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.”
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.
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.”
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.”
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.”
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.
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.
With Barack Obama in New York in 2015.
With George W. Bush in Washington in 2005.
With Bill Clinton in Moscow in 2000.
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.
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!”
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.
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.”
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.
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.”
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.”
In the story of how the modern world was constructed, Toyota stands out as the mastermind of a monumental advance in industrial efficiency. The Japanese automaker pioneered so-called Just In Time manufacturing, in which parts are delivered to factories right as they are required, minimizing the need to stockpile them.
Over the last half-century, this approach has captivated global business in industries far beyond autos. From fashion to food processing to pharmaceuticals, companies have embraced Just In Time to stay nimble, allowing them to adapt to changing market demands, while cutting costs.
But the tumultuous events of the past year have challenged the merits of paring inventories, while reinvigorating concerns that some industries have gone too far, leaving them vulnerable to disruption. As the pandemic has hampered factory operations and sown chaos in global shipping, many economies around the world have been bedeviled by shortages of a vast range of goods — from electronics to lumber to clothing.
In a time of extraordinary upheaval in the global economy, Just In Time is running late.
“It’s sort of like supply chain run amok,” said Willy C. Shih, an international trade expert at Harvard Business School. “In a race to get to the lowest cost, I have concentrated my risk. We are at the logical conclusion of all that.”
shortage of computer chips — vital car components produced mostly in Asia. Without enough chips on hand, auto factories from India to the United States to Brazil have been forced to halt assembly lines.
But the breadth and persistence of the shortages reveal the extent to which the Just In Time idea has come to dominate commercial life. This helps explain why Nike and other apparel brands struggle to stock retail outlets with their wares. It’s one of the reasons construction companies are having trouble purchasing paints and sealants. It was a principal contributor to the tragic shortages of personal protective equipment early in the pandemic, which left frontline medical workers without adequate gear.
a shortage of lumber that has stymied home building in the United States.
Suez Canal this year, closing the primary channel linking Europe and Asia.
“People adopted that kind of lean mentality, and then they applied it to supply chains with the assumption that they would have low-cost and reliable shipping,” said Mr. Shih, the Harvard Business School trade expert. “Then, you have some shocks to the system.”
An Idea That Went ‘Way Too Far’
presentation for the pharmaceutical industry. It promised savings of up to 50 percent on warehousing if clients embraced its “lean and mean” approach to supply chains.
Such claims have panned out. Still, one of the authors of that presentation, Knut Alicke, a McKinsey partner based in Germany, now says the corporate world exceeded prudence.
“We went way too far,” Mr. Alicke said in an interview. “The way that inventory is evaluated will change after the crisis.”
Many companies acted as if manufacturing and shipping were devoid of mishaps, Mr. Alicke added, while failing to account for trouble in their business plans.
“There’s no kind of disruption risk term in there,” he said.
Experts say that omission represents a logical response from management to the incentives at play. Investors reward companies that produce growth in their return on assets. Limiting goods in warehouses improves that ratio.
study. These savings helped finance another shareholder-enriching trend — the growth of share buybacks.
In the decade leading up to the pandemic, American companies spent more than $6 trillion to buy their own shares, roughly tripling their purchases, according to a study by the Bank for International Settlements. Companies in Japan, Britain, France, Canada and China increased their buybacks fourfold, though their purchases were a fraction of their American counterparts.
Repurchasing stock reduces the number of shares in circulation, lifting their value. But the benefits for investors and executives, whose pay packages include hefty allocations of stock, have come at the expense of whatever the company might have otherwise done with its money — investing to expand capacity, or stockpiling parts.
These costs became conspicuous during the first wave of the pandemic, when major economies including the United States discovered that they lacked capacity to quickly make ventilators.
“When you need a ventilator, you need a ventilator,” Mr. Sodhi said. “You can’t say, ‘Well, my stock price is high.’”
When the pandemic began, car manufacturers slashed orders for chips on the expectation that demand for cars would plunge. By the time they realized that demand was reviving, it was too late: Ramping up production of computer chips requires months.
stock analysts on April 28. The company said the shortages would probably derail half of its production through June.
The automaker least affected by the shortage is Toyota. From the inception of Just In Time, Toyota relied on suppliers clustered close to its base in Japan, making the company less susceptible to events far away.
‘It All Cascades’
In Conshohocken, Pa., Mr. Romano is literally waiting for his ship to come in.
He is vice president of sales at Van Horn, Metz & Company, which buys chemicals from suppliers around the world and sells them to factories that make paint, ink and other industrial products.
In normal times, the company is behind in filling perhaps 1 percent of its customers’ orders. On a recent morning, it could not complete a tenth of its orders because it was waiting for supplies to arrive.
The company could not secure enough of a specialized resin that it sells to manufacturers that make construction materials. The American supplier of the resin was itself lacking one element that it purchases from a petrochemical plant in China.
One of Mr. Romano’s regular customers, a paint manufacturer, was holding off on ordering chemicals because it could not locate enough of the metal cans it uses to ship its finished product.
“It all cascades,” Mr. Romano said. “It’s just a mess.”
No pandemic was required to reveal the risks of overreliance on Just In Time combined with global supply chains. Experts have warned about the consequences for decades.
In 1999, an earthquake shook Taiwan, shutting down computer chip manufacturing. The earthquake and tsunami that shattered Japan in 2011 shut down factories and impeded shipping, generating shortages of auto parts and computer chips. Floods in Thailand the same year decimated production of computer hard drives.
Each disaster prompted talk that companies needed to bolster their inventories and diversify their suppliers.
Each time, multinational companies carried on.
The same consultants who promoted the virtues of lean inventories now evangelize about supply chain resilience — the buzzword of the moment.
Simply expanding warehouses may not provide the fix, said Richard Lebovitz, president of LeanDNA, a supply chain consultant based in Austin, Texas. Product lines are increasingly customized.
“The ability to predict what inventory you should keep is harder and harder,” he said.
Ultimately, business is likely to further its embrace of lean for the simple reason that it has yielded profits.
“The real question is, ‘Are we going to stop chasing low cost as the sole criteria for business judgment?’” said Mr. Shih, from Harvard Business School. “I’m skeptical of that. Consumers won’t pay for resilience when they are not in crisis.”
HONG KONG — A half year after he got out of prison, Daniel Tang has made a habit of going back. He waits in spare, crowded corridors. He greets familiar faces among the fellow visitors and guards. He brings books, postage stamps, writing paper and packets of M&Ms.
Mr. Tang is visiting people like him who were imprisoned for their role in the pro-democracy street protests that rocked Hong Kong in 2019. He travels three hours, round-trip, for a 15-minute chat through a thick plate of glass, sometimes with a total stranger. He summons a cheery, chatty demeanor, when he feels anything but.
“You owe them your best face,” he said. “If you’re not feeling right, don’t even bother going.”
Mr. Tang and many of those he meets with represent a new breed of convict in Hong Kong: activists who opposed the Chinese Communist Party’s growing power in the city. This group — often including college students or white-collar professionals — rose up two years ago in a historic campaign of public disobedience that led to clashes with police on the streets and focused the world’s attention on the future of the Asian financial capital.
tough new laws imposed by Beijing, mass arrests and the hazards of the coronavirus. Now, with dim job prospects, a fraught political future and the unending threat of another arrest, those protesters are emblematic of the uncertainties facing the city’s stricken democracy movement.
about 7,000 people. Beijing’s imposition last year of a national security law gives prosecutors greater powers to target even more.
Many of the activists are contemplating a future in exile. Others struggle to stay committed to the cause for which they sit behind bars.
“Being sentenced to jail fractures people,” said Alex Chow, a 30-year-old activist who spent a brief time in jail for his role as a leader of protests in 2014, a precursor to the 2019 demonstrations. He now lives in exile in the United States.
as well as veterans. Those sentenced to prison so far include Joshua Wong, Agnes Chow and Ivan Lam, young leaders of the 2014 protests. Wong Ji-yuet, 23, and Owen Chow, 24, activists who participated in a primary election that was organized by the pro-democracy camp, are awaiting trial in solitary confinement after they were charged with endangering national security.
For many young people in jail, the sentences have redrawn their lives.
Jackie Yeung, a 23-year-old university student serving a three-year prison sentence, said she had abandoned the “typical ambitions” she used to harbor — getting a good job and an apartment in a family-friendly district.
statement ahead of her sentencing. “And I have no way of comforting them through the glass in the visitation room in prison.”
She dreams of opening up a small business importing Taiwanese pineapples after she and a Taiwanese cellmate are released. With the profits, she would support other young people by helping to pay their legal fees and living expenses. “To do anything, you need money,” she said.
To make things easier on prisoners, Mr. Tang and some other activists have banded together to provide support. They write letters and gazettes to catch people up with protest news and raise funds to pay for better meals in jail while protesters await trials.
Mr. Tang frequently sees Ms. Yeung. During one visit to her prison near the border with the mainland city of Shenzhen, he brought pens and stamps. He left the stamps, but was unable to give her the pens, as it would have exceeded her monthly allowance of two.
For all of his dedication, Mr. Tang, who spent more than a half-year imprisoned after pleading guilty to arson charges, says it doesn’t feel like it’s enough.
“Many Hong Kongers have moved on and moved away and don’t think about how there is a group of people sitting behind bars for the movement we all fought for,” said Mr. Tang, who is in his late 30s. “It seems many have forgotten.”
Far from radicalizing during his time on the inside, Mr. Tang now struggles with cynicism and meaning in a city that suddenly seems unfamiliar. He has been disheartened by the protest movement’s stagnation and by the waves of migration out of the city. The camaraderie of protest has been replaced by dread of ever more targeted arrests. He sees it all as an abandonment of values and believes that escape is a privilege unavailable to many.
Mr. Tang’s protester friends from prison also seem to be moving on. A group chat they kept, called the “Lai Chi Kok Prisoners,” after the facility where they were detained, still lights up occasionally with holiday greetings and vague laments. But few want to talk politics. Sometimes those in prison that do speak out seem to be exaggerating their place in the movement. He rolls his eyes at one prisoner, who has taken to calling himself Mandela 2.0.
“All that we have left is our relationships with one another,” he said. “Some seem ready to let that go.”
Yet, for Mr. Tang, there is no road back — not that he’d take it. His former employer was understanding, but let him go when his absence stretched on. He has been unable to access his life savings, he said, after his bank account was frozen over automated donations he made in 2019 to a protester bail fund that police placed under investigation.
He has applied to managerial jobs like those he had worked in the past, only to be turned away because of his criminal record. Now, he’s mulling applying for a taxi license or working in construction.
He still faces four charges related to the protests that were filed just days before his release from prison. The thought of officers at his door has kept him away from the apartment he shares with his mother. He tells her he now works a night shift, and she doesn’t press him.
“I’m really tired,” Mr. Tang said. “The government has left us no room to resist and nowhere to go.”
Isabella Casillas Guzman, President Biden’s choice to run the Small Business Administration, inherited a portfolio of nearly $1 trillion in emergency aid and an agency plagued by controversy when she took over in March. She has been sprinting from crisis to crisis ever since.
Some new programs have been mired in delays and glitches, while the S.B.A.’s best-known pandemic relief effort, the Paycheck Protection Program, nearly ran out of money for its loans this month, confusing lenders and stranding millions of borrowers. Angry business owners have deluged the agency with criticism and complaints.
Now, it’s Ms. Guzman’s job to turn the ship around. “It’s the largest S.B.A. portfolio we’ve ever had, and clearly there’s going to need to be some changes in how we do business,” she said in a recent interview.
When the coronavirus crisis struck and the economy went into a free fall last year, Congress and the Trump administration pushed the Small Business Administration to the forefront, putting it in charge of huge sums of relief money and complicated new programs.
confusing, often-revised loan terms and several technical meltdowns — the program enjoyed some success. Millions of business owners credit it with helping them survive the pandemic and keep more workers employed.
Economists are skeptical about whether the program’s results justify its huge cost, but Mr. Trump and Mr. Biden both embraced the effort as a centerpiece of their economic rescue plans. As the pandemic stretched on and the economy plunged into a recession, the Paycheck Protection Program morphed into the largest business bailout in American history. More than eight million companies got forgivable loans, totaling $788 billion — nearly as much money as the government spent on its three rounds of direct payments to taxpayers.
Fraud is a major concern. Thousands of people took advantage of the rushed program’s minimal documentation requirements and sought illicit loans, according to prosecutors, to fund gambling sprees, Lamborghinis, luxury watches, an alpaca farm and a Medicare fraud scheme. The Justice Department has charged hundreds of people with stealing more than $440 million, and scores of federal investigations are active. (During her confirmation hearing, Ms. Guzman promised that she would “prioritize the reduction of fraud, waste and abuse.”)
There were other problems. Female and minority business owners were disproportionately left out of the relief effort. A last-minute attempt by Mr. Biden to make the program more generous for solo business owners came too late to help many of them. This month, a new emergency popped up: The program ran short of money and abruptly closed to most new applicants.
“There was no warning,” Toby Scammell, the chief executive of Womply, a company that helps borrowers get loans, said of the latest debacle. His company alone has more than 1.6 million applicants caught in limbo.
low-interest disaster loans of up to $500,000 and new grant funds, created by Congress, for two of the hardest-hit industries: the Shuttered Venue Operators Grant for live-event businesses and the Restaurant Revitalization Fund. (The hotel industry is pushing for its own version.)
Today in Business
Each required the agency to create policies and technology systems from scratch. The venue program has been especially rocky. On its scheduled start day, in early April, the application system completely failed, leaving desperate applicants hitting refresh and relying on social media posts for information and updates.
“I turned to my associate director and said, ‘I figured something like this would happen,’” said Chris Zacher, the executive director of Levitt Pavilion, a nonprofit performing arts center in Denver. The Small Business Administration revived the system three weeks later and has received 12,200 applications, but it does not anticipate awarding grants until late May.
have turned into primal screams of pain. (“I SERIOUSLY CANNOT TAKE THIS WITH SBA ANY LONGER” is one of the milder replies.) She said she understood the urgency.
“It’s definitely unprecedented — across the board, across the nation — and we are seeing multiple disasters at the same time,” she said. “The agency is highly focused on just still responding to disaster and implementing this relief as quickly as possible.”
This is Ms. Guzman’s second tour at the Small Business Administration. When President Barack Obama picked Maria Contreras-Sweet in 2014 to take over the agency, Ms. Guzman went along as a senior adviser and deputy chief of staff. The women had met in the mid-1990s. Ms. Guzman, a California native with an undergraduate degree from the University of Pennsylvania’s Wharton School of Business, was hired at 7Up/RC Bottling by Ms. Contreras-Sweet, an executive there.
“I was always impressed with her ability to handle jobs with steep learning curves — she has a quick grasp of complex concepts,” Ms. Contreras-Sweet said.
Ms. Guzman spent her first stint at the agency focused on traditional projects like its flagship lending program, which normally facilitates around $28 billion a year in loans. The time, the job is radically different.
community navigators” program, which will fund local organizations, including nonprofits and government groups, to work closely with businesses owned by people with disabilities or in underserved rural, minority and immigrant communities. It’s an expansion of a grass-roots effort by several nonprofits to get vulnerable businesses access to Paycheck Protection Program loans.
Ms. Guzman said she was bullish about that effort and other agency priorities, like expanding Black and other minority entrepreneurs’ access to capital — but first, like the clients it serves, the Small Business Administration has to weather the pandemic.
And to do that, it has to stop shooting itself in the foot.
The much-awaited second attempt at opening the Shuttered Venue Operators Grant fund was preceded by one final debacle: The agency announced — and then, less than a day before the date, abandoned — a plan to open the first-come-first-served fund on a Saturday. For those seeking aid that has not yet arrived, the incident felt like yet another kick in the teeth.
Ms. Guzman said she was aware of the need for her agency to overcome its limitations and rebuild its checkered reputation.
“This is a pivotal moment in time where we can leverage the interest in small business to really deliver a remarkable agency to them,” she said. “I value being the voice for the 30 million small and innovative start-ups around the country. What I always say to my staff is that I want these businesses to feel like the giants that they are in our economy.”
Sensible theories tell us that unemployment insurance levels could reduce workers’ job search intensity, but well-done studies found that wasn’t really the case in 2020. Demand may be rising faster than supply but things are changing fast, systematic data is slow, and so anyone who tells you they know exactly what’s happening in America broadly now is wrong.
What else is going on here?
Assuming employed, essential workers were more likely to get vaccinated earlier, the non-vaccinated rate is substantially higher for working-age Americans who are not working. My analysis of census data shows that, in January through March, for every 10 percent of working-age people vaccinated, about 1 percent more became employed. Our working-age employment rate remains about three percentage points down from February 2020. If this relationship continued to hold as we vaccinate the next 30 percent of working-age Americans, the remaining employment gap could close. It’s not that simple, but I do think that it suggests that public health remains the first-order issue.
For employers with some flexibility in setting wages, they may not raise wage offers to new hires because internal equity then pressures for raises to incumbents and that reduces their profit.These employers will feel like they want to hire, but not so much that they will raise wage offers enough to attract candidates. They will cry about labor shortages but not compete hard.
What can companies do to attract workers?
First, make the job better. Improve wages, benefits, training, safety and respect. Ensure every supervisor treats employees with respect. Are any consistently experiencing higher turnover in their unit?
Second, promote public health by taking coronavirus precautions. This will help everyone and reassure workers who’ve stayed out of the labor market due to health concerns.
Third, be more transparent about what the job offers. Many managers post vague job openings in order to preserve their bargaining flexibility, so they can make a tailored offer after learning about a specific candidate’s circumstances. However, vague vacancy descriptions can lead to two kinds of expensive errors. First, some people who would be a good fit don’t apply because they can’t recognize that the job would be a good fit. Second, people who would not be a good fit apply because the ad is not clear and then the manager has to waste time interfacing with them.
A Brookings Institution analysis concluded in 2017 that the reconstruction effort largely failed because of intractable political opposition to Hamas — not only from Israel, but also from Egypt, which opposes the militants’ ties to the Muslim Brotherhood.
Restricted access to Gaza — as enforced by Egypt and an Israeli blockade — limited building supplies, humanitarian assistance and other equipment to the area, the analysis concluded. That fueled already-simmering tensions between Hamas and its political rivals in the Palestinian Authority, whom Egypt was pressuring to take over security operations in Gaza as a way to open access.
At the same time, the analysis found, international donors were slow to send money they had committed to the 2014 rebuilding effort in Gaza. The vast majority of donations that were unfulfilled, three years after the cease-fire, had been pledged by Arab states in the Persian Gulf that also opposed Hamas’s ties to the Muslim Brotherhood. The Muslim Brotherhood has renounced violence but has some links to extremist groups. Hamas is considered a terrorist organization by both Israel and the United States.
Taken together, Gaza’s reconstruction fell flat, confining residents to temporary housing amid soaring unemployment and diminished services in electricity, clean water and waste management.
Mr. Ross said that the earlier efforts to rebuild Gaza had largely failed and that any future monitoring system, potentially by the United Nations, would need to be an effective, round-the-clock endeavor that would halt reconstruction if Hamas was found to be storing, building or preparing to launch rockets.
“The issue is massive reconstruction for no rockets,” Mr. Ross said. “There has to be enough oversight of this process to know that it’s working the way it’s intended. And the minute you see irregularities, everything stops.”
He said that would not necessarily mean a complete disarming of Hamas, and that some immediate humanitarian aid should be delivered to Gaza. But, Mr. Ross said, the offer for broader reconstruction assistance should be made publicly to assure donors of consequences if Hamas resumes its rocket program. He predicted Hamas would, at least in the beginning, agree to some sort of arrangement. “Right now, the needs are so profound that they will go along with something,” Mr. Ross said.
ROME — As Dr. Mario Sorlini sits patients down in a vaccination center near the badly affected Italian town of Bergamo, he explains a potential complication of the coronavirus vaccine.
The second dose, he tells patients with terror-stricken faces, will fall on a date during the summer holidays.
“‘But I’ll be in Sardinia then,’” he said that some had responded with distress. Others moan about hotel rooms they’ve already booked. Some, he said, get up and leave.
For months, Italians have hungered for the vaccines that would give them safety, freedom from lockdown and a taste of normal life. After initial pitfalls and hurdles, the vaccination campaign is finally speeding up, but it is heading smack into the summer holidays that are sacred for many Italians and prompting fears among officials that a significant number would rather get away than get vaccinated.
recent vacation anthem. That could create a significant danger next autumn, Ms. Tosi wrote in an open letter to the region’s president.
“The Second Shot Blocks Vacation,” read a headline in Messaggero Veneto, a newspaper in northeastern Italy, echoing concerns in papers, websites and social media accounts across the country.
An estimated 20 million Italians — mostly 40- and 50-somethings — face the prospect of getting their second shots in the middle of July or worse, in the riptide that is the Italian August, which pulls people out of cities and into swelling seaside towns.
To avoid a potentially disastrous summer freeze in the vaccination campaign, and more economic pain, Italy’s regions are urging the government to meet vacationers where they are and offer shots on the beach.
led by Prime Minister Mario Draghi, prides itself on pragmatism and is desperate to get the tourism economy moving. Mr. Draghi recently announced that Italy would lift quarantines and restrictions on vaccinated international tourists and told them “it’s time to book your holidays in Italy.”
Island paradises like Capri, favored by many foreigners, have accelerated their vaccination campaigns and are now considered Covid free. But when it comes to Italians, who are themselves still in the process of getting vaccinated during the summer months, the government has sought to strike a balance between openness to innovative ideas and scolding Italians for their spring and summer fever.
“If we do flights of fancy and inventions, I’m not in,” Francesco Paolo Figliuolo, an army general who has been put in charge of Italy’s vaccination effort, said on Tuesday, seeking to throw cold water on plans floated by governors to inoculate vacationing Italians wherever they might go.
told reporters. “And that it is technically impossible.”
He suggested leaving vacations for a day and then heading back.
Bergamo, said that for now, most of his patients were accepting the summer date for follow-up shots but that many asked, “‘Can I do it at the beach?’”
He said he expected at least 10 people a day to give up on their August appointments for second shots, which means he will struggle to keep those doses from going to waste.
Ciro Mautone, 58, a security guard at Camponeschi, a cafe popular with the vacation set in Rome, said that he had selected the Johnson and Johnson vaccine, which does not require a second shot, in part not to interrupt a potential holiday.
But he said that after the brutal year, with his work hit by the closing of businesses, he was focused on making up lost income rather than fretting about cutting short a vacation.
“I wish I had that problem,” he said.
Emma Bubola and Gaia Pianigiani contributed reporting.
In California, he learned the basics at Zaca Mesa, a leading Santa Barbara winery in the 1970s. There, he also met Mr. Tolmach, who would become his partner at Au Bon Climat.
Mr. Clendenen left again in 1980 to work harvests in Australia before another trip to Burgundy in 1981. “I learned that everything else I’d learned had been a waste of time, and that my life was going to be not loosely but accurately based on a Burgundian model,” he said on “I’ll Drink to That.”
As the Santa Barbara wine region expanded through the 1980s, Au Bon Climat outgrew its early home. In 1989, Mr. Clendenen was invited by Bob Lindquist, the founder of Qupé winery, to join him in becoming a tenant at a big, new winemaking facility being built at the Bien Nacido vineyard in the Santa Maria Valley.
Mr. Clendenen wanted to accept the offer in order to increase Au Bon Climat’s production capacity, but Mr. Tolmach opposed the move. Their partnership ended, and Mr. Tolmach departed to start the Ojai Vineyard.
Beyond chardonnay and pinot noir, Mr. Clendenen grew other, lesser-known Burgundian grapes, like pinot gris, pinot blanc and aligoté. He loved Italian varieties like nebbiolo, teroldego and tocai friulano, which he grew and sold under the label Clendenin Family Vineyards. He also explored areas like the Anderson Valley of Mendocino County and Oregon, selling those wines under the label Ici/La-Bas, French for here and there.
Mr. Lindquist and Mr. Clendenen’s cooperative agreement to share production facilities endured until Mr. Clendenen’s death. The winery was no more than a giant utilitarian shed, nothing like the grand tourist attractions that populate Napa Valley. It was not open to visitors — there was a tasting room in the city of Santa Barbara for them — but it was a prize stop for members of the wine trade.
Mr. Clendenen was a superb cook, and when in residence at the winery he prepared lunch for the staff and whichever guests happened to arrive in time. When the meal was ready, work stopped and everybody took a seat among the barrels at long, indoor tables to eat and sample whichever bottles were open, whether a new vintage or a 20-year-old chardonnay.
Richard Lenz, a 31-year-old project manager for a hazardous waste removal company in North Ridgeville, Ohio, bought his Dogecoin in March 2014, after a subreddit for NASCAR fans banded together to sponsor the driver Josh Wise using cryptocurrency. (Mr. Wise ended up racing in a Doge-wrapped car.)
“Within a year I was done,” he said. “This was like, literally, just a joke.”
Then, a couple months ago, Mr. Lenz started seeing headlines about Dogecoin’s price surging. He also started getting nervous: He knew he’d stored his coins on his old computer’s hard drive, but he wasn’t sure where that drive was.
“I started looking for it a month, two months ago, and couldn’t find it,” he said. Somewhere, he had $10,000 worth of Dogecoin, then $40,000. “My father was kind of upset,” he said, a feeling that intensified as the price climbed.
Mr. Lenz resigned himself to the fact that his coins were gone. “If God wanted me to have the money, I would have had the money,” he said. Then, on May 7, the day before Elon Musk was slated to host “Saturday Night Live,” he found the drive and sold his coins immediately, for around $70,000. (After “S.N.L.,” where Mr. Musk joked about the currency, the price tumbled.)
Mr. Lenz gave a chunk of the money to his parents and plans to help pay for his sister’s wedding. As for the rest? “I am not kidding you when I say I YOLOed it,” he said, on shares of the hedge fund manager Bill Ackman’s SPAC, Pershing Square Tontine Holdings.
The fortune of Bill Gates and Melinda French Gates exceeds the size of Morocco’s annual economy, combines the value of Ford, Twitter and Marriott International and is triple the endowment of Harvard. While few know how their wealth will be divided in the divorce, one thing is clear: breaking it up can’t be easy.
Mr. Gates built one of the great fortunes in human history when he founded Microsoft in 1975 with Paul Allen. The Gateses’ net worth is estimated to be more than $124 billion, and includes assets as varied as trophy real estate, public company stocks and rare artifacts.
There’s a big stake in the luxury Four Seasons hotel chain. There are hundreds of thousands of acres of farmland and ranch land, including Buffalo Bill’s historic Wyoming ranch. There are billions of dollars’ worth of shares in companies like AutoNation and Waste Management. There’s a beachfront mansion in Southern California. And one of Leonardo da Vinci’s notebooks.
“The amount of money and the diversity of assets that are involved in this divorce boggles the imagination,” said David Aronson, a lawyer who has represented wealthy clients in divorce cases. “There have rarely been cases that are even close to this in size.”
2019 divorce between the Amazon founder Jeff Bezos and his now ex-wife, the novelist and philanthropist MacKenzie Scott, was bigger. Mr. Bezos had an estimated fortune of $137 billion, though mostly in Amazon stock, and Ms. Scott kept 4 percent of Amazon’s shares, worth $36 billion at the time.
But Mr. Gates has for decades been diversifying his holdings; he owns just 1.3 percent of Microsoft. Instead, his stock portfolio includes stakes in dozens of publicly traded companies. He is the largest private owner of farmland in the country, according to The Land Report. In addition to the Four Seasons, he has stakes in other luxury hotels and a company that caters to private jet owners. His real estate portfolio includes one of the largest houses in the country and several equestrian facilities. He owns stakes in a clean energy investment fund and a nuclear energy start-up.
Forbes, or $146 billion, according to the research firm Wealth-X. Including the Gates Foundation’s endowment and the Gates personal fortune, Cascade most likely oversees assets that put it on par or beyond some of the world’s biggest hedge funds in size.
Mr. Larson operates Cascade with an obsessive level of secrecy, going to great lengths to cloak the firm’s transactions so that they can’t easily be traced back to the Gateses. In a 1999 interview with Fortune magazine, Mr. Larson said he chose the name “Cascade” because it was a generic-sounding name in the Pacific Northwest.
that questions about the future of the Gates Foundation immediately arose following news of the divorce. The foundation directs billions to 135 countries to help fight poverty and disease. As of 2019, it had given away nearly $55 billion. (In 2006, Mr. Buffett pledged $31 billion of his fortune to the Gates Foundation, greatly increasing its grant making.)
Since he stepped down from day-to-day operations at Microsoft in 2008, Mr. Gates has devoted much of his time to the foundation. He also runs Gates Ventures, a firm that invests in companies working on climate change and other issues. Over the decades, Mr. Gates shed the image of a ruthless tech executive battling the United States government on antitrust to be viewed as a global do-gooder. And he appears to be keenly aware of the stark contrast between the scale of his wealth and his role as a philanthropist. “I’ve been disproportionately rewarded for the work I’ve done — while many others who work just as hard struggle to get by,” he acknowledged in a year-end blog post from 2019.
told The New York Times last year. “There’s just none.”