lines had imagined.”

Despite the risks they pose, however, massive vessels still dominate global shipping. According to Alphaliner, a data firm, the global fleet of container ships includes 133 of the largest ship type — those that can carry 18,000 to 24,000 containers. Another 53 are on order.

A.P. Moller-Maersk said it was premature to blame Ever Given’s size for what happened in the Suez. Ultra-large ships “have existed for many years and have sailed through the Suez Canal without issues,” Palle Brodsgaard Laursen, the company’s chief technical officer, said in a statement on Tuesday.

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CreditCredit…By Erik Carter

In today’s On Tech newsletter, Shira Ovide talks to New York Times reporter Karen Weise about the vote on whether to form a union at an Amazon warehouse in Bessemer, Ala., and how the outcome may reverberate beyond this one workplace.

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Delta reverses course, calling Georgia’s voting law ‘unacceptable.’

15 years of higher taxes on corporations to pay for eight years of spending. The plans include raising the corporate tax rate to 28 percent from 21 percent. The corporate tax rate had been cut from 35 percent under former President Donald J. Trump.

The Business Roundtable said it supported infrastructure investment, calling it “essential to economic growth” and important “to ensure a rapid economic recovery” — but rejected corporate tax increases as a way to pay for it.

“Business Roundtable strongly opposes corporate tax increases” to pay for infrastructure investment, the group’s chief executive, Joshua Bolten, said in a statement. Policymakers should avoid creating new barriers to job creation and economic growth, particularly during the recovery.”

The U.S. Chamber of Commerce echoed Business Roundtable’s view. “We strongly oppose the general tax increases proposed by the administration, which will slow the economic recovery and make the U.S. less competitive globally — the exact opposite of the goals of the infrastructure plan,” the chamber’s chief policy officer, Neil Bradley, said in a statement.

Automakers embraced Mr. Biden’s bet to increase the use of electric cars. The plan proposes spending $174 billion to encourage the manufacture and purchase of electric vehicles by granting tax credits and other incentives to companies that make electric vehicle batteries in the United States instead of China.

“Customers want connected and increasingly electric vehicles, and we need to work together to build the infrastructure to help this transformation,” Jim Farley, the chief executive of Ford Motor, said in a statement. “Ford supports the administration’s efforts to advance a broad infrastructure plan that prioritizes a more sustainable, connected and autonomous future — including an integrated charging network and supportive supply chain, built on a foundation of safe roads and bridges for our customers.”

“With vaccinations becoming more widespread and confidence in travel rising, we’re ready to help customers reclaim their lives,” the chief executive of Delta Air Lines said.
Credit…Chang W. Lee/The New York Times

Delta Air Lines said Wednesday that it would sell middle seats on flights starting May 1, more than a year after it decided to leave them empty to promote distancing. Other airlines had blocked middle seats early in the pandemic, but Delta held out the longest by several months and is the last of the four big U.S. airlines to get rid of the policy.

The company’s chief executive, Ed Bastian, said that a survey of those who flew Delta in 2019 found that nearly 65 percent expected to have received at least one dose of a coronavirus vaccine by May 1, which gave the airline “the assurance to offer customers the ability to choose any seat on our aircraft.”

Delta started blocking middle seat bookings in April 2020 and said that it continued the policy to give passengers peace of mind.

“During the past year, we transformed our service to ensure their health, safety, convenience and comfort during their travels,” Mr. Bastian said in a statement. “Now, with vaccinations becoming more widespread and confidence in travel rising, we’re ready to help customers reclaim their lives.”

Air travel has started to recover meaningfully in recent weeks, with ticket sales rising and as well over one million people per day have been screened at airport checkpoints since mid-March, according to the Transportation Security Administration. More than 1.5 million people were screened on Sunday, the busiest day at airports since the pandemic began. Air travel is still down about 40 percent from 2019.

The Centers for Disease Control and Prevention continues to recommend against travel, even for those who have been vaccinated. This week, its director, Dr. Rochelle Walensky, warned of “impending doom” from a potential fourth wave of the pandemic if Americans move too quickly to disregard the advice of public health officials.

Delta also said on Wednesday that it would give customers more time to use expiring travel credits. All new tickets purchased in 2021 and credits set to expire this year will now expire at the end of 2022.

Starting April 14, the airline plans to bring back soft drinks, cocktails and snacks on flights within the United States and to nearby international destinations. In June, it plans to start offering hot food in premium classes on some coast-to-coast flights. Delta also announced changes that will make it easier for members of its loyalty program to earn points this year.

Deliveroo is now in 12 countries and has over 100,000 riders.
Credit…Toby Melville/Reuters

Deliveroo, the British food delivery service, dropped as much as 30 percent in its first minutes of trading on Wednesday, a gloomy public debut for the company that was promoted as a post-Brexit win for London’s financial markets.

The company had set its initial public offering price at 3.90 pounds a share, valuing Deliveroo at £7.6 billion or $10.4 billion. But it opened at £3.31, 15 percent lower, and kept falling. By the end of the day, shares had recovered only slightly, closing at about £2.87, 26 percent lower.

The offering has been troubled by major investors planning to sit out the I.P.O. amid concerns about shareholder voting rights and Deliveroo rider pay. Deliveroo, trading under the ticker “ROO,” sold just under 385 million shares, raising £1.5 billion.

The business model of Deliveroo and other gig economy companies is increasingly under threat in Europe as legal challenges mount. Two weeks ago, Uber reclassified more than 70,000 drivers in Britain as workers who will receive a minimum wage, vacation pay and access to a pension plan, after a Supreme Court ruling. Analysts said the move could set a precedent for other companies and increase costs.

Deliveroo, which is based in London and was founded in 2013, is now in 12 countries and has more than 100,000 riders, recognizable on the streets by their teal jackets and food bags. Last year, Amazon became its biggest shareholder.

Demand for Deliveroo’s services could soon diminish, as pandemic restrictions in its largest market, Britain, begin to ease. In a few weeks, restaurants will reopen for outdoor dining. Last year, Deliveroo said, it lost £226.4 million even as its revenue jumped more than 50 percent to nearly £1.2 billion.

Last week, a joint investigation by the Independent Workers’ Union of Great Britain and the Bureau of Investigative Journalism was published based on invoices of hundreds of Deliveroo riders. It found that a third of the riders made less than £8.72 an hour, the national minimum wage for people over 25.

Deliveroo dismissed the report, calling the union a “fringe organization” that didn’t represent a significant number of Deliveroo riders. The company said that riders were paid for each delivery and earn “£13 per hour on average at our busiest times.”

On Monday, shares traded hands in a period called conditional dealing open to investors allocated shares in the initial offering. The stock is expected to be fully listed on the London Stock Exchange next Wednesday and can be traded without restrictions from then.

Last week, Ed Bastian, the chief executive of Delta, said he thought Georgia’s voting law had been improved, but on Wednesday he sounded a very different note.
Credit…Etienne Laurent/EPA, via Shutterstock

The chief executive of Delta, Ed Bastian, sent a letter on Wednesday to employees expressing regret for the company’s muted opposition to a restrictive voting law passed last week by the Georgia legislature.

“I need to make it crystal clear that the final bill is unacceptable and does not match Delta’s values,” he wrote in an internal memo that was reviewed by The New York Times.

Mr. Bastian’s position is a stark reversal from last week. As Republican lawmakers in Georgia rushed to pass the new law, Delta, along with other big companies headquartered in Atlanta, came under pressure from activists to publicly and directly oppose the effort. Activists called for boycotts, and protested at the Delta terminal at the Atlanta airport.

Instead, Delta chose to offer general statements in support of voting rights, and work behind the scenes to try and remove some of the most onerous provisions as the new law came together. After the law was passed on Thursday, Mr. Bastian said he believed it had been improved and included several useful changes that make voting more secure.

But on Wednesday, after dozens of prominent Black executives called on corporate America to become more engaged in the issue, Mr. Bastian reversed course.

“After having time to now fully understand all that is in the bill, coupled with discussions with leaders and employees in the Black community, it’s evident that the bill includes provisions that will make it harder for many underrepresented voters, particularly Black voters, to exercise their constitutional right to elect their representatives,” he said. “That is wrong.”

Mr. Bastian went further, saying that the entire premise of the new law — and dozens of similar bills being advanced in other states around the country — was based on false pretenses.

“The entire rationale for this bill was based on a lie: that there was widespread voter fraud in Georgia in the 2020 elections,” Mr. Bastian said. “This is simply not true. Unfortunately, that excuse is being used in states across the nation that are attempting to pass similar legislation to restrict voting rights.”

Also on Wednesday, Larry Fink, the chief executive of BlackRock, issued a statement on LinkedIn saying the company was concerned about the wave of new restrictive voting laws. “BlackRock is concerned about efforts that could limit access to the ballot for anyone,” Mr. Fink said. “Voting should be easy and accessible for ALL eligible voters.”

Kenneth Chenault, left, a former chief executive of American Express, and Kenneth Frazier, the chief executive of Merck, organized a letter signed by 72 Black business leaders.
Credit…Left, Justin Sullivan/Getty Images; right, Spencer Platt/Getty Images

Seventy-two Black executives signed a letter calling on companies to fight a wave of voting-rights bills similar to the one that was passed in Georgia being advanced by Republicans in at least 43 states.

The effort was led by Kenneth Chenault, a former chief executive of American Express, and Kenneth Frazier, the chief executive of Merck, Andrew Ross Sorkin and David Gelles report for The New York Times.

The signers included Roger Ferguson Jr., the chief executive of TIAA; Mellody Hobson and John Rogers Jr., the co-chief executives of Ariel Investments; Robert F. Smith, the chief executive of Vista Equity Partners; and Raymond McGuire, a former Citigroup executive who is running for mayor of New York. The group of leaders, with support from the Black Economic Alliance, bought a full-page ad in the Wednesday print edition of The New York Times.

“The Georgia legislature was the first one,” Mr. Frazier said. “If corporate America doesn’t stand up, we’ll get these laws passed in many places in this country.”

Last year, the Human Rights Campaign began persuading companies to sign on to a pledge that states their “clear opposition to harmful legislation aimed at restricting the access of L.G.B.T.Q. people in society.” Dozens of major companies, including AT&T, Facebook, Nike and Pfizer, signed on.

To Mr. Chenault, the contrast between the business community’s response to that issue and to voting restrictions that disproportionately harm Black voters was telling.

“You had 60 major companies — Amazon, Google, American Airlines — that signed on to the statement that states a very clear opposition to harmful legislation aimed at restricting the access of L.G.B.T.Q. people in society,” he said. “So, you know, it is bizarre that we don’t have companies standing up to this.”

“This is not new,” Mr. Chenault added. “When it comes to race, there’s differential treatment. That’s the reality.”

A Huawei store in Beijing. The United States has placed strict controls on Huawei’s ability to buy and make computer chips.
Credit…Greg Baker/Agence France-Presse — Getty Images

The Chinese tech behemoth Huawei reported sharply slower growth in sales last year, which the company blamed on American sanctions that have both hobbled its ability to produce smartphones and left those handsets unable to run popular Google apps and services, limiting their appeal to many buyers.

Huawei said on Wednesday that global revenue was around $137 billion in 2020, 3.8 percent higher than the year before. The company’s sales growth in 2019 was 19.1 percent.

Over the past two years, Washington has placed strict controls on Huawei’s ability to buy and make computer chips and other essential components. United States officials have expressed concern that the Chinese government could use Huawei or its products for espionage and sabotage. The company has denied that it is a security threat.

In recent months, Huawei has continued to release new handset models. But sales have suffered, including in its home market. Worldwide, shipments of Huawei phones fell by 22 percent between 2019 and 2020, according to the research firm Canalys, making the company the world’s third largest smartphone vendor last year. In 2019, it was No. 2, behind Samsung.

Huawei remained top dog last year in telecom network equipment, according to the consultancy Dell’Oro Group, even as Britain and other governments blocked Huawei from building their nations’ 5G infrastructure.

Announcing the company’s financial results on Wednesday, Ken Hu, one of its deputy chairmen, said that despite the challenges, Huawei was not changing the broad direction of its business. Another Huawei executive recently revealed on social media that the company was offering an artificial intelligence product for pig farms, which some people took as a sign that Huawei was diversifying to survive.

Mr. Hu took note of the news reports about Huawei’s pig-farming product but said it was “not true” that the company was making any major shifts. “Huawei’s business direction is still focused on technology infrastructure,” he said.

Apple led the $50 million funding round in UnitedMasters, which allows musicians keep ownership of their master recordings.
Credit…Kathy Willens/Associated Press

Apple is investing in UnitedMasters, a music distribution company that lets musicians bypass traditional record labels.

Artists who distribute through UnitedMasters keep ownership of their master recordings and pay either a yearly fee or 10 percent of their royalties.

Apple led the $50 million funding round, announced on Wednesday, which values UnitedMasters at $350 million, the DealBook newsletter reports. Existing investors, including Alphabet and Andreessen Horowitz, also participated in the funding.

Musicians are increasingly taking ownership of their work. Taylor Swift, most famously, and Anita Baker, most recently, have publicized their fights with labels over their master recordings. Artists once needed the heft of major publishing labels — which typically demand ownership of master recordings — to build a fan base. But with social media, labels no longer play as significant a gatekeeping role. UnitedMasters has partnerships with the N.B.A., ESPN, TikTok and Twitch, deals that reflect the new ways that people discover music.

“Technology, no doubt, has transformed music for consumers,” said Steve Stoute, the former major label executive who founded UnitedMasters. “Now it’s time for technology to change the economics for the artists.” The deal with UnitedMasters is about “empowering creators,” Eddy Cue, Apple’s head of internet software and services, said.

As streaming services, including Apple’s, compete for subscribers, they are cutting more favorable deals with the artists who attract users to platforms. Spotify announced an initiative called “Loud and Clear” this week to detail how it pays musicians following public pressure.

An H&M store in Beijing. The retailer’s chief executive, Helena Helmersson, said H&M had a “long-term commitment” to China.
Credit…Kevin Frayer/Getty Images

More than a week after the Swedish retailer H&M came under fire in China for a months-old statement expressing concern over reports of Uyghur forced labor in the region of Xinjiang, a major source of cotton, the company published a statement saying it hoped to regain the trust of customers in China.

In recent days, H&M and other Western clothing brands including Nike and Burberry that expressed concerns over reports coming out of Xinjiang have faced an outcry on Chinese social media, including calls for a boycott endorsed by President Xi Jinping’s government. The brands’ local celebrity partners have terminated their contracts, Chinese landlords have shuttered stores and their products have been removed from major e-commerce platforms.

Caught between calls for patriotism among Chinese consumers and campaigns for conscientious sourcing of cotton in the West, some other companies, including Inditex, the owner of the fast-fashion giant Zara, quietly removed statements on forced labor from their websites.

On Wednesday, H&M, the world’s second-largest fashion retailer by sales after Inditex, published a response to the controversy as part of its first quarter 2021 earnings report.

Not that it said much. There were no explicit references to cotton, Xinjiang or forced labor. However, the statement said that H&M wanted to be “a responsible buyer, in China and elsewhere” and was “actively working on next steps with regards to material sourcing.”

“We are dedicated to regaining the trust and confidence of our customers, colleagues, and business partners in China,” it said.

During the earnings conference call, the chief executive, Helena Helmersson, noted the company’s “long-term commitment to the country” and how Chinese suppliers, which were “at the forefront of innovation and technology,” would continue to “play an important role in further developing the entire industry.”

“We are working together with our colleagues in China to do everything we can to manage the current challenges and find a way forward, ” she said.

Executives on the call did not comment on the impact of the controversy on sales, except to state that around 20 stores in China were currently closed.

H&M’s earnings report, which covered a period before the recent outcry in China, reflected diminished profit for a retailer still dealing with pandemic lockdowns. Net sales in the three months through February fell 21 percent compared with the same quarter a year ago, with more than 1,800 stores temporarily closed.

Stocks on Wall Street rose as investors waited for President Biden to lay out plans for a $2 trillion package of infrastructure spending on Wednesday, which he is expected to propose funding with an increase in corporate taxes.

The S&P 500 index gained about 0.7 percent by midday, while the Nasdaq composite climbed about 1.9 percent. Bonds fell, with the yield on 10-year Treasury notes at 1.72 percent. On Tuesday, the 10-year yield climbed as high 1.77 percent, a level not seen since January 2020.

Prospects of a strong economic recovery in the United States, supported by large amounts of fiscal spending and the vaccine rollout, have pushed bond yields higher. Economic growth and higher inflation have made bonds less appealing as investors adjust their expectations for how much longer the Federal Reserve will need to keep its easy-money policies.

The Ever Given cargo ship was stuck in the Suez Canal nearly a week.
Credit…Agence France-Presse — Getty Images

The traffic jam at the Suez Canal will soon ease, but behemoth container ships like the one that blocked that crucial passageway for almost a week aren’t going anywhere.

Global supply chains were already under pressure when the Ever Given, a ship longer than the Empire State Building and capable of carrying 20,000 containers, wedged itself between the banks of the Suez Canal last week. It was freed on Monday, but left behind “disruptions and backlogs in global shipping that could take weeks, possibly months, to unravel,” according to A.P. Moller-Maersk, the world’s largest shipping company.

The crisis was short, but it was also years in the making, reports Niraj Chokshi for The New York Times.

For decades, shipping lines have been making bigger and bigger vessels, driven by an expanding global appetite for electronics, clothes, toys and other goods. The growth in ship size, which sped up in recent years, often made economic sense: Bigger vessels are generally cheaper to build and operate on a per-container basis. But the largest ships can come with their own set of problems, not only for the canals and ports that have to handle them, but for the companies that build them.

“They did what they thought was most efficient for themselves — make the ships big — and they didn’t pay much attention at all to the rest of the world,” said Marc Levinson, an economist and author of “Outside the Box,” a history of globalization. “But it turns out that these really big ships are not as efficient as the shipping lines had imagined.”

Despite the risks they pose, however, massive vessels still dominate global shipping. According to Alphaliner, a data firm, the global fleet of container ships includes 133 of the largest ship type — those that can carry 18,000 to 24,000 containers. Another 53 are on order.

A.P. Moller-Maersk said it was premature to blame Ever Given’s size for what happened in the Suez. Ultra-large ships “have existed for many years and have sailed through the Suez Canal without issues,” Palle Brodsgaard Laursen, the company’s chief technical officer, said in a statement on Tuesday.

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CreditCredit…By Erik Carter

In today’s On Tech newsletter, Shira Ovide talks to New York Times reporter Karen Weise about the vote on whether to form a union at an Amazon warehouse in Bessemer, Ala., and how the outcome may reverberate beyond this one workplace.

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Delta Air Lines to Resume Booking Middle Seats in May

Delta Air Lines said Wednesday that it would sell middle seats on flights starting May 1, more than a year after it decided to leave them empty to promote distancing. Other airlines had blocked middle seats early in the pandemic, but Delta held out the longest by several months and is the last of the four big U.S. airlines to get rid of the policy.

The company’s chief executive, Ed Bastian, said that a survey of those who flew Delta in 2019 found that nearly 65 percent expected to have received at least one dose of a coronavirus vaccine by May 1, which gave the airline “the assurance to offer customers the ability to choose any seat on our aircraft.”

Delta started blocking middle seat bookings in April 2020 and said that it continued the policy to give passengers peace of mind.

“During the past year, we transformed our service to ensure their health, safety, convenience and comfort during their travels,” Mr. Bastian said in a statement. “Now, with vaccinations becoming more widespread and confidence in travel rising, we’re ready to help customers reclaim their lives.”

Dr. Rochelle Walensky, warned of “impending doom” from a potential fourth wave of the pandemic if Americans move too quickly to disregard the advice of public health officials.

Delta also said on Wednesday that it would give customers more time to use expiring travel credits. All new tickets purchased in 2021 and credits set to expire this year will now expire at the end of 2022.

Starting April 14, the airline plans to bring back soft drinks, cocktails and snacks on flights within the United States and to nearby international destinations. In June, it plans to start offering hot food in premium classes on some coast-to-coast flights. Delta also announced changes that will make it easier for members of its loyalty program to earn points this year.

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Fallout From Hedge Fund’s Defaults Spreads Through Markets: Live Updates

Bloomberg identified it as Archegos Capital Management, a New York-based family office that manages the wealth of Bill Hwang, a former hedge fund manager at Tiger Asia Management who was found guilty of wire fraud in 2012.

Investment banks that provided services to Archegos, such as Goldman Sachs and Morgan Stanley, dumped huge quantities of stocks including ViacomCBS and Chinese tech companies on Friday.

Archegos was forced into the stock sales, worth about $20 billion, after bets the fund made moved the wrong way, Bloomberg reported. Shares in ViacomCBS, one of Archegos’s positions, dropped 23 percent on Wednesday last week. On Friday, the share price plummeted a further 27 percent as the investment banks liquidated positions. ViacomCBS shares fell about 3 percent in early trading on Monday.

Shares in Goldman Sachs and Morgan Stanley opened about 2-3 percent lower on Monday. Shares in Deutsche Bank fell more than 3 percent, after it was said to also have some exposure to Archegos.

Credit Suisse has already been roiled this month by the collapse of Greensill Capital, a London-based financial firm it sold funds for, and to whom it extended loans of $140 million. The Swiss bank told investors it would probably report some losses on the loan.

“A significant U.S.-based hedge fund defaulted on margin calls made last week by Credit Suisse and certain other banks,” the Swiss bank said on Monday. It did not yet know the exact size of the loss from exiting its positions but “it could be highly significant and material to our first quarter results,” the statement said.

Bill Hwang, right, with his lawyer in 2012. Archegos Capital Management manages the personal fortune of the former hedge fund mogul.
Credit…Emile Wamsteker/Bloomberg

The fallout from risky investments made by Archegos Capital Management continued to spread through the global markets on Monday, and it could spur more attention from regulators on the murky world of swaps and investor borrowing, the DealBook newsletter reports.

But how did one firm’s bad bets cascade to become a multibillion-dollar fire sale of stocks by banks around the world? Here’s what we know so far:

Archegos manages the personal fortune of the former hedge fund mogul Bill Hwang, who won Wall Street’s business despite having pleaded guilty to insider trading years ago. It amassed huge positions in media giants like ViacomCBS and in several Chinese tech companies — largely with borrowed money.

The Archegos strategy included using swaps, contracts that gave Mr. Hwang financial exposure to companies’ shares while hiding both his identity and how big his positions really were. (It is also becoming increasingly apparent that several Wall Street banks lent Archegos money without knowing that others were doing the same thing for the same trades.)

Trouble for Mr. Hwang, and his banks, arose when the prices of those stocks started to fall. That prompted some of his lenders to demand cash to cover his bets. When they began to question his ability to do so, some of them, including Goldman Sachs and Morgan Stanley, seized some of his holdings and kicked off the sale $20 billion worth in huge block trades.

That forced selling led to even bigger drops in the prices of those stocks, starting a vicious circle.

Goldman Sachs has told investors that its potential losses are “immaterial,” having covered its exposure, but other investment banks faced a reckoning:

One person who is surely paying attention is Gary Gensler: President Biden’s pick to lead the S.E.C. has been an advocate for market transparency, having argued that unregulated dark pools could cause a broader risk to the U.S. economy.

Southwest Airlines, the largest buyer of Boeing’s 737 Max jet, said that it had ordered a total of the planes over the next decade.
Credit…Jim Watson/Agence France-Presse — Getty Images

Southwest Airlines is doubling down on Boeing’s troubled 737 Max jet, adding 100 new orders for the plane just months after regulators began allowing it to fly again.

The airline, already the largest customer of the Max, said on Monday that it had ordered a total of 349 Max jets over the next decade. Southwest, which resumed flights aboard the Max this month, also said it had more than doubled the number of planes it had options to buy, to 270.

“Southwest Airlines has been operating the Boeing 737 series for nearly 50 years, and the aircraft has made significant contributions to our unparalleled success,” Gary Kelly, Southwest’s chief executive, said in a statement. “Today’s commitment to the 737 Max solidifies our continued appreciation for the aircraft.”

Regulators around the world grounded the Max, which is quieter and more fuel-efficient than its predecessors, in March 2019 following fatal crashes in Ethiopia and Indonesia that killed 346 people. The Federal Aviation Administration lifted its ban on the plane in November, requiring various changes and upgrades. It was soon followed by other aviation regulators and the plane has been used on thousands of flights since.

The expanded Southwest order comes as more passengers start flying again. More than 1.5 million people were screened at airport security checkpoints on Sunday, according to the Transportation Security Administration, the most since the coronavirus pandemic began. Still, that was about 37 percent fewer people than the agency had screened on the same day in 2019.

Southwest did not say how much it will pay for its new Max order. The airline is spending more than $10 billion in new and existing airplane orders. The airline expects to receive 28 Max planes this year and at least 30 each year after through 2025.

By acquiring Houghton Mifflin, HarperCollins, which is owned by Rupert Murdoch’s News Corp, will be better able to compete as publishing has come to be dominated by the biggest players.
Credit…Richard Drew/Associated Press

HarperCollins, one of the five largest publishing companies in the United States, has made a deal to acquire Houghton Mifflin Harcourt Books and Media, the trade publishing division of Houghton Mifflin Harcourt, for $349 million.

The acquisition will help HarperCollins expand its catalog of backlist titles at a moment of growing consolidation in the book business. Houghton Mifflin publishes perennial sellers by well-known authors such as J.R.R. Tolkien, George Orwell, Philip Roth and Lois Lowry, as well as children’s classics and best-selling cookbooks and lifestyle guides.

News of the sale was reported earlier by The Wall Street Journal.

By acquiring Houghton Mifflin, HarperCollins, which is owned by Rupert Murdoch’s News Corp, will be better able to compete as publishing has come to be dominated by the biggest players.

The book business has been transformed by consolidation in the past decade, with the merger of Penguin and Random House in 2013, News Corp’s purchase of the romance publisher Harlequin, and Hachette Book Group’s acquisition of Perseus Books. Last fall, ViacomCBS agreed to sell Simon & Schuster to Penguin Random House for more than $2 billion, in a deal that has drawn scrutiny from antitrust regulators and has raised concerns among booksellers, authors and agents.

Book sales across the industry have remained strong during the pandemic, but Houghton Mifflin saw its revenue fall sharply last year because of a steep drop in sales in its education division. Its revenue fell by more than 46 percent in the nine months that ended on Sept. 30 of last year, compared with the same period in 2019. The company put its trade publishing division up for sale last fall, as it aims to focus on its core business of K-12 educational publishing, and to pay down its debt.

“There is incredible demand for our expertise as schools across the country plan for post-pandemic learning and recovery,” Houghton Mifflin’s president and chief executive, Jack Lynch, said in a news release. “This is an inflection moment for K-12 education in our country and for HMH as a trusted partner to schools and teachers in advancing learning for every student.”

Tankers and freight ships near the entrance of the Suez Canal.
Credit…Ahmed Hasan/Agence France-Presse — Getty Images

Oil prices fell on Monday as word spread that the giant cargo ship blocking the Suez Canal had been set free, raising hopes that hundreds of vessels, many carrying oil and petroleum products, could soon proceed through the critical waterway.

Oil prices had swirled earlier in the day, as prospects of an end to the logjam brightened, and then dimmed. But following the announcement that the containership Ever Given had been freed, the price of Brent crude, the international benchmark, fell about 2.5 percent, to $63.90 a barrel.

Since the vessel got stuck early last week, tankers have been lining up at the entrances to the canal waiting to deliver their cargoes to Europe and Asia.

The Suez Canal is a crucial choke point for oil shipping, but so far the impact on the oil market of this major interruption of trade flows has been relatively muted. Though prices jumped after shipping on the canal was halted, oil prices still remain below their nearly two-year highs of about $70 a barrel reached earlier this month.

Traders are now expected to focus on broader threats to the oil market, including whether the imposition of new lockdowns in Europe may hold back the recovery of oil demand from the pandemic.

From a global perspective, oil supplies are considered adequate, and the Organization of the Petroleum Exporting Countries, Russia and other producers, the group known as OPEC Plus, are withholding an estimated eight million barrels a day, or about 9 percent of current consumption, from the market. Officials from OPEC Plus are expected to meet by video conference on Thursday to discuss whether to ease output cuts.

Goldman Sachs’s headquarters in New York. A group of investors is suing the Wall Street bank over claims of fraud. 
Credit…Johannes Eisele/Agence France-Presse — Getty Images

The Supreme Court will hear arguments on Monday from Goldman Sachs and pension funds over a claim that the Wall Street giant misled investors about its work selling complex debt investments in the prelude to the 2008 financial crisis.

In its latest brief, Goldman makes an interesting argument, the DealBook newsletter reports: Investors shouldn’t rely on statements such as “honesty is at the heart of our business” or “our clients’ interests always come first” that appear in Securities and Exchange Commission filings and annual reports.

The case is a test of shareholders’ ability to sue over claims of investment fraud. The pension funds sought to sue as a class over Goldman’s statements, saying they belied those statements of honesty, and lower courts agreed to let them proceed. Goldman has argued that the investors are engaged in “guerrilla warfare” and aren’t providing “serious legal arguments,” relying on support from the federal government instead.

However, the Biden administration isn’t taking sides, technically. It will argue as a “friend of the court” on Monday that “meritorious private securities-fraud suits” are “an essential complement” to enforcing securities laws.

“I expect the court to be troubled by the claim that companies cannot be held accountable for saying that clients come first and then acting otherwise,” Robert Jackson Jr., who served on the S.E.C. from 2018 to 2020 and is now an N.Y.U. law professor, told DealBook.

The justices probably won’t agree with the claim that making a company “mean what it says” will lead to a tsunami of meritless lawsuits,” he added. Regardless, Goldman is right that the stakes are high, because the case is likely to decide whether shareholders can “hold corporate insiders accountable when they tell investors one thing and do another,” Mr. Jackson said.

President Nicolás Maduro of Venezuela promoted an unproven remedy for Covid-19 on Facebook, which prompted the company to freeze his page. 
Credit…Manaure Quintero/Reuters

The Facebook page of Venezuela’s president, Nicolás Maduro, was frozen for “repeated” violations of its misinformation policies, including a post about an unproven remedy for Covid-19, the company said on Sunday, the latest example of the social media giant cracking down on political figures who violate its content policies.

Mr. Maduro’s Facebook page will be frozen for 30 days in a “read-only” mode, the company said, “due to repeated violations of our rules.”

“We removed a video posted to President Nicolas Maduro’s Page for violating our policies against misinformation about Covid-19 that is likely to put people at risk for harm,” a Facebook spokesman said. “We follow guidance from the W.H.O. that says there is currently no medication to cure the virus.” The spokesman was referring to the World Health Organization.

Facebook’s move came after Mr. Maduro posted a video on his page that promoted Carvativir, a drug derived from thyme. He said in January that the medicine was a “miracle,” but did not provide evidence of its effectiveness — and declined to release the name of the “brilliant Venezuelan mind” that created the drug. In the video, Mr. Maduro falsely claimed that Carvativir can be used preventively and therapeutically against the coronavirus.

In the past, Facebook has been criticized for its inaction against political figures who test the boundaries of the company’s content policies by spreading misinformation. Mark Zuckerberg, the founder and chief executive of Facebook, has said he does not want to be the “arbiter of truth” in public discourse.

But in recent months, Facebook has cracked down on certain types of misinformation across the network. The company has banned posts containing false or misleading information regarding the coronavirus, and has shown willingness to take action against some political figures. And in the past, it has removed at least one post by Jair Bolsonaro, the president of Brazil, for false coronavirus remedy claims regarding the malaria drug hydroxychloroquine.

In January, after insurgents stormed the United States Capitol, President Donald J. Trump’s account was banned indefinitely for inciting his supporters to violent action using the social network.

In response to his account restriction, Mr. Maduro has said Facebook is practicing a form of “digital totalitarianism,” according to Reuters, which first reported Mr. Maduro’s suspension.

Mr. Maduro said on Twitter on Sunday that he would continue to broadcast his regular coronavirus briefing from his other digital accounts, including Instagram, YouTube and Twitter. And to circumvent his suspension, he said he would use the Facebook account belonging to his wife, Cilia Flores, to broadcast Covid-19 information. Facebook would not comment on whether it would suspend Ms. Flores’s account.

A rally on Friday in support of the Amazon workers outside the Retail, Wholesale and Department Store Union’s building in Birmingham, Ala.
Credit…Charity Rachelle for The New York Times

One of the most closely watched union elections in recent history is wrapping up on Monday, one that could alter the shape of the labor movement and one of America’s largest employers.

Almost 6,000 workers at an Amazon warehouse near Birmingham, Ala., one of the company’s largest, are eligible to vote in this election. After years of fierce resistance from the company, they could form the first union at an Amazon operation in the United States.

The outcome of the vote may not be known for days, but the union drive has already succeeded in roiling the world’s biggest e-commerce company and spotlighting complaints about its labor practices, The New York Times’s Karen Weise and Michael Corkery write. If the Retail, Wholesale and Department Store Union succeeds, it would be a huge victory for the labor movement, whose membership has declined for decades. A victory would also give it a foothold inside one of the country’s largest private employers. The company now has 950,000 workers in the United States, after adding more than 400,000 in the last year alone.

If the union loses, particularly by a large margin, Amazon will have turned the tide on a unionization drive that seemed to have many winds at its back. A loss could force labor organizers to rethink their overall strategy and give Amazon confidence that its approach is working.

Hansjörg Wyss, the former chief executive of the medical device manufacturer Synthes, said he had agreed to join a bid for Tribune Publishing.
Credit…Ruben Sprich/Reuters

A Swiss billionaire who has donated hundreds of millions to environmental causes is a surprise new player in the bidding for Tribune Publishing, the major newspaper chain that until recently seemed destined to end up in the hands of a New York hedge fund.

Hansjörg Wyss (pronounced Hans-yorg Vees), the former chief executive of the medical device manufacturer Synthes, said he had agreed to join with the Maryland hotelier Stewart W. Bainum Jr. in a bid for Tribune, an offer that could upend Alden Global Capital’s plan to take full ownership of the company, Marc Tracy of The New York Times writes.

Mr. Wyss, who has given away some of his fortune to help preserve wildlife habitats in Wyoming, Montana and Maine, said he was motivated to join the Tribune bid by his belief in the need for a robust press. “I have an opportunity to do 500 times more than what I’m doing now,” he said.

Alden, which already owns roughly 32 percent of Tribune Publishing shares, is known for drastically cutting costs at the newspapers it controls through its MediaNews Group subsidiary. Last month, the hedge fund reached an agreement with Tribune, whose papers include The Daily News, The Baltimore Sun and The Chicago Tribune, to buy the rest of the company’s shares.

The sale of Tribune, which the newspaper company hopes to conclude by July, requires regulatory approval and yes votes from company shareholders representing two-thirds of the non-Alden stock.

“We are in a hyper-growth industry,” said Dhivya Suryadevara, Stripe’s chief financial officer.
Credit…Richard Drew/Associated Press

Thousands of financial technology start-ups are riding an investor frenzy driven by a growing realization that the industry is ripe for a tech makeover, writes Erin Griffith of The New York Times.

When the pandemic forced businesses to speed up their usage of digital tools, including e-commerce and online banking, the demand for what is known as fintech exploded.

Now start-ups with names like Blend, Brex and Dave that provide decidedly unglamorous banking, lending and payment processing offerings are hot tickets. That was punctuated this month when Stripe, a payments company, raised $600 million in a financing that valued it at $95 billion, the highest ever for a private start-up in the United States.

Financial technology companies are also making a splash on the stock market. On Tuesday, Robinhood, a stock trading app popular with young adults, filed for an initial public offering. And Coinbase, a cryptocurrency start-up, is scheduled to go public in the next few weeks in what could be a $100 billion listing.

In total, venture capital investors poured $44.4 billion into financial technology start-ups last year, up from $1.1 billion in 2009, according to PitchBook, which tracks private financing. Many investors are now making bold predictions that these start-ups will upend big banks, established credit card providers — and in some cases, the entire financial system.

Christopher Waller, a member of the Federal Reserve’s Board of Governors.
Credit…Erin Schaff/The New York Times

The Federal Reserve’s independence from partisan politics is essential and must be protected, Christopher Waller, a member of Fed’s Board of Governors, said in his first speech as a top central bank official.

Mr. Waller, who previously worked in research at the Federal Reserve Bank of St. Louis, was nominated to the Fed by President Donald J. Trump and confirmed to the job late last year.

He used his first extensive public remarks to push back on the idea that the Federal Open Market Committee, which sets interest rates, might keep them steady just to make interest costs on the government’s huge debt pile low in the wake of the economic downturn caused by the pandemic.

“Going forward, the monetary policy choices of the F.O.M.C. will continue to be guided solely by our mandate to promote maximum employment and stable prices,” Mr. Waller said. “Partisan policy preferences or the debt-financing needs of the Treasury will play no role in that decision.”

Mr. Waller noted that the government’s pandemic response spending packages — which totaled more than $5 trillion — have pushed the U.S. debt to a level last seen in World War II, relative to the nation’s output.

At the same time, the Fed has been keeping short-term policy interest rates near zero while buying up huge amounts of government debt to make financing of all kinds cheaper, helping to stoke demand and fuel an economic recovery.

That has contributed to a narrative that “the Federal Reserve will succumb to pressures” to keep rates low and continue buying bonds, Mr. Waller said, policies that would make it easier for the government to borrow and spend.

“It is simply wrong,” he said. “Monetary policy has not and will not be conducted for these purposes.”

Instead, the Fed will focus on fostering maximum employment and price stability — its two Congress-given goals. The Fed is politically independent, and although it has traditionally cooperated with the Treasury Department during times of crisis, elected officials and those with close ties to the presidential administration do not have a say in how it sets monetary policy to achieve its targets.

Mr. Waller’s remarks do not mean interest rates are poised to rise soon, though. The Fed has signaled that it will leave them near rock-bottom until inflation has moved higher and looks poised to stay there, and until the economy has returned to what they see as full employment.

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Jobless Claims Fall to Lowest Point in the Pandemic: Live Updates

Initial claims for state unemployment benefits fell last week to 657,000, a decrease of 100,000 from the previous week, the Labor Department reported Thursday. It was the lowest weekly level of initial state claims since the pandemic upended the economy a year ago.

On a seasonally adjusted basis, new state claims totaled 684,000.

In addition, there were 242,000 new claims for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits, a decrease of 43,000.

Unemployment claims have been at historically high levels for the past year, partly because some workers have been laid off more than once.

“The labor market will benefit from a reopening, but it will take time for a complete recovery,” said Rubeela Farooqi, chief U.S. economist for High Frequency Economics. “The economy is doing well, but the job market is still far away from where it needs to be.”

Although the pace of vaccinations, as well as passage of a $1.9 trillion relief package this month, has lifted economists’ expectations for growth, the labor market has lagged behind other measures of recovery.

Still, the easing of restrictions on indoor dining areas, health clubs, movie theaters and other gathering places offers hope for the millions of workers who were let go in the last 12 months. And the $1,400 checks going to most Americans as part of the relief bill should help spending perk up in the weeks ahead.

Diane Swonk, chief economist at the accounting firm Grant Thornton, said she hoped for consistent employment gains but her optimism was tempered by concern about the longer-term displacement of workers by the pandemic.

“We’ve passed the point where you can just flip a switch and the lights come back on,” she said. “We need to see a sustained increase in hiring, which I think we will see, but the concern is that it won’t be so robust. It takes longer to ramp up than it does to shut down.”

Most of United’s new flights will connect cities in the Midwest to tourist destinations.
Credit…Sebastian Hidalgo for The New York Times

United Airlines plans to add more than two dozen new flights starting Memorial Day weekend, the latest sign that demand for leisure travel is picking up as the national vaccination rate moves higher.

Most of the new flights will connect cities in the Midwest to tourist destinations, such as Charleston, Hilton Head and Myrtle Beach in South Carolina; Portland, Maine; Savannah, Ga.; and Pensacola, Fla. United also said it planned to offer more flights to Mexico, the Caribbean, Central America and South America in May than it did during the same month in 2019.

The airline has seen ticket sales rise in recent weeks, according to Ankit Gupta, United’s vice president of domestic network planning and scheduling. Customers are booking tickets further out, too, he said, suggesting growing confidence in travel.

“Over the past 12 months, this is the first time we are really feeling more bullish,” Mr. Gupta said.

Airports have been consistently busier in recent weeks than at any point since the coronavirus pandemic brought travel to a standstill a year ago. Well over one million people were screened at airport security checkpoints each day over the past two weeks, according to the Transportation Security Administration, although the number of screenings is down more than 40 percent compared with the same period in 2019.

Most of the new United flights will be offered between Memorial Day weekend and Labor Day weekend aboard the airline’s regional jets, which have 50 seats. The airline said it would also add new flights between Houston and Kalispell, Mont.; Washington and Bozeman, Mont.; Chicago and Nantucket, Mass.; and Orange County, Calif., and Honolulu.

All told, United said it planned to operate about 58 percent as many domestic flights this May as it did in May 2019 and 46 percent as many international flights. Most of the demand for international travel has been focused on warm beach destinations that have less-stringent travel restrictions.

“That is one of the strongest demand regions in the world right now,” Mr. Gupta said. “A lot of the leisure traffic has sort of shifted to those places and it’s actually seen a boom in bookings.”

Delta Air Lines issued a similar update last week, announcing more than 20 nonstop summer flights to mountain, beach and vacation destinations. Both airlines have said in recent weeks that they have made substantial progress toward reducing how much money they are losing every day.

“Institutions that focus on diversity and do it well are the successful institutions in our society,” said Jerome Powell, the Federal Reserve chair.
Credit…Mandel Ngan/Agence France-Presse — Getty Images

Jerome H. Powell, the Federal Reserve chair, said on Thursday that the central bank was trying to make its economic employee base more racially diverse and he was not satisfied with its progress toward that goal so far.

“It’s very frustrating, because we have had for many years a strong focus on recruiting a more diverse cadre of economists,” Mr. Powell said while speaking on NPR’s “Morning Edition,” after being asked about a New York Times story on the Fed’s lack of Black economists. “We’re not at all satisfied with the results.”

Only two of the 417 economists, or 0.5 percent, at the Fed’s board in Washington were Black, according to data the Fed provided to The Times earlier this year. By comparison, Black people make up 13 percent of the country’s population and 3 to 4 percent of the U.S. citizens and permanent residents who graduate as Ph.D. economists each year.

Across the entire Fed system — including the Board of Governors and the 12 regional banks — 1.3 percent of economists identified as Black. The Fed has been making efforts to hire more broadly, Mr. Powell said, including by working with historically Black colleges.

“It’s a very high priority,” Mr. Powell said of hiring more diversely. “Institutions that focus on diversity and do it well are the successful institutions in our society.”

The Fed chair was also asked about how he would rate the central bank’s sweeping efforts to rescue the economy as markets melted down at the start of the coronavirus outbreak last year. In addition to cutting its policy interest rate to near zero and rolling out an enormous bond-buying program, the Fed set up a series of emergency lending programs to funnel credit to the economy.

Rolled out over a frantic few weeks, the programs included ones that the Fed had never tried before to backstop corporate bond and private company loan markets.

“I liken it to Dunkirk,” Mr. Powell said, referring to the rapid evacuation of British and Allied forces from France in World War II. “Just get in the boats and go.”

Despite the speed of the decision-making, Mr. Powell said that he looked back on the results as positive.

“Overall, it was a very successful program,” he said. “It served its purpose in staving off what could have been far worse outcomes.”

Esther George, the president of the Federal Reserve Bank of Kansas City, said she expected inflation to “firm,” given time.
Credit…Ann Saphir/Reuters

Esther George, the president of the Federal Reserve Bank of Kansas City, says that although the outlook for growth has improved as vaccinations increase and the government rolls out relief packages, the path of the pandemic remains a major question hanging over the U.S. and global economies.

“We’re not out of this yet,” Ms. George said in an interview on Wednesday. “It’s hard to know what the dynamics will be on the other side.”

Ms. George said she was focused on labor force participation as a sign of the job market’s strength more than the headline unemployment rate, which has fallen to 6.2 percent from a 14.8 percent peak but misses many people who aren’t looking for new jobs after losing theirs during the pandemic. Participation, the share of people working or looking, remains a hefty two percentage points below its prepandemic levels.

“That might be the thing I really watch in the coming months,” she said.

Ms. George expects inflation to “firm,” but that the process is likely to take a while, she said, and it is “too soon to say” whether it will end with a more meaningful rise. Some prominent economists have begun to warn that prices, which have been low for decades, could rise rapidly as the government spends big and the Fed keeps rates at rock bottom to support the economic recovery.

“Wages are a very telling factor in a story about inflation,” Ms. George said.

Many economists look for faster growth in compensation as a signal that inflation is sustainable, not just driven by short-lived supply constraints or temporary quirks in the data.

Ms. George’s colleagues, including Jerome H. Powell, the Fed chair, have been clear that they expect prices to move higher this year but will not necessarily see that as an achievement of their inflation goal. The Fed redefined its target last year and now aims for 2 percent annual price gains, on average, over time.

Ms. George did not venture a guess of when the Fed will hit its three criteria for raising interest rates: full employment, 2 percent realized price gains and the expectation of higher inflation for some time. Some Fed officials expect to raise rates next year or in 2023, but most of them expect the initial increase to come even later.

Dan Gilbert, the chief executive of Quicken Loans, which has been based in Detroit since 2010.
Credit…Tony Dejak/Associated Press

Dan Gilbert, the Quicken Loans founder, has spent more than a decade putting billions into downtown Detroit. Now he’s broadening his scope.

The Gilbert Family Foundation and the Rocket Community Fund, the philanthropic arm of Quicken Loans’ Rocket Mortgage company, announced on Thursday a $500 million investment in Metro Detroit, to be spent over the next 10 years. The first $15 million will be put toward paying off property tax debt of low-income homeowners who qualified for Detroit’s Pay As You Stay initiative.

Quicken Loans has been based in Detroit since 2010, and Mr. Gilbert and his real estate firm, Bedrock, have spent billions buying and redeveloping properties there. Those efforts have been praised for revitalizing a downtown area of roughly seven square miles, but also criticized by some who contend they did not do enough to help those who live in the rest of the city.

“We feel like we’ve made Detroit into a tech boomtown,” said Mr. Gilbert. But he acknowledged that some may have felt left behind. “This can bridge that,” he said.

Mr. Gilbert added that his focus outside of Detroit’s city center stems from his work on President Barack Obama’s Blight Removal Task Force in 2014 as the city was emerging from bankruptcy. “Property taxes was the No. 1 issue that was causing the blight foreclosures,” he said.

Detroit’s housing crisis dates to “racial covenants” in the 1920s. In the mid-2000s, the city became a center of risky lending that defined the financial crisis, with subprime lending accounting for three-fourths of the mortgages in the city. (Quicken Loans settled a lawsuit with the Justice Department for its own lending practices during that time, but admitted no wrongdoing.)

The economic crisis that followed toppled a city already grappling with a dwindling population and shrinking revenue. Those who paid for the recovery were largely low-income housing owners — in many cases Black — whom the city was also accused of overtaxing. Poverty rates ascended and city services deteriorated as a result.

The investment announced on Thursday is an effort to address the lingering effects of the crisis. Twenty thousand families qualify for the tax-relief program, said Mr. Gilbert’s wife, Jennifer, who founded the Gilbert Family Foundation with her husband.

“By preserving that wealth, we also preserve opportunities for intergenerational wealth transfer,” she said. “The stability of the home allows for people to then focus on other economic opportunities that allow them to thrive.”

After the first $15 million of the initiative is spent paying back taxes of low-income homeowners, the remaining funds will be focused on, among other things, home repair and narrowing the digital divide.

The community will be vital for input, including those who qualify for the initial tax relief. “We can learn a lot about where we want to invest next and how best we can positively impact them and their lives,” Ms. Gilbert said.

A Nike store in Beijing on Thursday. Nike shares fell in premarket trading after it was criticized on Chinese social media over a statement it made about reports of forced labor in Xinjiang.
Credit…Greg Baker/Agence France-Presse — Getty Images

U.S. stock futures dipped on Thursday even as the latest weekly data on state unemployment claims showed that they fell to their lowest level since the start of the pandemic.

Initial claims for unemployment benefits fell last week to 657,000, a decrease of 100,000 from the previous week, the Labor Department reported Thursday. On a seasonally adjusted basis, new state claims totaled 684,000. Economists have been expecting the numbers to fall as the vaccine rollout continues and the effects of the $1.9 trillion stimulus package emerge.

European stocks were lower. The Stoxx Europe 600 index was down 0.8 percent and the FTSE 100 in Britain fell 1 percent.

“We are here to help our small businesses, and that is why I’m proud to more than triple the amount of funding they can access,” said Isabella Casillas Guzman, the Small Business Administration’s administrator.
Credit…Anna Moneymaker for The New York Times

Companies harmed by the coronavirus pandemic can soon borrow up to $500,000 through the Small Business Administration’s emergency lending program, raising a cap that has frustrated many applicants.

“The pandemic has lasted longer than expected,” Isabella Casillas Guzman, the agency’s administrator, said on Wednesday. “We are here to help our small businesses, and that is why I’m proud to more than triple the amount of funding they can access.”

The change to the Economic Injury Disaster Loan program — known as EIDL and pronounced as idle — will take effect the week of April 6. Those who have already received loans but might now qualify for more money will be contacted and offered the opportunity to apply for an increase, the agency said.

The Small Business Administration has approved $200 billion in disaster loans to 3.8 million borrowers since the program began last year. Unlike the forgivable loans made through the larger and more prominent Paycheck Protection Program, the disaster loans must be paid back. But they carry a low interest rate and a long repayment term.

Normally, the decades-old disaster program makes loans of up to $2 million, and in the early days of the pandemic, the agency gave some applicants as much as $900,000. But it soon capped loans at $150,000 because it feared exhausting the available funding. That limit — which the agency did not tell borrowers about for months — angered applicants who needed more capital to keep their struggling ventures alive.

The agency has $270 billion left to lend through the pandemic relief program, James Rivera, the head of the agency’s Office of Disaster Assistance, told senators at a hearing on Wednesday.

Jane Fraser in 2019. “The blurring of lines between home and work and the relentlessness of the pandemic workday have taken a toll on our well-being,” she told Citigroup employees.
Credit…Erin Scott/Reuters

Complaints of “Zoom fatigue” have emerged across industries and classrooms in the past year, as people confined to working from home faced schedules packed with virtual meetings and often followed up by long video catch-ups with friends, reports Anna Schaverien of The New York Times.

But Citigroup, one of the world’s largest banks, is trying to start a new end-of-week tradition meant to combat that fatigue: Zoom-free Fridays.

The bank’s new chief executive, Jane Fraser, announced the plan in a memo sent to employees on Monday. Recognizing that workers have spent inordinate amounts of the past 12 months staring at video calls, Citi is encouraging its employees to take a step back from Zoom and other videoconferencing platforms for one day a week, she said.

“The blurring of lines between home and work and the relentlessness of the pandemic workday have taken a toll on our well-being,” Ms. Fraser wrote in the memo, which was seen by The New York Times.

No one at the company would have to turn their video on for any internal meetings on Fridays, she said. External meetings would not be affected.

The bank outlined other steps to restore some semblance of work-life balance. It recommended employees stop scheduling calls outside of traditional working hours and pledged that when employees can return to offices, a majority of its workers would be given the option to work from home up to two days a week.

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U.S. Airports Saw More Travelers on Friday Than in a Year

U.S. airports had 1.357 million people pass through on Friday, the highest number on any day since March 2020, just after the World Health Organization declared the coronavirus outbreak a pandemic.

The new figures from the Transportation Security Administration will be welcome news for the aviation industry, which has particularly been decimated during the pandemic but was granted some relief in the stimulus bill that President Biden signed on Thursday.

Still, nonessential flights go against the latest guidelines from the Centers for Disease Control and Prevention, which warned last week that even fully vaccinated people should avoid travel unless necessary.

“We know that after mass travel, after vacations, after holidays, we tend to see a surge in cases,” Dr. Rochelle Walensky, the director of the Centers for Disease Control and Prevention, said on Monday on MSNBC. “And so, we really want to make sure — again with just 10 percent of people vaccinated — that we are limiting travel.”

Photos of spring break partyers without masks in Florida spread on social media this week, prompting concern from some local officials. “Unfortunately, we’re getting too many people looking to get loose,” Mayor Dan Gelber of Miami Beach said. “Letting loose is precisely what we don’t want.”

The T.S.A. said it had prepared for a possible increase in spring break travel between late February and April, including through recruitment and vaccination efforts for its own officers. The agency’s employees had previously alleged that the more than 6,000 cases among their ranks were fueled by lax safety measures.

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