military threats to human rights concerns. Some were longstanding, others of newer vintage.
During the Cold War, the prospect of nuclear annihilation led to historic treaties and a framework that kept the world from blowing itself up. At this meeting, for the first time, cyberweapons — with their own huge potential to wreak havoc — were at the center of the agenda.
But Mr. Putin’s comments to the media suggested the two leaders did not find much common ground.
In addition to his denials that Russia had played a destabilizing role in cyberspace, he also took a hard line on human rights in Russia.
He said Mr. Biden had raised the issue, but struck the same defiant tone on the matter in his news conference as he has in the past. The United States, Mr. Putin said, supports opposition groups in Russia to weaken the country, since it sees Russia as an adversary.
“If Russia is the enemy, then what organizations will America support in Russia?” Mr. Putin asked. “I think that it’s not those who strengthen the Russian Federation, but those that contain it — which is the publicly announced goal of the United States.”
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Biden Raises Human Rights and Cybersecurity With Putin
Mr. Biden discussing his meeting with Mr. Putin.
I told President Putin my agenda is not against Russia or anyone else. It’s for the American people, fighting Covid-19, rebuilding our economy, re-establishing relationships around the world with our allies and friends and protecting the American people. That’s my responsibility as president. I also told him that no president of the United States could keep faith with the American people if they did not speak out to defend our democratic values, to stand up for the universal and fundamental freedoms that all men and women have in our view. That’s just part of the DNA of our country. So human rights is going to always be on the table, I told him. It’s not about just going after Russia when they violate human rights. It’s about who we are. This is about practical, straightforward, no-nonsense decisions that we have to make or not make. We’ll find out within the next six months to a year, whether or not we actually have a strategic dialogue that matters. We’ll find out whether we work to deal with everything from release of people in Russian prisons or not. We’ll find out whether we have a cybersecurity arrangement that begins to bring some order because, look, the countries that most are likely to be damaged — the failure to do that — are the major countries.
Mr. Biden discussing his meeting with Mr. Putin.CreditCredit…Doug Mills/The New York Times
President Biden said on Wednesday that “I did what I came to do” in his first summit meeting with President Vladimir V. Putin of Russia.
Speaking after the summit in Geneva, Mr. Biden said the two leaders had identified areas of mutual interest and cooperation. But he said he had also voiced American objections to Russia’s behavior on human rights, and warned that there would be consequences to cyberattacks on the United States.
Any American president representing the country’s democratic values, Mr. Biden said, would be obliged to raise issues of human rights and freedoms. And so he said had discussed with Mr. Putin his concerns over the imprisonment of the Russian opposition leader Aleksei A. Navalny and warned there would be “devastating” consequences if Mr. Navalny were to die in prison.
Mr. Biden also brought up the detentions of two American citizens in Russia, Paul Whelan and Trevor Reed, he said.
On the issue of cybersecurity, Mr. Biden said he had argued that certain parts of the infrastructure need to be off limits to cyberattacks. He said he had provided Mr. Putin with a list of critical areas, like energy, that must be spared. Mr. Biden also said the two leaders had agreed to enlist experts in both countries to discuss what should remain off limits and to follow up on specific cases.
“We need to have some basic rules of the road,” Mr. Biden told reporters after the summit.
And if Russia continues to violate what he called the basic norms of responsible behavior, he said, “We will respond.”
Mr. Biden made clear that, during his discussions with Mr. Putin, there were no threats, no talk of military intervention and no mention of what specific retaliation the United States would take in such cases. But Mr. Biden said that the United States was fully capable of responding with its own cyberattacks —“and he knows it.”
Mr. Biden said “there’s much more work to do,” but declared over the course of his weeklong European trip, he had shown that “the United States is back.”
He also said Russia stood to lose internationally if it continued to meddle in elections. “It diminishes the standing of a nation,”Mr. Biden said.
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Mr. Putin told reporters Wednesday that there had been “no hostility” in his first meeting with Mr. Biden.CreditCredit…Pool photo by Alexander Zemlianichenko
President Vladimir V. Putin on Wednesday repeated well-worn denials of Russian mischief and tropes about American failings, as he spoke to the press after his first summit with President Biden.
But between those familiar lines, he left the door open to deeper engagement with Washington than the Kremlin had been willing to entertain in recent years. On issues like cybersecurity, nuclear weapons, diplomatic spats and even prisoner exchanges, Mr. Putin said he was ready for talks with the United States, and he voiced unusual optimism about the possibility of achieving results.
“We must agree on rules of behavior in all the spheres that we mentioned today: That’s strategic stability, that’s cybersecurity, that’s resolving questions connected to regional conflicts,” Mr. Putin said at a nearly hourlong news conference after the summit. “I think that we can find agreement on all this — at least I got that sense given the results of our meeting with President Biden.”
Mr. Putin’s focus on “rules of behavior” sounded a lot like the “guardrails” that American officials have said they hope to agree on with Russia in order to stabilize the relationship. “Strategic stability” is the term both sides use to refer to nuclear weapons and related issues.
To be sure, there is no guarantee that the United States and Russia will make progress on those fundamental issues, and American officials fear Russian offers of talks could be efforts to tie key questions up in committees rather than set clear red lines. But in recent years, substantive dialogue between the two countries has been rare, making Wednesday’s promises of new consultations significant.
But Mr. Putin fell back on familiar Kremlin talking points to bat away criticisms, pointing to supposed human rights violations in the United States and denying Russian complicity in cyberattacks. He also refused to budge in response to questions over his repression of dissent inside Russia and the imprisonment of the opposition leader Aleksei A. Navalny. As he has said in the past, he repeated that the Kremlin does not see domestic politics as up for negotiation or discussion.
“If you ignore the tiresome whataboutism, there were some real outcomes,” said Samuel Charap, a senior political scientist at the RAND Corporation in Arlington, Va. “Russia is not in the habit of confessing its sins and seeking forgiveness. Particularly under Putin.”
The main outcomes to Mr. Charap were the agreement on U.S.-Russian dialogue on strategic stability and cybersecurity, as well as the agreement for American and Russian ambassadors to return to their posts in Moscow and Washington. Mr. Putin also said there was “potential for compromise” on the issue of several Americans imprisoned in Russia and Russians imprisoned in the United States.
To tout his renewed willingness to talk — while acknowledging the uncertainty ahead — Mr. Putin quoted from Russian literature.
“Leo Tolstoy once said: ‘There is no happiness in life — there are only glimmers of it,’” Mr. Putin said. “I think that in this situation, there can’t be any kind of family trust. But I think we’ve seen some glimmers.”
Mr. Biden and the first lady earlier this month.Credit…Doug Mills/The New York Times
After President Biden met his Russian counterpart on Wednesday, the two men did not face the news media at a joint news conference.
President Vladimir V. Putin of Russia spoke first, followed by Mr. Biden, in separate news conferences, a move intended by the White House to deny the Russian leader an international platform like the one he received during a 2018 summit in Helsinki with President Donald J. Trump.
“We expect this meeting to be candid and straightforward, and a solo press conference is the appropriate format to clearly communicate with the free press the topics that were raised in the meeting,” a U.S. official said in a statement sent to reporters this weekend, “both in terms of areas where we may agree and in areas where we have significant concerns.”
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On Wednesday, President Biden met with the president of Russia, Vladimir V. Putin, in Geneva. The two global leaders are meeting as tensions between Washington and Moscow have escalated over the last year.CreditCredit…Doug Mills/The New York Times
Top aides to Mr. Biden said that during negotiations over the meetings the Russian government was eager to have Mr. Putin join Mr. Biden in a news conference. But Biden administration officials said that they were mindful of how Mr. Putin seemed to get the better of Mr. Trump in Helsinki.
At that news conference, Mr. Trump publicly accepted Mr. Putin’s assurances that his government did not interfere with the 2016 election, taking the Russian president’s word rather than the assessments of his own intelligence officials.
The spectacle in 2018 drew sharp condemnations from across the political spectrum for providing an opportunity for Mr. Putin to spread falsehoods. Senator John McCain at the time called it “one of the most disgraceful performances by an American president in memory.”
Mr. Putin’s limousine arriving at the Villa La Grange on Wednesday.Credit…Doug Mills/The New York Times
Piggybacking on the attention to Russia with the Biden-Putin meeting on Wednesday, the European Union issued a long and pessimistic report on the state of relations between Brussels and Moscow.
“There is not much hope for better relations between the European Union and Russia anytime soon,” said Josep Borrell Fontelles, the E.U.’s foreign policy chief, introducing the report. It was prepared in advance of a summit meeting of European leaders next week at which the bloc’s future policy toward Russia will be on the agenda.
That discussion has been delayed several times by other pressing issues, including the pandemic.
“Under present circumstances, a renewed partnership between the E.U. and Russia, allowing for closer cooperation, seems a distant prospect,” Mr. Borrell said in a statement, introducing the 14-page report prepared by the European Commission.
The report urges the 27-member bloc to simultaneously “push back” against Russian misbehavior and violations of international law; “constrain” Russia’s efforts to destabilize Europe and undermine its interests, especially in the Western Balkans and neighboring post-Soviet states; and “engage” with Russia on common issues like health and climate, “based on a strong common understanding of Russia’s aims and an approach of principled pragmatism.”
The ambition, Mr. Borrell said, is to move gradually “into a more predictable and stable relationship,” a similar goal to that expressed by the Biden administration.
Mr. Borrell had an embarrassing visit to Moscow in February as he began to prepare the report. He stood by without reacting in a joint news conference as his Russian counterpart, Foreign Minister Sergey Lavrov, called the European Union an “unreliable partner.”
As they were meeting, Moscow announced that diplomats from Germany, Poland and Sweden had been expelled for purportedly participating in “illegal protests” to support the jailed opposition politician Aleksei A. Navalny, a fact Mr. Borrell discovered only later through social media.
He defended the trip, telling the European Parliament that he “wanted to test whether the Russian authorities are interested in a serious attempt to reverse the deterioration of our relations and seize the opportunity to have a more constructive dialogue. The answer has been clear: No, they are not.”
Relations have worsened since then with overt Russian support for a crackdown against democracy and protests in Belarus.
Soldiers working with artillery at a base in Khlibodarivka, Ukraine, in April.Credit…Brendan Hoffman for The New York Times
Even before the summit between the United States and Russia got underway on Wednesday, Ukrainian officials played down the prospect for a breakthrough on one of the thornier issues on the agenda: ending the war in eastern Ukraine, the only active conflict in Europe today.
Ukraine said it would not accept any arrangements made in Geneva between President Biden and President Vladimir V. Putin on the war, which has been simmering for seven years between Russian-backed separatists and the Ukrainian Army, officials said.
Before the summit’s start, Dmitri S. Peskov, the Kremlin’s spokesman, said that Ukraine’s entry into NATO would represent a “red line” for Russia that Mr. Putin was prepared to make plain on Wednesday. Mr. Biden said this week that Ukraine could join NATO if “they meet the criteria.”
The Ukrainian government has in recent years dug in its heels on a policy of rejecting any negotiation without a seat at the table after worry that Washington and Moscow would cut a deal in back-room talks. The approach has remained in place with the Biden administration.
“It is not possible to decide for Ukraine,” President Volodymyr Zelensky said on Monday. “So there will be no concrete result” in negotiations in Geneva, he said.
Ukraine’s foreign minister drove the point home again on Tuesday.
“We have made it very clear to our partners that no agreement on Ukraine reached without Ukraine will be recognized by us,” Dmytro Kuleba, the foreign minister, told journalists. Ukraine, he said, “will not accept any scenarios where they will try to force us to do something.”
Ukraine will have a chance for talks with the United States. Mr. Biden has invited Mr. Zelensky to a meeting in the White House in July, when a recent Russian troop buildup along the Ukrainian border is sure to be on the agenda.
Russia massed more than 100,000 troops along the Ukrainian border this spring. Despite an announcement in Moscow of a drawdown, both Ukrainian and Western governments say that only a few thousand soldiers have departed, leaving a lingering risk of a military escalation over the summer.
With Donald J. Trump in Osaka, Japan, in 2019.
Credit…Erin Schaff/The New York Times
With Barack Obama in New York in 2015.
Credit…Doug Mills/The New York Times
With George W. Bush in Washington in 2005.
Credit…Stephen Crowley/The New York Times
With Bill Clinton in Moscow in 2000.
Credit…Dirck Halstead/Liaison
President Donald J. Trump with President Vladimir V. Putin during a joint news conference in Helsinki in 2018.Credit…Doug Mills/The New York Times
If President Biden wanted an example of a summit that did not go according to plan, he needed only to look back to 2018.
That year, President Donald J. Trump flew to Helsinki to meet President Vladimir V. Putin of Russia, the first face-to-face meeting between the two and a highly anticipated moment given the then-ongoing investigations of Russian interference and cooperation with Mr. Trump’s 2016 presidential campaign.
It might have been a chance for Mr. Trump to push back against those accusations by offering a forceful denunciation of Russia’s actions in private, and again during a joint news conference by the two men.
Instead, standing on the stage by Mr. Putin’s side, Mr. Trump dismissed the conclusions by U.S. intelligence agencies about Russian meddling and said, in essence, that he believed Mr. Putin more than he did the C.I.A. and other key advisers
“They said they think it’s Russia,” Mr. Trump said. “I have President Putin; he just said it’s not Russia.” He added that he didn’t see any reason Russia would have been responsible for hacks during the 2016 election. “President Putin was extremely strong and powerful in his denial today.”
It was the kind of jaw-dropping assertion that U.S. administrations usually strive to avoid in the middle of highly scripted presidential summits. Critics lashed out at Mr. Trump for undermining his own government and for giving aid and comfort to an adversary. Even Republican allies of the president issued harsh denunciations.
“It is the most serious mistake of his presidency and must be corrected — immediately,” said Newt Gingrich, the former Republican House speaker and a staunch supporter of Mr. Trump.
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A Look Back at Trump’s 2019 Meeting With Putin
Former President Donald J. Trump met with Vladimir V. Putin in June of 2019, where he warned the Russian president not to interfere with the U.S. election.
“You don’t have a problem with Russia, we have — you don’t have a problem. Thank you very much, everybody, it’s a great honor to be with President Putin, his representative, my representative. We have many things to discuss, including trade and including some disarmament and some little protectionism, perhaps, in a very positive way. And we’re going to discuss a lot of different things. We’ve had great meetings we have a very, very good relationship.” Reporter: “Mr. President, will you tell Russia not to meddle in the 2020 election?” [reporters shouting questions] Reporter: “What about the Ukrainian —” “Don’t, don’t meddle in the election.”
Former President Donald J. Trump met with Vladimir V. Putin in June of 2019, where he warned the Russian president not to interfere with the U.S. election.
There was nothing about the one day Helsinki summit that was normal. Mr. Putin and Mr. Trump were so chummy that the Russian president gave Mr. Trump a soccer ball to take home as a gift. Mr. Trump thanked him and bounced the ball to Melania Trump, the first lady, in the front row, saying he would take it home to give it to his son, Barron.
(Sarah Sanders, the White House press secretary at the time, later issued a statement saying that the ball — like all gifts — had been examined to make sure it had not been bugged with listening devices.)
In a statement issued as Mr. Biden headed to Europe last week, Mr. Trump once again called his meeting with Mr. Putin “great and very productive” and he defended supporting the Russian president over his intelligence aides.
“As to who do I trust, they asked, Russia or our ‘Intelligence’ from the Obama era,” he said in a statement. “The answer, after all that has been found out and written, should be obvious. Our government has rarely had such lowlifes as these working for it.”
The former president also took a cheap shot at his successor in the statement, warning him not to “fall asleep during the meeting.”
One thing was certain — Mr. Biden did not follow through on Mr. Trump’s request that when Mr. Biden met with Mr. Putin “please give him my warmest regards!”
Health workers waiting for Covid patients on Monday at a hospital complex in Moscow.Credit…Maxim Shipenkov/EPA, via Shutterstock
In the United States, fireworks lit up the night sky in New York City on Tuesday, a celebration meant to demonstrate the end of coronavirus restrictions. California, the most populous state, has fully opened its economy. And President Biden said there would be a gathering at the White House on July 4, marking what America hopes will be freedom from the pandemic.
Yet this week the country’s death toll passed 600,000 — a staggering loss of life.
In Russia, officials frequently say that the country has handled the coronavirus crisis better than the West and that there have been no large-scale lockdowns since last summer.
But in the week that President Vladimir V. Putin met with Mr. Biden for a one-day summit, Russia has been gripped by a vicious new wave of Covid-19. Hours before the start of the summit on Wednesday, the city of Moscow announced that it would be mandating coronavirus vaccinations for workers in service and other industries.
“We simply must do all we can to carry out mass vaccination in the shortest possible time period and stop this terrible disease,” Sergey S. Sobyanin, the mayor of Moscow, said in a blog post. “We must stop the dying of thousands of people.”
It was a reversal from prior comments from Mr. Putin, who said on May 26 that “mandatory vaccination would be impractical and should not be done.”
Mr. Putin said on Saturday that 18 million people had been inoculated in the country — less than 13 percent of the population, even though Russia’s Sputnik V shots have been widely available for months.
The country’s official death toll is nearly 125,000, according to Our World in Data, and experts have said that such figures probably vastly underestimate the true tally.
While the robust United States vaccination campaign has sped the nation’s recovery, the virus has repeatedly confounded expectations. The inoculation campaign has also slowed in recent weeks.
Unlike many of the issues raised at Wednesday’s summit, and despite the scientific achievement that safe and effective vaccines represent, the virus follows its own logic — mutating and evolving — and continues to pose new and unexpected challenges for both leaders and the world at large.
Displaced Syrian men at a refugee camp in Idlib last year.Credit…Ivor Prickett for The New York Times
The conflict in Syria — which has now raged for 10 years and counting — was on the meeting agenda for President Biden and President Vladimir V. Putin of Russia as they met on Wednesday.
Since the start of the war, Russia has supported President Bashar al-Assad and his forces, and in 2015 it launched a military intervention with ground forces in the country to prop up the then-flailing government. In the years since, government forces have regained control of much of the country, with the support of Russia and Iran, as Mr. al-Assad’s forced tamped down dissent and carried out brutal attacks against Syrian civilians.
The United States also became deeply involved in the conflict, backing Kurdish forces in the country’s north and conducting airstrikes in the fight against the Islamic State. It has maintained a limited military presence there. Both the United States and Russian forces have found themselves on opposite sides of the multifaceted conflict on numerous occasions.
After years of failed attempts at peace in Syria as the humanitarian toll has continued to mount, Lina Khatib, the director of the Middle East and North Africa Program at Chatham House, a British think tank, said the moment could be ripe for the two major powers to chart a path forward.
She said that “despite taking opposing sides in the Syrian conflict, there is potential for a US-Russian compromise,” and that the summit could be the best place to begin that process.
“The Biden administration must not waste the opportunity that the U.S.-Russian summit presents on Syria,” Ms. Khatib wrote in a recent piece before the meeting in Geneva. “While the focus of various U.S. government departments working on Syria is on the delivery of cross-border aid, fighting the Islamic State and planning an eventual exit for U.S. troops, all these problems are products of the ongoing conflict, and solving them requires a comprehensive strategy to end it.”
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Russian and American Media Scuffle Before Diplomacy Meeting
A chaotic scrum between American and Russian reporters erupted on Wednesday before closed-door meetings between President Biden and President Vladimir V. Putin of Russia.
[reporters arguing] “Let me get up there —” “We’re with them, we’re part of the U.S. —” “I’m not in charge of your press.” “I need to get up with that camera, though, guys, I’m in sound. I need to get up —” [reporters arguing] “One, two, three. One, two, three.” “He’s setting the camera. He’s setting the camera.” “OK, so audio doesn’t go in yet?” “Not yet.” “Let’s go. Let’s go.” “Don’t touch me. Don’t touch me. Stop pushing. Don’t push me.” “Guys, there’s a cord here. There’s a cord here.”
A chaotic scrum between American and Russian reporters erupted on Wednesday before closed-door meetings between President Biden and President Vladimir V. Putin of Russia.
American and Russian reporters engaged in a shoving match on Wednesday outside the villa where President Biden and President Vladimir V. Putin of Russia were meeting, stranding much of the press outside when the two leaders began talking.
The chaotic scrum erupted moments after Mr. Biden and Mr. Putin shook hands and waved to reporters before closed-door meetings with a handful of aides.
President Guy Parmelin of Switzerland had just welcomed the leaders “in accordance with its tradition of good offices” to “promote dialogue and mutual understanding.”
But shortly after the two leaders entered the villa, reporters from both countries rushed the side door, where they were stopped by Russian and American security and government officials from both countries. There was screaming and pushing as both sides tried to surge in, with officials yelling for order.
White House officials succeeded in getting nine members of their 13-member press pool into the library where Mr. Biden and Mr. Putin were seated against a backdrop of floor-to-ceiling books, along with each of their top diplomats and translators. The two leaders had already begun to make very brief remarks before reporters were able to get in the room.
Inside, more scuffling erupted — apparently amusing to the two leaders — as Russian officials told photographers that they could not take pictures and one American reporter was shoved to the ground. The two leaders waited, at moments smiling uncomfortably, for several minutes before reporters were pushed back out of the room as the summit meeting began.
“It’s always better to meet face to face,” Mr. Biden said to Mr. Putin as the commotion continued.
Chaotic scenes are not uncommon when reporters from multiple countries angle for the best spot to view a world leader, often in cramped spaces and with government security and handlers pushing them to leave quickly.
But even by those standards the scene outside the villa in this usually bucolic venue was particularly disruptive. Russian journalists quickly accused the Americans for trying to get more people into the room than had been agreed to, but it appeared that the Russians had many more people than the 15 for each side that had been negotiated in advance.
“The Americans didn’t go through their door, caused a stampede,” one Russian reporter posted on Telegram.
In fact, reporters from both countries had been told to try to go through a single door, and officials for both countries at times were stopping all of the reporters from entering, telling them to move back and blocking the door.
When American officials tried to get White House reporters inside, the Russian security blocked several of them.
President Vladimir V. Putin of Russia arriving in Geneva on Wednesday.Credit…Pool photo by Alessandro Della Valle
Wednesday’s Geneva summit got off to an auspicious start: President Vladimir V. Putin of Russia landed on time.
His plane landed at about 12:30 p.m., an hour before he was set to meet President Biden, who had arrived in Geneva the previous evening. Mr. Putin is known for making world leaders wait — sometimes hours — for his arrival, one way to telegraph confidence and leave an adversary on edge.
But this time Mr. Putin did not resort to scheduling brinkmanship.
The summit’s start was laced with delicate choreography: Mr. Putin arrived first, straight from the airport, and was greeted on the red carpet in front of a lakeside villa by President Guy Parmelin of Switzerland. About 15 minutes later, Mr. Biden arrived in his motorcade, shook hands with Mr. Parmelin and waved to reporters.
The Swiss president welcomed the two leaders, wishing them “fruitful dialogue in the interest of your two countries and the whole world.” He then stepped aside, allowing Mr. Biden and Mr. Putin to approach each other, smiling, and shake hands.
Russian officials on Wednesday sought to put a positive last-minute spin on the meeting.
“This is an extremely important day,” a deputy foreign minister, Sergey Ryabkov, told the RIA Novosti state news agency hours before the summit’s start. “The Russian side in preparing for the summit has done the utmost for it to turn out positive and have results that will allow the further deterioration of the bilateral relationship to be halted, and to begin moving upwards.”
Even before Mr. Putin landed, members of his delegation had arrived at the lakeside villa where the meeting is being held. They included Foreign Minister Sergey V. Lavrov, who joined Mr. Putin in a small-group session with Mr. Biden and Secretary of State Antony J. Blinken at the start of the summit; and Valery V. Gerasimov, Russia’s most senior military officer.
Police officers from across Switzerland — the words “police,” “Polizei” and “polizia” on their uniforms reflecting the country’s multilingual cantons — cordoned off much of the center of Geneva on Wednesday.
The city’s normally bustling lakefront was off limits, and the park where President Biden and Mr. Putin were meeting was protected by razor wire and at least one armored personnel carrier.
Inside the leafy Parc la Grange, overlooking Lake Geneva, the police directed journalists to two separate press centers — one for those covering Mr. Putin, one for those covering Mr. Biden. As the reporters waited for the leaders to arrive, a Russian radio reporter went on air and intoned that Lake Geneva had become “a lake of hope.”
Villa La Grange in Geneva.Credit…Doug Mills/The New York Times
A storied villa on the shores of Lake Geneva is sometimes described as having “a certain sense of mystery about it,” but there was little mystery this week about why the mansion and the park surrounding it were closed off.
Visitors were coming.
The Villa la Grange, an 18th-century manor house at the center of Parc la Grange, was the site of the meeting on Wednesday between President Biden and President Vladimir V. Putin.
Set in one of Geneva’s largest and most popular parks, the site is known not just for its lush gardens, but also for its role as a setting for important moments in the struggle between war and peace.
In 1825, the villa’s library — home to over 15,000 works and the only room to retain the villa’s original decorative features — hosted dignitaries of a European gathering that aimed to help Greeks fighting for independence.
Designed by the architect Jean-Louis Bovet and completed in 1773, the villa was owned by the Lullin family and primarily used as a summer residence before it was bought by a merchant, François Favre, in 1800.
It cemented its place in history in 1864, when it was the site of a closing gala for officials who signed the original 1864 Geneva Convention, presided over by Henri Dunant, a founder of the International Red Cross. An attempt to ameliorate the ravages of war on both soldiers and civilians, it set minimum protections for people who are victims of armed conflict.
After World War II, a new draft of the conventions was signed in an attempt to address gaps in international humanitarian law that the conflict had exposed.
In 1969, Pope Paul VI, who traveled to the park to celebrate Mass for a congregation of tens of thousands, pointed to the villa’s history as he spoke about the risk of nuclear conflagration.
He spoke about the opposing forces of love and hate and called for “generous peacemakers.”
This obituary is part of a series about people who have died in the coronavirus pandemic. Read about others here.
For nearly four decades, William R. Harris devoted his career to safeguarding his fellow citizens.
As an international lawyer and a sought-after consultant, he drafted treaties to prevent the proliferation of nuclear weapons and reduce the risk of accidental war. He modeled a framework for the government to continue functioning during a national catastrophe. He helped extend Daylight Saving Time to conserve fuel and focused officials on protecting the electrical grid from digital sabotage.
He practiced what he preached, too, making sure to get his first vaccination for the coronavirus in early February, as soon as he was eligible and the vaccine was available. He completed the regimen by the end of the month.
In late March, though, his family said, he received a jarring diagnosis: Covid-19. Mr. Harris also had chronic lymphocytic leukemia, and family members said that a few weeks after learning that he had Covid, he read an article in a scientific journal suggesting that the vaccine might not be fully effective for people with that type of leukemia.
The New York Times last month.
No vaccine is 100 percent effective, and some so-called breakthrough infections can be expected, even in healthy people who have been fully vaccinated. But those cases are rare. As of April 26, the Centers for Disease Control and Prevention reported 9,245 breakthrough cases, out of 95 million fully vaccinated Americans; 132 people died.
In a eulogy on Facebook, Mr. Harris’s daughter Darcy R. Harris described him this way: “As an international lawyer and policy wonk, his work spanned arms control treaties and verification, energy policy, space law. He was a consummate researcher, an early adopter, an innovator. On top of that, he was always working for free and helping others out.”
Dr. William A. Horwitz and Dr. Henriette Klein, both of whom were professors of clinical psychiatry at Columbia University.
He attended the Dalton School in Manhattan and, after graduating from the Choate School, now Choate Rosemary Hall, in Wallingford, Conn., earned a bachelor’s degree in history from Harvard College in 1962 and a law degree from Harvard Law School in 1966.
In 1968, he married Elizabeth Jones. Along with his wife and their daughter Darcy, he is survived by another daughter, Rebecca Harris Deane; a son, William Proctor Harris; four grandchildren; and his sister, Susan Harris Molnar.
Debris from a large Chinese rocket landed in the Indian Ocean near the Maldives early Sunday morning, China’s space administration announced.
It said most of the debris had burned up on re-entry. It was not immediately clear whether any of what remained had landed on any of the Maldives’s 1,192 islands.
The possibility, however slight, that debris from the rocket could strike a populated area had led people around the world to track its trajectory for days. The administrator of NASA, Bill Nelson, issued an unusual rebuke after China’s announcement, accusing the country of “failing to meet responsible standards regarding their space debris.”
The rocket, a Long March 5B, launched the main module of China’s next space station, Tiangong, on April 29. Usually, the large booster stages of rockets immediately drop back to Earth after they are jettisoned, but the 23-ton core stage of the Long March 5B accompanied the space station segment all the way to orbit.
tracks the comings and goings of objects in space, said on Twitter that an ocean splashdown had always been the most likely outcome, but that the episode raised questions about how China designs its space missions.
“It appears China won its gamble (unless we get news of debris in the Maldives),”he wrote. “But it was still reckless.”
What is the rocket and what was it launching?
Long March 5B is China’s largest rocket, and one of the largest currently in use by any nation. The country’s space program needed a large, powerful vehicle to carry Tianhe, the main module of Tiangong, the new space station, which is to be operational by 2022 after more pieces are launched and connected in orbit.
routinely fell on rural areas downrange, occasionally causing damage. China has since moved many of its launches, including the Long March 5B’s, to a new site in Wenchang, a city on Hainan, an island off the southeastern coast.
Last year, the first launch of a Long March 5B rocket lifted a prototype of China’s crewed space capsule. The booster from that rocket also made an uncontrolled re-entry, with some debris raining down on a village in Ivory Coast.
an international legal framework based on treaties from the 1960s and ’70s in which a country can demand payment for damage caused by another country’s falling rocket.
That has happened once, after Cosmos 954, a Soviet satellite that was powered by a nuclear reactor, crashed in Canada in 1978. Canada billed the Soviet Union for part of the cost of cleaning up the radioactive debris.
What else is China doing in space?
In recent years, China has completed a series of impressive achievements in spaceflight. Months ago, it put a spacecraft — Tianwen-1 — in orbit around Mars, and in December it also collected rocks from the surface of the moon and brought them back to Earth.
In May or June, it hopes to further advance its Mars mission by landing a robotic rover, Zhurong, on the red planet’s surface. So far only the United States has had lasting success during attempts to land on Mars.
As it works to make steady progress on space station construction, China could also launch a crew to orbit next month in a spacecraft called Shenzhou. Once in space, they are to dock with the Tianhe module.
“This was a great way to start the year,” said Gregory Daco, chief U.S. economist at Oxford Economics. “We had the perfect mix of improving health conditions, strong fiscal stimulus and warmer weather.”
“Consumers are now back in the driver’s seat when it comes to economic activity, and that’s the way we like it,” he added. “A consumer that is feeling confident about the outlook will generally spend more freely.”
Looking ahead, economists said they expected to see even better numbers this quarter.
“It’s good news, but the better news is coming,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “There’s nothing in this report that makes me think the economy won’t grow at a gangbusters pace in the second and third quarter.”
The expansion last quarter was spurred by stimulus checks, he said, which quickly translated into purchases of durable goods like cars and household appliances.
“This demonstrates the value of government intervention when the economy is on its knees from Covid,” he added. “But in the coming quarters, the economy will be much less dependent on stimulus as individuals use the savings they’ve accumulated during the pandemic.”
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Overall economic activity should return to prepandemic levels in the current quarter, Mr. Anderson said, while cautioning that it will take until late 2022 for employment to regain the ground it lost as a result of the pandemic.
Still, the labor market does seem to be catching up. Last month, employers added 916,000 jobs and the unemployment rate fell to 6 percent, while initial claims for unemployment benefits have dropped sharply in recent weeks.
Tom Gimbel, chief executive of LaSalle Network, a recruiting and staffing firm in Chicago, said: “It’s the best job market I’ve seen in 25 years. We have 50 percent more openings now than we did pre-Covid.”
Hiring is stronger for junior to midlevel positions, he said, with strong demand for professionals in accounting, financing, marketing and sales, among other areas. “Companies are building up their back-office support and supply chains,” he said. “I think we’re good for at least 18 months to two years.”
Spending on goods like automobiles led the way in the first quarter, but demand for services like dining out should revive in the second quarter, said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “I think we will see a surge in services spending,” she said.
As more Americans become vaccinated, many economists expect a decline in new unemployment claims.Credit…James Estrin/The New York Times
Initial jobless claims fell last week to yet another pandemic low in the latest sign that the economic recovery is strengthening.
About 575,000 people filed first-time claims for state unemployment benefits last week, the Labor Department said Thursday, a decrease of 9,000 from the previous week’s revised figure. It was the third straight week that jobless claims had dropped.
In addition, 122,000 new claims were filed for Pandemic Unemployment Assistance, a federal program that covers freelancers, part-timers and others who do not routinely qualify for state benefits. That was a decline of 12,000 from the previous week.
Neither figure is seasonally adjusted. On a seasonally adjusted basis, new state claims totaled 553,000.
“Today’s report, and the other data that we got today, signals an improving labor market and an improving economy,” said Daniel Zhao, senior economist with the career site Glassdoor. “It is encouraging that claims are continuing to fall.”
Although weekly jobless claims remain above levels reached before the pandemic, vaccinations and warmer weather are offering new hope. Most economists expect the slow downward trend in claims to continue in the coming months as the economy reopens more fully.
But challenges lie ahead. The long-term unemployed — a group that historically has had a more difficult time rejoining the work force — now make up more than 40 percent of the total number of unemployed. Of the 22 million jobs that disappeared early in the pandemic, more than eight million remain lost.
“The labor market is definitely moving in the right direction,” said AnnElizabeth Konkel, an economist at the online job site Indeed. She noted that job postings as of last Friday were up 22.4 percent from February 2020.
Still, she cautioned that industries like tourism and hospitality would probably remain depressed until the pandemic was firmly under control. She also stressed that child care obligations might be preventing people ready to return to work from seeking jobs.
“We still are in a pandemic — the vaccinations are ramping up but there is that public health factor still,” Ms. Konkel said. “We’re not quite there yet.”
The NBC sitcom “The Office” became a big streaming hit for Netflix and is now back in the Comcast fold, available on its streaming service Peacock.Credit…Chris Haston/NBC
If you want a clear picture of the state of the media industry in upheaval, Comcast offers a good snapshot.
The company, which includes NBC, Universal Pictures, several theme parks, and the Peacock streaming service, beat Wall Street’s expectations in its first-quarter earnings report on Thursday as it continued to shift its emphasis from cable to digital.
To start, take these figures from its results:
Despite the regular pace of cord cutting, Comcast’s cable television business pulled in over $5.62 billion in revenue for the first quarter. That was flat compared with last year, but it’s still the company’s biggest business, accounting for a fifth of all revenue.
Peacock, on the other hand, is the fastest growing, but it loses the most money. Last year, it approached $700 million in pretax losses. This year, the streaming platform is expected to lose $1.3 billion as Comcast spends big to load it up with original shows and sports programming with the aim of attracting more viewers.
That’s the operating thesis behind every major media company today: replace the eroding base of profit-rich cable customers with loss-making streaming viewers in the hope that over time the digital audience will become more valuable. The Walt Disney Company, ViacomCBS, Discovery Inc. and AT&T’s WarnerMedia are all trying to make the transformation without entirely losing their shirts.
Peacock’s 42 million sign-ups should also come with an asterisk. The service is free and easy to join, but that doesn’t mean everyone is watching. (The figure includes paid versions of Peacock, which feature more content and fewer commercials.) A February report from the tech news site The Information revealed that a little more than 11 million households were watching the service.
Even so, the aim of Peacock is to replace the lost advertising from Comcast’s cable and broadcast channels as people continue to cut the cord. Peacock, which is available nearly everywhere, can also act as a hedge against other cable operators such as Charter or Cox when Comcast’s media division, NBCUniversal, negotiates carriage fees.
Peacock offers some of the most popular streaming shows, including “The Office,” a top hit on Netflix before it lost the rights to the series in 2021 when the license expired and the show reverted back to its owner, Comcast.
In a few years, Peacock will have the rights to stream National Football League games on Sunday alongside NBC as part of a new agreement. That could ruffle feathers with some of NBC’s affiliate stations if viewers drop TV and opt for Peacock to watch football. The streamer will also have some games exclusively. In March, the service added WWE.
Comcast sells something that has proved more durable than sports and entertainment: broadband, the piping that carries all streaming platforms. The company saw a surge in subscribers during the pandemic. In the first quarter, sales increased 12 percent to $5.6 billion. It’s likely to overtake cable television as the company’s biggest business.
At NBCUniversal, sales sharply dropped as movie theaters remained mostly shut and fewer people were visiting theme parks under the pandemic. Revenue fell 9 percent to $7 billion and pretax profit decreased 12 percent to $1.5 billion. Advertising at its television networks, which include NBC, MSNBC and Syfy, fell 3.4 percent to $2.1 billion.
Overall, the company beat expectations, reporting adjusted profit of 76 cents a share on $27.2 billion in revenue, and its stock was climbing on Thursday morning. Investors were looking for 59 cents in per-share profit and $26.6 billion in sales.
Microsoft will decrease the share of money it charges independent developers that publish computer games on its online store, starting in August, the company said on Thursday.
Developers will keep 88 percent of the revenue from their games, up from 70 percent. That could make Microsoft’s store more attractive to independent studios than competitors like Valve’s gaming store, called Steam, which typically starts by taking a 30 percent cut. Epic Games’ store takes 12 percent.
“We want to make sure that we’re competitive in the market,” said Sarah Bond, a Microsoft vice president who leads the gaming ecosystem organization. “Our objective is to have a leading revenue share and really a leading platform.”
The share of revenue that developers get to keep has come under greater scrutiny across the tech industry. Google and Apple have faced antitrust questions for the 30 percent fees they charge developers whose programs appear in their app stores.
Last year, Epic sued Apple and Google separately, claiming they violated antitrust laws by forcing developers to use their payment systems. Epic had tried to bypass the fees by letting customers pay for items in its Fortnite video game directly through Epic. That caused Apple and Google to boot Fortnite from their app stores.
Apple and Google have since reduced fees for some developers. Epic’s lawsuit against Apple is set to head to trial on Monday in U.S. District Court in Oakland, Calif.
A Shell recharging station for electric vehicles in the Netherlands. Despite investments in renewable energy, Shell’s profit last quarter was largely the result of rising oil and gas prices.Credit…Koen Van Weel/EPA, via Shutterstock
Strong profit increases from two of Europe’s largest energy companies, Royal Dutch Shell and Total, demonstrated that what really matters for the financial performance of these companies remains the price of oil and natural gas.
Their recent investments in clean energy, described by company officials as essential for the future, remain marginal.
Total said that adjusted net income rose by 69 percent compared with the period a year earlier, when the effects of the pandemic were beginning to kick in, to $3 billion, while Shell said that what it calls adjusted earnings rose by 13 percent to $3.2 billion.
The main factor in the improved performance by both companies was a roughly 20 percent rise in oil prices along with an increase in natural gas prices, leading to higher revenues. During a news conference to discuss the results, Jessica Uhl, Shell’s chief financial officer, said that a $10 jump in oil prices would translate into a $6.4 billion increase in cash for the company’s coffers on an annual basis.
Shell, which cut its dividend last year for the first time since World War II, confirmed that it would increase the payout for the quarter by 4 percent, to about 17 cents a share.
Both companies have tethered their futures to generating and distributing renewable sources of energy. Shell in February said its oil production had peaked in 2019, and it has been investing in various clean energy ventures, including a network of 60,000 charging stations for electric vehicles. And Total has, among other things, invested in options to build offshore wind farms off Britain.
In its earnings statement, Total took the lead among the oil majors in providing details on its investments in renewable energy like wind and solar. The company said these businesses brought in $148 million for the quarter, measured as earnings before interest, taxes, depreciation and amortization. This figure was about 2 percent of the overall total for the company of $7.3 billion, according to analysts at Bernstein, a research firm.
Although Airbus reported a quarterly profit after a full-year loss for 2020, “the market remains uncertain,” said Guillaume Faury, the company’s chief executive.Credit…Chema Moya/EPA, via Shutterstock
Airbus announced Thursday that it had returned to a profit in the first quarter following a 1.1 billion euro loss last year because of the coronavirus pandemic, but its top executive warned that the economic toll would continue.
“The first quarter shows that the crisis is not yet over for our industry, and that the market remains uncertain,” Guillaume Faury, chief executive of the world’s largest airplane maker, said in a statement.
Airbus booked a net profit of 362 million euros ($440 million) between January and March, compared with a loss of 481 million euros a year earlier, as cost-cutting measures — which included more than 11,000 layoffs announced last year for its global operations — bolstered the bottom line. Revenue fell 2 percent to 10.5 billion euros.
Airbus delivered 125 commercial aircraft to airlines in the three-month period, up from 122 a year earlier. Over all, Airbus delivered 566 aircraft to airlines in 2020, 40 percent less than expected before the pandemic.
Airbus has previously warned that the industry might not recover from the disruption caused by the pandemic until as late as 2025, as new virus variants delay a resumption of worldwide air travel.
Given the uncertain outlook, Airbus won’t ramp up aircraft deliveries this year. The company said it expected to deliver 566 aircraft on back order from airline companies, the same number as last year.
It maintained its forecast for an underlying operating profit of two billion euros for the year.
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Stocks on Wall Street jumped on Thursday, rising with European stock indexes, amid indications that the economy is moving toward a recovery to prepandemic levels.
The Commerce Department reported Thursday that the U.S. economy expanded 1.6 percent in the first three months of 2021, compared with 1.1 percent in the final quarter last year, or 6.4 percent on an annualized basis.
A day earlier, the Federal Reserve said that the outlook was improving and that it would continue to provide substantial monetary support, easing investors’ concerns that it would soon start easing the stimulus efforts it launched a year ago when the Covid-19 crisis forced a near shutdown of many parts of the economy.
“While the level of new cases remains concerning,” Jerome H. Powell, the Federal Reserve chair, said, “continued vaccinations should allow for a return to more normal economic conditions later this year.” The central bank kept interest rates near zero and said it would continue buying bonds at a steady clip.
The S&P 500 rose 0.7 percent. Market sentiment continued to rise after President Biden detailed more of his spending plans — which total $4 trillion — to fund expanded access to education and reduce the cost of child care, among other things.
Oil prices rose. Futures of West Texas Intermediate, the U.S. benchmark, climbed more than 2 percent to above $5 a barrel.
The Stoxx Europe 600 rose 0.3 percent as a measure of economic confidence for the eurozone surged higher.
Company earnings
Facebook shares rose nearly 6 percent after the company said on Wednesday that profit nearly doubled to $9.5 billion in the first quarter as advertising revenue and user numbers increased.
Apple shares rose about half a percent after the iPhone maker’s profit more than doubled to $23.6 billion in the first quarter. The company also said it would buy back $90 billion of its own stock, part of its continued program to return much of its earnings to shareholders.
Qualcomm, which makes chips for smartphones, rose nearly 6 percent after the company said its revenue increased 52 percent in the first three months of the year compared with the previous year.
Airbus shares rose 2.7 percent after the French plane maker said it had returned to a profit in the first quarter following a 1.1 billion euro loss last year. But the company’s chief executive added that the crisis was not over for the industry.
Amazon announced raises for half a million employees in its warehouses, delivery network and other fulfillment teams.Credit…Chang W. Lee/The New York Times
Amazon will increase pay between 50 cents and $3 an hour for half a million workers in its warehouses, delivery network and other fulfillment teams, the company said on Wednesday.
The action follows scrutiny of Amazon from lawmakers and an unsuccessful unionization push that ended this month at its large warehouse in Alabama. In 2018, Amazon raised its minimum pay to $15 an hour. In recent months, it has publicly campaigned to raise the federal minimum to $15, too.
Amazon has been on a hiring spree during the pandemic. As more customers ordered items online, the company added 400,000 employees in the United States last year. Its total work force stands at almost 1.3 million people.
Amazon typically revaluates wages each fall, before the holiday shopping season. But this year, it moved those changes earlier, said Darcie Henry, an Amazon vice president of people experience and technology. The new wages will roll out from mid-May through early June. Ms. Henry said the company was hiring for “tens of thousands” of open positions.
Jeff Bezos, Amazon’s founder and chief executive, recently told shareholders in his annual letter that he recognized the company needed “a better vision for how we create value for employees — a vision for their success.” He said that Amazon had always striven to be “Earth’s Most Customer-Centric Company,” and that now he wanted it to be “Earth’s Best Employer and Earth’s Safest Place to Work” as well.
Amazon is scheduled to report quarterly earnings on Thursday.
Gary Gensler’s tenure leading the Securities and Exchange Commission is off to a rocky start: Alex Oh, who he named just days ago to run the regulator’s enforcement division, has resigned following a federal court ruling in a case involving one of her corporate clients, ExxonMobil.
In her resignation letter on Wednesday, Ms. Oh said the matter would be “an unwelcome distraction to the important work” of the enforcement division.
Ms. Oh’s resignation letter followed a ruling on Monday from Judge Royce C. Lamberth of the Federal District Court for the District of Columbia over the conduct of Exxon’s lawyers during a civil case involving claims of human rights abuses in the Aceh province of Indonesia.
According to Judge Lamberth’s ruling, Exxon’s lawyers claimed without providing evidence that the plaintiffs’ attorneys were “agitated, disrespectful and unhinged” during a deposition. He ordered Exxon’s lawyers to show why penalties were not warranted for those comments.
The ruling did not single out any lawyers by name. Ms. Oh was one of the lead lawyers for Exxon.
The judge’s order also granted the plaintiffs’ motion that Exxon pay “reasonable expenses” associated with litigating their request for sanctions and with an accompanying motion to compel additional testimony from Exxon related to the deposition.
Ms. Oh’s resignation letter did not mention the Exxon case by name, but a person briefed on the matter confirmed that the ruling from Judge Lamberth had prompted her to step down.
Ms. Oh, a former federal prosecutor in Manhattan who worked for the elite firm Paul, Weiss for nearly two decades, was picked by Mr. Gensler to oversee the S.E.C.’s 1,000-attorney enforcement division on April 22. The same day, she filed a notice with the court in the Exxon case saying she had withdrawn from the matter because she had resigned from the firm to join the federal government.
The civil litigation involving Exxon is nearly two decades old and involves allegations by the plaintiffs that Exxon’s security personnel “inflicted grievous injuries” on them. The lawsuit was brought under the federal Alien Tort Claims Act, which enables residents of other countries to sue in the United States for damages arising from violations of U.S. treaties or “the law of nations.”
Mr. Gensler said in a news release that Melissa Hodgman, who had been the enforcement division’s acting chief since January, will return to that position. Ms. Hodgman has been an enforcement attorney with the agency since 2008. He thanked Ms. Oh for her “willingness to serve the country.”
Ms. Oh could not immediately be reached for comment.
Brad Karp, chairman of Paul, Weiss, said the firm would not comment on the matter because it involved ongoing litigation. “Alex is a person of the utmost integrity and a consummate professional with a strong ethical code,” he added.
Ms. Oh is a highly respected lawyer, but her selection had been criticized by the Revolving Door Project, a good-government group, because she had been in private practice for so many years and had defended some of the largest U.S. companies.
Apple said on Wednesday that its profits more than doubled to $23.6 billion in the most recent quarter. Apple said its revenues soared by 54 percent to $89.6 billion. As usual, the main driver of Apple’s success was sales of the iPhone, which rose by 66 percent to $47.9 billion, its steepest increase in years. In the latest quarter, iPhones accounted for 54 percent of Apple’s revenues.
Facebook said on Wednesday that revenue rose 48 percent to $26.2 billion in the first three months of the year, while profits nearly doubled to $9.5 billion. Advertising revenue, which makes up the bulk of Facebook’s income, rose 46 percent to $25.4 billion. Nearly 3.5 billion people now use one of Facebook’s apps every month, up 15 percent from a year earlier.
Ford Motor said on Wednesday that the global shortage of computer chips will take a greater toll on its business than previously expected and would likely cut its vehicle production in the second quarter by about half. Ford expects the shortage to lower its operating profit this year by $2.5 billion, to between $5.5 billion to $6.5 billion. The company made a $3.3 billion profit in the first quarter, a turnaround from a year ago when the company lost $2 billion as the coronavirus pandemic was starting to shut down much of the world’s economy.
Increased supply-chain and freight costs for cereal makers could translate into higher retail prices for customers.Credit…Sara Hylton for The New York Times
Before the pandemic, when suppliers raised the cost of diapers, cereal and other everyday goods, retailers often absorbed the increase because stiff competition forced them to keep prices stable.
Now, with Americans’ shopping habits having shifted rapidly — with people spending more on treadmills and office furniture and less at restaurants and movie theaters — retailers are also adjusting, Gillian Friedman reports for The New York Times.
The Consumer Price Index, the measure of the average change in the prices paid by U.S. shoppers for consumer goods, increased 0.6 percent in March, the largest rise since August 2012, according to the Bureau of Labor Statistics. Procter & Gamble is raising prices on items like Pampers and Tampax in September. General Mills, which makes cereal brands including Cheerios, is facing increased supply-chain and freight costs that could translate into higher retail prices for customers.
At the beginning of the pandemic, companies were focused on fulfilling demand for toilet paper, cleaning supplies, canned food and masks, said Greg Portell, a partner at Kearney, a consulting firm. The government was watching for price-gouging, and customers were wary of being taken advantage of.
Now that the economy is beginning to stabilize, companies are starting to rebalance pricing so that it better fits their profit expectations and takes into account inflation. “This isn’t an opportunistic profit-taking by companies,” Mr. Portell said. “This is a reset of the market.”
Gary Gensler, the chair of the Securities Exchange Commission, has some expertise with cryptocurrencies.Credit…Kayana Szymczak for The New York Times
For many cryptocurrency supporters and investors, regulatory approval of a Bitcoin exchange-traded fund in the United States represents the holy grail. It would allow the crypto-curious to get exposure to Bitcoin without having to buy the tokens themselves, signifying that digital assets are really, truly mainstream.
But it’s not meant to be — yet. On Wednesday, the Securities and Exchange Commission delayed a decision on a Bitcoin E.T.F. proposal from the investment manager VanEck, saying it needs more time but offering no other explanation.
Delay is not denial, and it may be a good sign, Todd Cipperman, the founder of the compliance services firm CCS, told the DealBook newsletter. When considering the concept of a crypto E.T.F. in 2018, the S.E.C. raised questions about investor protection issues and put a “wet blanket on the whole idea,” he said.
Now, crypto is much bigger, and Gary Gensler, who taught courses about blockchain technology at M.I.T., is chair of the S.E.C. His expertise doesn’t guarantee success for crypto E.T.F.s, but it will be easier for an expert in the field to approve them, Mr. Cipperman suggested.
The S.E.C. gave itself until mid-June, with the option to take more time, but it must decide before year’s end. The regulator has rejected every proposal to date, starting with the first Bitcoin E.T.F. pitch in 2013, presented by the Winklevoss twins, which was eventually dismissed in 2017 (and again in 2018). There are several E.T.F. proposals on the table now, including one from the traditional finance giant Fidelity.
Canada is moving faster, approving all kinds of crypto E.T.F.s, after allowing its first Bitcoin E.T.F. in February. Hester Peirce, an S.E.C. commissioner and vocal crypto champion, told DealBook earlier this month that she has been “mystified” by her agency’s response to some prior applications, which met the standards in her view. With more players now engaging in the process, approval could be looming — eventually.
Gary Gensler’s tenure leading the Securities and Exchange Commission is off to a rocky start: Alex Oh, who he named just days ago to run the regulator’s enforcement division, has resigned following a federal court ruling in a case involving one of her corporate clients, ExxonMobil.
In her resignation letter on Wednesday, Ms. Oh said the matter would be “an unwelcome distraction to the important work” of the enforcement division.
Ms. Oh’s resignation letter followed a ruling on Monday from Judge Royce C. Lamberth of the Federal District Court for the District of Columbia over the conduct of Exxon’s lawyers during a civil case involving claims of human rights abuses in the Aceh province of Indonesia.
According to Judge Lamberth’s ruling, Exxon’s lawyers claimed without providing evidence that the plaintiffs’ attorneys were “agitated, disrespectful and unhinged” during a deposition. He ordered Exxon’s lawyers to show why penalties were not warranted for those comments.
the plaintiffs that Exxon’s security personnel “inflicted grievous injuries” on them. The lawsuit was brought under the federal Alien Tort Claims Act, which enables residents of other countries to sue in the United States for damages arising from violations of U.S. treaties or “the law of nations.”
Mr. Gensler said in a news release that Melissa Hodgman, who had been the enforcement division’s acting chief since January, will return to that position. Ms. Hodgman has been an enforcement attorney with the agency since 2008. He thanked Ms. Oh for her “willingness to serve the country.”
had been criticized by the Revolving Door Project, a good-government group, because she had been in private practice for so many years and had defended some of the largest U.S. companies.
ISTANBUL — The unpredictable roller coaster that has become Turkish politics was on full display this past week after 104 retired admirals publicly challenged President Recep Tayyip Erdogan in an open letter — and 10 of them ended up in jail, accused of plotting a coup.
It was no accident that the episode came as Mr. Erdogan finds himself in the midst one of the most intense political passages of his career, as the worsening pandemic and economy have left the president sliding in the opinion polls even as he amasses more powers.
To inspire the party faithful, Mr. Erdogan has returned again to herald one of his favorite grand ideas: to carve a canal, through Istanbul, from the Black Sea to the Marmara Sea to open a new shipping route parallel to the narrow Bosporus.
For now, the use of those natural waterwaysis governed by the Montreux Convention, an international treaty forged in 1936, between the two World Wars, in an attempt to eliminate volatile tensions over one of the world’s most vital maritime choke points.
blog, the Yetkinreport, “shifts the current agenda from the pandemic and the economy to fields that the A.K.P. likes.”
The pandemic’s toll is now worse than ever in Turkey, with more than 50,000 new cases recorded daily. An increasingly sharp economic crunch looms, too, as the government’s pandemic support for businesses is scheduled to end and inflation and unemployment remain alarmingly high.
In the midst of the troubles, Mr. Erdogan’s party has slipped to below 30 percent in a recent opinion poll, and his political ally, the Nationalist Movement Party, has fallen as low as 6 percent, making his re-election to the presidency in 2023 seem increasingly difficult.
Even his own supporters recognize that a bruising fight lies ahead. “We have entered the long two-year election process leading to the 2023 elections,” Burhanettin Duran, the director of SETA, a pro-government research organization, wrote in a column in the Daily Sabah newspaper this past week.
“Due to the recent declaration,” he said, referring to the admirals’ letter, “now there is a possibility that the process will be painful.” He predicted a combined domestic and international campaign against Mr. Erdogan’s government.
Mr. Erdogan has promised that his multibillion-dollar canal plan would create a construction and real estate boom and bring in revenue from an increase in shipping traffic.
Investigative journalists have exposed real estate deals in which prospectors from the Middle East have bought up much of the land along where the canal will be built.
Yet Mr. Erdogan said at a regional party congress in Istanbul in February that the project would go ahead, despite opposition.
“They don’t like it, do they? They are trying to prevent it, aren’t they?” he said in his keynote speech. “Despite them, we will build the Istanbul Canal.’’
The admirals are far from the only opponents of the canal. Others include the popular mayor of Istanbul, Ekrem Imamoglu, along with environmentalists, ecologists and urban planners.
But the admirals raised particular ire from Mr. Erdogan and his fellow Islamists by including in their letter criticism of a currently serving admiral who was caught on video attending prayers with a religious sect.
The retired admirals made a point of reaffirming their adherence to the secular ideals of the Turkish republic’s founding father, Mustafa Kemal Ataturk.
The government machinery pounced swiftly.
Ten of the signatories were detained on Monday, and another four were ordered to report to the police but were not jailed in view of their advanced years. Mr. Erdogan accused them of plotting a coup, a toxic allegation after four years of thousands of detentions and purges since the last failed coup. Some saw that as a warning to serving officers who might have similar thoughts.
Mr. Erdogan had “got his groove back” Steven A. Cook, a senior fellow for Middle East and Africa Studies at the Council on Foreign Relations in New York, wrote in an analysis.
The admirals’ letter did not come out of the blue. A year earlier, 126 retired Turkish diplomats had penned an open letter warning against withdrawing from the convention. The debate reveals the deep divisions between secularists and Islamists that have been tearing Turkey apart since Mr. Erdogan’s rise to power in 2002.
Caught up in their own dislike of the secular republic that replaced the Ottoman Empire, the Islamists distrust the Montreux Convention, said Asli Aydintasbas, a senior fellow with the European Council on Foreign Relations. That was an erroneous reading of history, she added, but Mr. Erdogan feels that the convention needs “to be modernized to meet Turkey’s new coveted role as a regional heavyweight.”
Secularists, as well as most Turkish diplomats and foreign policy experts, see the Montreux Convention as a win for Turkey and fundamental to Turkish independence and to stability in the region.
Russia would have most to lose from a change in the treaty, said Serhat Guvenc, a professor of international relations at Kadir Has University in Istanbul, although any alteration or break up of the convention seems inconceivable, since it would demand consensus from the multiple signatories.
“Russia would resent it and be provoked,” he said. The United States and China would gain, since neither currently is allowed to move large warships or aircraft carriers into the Black Sea.
Most analysts said that Mr. Erdogan and his advisers knew the impossibility of changing the Montreux Convention, but that the veteran politician is using the issue to kick up a storm.
“It is the government’s way of lobbying for the canal,” Ms. Aydintasbas said. “Erdogan is adamant about building a channel parallel to the Bosporus, and one of the government’s arguments will likely be that this new strait allows Turkey to have full sovereignty — as opposed to the free passage of Montreux.”
That interpretation is both inaccurate and dangerous, she said. “Inaccurate because as long as Montreux is there, no vessel is obliged to use the new canal. Dangerous because it could aggravate the Russians and the international community.”
BRUSSELS — Citing what they call “the biggest challenge to the global community since the 1940s,” the leaders of 25 countries, the European Union and the World Health Organization on Tuesday floated an international treaty to protect the world from pandemics.
In a joint article published in numerous newspapers across the globe, the leaders warn that the current coronavirus pandemic will inevitably be followed by others at some point. They outline a treaty meant to provide universal and equitable access to vaccines, medicines and diagnostics, a suggestion first made in November by Charles Michel, the president of the European Council, the body that represents the leaders of the European Union countries.
The article argues that an international understanding similar to the one that followed World War II and that led to the United Nations is needed to build cross-border cooperation before the next global health crisis upends economies and lives. The current pandemic is “a stark and painful reminder that nobody is safe until everyone is safe,” the leaders write.
The suggested treaty is an acknowledgment that the current system of international health institutions, symbolized by the relatively powerless World Health Organization, an agency of the United Nations, is inadequate to the problem.
distribution of vaccines, medicines, diagnostics and personal protective equipment, they said.
“At a time when Covid-19 has exploited our weaknesses and divisions, we must seize this opportunity and come together as a global community for peaceful cooperation that extends beyond this crisis,” the leaders write. “Building our capacities and systems to do this will take time and require a sustained political, financial and societal commitment over many years.”
The article is not clear, however, about what would happen should a country choose not to cooperate fully or to delay sharing scientific information, as China has been accused of doing with the W.H.O.
China has not signed the letter, at least so far. Neither has the United States.
In a news conference on Tuesday in Geneva, the director general of the World Health Organization, Tedros Adhanom Ghebreyesus, said that when discussions on a treaty start, “all member states will be represented.”
Asked if the leaders of China, the United States and Russia had been asked to sign the letter, he said that some leaders had chosen to “opt in.”
“Comment from member states, including the United States and China, was actually positive,” he said. “Next steps will be to involve all countries, and this is normal,” he added. “I don’t want it to be seen as a problem.”
As well as European countries and the W.H.O., the letter’s signatories included nations in Africa, Asia and Latin America.
